02-15-1993 CC MIN - Laserfiche WebLink

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. . . Capital Improvement Program Minutes February 15, 1993 Page 3 6:00 P.M. COUNCILMEMBER FARBER SECONDED THE MOTION. CARRIED 4-0. THE MOTION 4.5. Mayor Duitsman Update on Fire Relief Association Mayor Duitsman informed the Council that he had attended the Fire Relief Association meeting. He explained that the Fire Relief Association is considering switching from a defined benefit to a defined contribution retirement plan. He indicated that would be to the City's benefit. Mayor Duitsman was concerned that the Council review the investments of the Fire Relief Association as the City has responsibility over those investments. Finance Director, Lori Johnson, gave a brief history on the changes that have been made in the last several years in the Fire Relief Association's investments. She noted that the Fire Relief Association now meets State requirements whereby less than 75% of their investments are held in mutual funds. Lori further indicated that much progress has been made in getting the Fire Relief Board to more closely review its investments and change its investment procedures. Mayor Duitsman indicated that he had spoken with the Fire Chief regarding a satellite station which may be located in Otsego. A brief discussion took place on financing the Fire Relief Association and fire expenditures. 4.6. Highway 101 Update Pat Klaers, City Administrator, updated the Council on the Highway 101 project. The bid letting for Highway 101 has been accelerated. Pat indicated that original completion was scheduled for fall, 1995, and this has been moved to fall, 1994, for the stretch of road between the Mississippi River to County Road 42. Pat stated that the rest of the project will remain on schedule. 4.7. Check Register COUNCILMEMBER SCHEEL MOVED TO APPROVE THE CHECK REGISTER. COUNCILMEMBER FARBER SECONDED THE MOTION. THE MOTION CARRIED 4-0. 5. Discussion on Capital Improvement Program Mayor Duitsman turned the meeting over to Pat Klaers for discussion on the Capital Improvement Program. It was agreed that the City Council would pick up where it had left off at the last CIP meeting. The City Administrator reviewed the 1990 Capital Improvement Plan to update the City Council on projects remaining from that list. There was a discussion on the western area utility and road improvement project including a discussion regarding the fairgrounds property and the need for the City to acquire approximately 2 acres from the County for road and utility purposes.