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<br />City Council Minutes <br />September 25, 1989 <br /> <br />Page 5 <br /> <br />e <br /> <br />COUNCILMEMBER KROPUENSKE MOVED TO ADOPT RESOLUTION 89-58, A <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $480,000 GENERAL <br />OBLIGATION FIRE EQUIPMENT BONDS, SERIES 1989A. COUNCILMEMBER <br />HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 5-0. <br /> <br />COUNCILMEMBER OOBEL MOVED TO ADOPT RESOLUTION 89-59, A RESOLUTION <br />PROVIDING FOR THE ISSUANCE AND SALE OF $410,000 GENERAL OBLIGATION <br />TAXABLE TAX INCREMENT BONDS, SERIES 1989B. COUNCILMEMBER KROPUENSKE <br />SECONDED THE MOTION. THE MOTION CARRIED 5-0. <br /> <br />Mr. MacGillivray briefly updated the Council on the City's bond <br />rating, our position in coaparison to other comparable cities, and <br />key factors which the rating agency, Moody's, consideres when rating <br />the City's bonds. <br /> <br />Insurance Update from Dan Greene <br /> <br />e <br /> <br />Dan Greene, the City's insurance representative, distributed the <br />insurance renewal bids for the City. He reviewed the City's current <br />policy with the League of Minnesota Cities. The handout included the <br />League's 1989-90 insurance quotes and also quotes from Penco. Mr. <br />Greene reviewed the difference in the rates between the League and <br />Penco. He indicated that Pen co was higher than the League of <br />Minnesota Cities. He also stated that the main difference between <br />the League and Penco is that Penco will not provide liability for the <br />swimming beach. <br /> <br />Mr. Greene indicated that he would recommend insurance coverage from <br />the League because they have been consistent and reliable and also <br />because Penco's rates are higher. <br /> <br />COUNCILMEMBER HOLMGREN MOVED TO ACCEPT THE INSURANCE BID FROM THE <br />LEAGUE OF MINNESOTA CITIES. COUNCILMEMBER KROPUENSKE SECONDED THE <br />MOTION. THE MOTION CARRIED 5-0. <br /> <br />10. Tax Forfeit Property <br /> <br />Mayor Tralle indicated that there are six parcels of land that are <br />going tax forfeit and staff is recommending that the City look at the <br />possibility of purchasing five of the six parcels for future use. <br /> <br />e <br /> <br />Finance Director, Lori Johnson, stated that the the City has the <br />option to remove these parcels from the sale list. She stated that <br />if the City chose to do this, the parcels w04~d then remain available <br />for City purchase for one year and at th~ time the City could <br />request that they again be offered for sale. Ms. Johnson stated that <br />the properties would sell for the appraised value as determined by <br />the County and added on to that would be any special assessments due <br />on the parcel. Ms. Johnson stated that Staff has reviewed the <br />