02-29-1988 CC MIN - Laserfiche WebLink

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e e e Page 3 City Council Minutes February 29. 1988 6.1.Reso1ution Authorizing Equipment Certificates Finance Director. Lori Johnson. presented information relating to the issuing of equipment certificates as detailed out in the 1988 City budget for $109.600 at an interest rate of 6.5%. The items to be purchased with these funds include a copy machine. police vehicle. civil defense sirens and street department vehicle. plus the city wide fuel system. It was noted that the $109.600 certificates would require debt service of approximately $136.000 after paying principal and interest for 5 years. Additionally. it was noted that if the City would not issue equipment certificates in any given future yea~ that the City's mill rate would be reduced by slightly less than one mill. The City Council's desire to reduce the City's reliance upon equipment certificates for capital outlay purchases was stressed as a goal for future budgets. COUNCILMEMBER HOLMGREN MOVED TO APPROVE RESOLUTION 88-17. A RESOLUTION AUTHORIZING THE ISSUANCE. AWARDING SALE PRESCRIBING FORM AND DETAILS AND LEVYING TAXES FOR THE PAYMENT OF $109.600 GENERAL OBLIGATION EQUIPMENT CERTIFICATES. SERIES 1988 A. COUNCILMEMBER TRALLE SECONDED THE MOTION. THE MOTION CARRIED 5-0. 6.2. and 6.3 1988 Main Street Improvement Project The City Council reviewed a memo from the City Engineer dated February 25. 1988. that related to the beautification aspect of the Main Street Improvement Project within the Central Business District. The memo also discussed the plans for the assessment hearing for these improvements. It was recommended by the Engineer and the Deputy City Clerk that April 4. 1988. be established as the assessment hearing date and that the location of the meeting should be at Handke School if arrangements can be made. The memo from the Engineer suggested that a slightly higher amount to be assessed be included within the assessment resolution because of potential cost overruns and additions. The memo also indicated the need for a supplemental public hearing on the sanitary sewer aspect of the Main Street improvement project because a number of properties were omitted from the mailing list when previous public hearings on this issue were held. It was noted by the City Administrator that if the improvements are to take place for the beautification aspect of the Main Street Improvement Project within the Central Business District. that a four-fifths vote is required by the City Council and that if such a vote was received on April 4, 1988. then the improvements would be officially ordered and installed and that there would be no further steps required for these improvements to become a reality. The City Administrator distributed a letter from Cliff Lundberg dated February 23. 1988. which discusses the hiring of an electrical engineer consultant, Mr. Robert Eller to assist in the lighting portion of the beautification improvements in the downtown area. Mr. Eller is available at a cost to not exceed $5,000 and his fee would be based on $55 per hour. This expenditure would then be included in the total cost of the project and be part of the assessments to the benefitted property owners.