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<br />Page 2 <br /> <br />City Council Minutes <br />July 6. 1987 <br /> <br />e <br /> <br />5.1. Defeasing of Bonds <br /> <br />Mr. Gary Groen. City Auditor. of Abdo. Abdo and Eick. introduced Brad <br />Farnham of Juran and Moody to the Council. Mr. Groen explained that he <br />was present to report back to the Council on the defeasing of bonds. Mr. <br />Farnham explained that by defeasing the bonds the City will remove them <br />fro~ the debt side of their financial statement and at the same time will <br />free up approximately $118.000. He indicated this would also improve the <br />City's bond rating. <br /> <br />COUNCILMEMBER TRALLE MOVED TO ADOPT RESOLUTION 87-34. A RESOLUTION <br />APPROVING DEFEASANCE PROGRAM FOR CERTAIN GENERAL OBLIGATIO BONDS OF THE <br />CITY AND REQUESTING CANCELLATION OF TAX LEVIES CONl'INGENT UPON THE CITY <br />A'1"l'ORNEY REVIEWING THE ESCROW AGREEMENT. COUNCILMEMBER HOLMGREN SECONDED <br />THE MOTION. THE MOTION PASSED 5-0. <br /> <br />5.2. Resolution Ordering Feasibility for 218th <br /> <br />Mayor Gunkel noted that Terry Maurer had submitted a resolution <br />authorizing the preparation of a feasibility study for the regravelling <br />of 218th Avenue which is in response to a petition from abutting property <br />owners. <br /> <br />e <br /> <br />Discussion was held regarding the reasoning for the City reconstructing a <br />gravel road as opposed to doing an overlay. <br /> <br />COUNCILMEMBER TRALLE MOVED TO TABLE THIS ITEM UNTIL THE JULY 20. 1987 <br />CITY COUNCIL AGENDA. COUNCILMEMBER SCHULDT SECONDED THE MOTION. THE <br />MOTION PASSED 5-0. <br /> <br />It was the consensus of the City Council to have the Building and Zoning <br />Administrator research the City's position on gravel roads and report <br />back to the Council at the July 20th meeting. <br /> <br />5.3. Resolution Awarding Bids for Industrial Park <br /> <br />COUNCILMEMBER DOBEL MOVED TO ADOPT RESOLUTION 87-35, A RESOLUTION <br />ACCEPTING BID AND AUTHORIZING EXECUTION OF CONTRACT IN THE MATTER OF THE <br />ELK RIVER INDUSTRIAL PARK IMPROVEMENTS OF 1987. COUNCILMEMBER TRALLE <br />SECONDED THE MOTION. THE MOTION PASSED 5-0. <br /> <br />5.4. Resolution Rescheduling public hearing for Jackson Avenue Improvements <br /> <br />COUNCILMEMBER TRALLE MOVED TO ADOPT RESOLUTION 87-36. A RESOLUTION <br />RESCHEDULING THE PUBLIC HEARING ON THE IMPROVEMENT IN THE MATTER OF THE <br />JACKSON AVENUE IMPROVEMENT OF 1987. COUNCILMEMBER DOBEL SECONDED 'l'lm <br />MOTION. THE MOTION PASSED 5-0. <br /> <br />e <br />