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<br /> <br />City Council Minutes <br />August 6, 1984 <br />Page Two <br /> <br />General discussion was carried on regarding who would do the tree removal and <br />stump removal. <br /> <br />COUNCILMEMBER DUITSMAN MOVED TO AUTHORIZE A DISEASED TREE PROGRAM FOR THE MAIN <br />THOROUGHFARE OF THE CITY OF ELK RIVER IN 1984 AND TO ALLOW A 60% REFUND OF THE <br />COST FOR SENIOR CITIZENS THAT ARE WITHIN THE CRITERIA OF THE SENIOR CITIZEN <br />ASSESSMENT POLICY. COUNCILMEMBER ENGSTROM SECONDED THE MOTION. THE MOTION <br />PASSED 4-0. <br /> <br />5. Improvement Bond Sale <br /> <br />The City Administrator indicated that at the July 9, 1984 City Council Meeting <br />the City Council authorized the sale of $310,000 in general obligation improv- <br />ment bonds to finance the East Main Street Improvements, and the Highway #169 <br />water trunk crossing. The City Administrator indicated that in the original <br />consideration of the Improvement Bond sale, approximately $49,200 was included <br />to finance water lateral costs in the East Main Street Improvement Project, <br />which has been determined that is not necessary for replacement. The City <br />Administrator indicated that there will be some dollars necessary for work and <br />improvements associated with the East Main Street Water Systems but not the <br />full $49,200. The City Administrator indicated that there would be a surplus <br />of approximately $18,200 of the $49,200 that could be used for financing of the <br />water project involved in the Highway #10 improvement project. <br /> <br />Mr. John Gilbertson, Engineer, from Consulting Engineers Diversified, indicated <br />that approximately $4,000 to $5,000 of costs for water improvement would be funded <br />by MSA funds as the projects involves some relocation of water hydIlants and <br />insulation of water lines because of the lower elevation of the roads. <br /> <br />Discussion was carried on regarding the approximately $9,900 of assessable costs <br />to the property at the corner of Main Street and 169th. <br /> <br />Mr. Gerard Shannon of Springsted Incorporated indicated that ten bids had been <br />received for the $310,000 General Obligation Bond Sale. Mr. Shannon read the <br />following bids: <br /> <br />BIDDER <br /> <br />NET INTEREST <br />DOLLAR COST <br />J' <br /> <br />NET INTEREST <br />RATE <br /> <br />Cronin & Marcotte <br />American National Bank & Trust <br />Juran - Moody <br />First Bank of Mpls. <br />Allison Williams <br />Piper, Jaffry, Hopwood <br />Dain Bosworth <br />M.H. Novick <br />First bank of St. Paul <br /> <br />172,836.25 <br />181,686.25 <br />174,876.25 <br />177,635.00 <br />189,455.00 <br />180,098.25 <br />183,035.00 <br />175,682.50 <br />180,312,50 <br /> <br />8.7957 <br />9.2461 <br />8.8995 <br />9.0399 <br />9.1834 <br />9.1653 <br />9.3147 <br />8.9405 <br />9.1762 <br /> <br />Mr. Shannon indicated that the net interest rate is lower than anticipated. <br /> <br />