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<br /> <br /> <br /> <br />October 6, 1980 <br />Page Six <br /> <br />Mayor Madsen indicated that he was in agreement with the City Administrator <br />regarding the cooperation with the DNR for the study and the change order <br />to prepare for the possibility of hydro electric power at the dam. Councilman <br />Toth questioned the cost of the change order in the present dam construction <br />contract toaccomodate for the future of hydro electric power, if it was <br />not determined as to whether or not hydro electric power would be feasible <br />in the future. <br /> <br />Mayor Madsen suggested the City Administrator discuss with the DNR the possi- <br />bility of the City of Elk River rec~~ng additional funding from the State <br />of Minnesota for the dam proj ect. The City Administrator indicated that the <br />DNR does recommend the change order for the present dam construction to accom- <br />odate hydro electric power, as the feasibility for hydro electric power is <br />possible. Mayor Madsen suggested that before a decision could be made, the <br />City Administrator get more information, regarding the feasibility study from <br />the DNR and the City Engineer, CH2M-Hill. <br /> <br />13. Resolution Authorizing Investments with Merrill Lynch <br /> <br />COUNCILMAN DUITSMAN MOVED APPROVAL OF RESOLUTION 80-32, AUTHORIZING INVESTMENTS <br />WITH THE FIRM OF MERRILL LYNCH, PIERCE AND SMITH. COUNCILMAN ENGSTROM SECONDED <br />THE MOTION. THE MOTION PASSED 4-0. <br /> <br />14. Authorization of Bond Replacement <br /> <br />The Citr Administrator indicated that the City's financial consultant, Spring- <br />sted, Inc., was handling the issuance of a new bond to Mrs. Elsa Mullen, as <br />she lost bond #54 of the G.O. Imporvement of 1979. The City Administrator <br />further indicated that the financial consultants have requested that the City <br />Council arlopt a resolution authorizing the duplicate bond, and also authorizing <br />their payment without harm to the bonding agent. the City Administrator further <br />indicated that the expense of the issuance of the publicate bonds is borne <br />completely by the individual who lost the bond. COUNCILMAN ENGSTROM MOVED <br />APPROVAL OF RESOLUTION 80-33, AUTHORIZING THE PREPARATING'F)F A DUPLICATE BOND <br />AND COUPONS, TO BE DELIVERED TO ELSA MULLEN. COUNCILMAN TOTH SECONDED THE <br />MOTION. THE MOTION PASSED 4-0. <br /> <br />'15. Administra-tor's Update <br /> <br />A. Orono Dam <br /> <br />The City Administrator indicated that the radial gates would <br />be placed in the later part of the week. <br /> <br />B. Sanitary Sewer Interceptor <br /> <br />The City Administrator indicated that he would be mee~ing with the <br />financial consultants, Springsted, Inc., on Wednesday to discuss the sewer <br />interceptor and the basis of a hookup charge as means of paying off the bond <br />debt. <br />