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City Council Minutes January 22, 2008 Page 3 • BONDS, SERIES 2008A OF THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA. MOTION CARRIED 3-0. B. Resolution Providing for the Issuance and Sale of $3 085 000 General Obligation Water Revenue Refunding Bonds. Series 2008A and Pledging Net Revenues for the Security Thereof Mr. Simon presented the staff report. He noted that Moody's Investment Service maintained the city's rating of AA3. Mx. Inman reviewed the bid tabulation. He stated that because rates went down the city needed to raise the amount of the bonds in order to increase the amount of the escrow to meet the payoff. He stated $87,000 was the projected savings but the actual savings was approxunately $140,000. He stated the corrected issuance and sale amount should be $3,085,000. He noted that UMB Bank was the lowest responsible bidder. MOVED BY COUNCILMEMBER MOTIN AND SECONDED BY COUNCILMEMBER FARBER TO ADOPT RESOLUTION 08-OS PROVIDING FOR THE ISSUANCE AND SALE. OF $3,085,000 GENERAL OBLIGATION WATER REVENUE REFUNDING BONDS, SERIES 2008A AND PLEDGING NET REVENUES FOR THE SECURITY THEROF TO UMB BANK OUT OF KANSAS CITY. MOTION CARRIED 3-0. 6.1. Request by Kevin Meland for Extension of Interim Use Pernvt_Case No CU 08-01-Public Hearing • Ms. Haug presented the staff report and noted that staff and the Planning Cotmnission recommend denial of the Interim Use Permit. Mayor Klinzing opened the public hearing. There being no one to speak to this issue, Mayor Klinzing closed the public hearing. MOVED BY COUNCILMEMBER FARBER AND SECONDED BY MAYOR KLINZING TO DENY THE EXTENSION OF INTERIM USE PERMIT, CASE NO. CU 08-O1 BASED ON THE FOLLOWING FINDINGS: 1. THE MINING ACTIVITY WILL EXTEND BEYOND THE TIMEFRAME THAT IS APPROPRIATE FOR AN INTERIM USE PERMIT AND A FORMAL CONDITIONAL USE PERMIT IS REQUIRED. 2. THE USE IS NOT CONSISTENT WITH THE COMPREHENSIVE PLAN AND IS NOT ZONED FOR MINERAL EXCAVATION. MOTION CARRIED 3-0. 6.2. Reduest by Waconia Farm Supply for Conditional Use Permit for Expansion of Use to Include Truck Rentals Case No. US 08-03-Public Heatrn~ Ms. Caxmey presented the staff report. She noted that staff added a third condition in response to Planning Commission concerns, although they forwarded a recommendation of • approval.