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09-13-1982 CC MIN
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09-13-1982 CC MIN
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9/13/1982
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<br /> <br />--, <br /> <br />REGULAR SECOND MONDAY MEETING 0 F THE <br />ELK RIVER CITY COUNCIL <br />HELD AT THE ELK RIVER CITY HALL <br />SEPTEMBER 13, 1982 <br /> <br />Members Present: Mayor Hinkle, CouncilmembersEngstrom, Duitsman and Toth <br /> <br />Members Absent: Councilman Schuldt <br /> <br />1. The Meeting was called to order at 7:30 p.m. by Mayor Hinkle. <br /> <br />2. Agenda <br /> <br />Committee Session Item #8 - Budget Schedule, was added to the September 13, 1982 <br />City Council Agenda. <br /> <br />COUNCILMAN ENGSTROM MOVED TO APPROVE THE SEPTEMBER 13, 1982 CITY COUNCIL AGENDA <br />AS . AMENDED. COUNCILMAN. DUITSMAN SECONDED. THE MOTION. THE MOTION PASSED 3-0. <br /> <br />3. 1982 Bond Sale <br /> <br />The City Administrator indicated that six bids were received for the 1982 bond sale. <br />The City Administrator further indicated that the bond index has been 10.7%, but <br />it appears the City of Elk River hit the market just right, as the low net interest <br />rate bid is 9.10 percent by M.H. Novak and Company. The City Administrator reviewed <br />the total offering of $175,000 broken down as $35,000 general obligation sewer bonds, <br />$60,000 general obligation equipment certificates, and $80,000 general obligation <br />improvement bonds for the School Street project. The City Administrator indicated <br />that the bond repayment schedule is structured so that it would not be necessary <br />for a special levy. The City Administrator further indicated that over the life <br />of the issue, the special assessment income should exceed the cost by $1,000. <br />Councilman Duitsman indicated that he felt the equipment should normally be paid <br />for out of the general fund, but because of the eight percent levy limit, the <br />City has no choice but to issue bonds for that equipment. <br /> <br />COUNCILMAN DUITSMAN.MOVED TO APPROVE RESOLUTION 82,..22,.A RESOLUTION AWARDING THE <br />SALE OF $175,000 GENERAL OBLIGATION BONDS TO M.H.NOVAKAND COMPANY, INC., AT A <br />NET INTEREST RATE OF 9.10756 PERCENT. COUNCILMAN TOTH SECONDED THE MOTION. THE <br />MOTION PASSED4~0. <br /> <br />4. Tentative Agenda for September.. 20th, 1982. City Council. Meeting <br /> <br />The City Administrator indicated that a variance request for Pat Donahue and an <br />Administrative Subdivision are scheduled for the September 20, 1982 City Council <br />meeting. <br /> <br />It was the general consensus of the City Council that the City Administrator pro- <br />vide some follow-up information on the landfill in the City of Elk River. <br /> <br />Mayor Hinkle indicated that he had discussed the landfill problem with County Com- <br />missioner, Mr. Frank Madsen. Mayor Hinkle indicated that the PCA has been out <br />
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