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<br /> <br /> <br /> <br />SPECIAL MEETING OF THE <br />ELK RIVER CITY COUNCIL <br />HELD IN THE ELK RIVER CITY HALL <br />August 22, 1979 <br /> <br />Members Present: Mayor Madsen, Councilmembers Toth, Otto and Duitsman <br /> <br />Members Absent: Councilmember Engstrom <br /> <br />1. Meeting called to order at 8:35 p.m. by Mayor Madsen. <br /> <br />2. 1979 Bond Sale <br /> <br />Mr. King Forness, of Springsted, Inc., was present to review with the <br />members of the City Council the details involved in the City's 1979 bond <br />sale to finance various improvement projects in the City of Elk River. <br />Mr. Forness reviewed each of the various projects, the proposed terms <br />of assessments, the proposed interest rates for the assessments and the <br />proposed revenue and expenditure summary for each improvement project <br />to be financed. Projects specifically to be financed in the 1979 bond. <br />sale include the McChesney Industrial Park improvement s, the Meadowvale <br />Oaks Subdivision improvements, the Peterson Addition rail crossing and <br />road improvement and the Xenia Street road improvement. COONCILMAN <br />DUITSMAN MOVED TO APPROVE RESOLUTION 79-32 , AUTHORIZING THE SALE OF GENERAL <br />OBLIGATION IMPROVEMENT OONDS IN THE AMoUNT OF $380,000.00 ON MONDAY, <br />SEPTEMBER 17, !J1?LBIDS TO BE OPENED AND ACTED UPON AT 7:30 P.M. CENTRAL <br />TIME AT THE REGULARLY SCHEDULED MEETING OF THE ELK RIVER CITY COUNCIL <br />AND THAT OTHER TERMS OF THE BOND SALE BE APPROVED AS RECOMMENDED BY <br />SPRINOS'!'15.LJ, INC. AT THE AUGUST 20, 1979, MEETING OF THE CITY COUNCIL. <br />COUNCILMAN OTTO SECONDED THE MOTION. MOTION PASSED . COUNCILMAN <br />TOTH MO PPRO L OF NEC TING FOR THE 1 <br />L OBLI TION IMPROVEMENT 00 . COUNC DUITSMAN SECONDED <br />THE MOTION. MOTION PASSED 3-0. <br /> <br />COUNCILMAN TOTH MOVED ADJOURNMENT ., COUNCILMAN OTTO SECONDED THE MOTION. <br />MOTION PASSED 3-0. <br /> <br />Respectfully Submitted, <br /> <br />4C-A~~ <br /> <br />Robert C. Middaugh <br />City Administrator <br /> <br />RCM:adb <br /> <br />