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<br />I <br /> <br />I <br /> <br />I <br /> <br />Council Meeting Minutes <br />June 25, 1991 <br /> <br />Page 4 <br /> <br />CQuncil Business. continu~d <br /> <br />Motion by larson, seconded by Williams, to APPROVE LP-257 SUBJECT <br />TO: 1. RICE CREEK WATERSHED DISTRICT APPROVAL. <br />2. LOCATE THE PROPOSED STORAGE FACILITY <br />APPROXIMATELY 15 FEET FURTHER TO THE SOUTH <br />FROM WHAT IS SHOWN ON THE PROPOSED SITE PLAN. <br /> <br />4 Ayes - 0 Nayes, Motion Carried. <br /> <br />Margaret Egan, Finance Director, presented for consideration the sale of <br />general obligation and water system improvement bonds. <br /> <br />Mr. MacGillivray, Springsted, summarized recommendations for the <br />issuance of the $2,605,000 General Obligation Improvement Bond and the <br />$795,000 General Obligation Water Revenue Bond. <br /> <br />The General Obligation Improvement Bonds would finance: long lake <br />Area Streets, 5th Avenue Reconstruction, Sunnyside Streets, Creekwood <br />Subdivision, Wexford Heights and Innsbruck 5th Addition. The debt will <br />be repaid through a combination of special assessments and property <br />taxes. Of the $2,605,000 principal, special assessments represent <br />approximately $1,732,000. <br /> <br />The Water Revenue Bonds would finance: the water tower painting, <br />County Road H Watermain, Vehicle Storage Facility, and Water Booster <br />System. The debt would be repaid by water utility revenues. <br /> <br />Springsted recommends the "Sure-Bid" Program for the bond sale. A <br />"Sure.Bid" replaces a good faith check with insurance provided by a <br />bidder. When the bid is awarded, the bidder is required to provide a check <br />the day following the award. Springsted has found this procedure garners <br />more bids for a bond sale. The bond sale will be offered July 23, and the <br />bid will be awarded at the July 23 Council Meeting. <br /> <br />Motion by Williams, seconded by larson, to WAIVE THE READING AND <br />ADOPT THE RESOLUTIONS AUTHORIZING THE SALE OF BONDS. <br /> <br />4 Ayes - 0 Nayes, Motion Carried. <br /> <br />LeFevere confirmed the City Code requires only parts of an improvement <br />project to be commenced within one year of ordering the improvement. <br /> <br />Motion by Williams, seconded by larson, to WAIVE THE READING AND <br />ADOPT THE RESOLUTION ORDERING PROJECT 91-9, INNS BRUCK <br />NORTH 5TH ADDITION STREETS AND UTILITIES, AND AUTHORIZE <br />PREPARATION OF PLANS AND SPECIFICATIONS FOR PHASE I. <br /> <br />4 Ayes - 0 Nayes, Motion Carried. <br /> <br />Council Business <br /> <br />Site Plan for <br />Murlowski Storage <br />Facility <br />Report 91-144 <br /> <br />General Obligation <br />Bonds Sale <br />Report 91-145 <br />Resolution 91-64 <br />Resolution 91-65 <br /> <br />Innsbruck North <br />5th Addition <br />Streets & Utilities <br />Report 91-141 <br />Resolution 91-62 <br />