09-07-1993 CC MIN - SPECIAL
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SPECIAL MEETING OF THE ELK RIVER CITY COUNCIL
HELD AT THE ELK RIVER CITY HALL
TUESDAY, SEPTEMBER 7, 1993
Members Present:
Mayor Duitsman, Councilmembers Scheel and Holmgren
Members Absent:
Councilmembers Dietz and Farber
Staff Present:
Pat Klaers, City Administrator and Lori Johnson,
Finance Director
1. Call Meeting To Order
Pursuant to due call and notice thereof, the meeting of the Elk River
City Council was called to order at 4:55 p.m. by Mayor Duitsman.
2. Consider 9/7/93 City Council Agenda
COUNCILMEMBER SCHEEL MOVED TO APPROVE THE 9/7/93 CITY COUNCIL AGENDA.
COUNCILMEMBER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 3-0.
Consider 8/30/93 City Council Minutes
COUNCILMEMBER HOLMGREN MOVED TO APPROVE THE 8/30/93 CITY COUNCIL
MINUTES. COUNCILMEMBER SCHEEL SECONDED THE MOTION. THE MOTION CARRIED
3-0.
Consider Resolution Providing for the Issuance and Sale of the City's
$3,525,000 General Obligation Permanent Improvement Revolving Loan Fund
Bond Series 1993B
Lori Johnson, Finance Director, indicated that bids had been received
for $3,525,000 in General Permanent Improvement Revolving Fund Bonds.
She introduced David Drown of Springs~ed, Inc., who presented the bid
results. He indicated that nine bids had been received and the low
bidder was FBS Investments Services, Inc., with an interest rate of
4.2999 percent.
COUNCILMEMBER HOLMGREN MOVED TO ADOPT RESOLUTION 93-43 PROVIDING FOR
THE ISSUANCE AND SALE OF THE CITY'S $3,525,000 GENERAL OBLIGATION
IMPROVEMENT REVOLVING LOAN FUND BOND SERIES 1993B. COUNCILMEMBER
SCHEEL SECONDED THE MOTION. THE MOTION CARRIED 3-0.
Consider Resolution De~ermining Cost to be Assessed and Ordering the
Preparation of the Assessment Roll for the Fresno Street Improvement
Project
Lori Johnson indicated that the Fresno Street assessment hearing is
planned for September 27th. She further indicated that due to the
favorable interest rate on the bonds which were just sold, the interest
rate on the assessments will be 5.75 percent not 6.5 percent which is
shown in the resolution. Councilmember Scheel questioned whether the
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Elk River City Council Meeting
September i, 1993
Page 2
developers of Heritage Landing and Mississippi Oaks were paying for any
of the Fresno Street cost. Lori Johnson stated that the developers
were not required to pay for a portion of the Fresno Street
assessment.
COUNCILMEMBER HOLMGREN MOVED TO ADOPT RESOLUTION 93-44 DETERMINING THE
ASSESSED COSTS OF THE IMPROVEMENT AND ORDERING THE PREPARATION OF THE
PROPOSED ASSESSMENT ROLL IN THE MATTER OF THE FRESNO STREET AND
DRAINAGE IMPROVEMENT OF 1993 AND TO SET THE ASSESSMENT HEARING FOR
SEPTEMBER 27, 1993. COUNCILMEMBER SCHEEL SECONDED THE MOTION. THE
MOTION CARRIED 3-0.
6. Check Register
COUNCILMEMBER SCHEEL MOVED TO APPROVE THE CHECK REGISTER.
COUNCILMEMBER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 3-0.
7. Adjournment
There being no further business, COUNCILMEMBER SCHEEL MOVED
THE MEETING. COUNCILMEMBER HOLMGREN SECONDED THE MOTION.
CARRIED 3-0.
TO ADJOURN
THE MOTION
The meeting of the Elk River City Council adjourned at 5:05 p.m.
Respectfully submitted,
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Lori Johnson
Finance Director
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