09-13-1982 CC MIN
--,
REGULAR SECOND MONDAY MEETING 0 F THE
ELK RIVER CITY COUNCIL
HELD AT THE ELK RIVER CITY HALL
SEPTEMBER 13, 1982
Members Present: Mayor Hinkle, CouncilmembersEngstrom, Duitsman and Toth
Members Absent: Councilman Schuldt
1. The Meeting was called to order at 7:30 p.m. by Mayor Hinkle.
2. Agenda
Committee Session Item #8 - Budget Schedule, was added to the September 13, 1982
City Council Agenda.
COUNCILMAN ENGSTROM MOVED TO APPROVE THE SEPTEMBER 13, 1982 CITY COUNCIL AGENDA
AS . AMENDED. COUNCILMAN. DUITSMAN SECONDED. THE MOTION. THE MOTION PASSED 3-0.
3. 1982 Bond Sale
The City Administrator indicated that six bids were received for the 1982 bond sale.
The City Administrator further indicated that the bond index has been 10.7%, but
it appears the City of Elk River hit the market just right, as the low net interest
rate bid is 9.10 percent by M.H. Novak and Company. The City Administrator reviewed
the total offering of $175,000 broken down as $35,000 general obligation sewer bonds,
$60,000 general obligation equipment certificates, and $80,000 general obligation
improvement bonds for the School Street project. The City Administrator indicated
that the bond repayment schedule is structured so that it would not be necessary
for a special levy. The City Administrator further indicated that over the life
of the issue, the special assessment income should exceed the cost by $1,000.
Councilman Duitsman indicated that he felt the equipment should normally be paid
for out of the general fund, but because of the eight percent levy limit, the
City has no choice but to issue bonds for that equipment.
COUNCILMAN DUITSMAN.MOVED TO APPROVE RESOLUTION 82,..22,.A RESOLUTION AWARDING THE
SALE OF $175,000 GENERAL OBLIGATION BONDS TO M.H.NOVAKAND COMPANY, INC., AT A
NET INTEREST RATE OF 9.10756 PERCENT. COUNCILMAN TOTH SECONDED THE MOTION. THE
MOTION PASSED4~0.
4. Tentative Agenda for September.. 20th, 1982. City Council. Meeting
The City Administrator indicated that a variance request for Pat Donahue and an
Administrative Subdivision are scheduled for the September 20, 1982 City Council
meeting.
It was the general consensus of the City Council that the City Administrator pro-
vide some follow-up information on the landfill in the City of Elk River.
Mayor Hinkle indicated that he had discussed the landfill problem with County Com-
missioner, Mr. Frank Madsen. Mayor Hinkle indicated that the PCA has been out
City Council Minutes
September 13, 1982
Page Two
to the landfill site and further indicated that
descretion regarding where garbage comes from.
that the County has the authority for landfills
control Over the zoning and gravel licenses.
state law does not permit
The City Administrator indicated
and that the City retains the
There being no further business, COUNCILMAN TOTH MOVED THAT THE MEETING BE ADJOURNED.
COUNCILMAN ENGSTROM SECONDED THE MOTION. THE MOTION PASSED 3-0.
Respectfully submitted,
01r00 {$oed1kc;'aJ
Phyllis Boedigheimet
Deputy City Clerk/Treasurer
PB:dk