08-22-1979 CC MIN - SPECIAL
SPECIAL MEETING OF THE
ELK RIVER CITY COUNCIL
HELD IN THE ELK RIVER CITY HALL
August 22, 1979
Members Present: Mayor Madsen, Councilmembers Toth, Otto and Duitsman
Members Absent: Councilmember Engstrom
1. Meeting called to order at 8:35 p.m. by Mayor Madsen.
2. 1979 Bond Sale
Mr. King Forness, of Springsted, Inc., was present to review with the
members of the City Council the details involved in the City's 1979 bond
sale to finance various improvement projects in the City of Elk River.
Mr. Forness reviewed each of the various projects, the proposed terms
of assessments, the proposed interest rates for the assessments and the
proposed revenue and expenditure summary for each improvement project
to be financed. Projects specifically to be financed in the 1979 bond.
sale include the McChesney Industrial Park improvement s, the Meadowvale
Oaks Subdivision improvements, the Peterson Addition rail crossing and
road improvement and the Xenia Street road improvement. COONCILMAN
DUITSMAN MOVED TO APPROVE RESOLUTION 79-32 , AUTHORIZING THE SALE OF GENERAL
OBLIGATION IMPROVEMENT OONDS IN THE AMoUNT OF $380,000.00 ON MONDAY,
SEPTEMBER 17, !J1?LBIDS TO BE OPENED AND ACTED UPON AT 7:30 P.M. CENTRAL
TIME AT THE REGULARLY SCHEDULED MEETING OF THE ELK RIVER CITY COUNCIL
AND THAT OTHER TERMS OF THE BOND SALE BE APPROVED AS RECOMMENDED BY
SPRINOS'!'15.LJ, INC. AT THE AUGUST 20, 1979, MEETING OF THE CITY COUNCIL.
COUNCILMAN OTTO SECONDED THE MOTION. MOTION PASSED . COUNCILMAN
TOTH MO PPRO L OF NEC TING FOR THE 1
L OBLI TION IMPROVEMENT 00 . COUNC DUITSMAN SECONDED
THE MOTION. MOTION PASSED 3-0.
COUNCILMAN TOTH MOVED ADJOURNMENT ., COUNCILMAN OTTO SECONDED THE MOTION.
MOTION PASSED 3-0.
Respectfully Submitted,
4C-A~~
Robert C. Middaugh
City Administrator
RCM:adb