CCMin_99May26 - Laserfiche WebLink

Home Browse Search

Page 2 City Council Minutes May 26,1999 Councilmembers reviewed a draft position statement regarding the city's land use planning expectations from the University of Minnesota prepared by consulting planner, John Shardlow, and city administrator, Susan Hoyt. Councilmember Jacobs moved to adopt the position statement as revised by the city council for the Mayor to present at the University Community Land Use Planning Task Force on May 27, 1999. The motion passed unanimously. Receipt of the 1998 Annual Financial Report. The city auditor, Jennifer Thienes, of Kern, DeWenter and Viere summarized the city's 1998 annual financial report. She reported that all • funds were in excellent status at the end of 1998 except for the city's rescue fund, which is an enterprise fund that is experiencing a substantial loss. She said that if the trend in the fund continued, it would likely need to rely on other city funding sources to operate by the end of 2000. Councilmember Kuettel moved acceptance of the 1998 annual financial report. The motion passed unanimously. Consideration of resolution 99-15 authorizing the issuance and awarding the sale of the $1,580,000 in general obligation bonds 1999A. The city's financial consultant, Sharon Klumpp of Springsted, reported on the sale of $1,580,000 in general obligation bonds that day to finance the 1999 public improvement project in the northeast quadrant. Ms. Klumpp reviewed the city's Al bond rating from Moody's. She reported that the interest rate on the bond sale was 4.4089%. Councilmember Talbot moved resolution 99-15 accepting the issuance and awarding the sale of the bonds. The motion passed unanimously.