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~~~~~ water main contractor shortly before September 21st. It will take 6 weeks to 2 months for bonds, etc. Discussion was held on what basis the Maple Knoll people should pay for their extra pressure in water. FPC Rate Nilsen read a letter from Senator Eugene J. McCarthy stating Increase he has ordered a suspension of any natural gas Late increase until December 27th so tha t a thorough investigation can be made. ~4cCarthy will follow this matter and keep us informed. Falcon Develop- Don Julep was present and asked for permission to improve ment Corp. the National Tea Store premises by a:50' addition to the present building and interior partitioning of the present building to accommodate a Laundromat, an Industrial Loan Company and a Hill Brother's Clothing store. It was moved by Nilsen, seconded by Shavor and unanimously voted. that this matter be held over for discussion September 3rd, at 7:00 P. Pd. inasmuch as the Village Planner has not had time to go over the plans completely. "Back yard" Don Julep requested that a letter be written to him regarding Development the "back yard" of their business block. Art Lindig request Art Lindig of 1875 W. Larpenteur petitioned the Council to put for street in a road adjacent to his property. Ljungren, the Village Engineer, advised Lindig that all streets have to be put in according to Village Specifications. Section 50 of the Village Ordinance was read and explained to Mr. Lindig. Ljungren agreed to write up a description of the street needed. Graham will work up a petition from that and will contact ?.?r. Lindig., Private Sale of In view of the fact that we will need money sooner than we can Bonds by Juran get it if bonds are sold at a public sale, Mr. Olson, of Juran & Moody & Moody, explained the procedure involved in a private sale. Mr. Olson pointed out his activities with the firm are limited to private buying of bonds. A private sale is not an unusual way of handling financing. They have worked with White Bear Lake, Maplewood, ti°dest St. Paul, New Hope, Savage, etc. When they set up an issue, they try to analyze it - estimate what portion might be prepaid; what portion of the people might pay right away;. what portion will pay in two years, and they can work call features into the issue. They try to fit the call features into the improvement itself and try to have as early a cal'1 on as many bonds as possible without affecting the interest rates too much. Mr. Olson also said sometimes we make the last two years of the issue call be at the end of 5 years, 10 years, all sorts of different arrangements can be made. Also on occasion, where it is right at the end of the construction season, and it is a matter of 30 days, where someone might pay up immediately, we have held up a block of bonds. We hold the block to see if you are going to need them or not. If you don't need them, we cancel them out. Speaking of interest, I certainly feel that there is something as important as interest rate - in other words, if you put up a bond issue for sale, we like to think that these various call