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~~~~ REC,ULAR r~EETING SEPTEMBER 2~th, 1959. Meeting was called to order at 7:00 P. M., the following Council Members being present: Harold C. Nilsen, D1layor; George J. Shavor, Trustee; Willis Warkentien, Trustee; Paul Coppini, Trustee and Wm. R. Utecht, Clerk. Also present were Frank N. Graham, Village Attorney; V'lm. E. Olsen, Treasurer, Vernon L. Ljungren, Village Engineer; Nick Christensen, Building Inspector and Ethel E. White, Deputy Clerk and Deputy Treasurer. ?~.Rinutes of August 2ltth were az~proved as submitted. it4inutes of August 27th were approved as corrected (Page 1286, last paragraph changed to read: '~Nlarkentien: I feel we should try this means. I would just as soon go along with one firm rather than get one combined bid from a group of firms.") i~rlinutes of the Special meeting of September 3rd were approved. as submitted. ~Jiinutes of the regular meeting of September 10th were approved as submitted. i~Rinutes of the special hearing of September 21st were approved as submitted. Watermain Attorney Graham introduced Robert Sanders of Juran ~ Moody and Financing: stated we are going ahead with the watermain and have to pay the contractors some money in about 1 month. We have to keep the watermain and the pumping station together because they are part of one project. Ljungren presented figures showing that the installation of the watermain together with the Snelling Avenue tunnel and connection of the Larpen teur Avenue Crossings would cost approximately ~E67,000.00. This money will be needed in October 1959 when this .work is completed. He estimated that all costs for the pumping station would not exceed X531,000.00 and. might be less than that figure depending upon the cost of the site and location. This - portion of the total cost would not be needed until the pumping station was-contracted for which might be in 1960, R4r. Sanders discussed the problem of financing at length with the Council. He pointed out that, in his opinion, the Village would be better off by arranging for permanent financing at this time to provide funds for the entire project ratY~er than attempt tem-oor- ary financing of a portion now and the balance later. He recommends setting up a X98,000.00 bond issue divided info two series of issues. Series A to be issued now in the amount of 467,000.00 a.nd Series B to be issued later for an amount not exceeding ~t31,000.00. He pointed out that if, by reason of law costs, payment cif connec- tion charges, or prepayment of assessments, the entire X31,000.00 is not needed, the Village would sell only tha±, portion that was needed to complete the project, After further discussion of the bond market and interest rates, T.:4r. Sanders presented a proposed agreement between the Village and Juran & Moody, Inc. relating to the bond issue, The proposed agreement was discussed. It was moved by Utecht, seconded by Vrarkentien a2~d unanimously