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MINUTES <br />CITY COUNCIL <br />January 24, 1990 <br />INSTALLMENT PURCHASE CONTRACT IN CONNECTION THEREWITH <br />AND ACCEPTING THE LOW BID OF FBS INVESTMENT SERVICES, <br />INC. AT AN INTEREST RATE OF 6.71% <br />The foregoing resolution was duly seconded by Fahey. <br />Ayes (5) Blesener, Fahey, Collova, Scalze, LaValle. <br />Nays (0). <br />Resolution declared adopted. <br />As a member of the City Council, Mrs. Scalze introduced <br />the following resolution and moved its adoption: <br />RESOLUTION NO. 90-1-33 - AUTHORIZING THE EXECUTION AND <br />DELIVERY OF A QUITCLAIM DEED AND INSTALLMENT PURCHASE <br />CONTRACT <br />The foregoing resolution was duly seconded by LaValle. <br />Ayes (5) Scalze, LaValle, Collova, Blesener, Fahey. <br />Nays (0). <br />Resolution declared adopted. <br />Farnham reported that he anticipates closing on this <br />bond transaction on February 8th or 9th. <br />Fahey pointed out that the City now needs to go forward <br />with the design phase of the project. <br />Blesener reported that at its January 16th meeting the <br />Economic Development Authority appointed a slate of <br />officers. Upon further review, Blesener stated that it <br />was his feeling that the position of Secretary of the <br />EDA should be held by the City Administrator. <br />As a member of the Economic Development Authority, Mr. <br />Fahey introduced the following resolution and moved its <br />adoption: <br />RESOLUTION N0. 90-1-5 - ACCEPTING THE RESIGNATION OF <br />KATHLEEN GLANZER AS SECRETARY OF TAE ECONOMIC <br />DEVELOPMENT AUTHORITY AND APPOINTING JOEL R. HANSON AS <br />SECRETARY WITH A TERM TO EXPIRE ON DECEMBER 31, 1990 <br />The foregoing resolution was duly secontled by Blesener. <br />Ayes (5) Fahey, Blesener, Scalze, Collova, LaValle. <br />Nays (0). <br />Resolution declared adopted. <br />Page 4 <br />