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MINUTE5 <br />CITY COUNCIL <br />SEPTEMBER 12, 1990 <br />pointed out that Springsted has estimated the savings <br />to the City through the advanced refunding at $37,000 <br />net of any expenses. Aho requested that the Council <br />authorize Springsted to do a full analysis, which would <br />be presented to the Council on September 26th. Should <br />the Council decide to proceed, the sale oould be set <br />that evening. It was pointed out that there are no <br />costs to the City unless it goes forward with the <br />refunding. <br />Blesener asked if Springsted is anticipating that the <br />refunding would be for the same length of time as that <br />left on the existing bonds. <br />Aho replied that this was correct, however, should the <br />City choose to either shorten or lengthen the term, <br />that could be done. , <br />The City Administrator recommended that the term remain <br />the same. <br />Mr. Blesener introduced the following resolution and <br />moved its adoption: <br />RESOLUTION NO. 90-9-419 - AUTHORIZING SPRINGSTED TO <br />PROCEED TO DO AN ANALYSIS OF THE BOND ISSUE ADVANCED <br />REFUNDING AS OUTLINED IN THEIR PROPOSAL UNDER THE <br />THEORY THAT THE COUNCIL WILL CALL FOR BOND SALE AT ITS <br />NEXT MEETING <br />The foregoing resolution was duly seconded by LaValle. <br />Ayes (5) Blesener, LaValle, Fahey, Collova, Scalze. <br />Nays (o). <br />Resolution declared adopted. <br />SLEEPY Mr. David Norris, representing the Sleepy Hollow <br />HOLLOW Apartments, appeared before the Council to report on <br />DRAINAGE a drainage problem at the site. <br />Fahey reviewed the past history of drainage problems at <br />the site as well as City actions in 1981 or 1982 in <br />getting the owners of the land contributing to the <br />problem together to put in a ponding system with lift <br />station to resolve the problem. Fahey asked how the <br />situation has changed since that time. <br />Norris presented pictures of flooding that occurred <br />after heavy rains during August. Norris reported that <br />run-off was coming from the property on the north side <br />of County Road B-2 onto the Sleepy Hollow property. <br />The run-off was extremely heavy and has damaged the <br />Page 10 <br />