11-13-91 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL NOVEMBER 13, 1991 Money will be used from the closed bond fund to generate cash flow for the deferred assessments. If the these assessments are paid in the future, the closed bond fund will be reimbursed. Blesener asked if the calling in the two issues, and the sale of the additional two bonds will result in the $20,000 reduction in bonded debt levy that was discussed at the workshop meeting. The City Administrator replied that this is correct. Farnham anticipated the interest rates for the two new issues would be just under 6%. Farnham explained that the bond market is currently at a 5-year low point, and this is an excellent time to issue bonds. Farnham went on to explain that the refunding of the storm sewer bonds is similar to an individual property owner refinancing a mortgage at a lower interest rate. Mr. Blesener introduced the followinq resolution and moved its adoption: RESOLUTION N0. 91-11-379 - PROVIDING FOR THE COMPETITIVE NEGOTIATION OF $325,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1992A The foregoing resolution was duly seconded by Scalze. Ayes (5) Blesener, Scalze, Collova, LaValle, Hanson. Nays (0). Resolution declared adopted. Mr. Blesener introduced the following resolution and moved its adoption: RESOLUTION N0. 91-11-380 - PROVIDING FOR THE COMPETITIVE NEGOTIATION OF $1,475,000 GENERAL OBLIGATION STORM SEWER REFUNDING BONDS, SERIES 1992B The foregoing resolution was duly seconded by Scalze. Ayes (5) Blesener, Scalze, Collova, Hanson, LaValle. Nays (0). Resolution declared adopted. RELIEF Mr. Bob DeBace, representing the Little Canada Fire ASSOCIATION Department Relief Association, appeared before the BENEFIT Council requesting an increase in benefit level from $1,800 per year of service to $2,000 per year of service. DeBace reported that the fund is in very good financial shape even though interest rates have decreased. Page 3