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MINUTES <br />CITY COUNCIL <br />SEPTEMBER 22, 1993 <br />RESOLUTION N0. 93-9-289 - APPROVING THE MINUTES OF THE <br />SEPTEMBER 8, 1993 REGULAR COUNCIL MEETING AS CORRECTED <br />The foregoing resolution was duly seconded by Pedersen. <br />Ayes (5) LaValle, Pedersen, Morelan, Hanson, Scalze. <br />Nays (0). Resolution declared adopted. <br />Mr. Pedersen introduced the following resolution and <br />moved its adoption: <br />RESOLUTION N0. 93-9-290 - APPROVING THE MINUTES OF THE <br />SEPTEMBER 14, 1993 REGULAR COUNCIL MEETING AS SUBMITTED <br />The foregoing resolution was duly seconded by LaValle. <br />Ayes (4) Pedersen, LaValle, Hanson, Scalze. <br />Nays (0). <br />Abstains (1) Morelan. Resolution declared adopted. <br />ANNOUNCE- Hanson reported that Little Canada resident Laurie <br />MENTS Hazard, who was a volunteer at the recent Canadian Days <br />Celebration, was recently killed in a train accident in <br />Brainerd. Ms. Hazard leaves two young children behind. <br />In coorperation with First Bank-Little Canada, a Laurie <br />Hazard Memorial Fund has been established. Anyone <br />interested can make contributions at the bank, or can <br />contact Bill Bruce at City Hall with questions. <br />CALL FOR Mr. Brad Farnham, Springsted, appeared before the <br />BOND SALE Council recommending the Council call for the refunding <br />of General Obligation Improvement Bonds of 1978 and the <br />1986 MSA Bonds due to dramatically falling interest <br />rates. Farnham anticipated that the City could realize <br />a present value savings of $100,000 over the remaining <br />life of these issues if the bonds were refunded. Also, <br />a reduction to the annual levy of approximately $75,000 <br />may be realized by refunding the G.O. Bonds of 1978. <br />Farnham pointed out that the City could use that <br />savings to reduce bonded debt, or could, as recommended <br />by the City Administrator, put the savings into a <br />General Capital Improvement Fund that could assist the <br />City with future purchases on an on-going basis. <br />Farnham recommended that the sale be called for at 11 <br />A.M. on Wednesday, October 27th, with the sale awarded <br />at the Council meeting that evening. <br />Page 2 <br />