12-21-94 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL DECEt4BER 21, 1994 Fifield did not believe so and indicated that should a problem occur, the City would simply delay the bond sale until the bond amount is worked out. Morelan asked if there was any negative impact in marketing the bond as revolving bond funds. Fifield replied that there would not be a negative impact since investors would be only interested that these were general obligation bonds of the City. The Administrator reported on the need to hold the improvement hearings before the bond sale, and stated that the timing of the sale is an effort to take advantage of interest rates before there are any more increases. Mrs. Scalze introduced the following resolution and moved its adoption: RESOLUTION NO. 94-12-427 - CALLING FOR THE SALE OF $565,000 GENERAL OBLIGATION IMPROVEMENT REVOLVING FUN BONDS, SERIES 1995A AS RECOMMENDED BY THE CITY'S FINANCIAL ADVISOR The foregoing resolution was duly seconded by Morelan. Ayes (5) Scalze, Morelan, Hanson, Pedersen, LaValle. Nays (0). Resolution declared adopted. Mr. LaValle introduced the following resolution and moved its adoption: RESOLUTION N0. 94-12-428 - ESTABLISHING AN IMPROVEMENT REVOLVING FUND AS RECOMMENDED BY THE CITY'S FINANCIAL ADVISOR The foregoing resolution was duly seconded by Pedersen. Ayes (5) LaValle, Pedersen, Hanson, Scalze, Morelan. Nays (0). Resolution declared adopted. FIRE DEPT. Mr. Dick Boss, Fire Chief, appeared before the Council PRESENTATION to present a check for $17,140 to the City which represents the Fire Department's final payment for the ladder truck. Boss pointed out that the City and Fire Department have worked collectively on this project, and through the Fire Department's charitable gambling activities for the past 6 to 7 years and have finally 23