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1 <br />1 <br />Council Meeting <br />August 9, 1982 <br />2 <br />levy. Mr. Hawkins pointed out that the Bonds will still have to be sold regardless of <br />the method taken in the assessment of this project. <br />Mayor Benson asked if there were any negotiations going on as to using those lots that <br />are designated as unsuitable for development and Mr. Schumacher said there is a public <br />hearing late this month on the property just to the South and he would like to get the <br />results of that Public Hearing. If the decision is favorable for those lots, then there <br />should be a like opinion on these lots. <br />Mr. Shannon presented his proposal for the sale of $750,000.00 Bonds to refinance this <br />project. He presented several methods for the assessing of this money and several <br />payment schedules. These he explained to the Council. <br />Mr. Marier felt he would like to study the Springsted report further and get the results <br />of the DNR hearing scheduled for the latter part of August dealing with lots just South <br />of the lots in question. <br />Mayor Benson asked Mr. Hawkins about his statement on proceeding with the bond sale <br />and Mr. Hawkins said the sale of the bonds should proceed according to Mr. Shannon's <br />schedule since this question is separate of the questions of whether the lots are <br />buildable or not. The proceed of the bonds sales could be invested. <br />Mr. Marier felt that if the results of the hearing would put the City in a better <br />position of knowing where they are. <br />Mr. Shannon pointed out that the Temporary Bonds are due and payable on December 1, <br />1982 and regardless of the outcome of the assessment, this issue must pay the temporary <br />bonds on that date. <br />Mr. Shannon suggested that the bonds be sold on Sept. 13, 1982, and would be delivered <br />approximately Oct. 15, 1982, giving the City some time for investments. This would also <br />give some time for negotiations on the bonds if something should occur in the bond <br />market. <br />Mr. Hawkins pointed out that the matter of the reassessment is also a matter of timing <br />since this must be computed, public hearings held, mailed notices to all property owners <br />and certified to the County by October 10, 1982. <br />Mr. Reinert moved to adopt the Resolution prepared by Springsted, Inc. to authorize the <br />sale of $750,000.00 Bonds. <br />Mr. Shannon noted the provisions of the Resolution - the bids would be received by <br />Springsted and opened at Noon on September 13, 1982 with the Clerk and Administrator <br />present for that opening. The bids would then be tabulated and presented to the <br />Council at the regular meeting that evening at 7:00 P.M. <br />Mr. Reinert restated his motion. He moved to adopt the Resolution prepared by Springsted, <br />Inc. authorizing the sale of $750,000.00 Obligation Improvement Bonds of 1982. Seconded <br />by Mrs. Elsenpeter. <br />Mr. Hawkins reminded the Resolution must be read in full unless the reading is waived. <br />Mr. Reinert made this a part of his motion. Mrs. Elsenpeter accepted. The motion <br />carried with Mr. Marier voting, No. <br />Mr. Hawkins reminded the Council that the motion to waive the reading of the Resolution <br />must be unanimous therefore the Resolution must be read which the Clerk proceeded to read. <br />