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0204 <br />COUNCIL MEETING <br />November 25, 1985 <br />Page Fourteen <br />CONSIDERATION OF GROUP W CABLE TV AGREEMENT AMENDMENTS <br />Mr. Reinert said because of the importance of ordinances #10 -85 <br />and #11 -85 and Resolution #25 -85, the full Council should be here <br />to act and then moved to table Item 11 A, B and C until the next <br />Council meeting. Mr. Marier seconded the motion. Motion carried <br />unanimously. <br />Mr. Marier said he had several questions on the item and would <br />address them at the next meeting. <br />ATTORNEY' REPORT - BILL HAWKINS <br />A. Consideration of the Sale of the Certificate of Indebtedness <br />- Mr. Hawkins explained he had receive two quotations for <br />the purchase of the Certificate of Indebtedness to finance <br />police and street equipment from two local banks. The Certificate <br />will be in the amount of $107,500. The two quotes are: First <br />State Bank of Hugo, 1986 - 7 %, 1987 - 7.5 %, and 1988 - 7.4 %. <br />The Centennial Bank bid was 1986 - 6.25 %, 1987 - 6.5 %, 1988 <br />- 6.75 %. <br />Mayor Benson asked Mr. Schumacher about the length of the <br />Certificate. Mr. Schumacher explained that it is being <br />sold for a three -year period to keep the mill rate at its <br />present level. <br />Mr. Marier moved to draft a resolution to award the sale <br />of the Certificate of Indebtedness to Centennial Bank. Mr. <br />Reinert seconded the motion. Motion carried unanimously. <br />CONSIDERATION OF THE DISPOSITION OF OUTLOT "F ". LAKES ADDITION <br />#3 <br />Mr. Schumacher updated the Council regarding outlot "F ", The <br />outlot is tax forfeit and the City can obtain title to it tax free <br />providing the title is retained by the City and the property is <br />held for public use. The Council asked the Clerk to contact the <br />adjoining property owners to determine if they would be interested <br />in obtaining title to a portion of it. This was done and the <br />Clerk had submitted to the Council the outcome of her survey; one <br />landowner was not interested at all, one did not care, five said <br />maybe and thirteen said they would be interested. <br />Mr. Schumacher said he had talked to the City Attorney about this <br />matter and was concerned about the expense involved. Mr. Hawkins <br />explained the procedure for obtaining the outlot. including paying <br />the back taxes. After procuring title, the City would have to <br />survey the property for preparation of legal titles and then deed <br />each parcel to the various landowners. However, the City could <br />pass up the sale and allow the outlot to be sold at Sheriff's auction <br />and anyone could bid on it. <br />1 <br />1 <br />