08/24/1987 Council Minutes (2) - Laserfiche WebLink

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UNCIL MEETING AUGUST 24, 1987 ' The regular meeting of the Lino Lakes City Council was called to order at 7:17 P.M. by Mayor Benson. Council Members present: Bisel, Marier, Bohjanen, Reinert. Members absent: None. City Attorney, Bill Hawkins; Engineer, Ron Stahlberg; Building Inspector, Pete Kluegel; Administrator, Randy Schumacher and Clerk- Treasurer, Marilyn Anderson were also present. CONSIDERATION AND APPROVAL OF MINUTES - AUGUST 10. 1987 Mr. Bisel moved to approve these minutes as presented. Mr. Bohjanen seconded the motion. Motion carried with Mr. Marier abstaining. CONSIDERATION AND APPROVAL OF DISBURSEMENTS - AUGUST 24. 1987 Mr. Reinert moved to approve these Disbursements as presented. Mr. Bisel seconded the motion. Motion carried unanimously. OPEN MIKE Indy St. Clair, 129 - 74th Street. Mrs. St. Clair presented a tition from landowners near 74th Street for the improvement of 74th reet. She explained that it is understood that they may be sponsible for some of the costs of the improvement. Mayor Benson accepted the petition and asked Mrs. St. Clair to be the spokesperson for all the residents in the area. The response of the Council to the petition will be relayed to Mrs. St. Clair. RESOLUTION NO. 45 - 87, AWARD OF SALE OF $1,650,000.00 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS 1987A AND RESOLUTION NO. 46 - 87 SCHEDULING A PUBLIC HEARING Mr. David MacGillivray of Springsted, Inc. handed out the bid list on the bond issue and indicated that The First National Bank of St. Paul, First Bank Minneapolis, Norwest Investment Services, Inc. was the low bidder with a net interest rate of 5.4333 %. He explained that this was a very good rate especially since the City will be assessing at the rate of 9 %. Mr. MacGillivray also explained that Lino Lakes' bond rating had been dropped from A to BAA -1. He indicated that this is due to several considerations such as; the City does not have a long track record on assessment collections, the City does not have a diversified tax base, there are overlapping jurisdictions and the City is growing very fast IId issuing improvement bonds at a faster rate. He also noted that the w rating is a very good rating. He also noted that Lino Lakes GE 1