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G' <br />' COUNCIL MEETING <br />MAY 8, 1989 <br />not have this information available. He did know that this <br />system has been very aggressive in reaching as many homes as <br />possible and in certain places have extended cable TV to <br />areas where there are only twenty homes per mile as opposed <br />to forty homes per mile. <br />Mr. Bisel said he heard that rates have doubled since the <br />system was installed. Mr. Cusick said that rates have <br />doubled since the system was first proposed. He noted that <br />deregulation did have an affect on rates. <br />Mayor Benson thanked Mr. Cusick for his report. <br />ORDINANCE NO. 05 - 89, RENAMING 7TH AVENUE TO WEST SHADOW <br />LAKE DRIVE - SECOND READING <br />Mr. Bisel moved to approve the second reading of Ordinance <br />No. 05 - 89. Mr. Reinert seconded the motion. All Council <br />Members voted yea. Motion passed unanimously. This <br />ordinance can be found at the end of these council minutes. <br />RESOLUTION NO. 33 - 89 PROVIDING FOR ISSUANCE AND SALE OF <br />GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1989A <br />Mr. MacGillivrary gave the Council his written <br />recommendations for the sale of $4,660,000 of Temporary <br />General Obligation Bonds, Series 1989A. The proceeds are to <br />pay for five construction improvements: West Central Trunk <br />Sewer and Water, Sunrise Meadows, South Reshanau Lake Estates <br />IIB and IIIB and Woodridge Estates. All the improvements <br />with the exception of the West Central Trunk will be <br />assessed. Mr. MacGillivrary explained that the primary <br />reason for using a temporary bond is to get a good feel on <br />how the assessments will be paid to the City. There should <br />be substantial prepayment of assessments before the end of <br />the temporary bond and this will reduce the size of the <br />permanent bond. <br />Mr. MacGillivrary noted the need to check with the City <br />Auditor regarding the reporting procedures for cities with <br />debts over $5,000,000.00. He explained that there are other <br />improvements being processed and this will push the added <br />debt in 1989 to over the $5,000,000.00. <br />Bids for the $4,660,000 Temporary General Obligation Bond <br />will be received June 12, 1989 at 11:00 A.M. Mr. Reinert <br />asked what Mr. MacGillivrary expected for rates on this <br />issue. Mr. MacGillivrary explained that rates have come down <br />slightly since the first of the year. Mr. Reinert asked what <br />impact our current bond rating of BAA1 will have on the sale. <br />Mr. MacGillivrary explained that this is a good rating for <br />Lino Lakes and noted other cities with the same rating. <br />There was discussion regarding improving the rating and Mr. <br />MacGillivrary explained the biggest factors are increasing <br />