Laserfiche WebLink
COUNCIL MEETING DECEMBER 26, 1989 <br />Mr. Schumacher noted that the most important issue in dealing <br />with the legislative requirement is the impact of the levy on <br />each individual property. He noted that it was very <br />difficult to determine the impact because there are so many <br />variables in the formula. However, after all of the <br />calculations made by the Accountant, it appears that there <br />will be little or no increase in property taxes. Basically <br />there will be no increase because of the increase in the <br />total City valuation. Mr. Bisel said he thought the worst <br />case would be a very slight increase if any at all. <br />Acting Mayor Reinert asked if there were any comments from <br />the audience. There were none. Mr. Bisel moved to close <br />the public hearing at 7:47 P.M. Mr. Neal seconded the <br />motion. Motion carried unanimously. <br />Mr. Bisel moved to adopt Resolution No. 77 - 89 as presented. <br />Mr. Neal seconded the motion. Motion carried unanimously. <br />Resolution No. 77 - 89 can be found at the end of these <br />minutes. <br />Mr. Bisel moved to adopt Resolution No. 88 - 89 as presented. <br />Mr. Neal seconded the motion. Motion carried unanimously. <br />Resolution No. 88 - 89 can be found at the end of these <br />minutes. <br />Mr. Schumacher noted that at the last Council Budget Work <br />Session he was asked to give the Council information <br />regarding 1989 surplus funds. He explained that he would do <br />this as soon as the 1989 books are balanced and he would make <br />recommendations regarding adjustments as suggested at that <br />meeting. <br />CONSIDERATION OF QUOTATIONS AND AWARDING THE BID FOR THE SALE <br />OF THE CERTIFICATES OF INDEBTEDNESS FOR THE 1990 BUDGET, <br />RESOLUTION NO. 92 - 89 - BILL HAWKINS <br />Mr. Hawkins explained that because the City is in need of <br />funds to purchase capital equipment approved in the 1990 <br />Budget, he has solicited local lending institutions for <br />quotations on Certificates of Indebtedness. He has compared <br />the quotes and is recommending that the City accept the <br />quotation submitted by the Firstar Bank of Hugo. He noted <br />that Firstar Hugo was the only bank to submit a quotation for <br />several different reasons. The quotation is within 10 basis <br />points of a bid he received several days ago for another <br />city. Mr. Hawkins felt the rates were reasonable and he <br />recommended awarding the bid to Firstar Bank of Hugo. <br />There was discussion regarding why the other two banks did <br />not submit quotations and discussion regarding postponing <br />awarding the bid. Mr. Schumacher explained that the Council <br />PAGE 4 <br />