08/13/1990 Council Minutes (2) - Laserfiche WebLink

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; ;) COUNCIL MEETING AUGUST 13, 1990 feasibility report. Mr. Matkke also noted some concern regarding the lack of breakdown of engineering costs. He asked that these costs be provided. He felt that the engineering costs allocated to the Woodridge Estates plat could not be justified. Mayor Bisel explained that this matter will be handled under Agenda Item No. 10A. FINANCIAL REVIEW AS IT RELATES TO EXISTING SEWER AND WATER BOND ISSUES, RESOLUTION NO. 58 - 90 AND RESOLUTION NO. 59 - 90, RON LANGNESS Mr. Schumacher introduced Mr. Langness of Springsted, Inc. Mr. Langness explained that the Council and the Economic Development Authority (EDA) has authorized the sale of two (2) bonds. One (1) of the bonds will finance a new fire station and the second bond will be used to refinance the 1987 Temporary General Obligation Bond. Mr. Langness explained that the Council will need to adjourn as the City Council and convene as the EDA to approve the bond sale for the Public Project Revenue Bonds to finance the fire station. Council Member Bohjanen moved to temporarily adjourn the regular Council meeting. Council Member Kuether seconded the motion. Motion carried unanimously. A meeting of the Economic Development Authority was called to order by Chairman Kuether at 6:42 P.M. Mr. Langness explained that bids had been received today for the sale of $1,115,000.00 Public Project. Revenue Bonds to finance the construction of a new fire station. Mr. Langness explained the rate of interest was very competitive and he recommended approval of the bond sale. Member Reinert moved to award the bid to Cronin & Company, Inc. with a net effective interest rate of 7.11532% and approve EDA Resolution No. 04 - 90. Member Bohjanen seconded the motion. Motion carried unanimously. Member Bisel moved to adjourn the EDA at 6:47 P.M. Member Bohjanen seconded the motion. Motion carried unanimously. Mayor Bisel reconvened the regular Council meeting at 6:47 P.M. Mayor Bisel read Resolution No. 58 - 90 Approving the Terms of $1,115,000.00 Public Project Revenue Bonds, Series 1990A of the Lino Lakes Economic Development Authority. Council Member Bohjanen moved to approve Resolution No. 58 - 90. Council Member Kuether seconded the motion. On a roll call vote, motion carried unanimously. Council Member Kuether asked if the next step in constructing the new fire station was to call for bids and specification. PAGE 2