07/25/1973 Council Minutes - Laserfiche WebLink

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1 1 1 July 25, 1973 Mr. Marier said there must be a decision as to whether there is an over -lap in December of 1974. These bonds are due and payable on Nov. 4, 1974 and before that date we must either pay or issue bonds for resale to cover the balance. Mr. Zelinka asked if the interceptor would ease the situation. Mr. Busch said it would. At the present time, Twin City Federal is not interested in areas that are not serviced by sewer. The main hold up is how much or how little the County is going to take in the Open Space Program. Mr. Zelinka felt that once this decision is made and the boundary lines on the Open Space is set, then things should be speeded up as to construction in that area. There was discussion of the sewer situation being cleared, but Mr. Busch said that as far as he knew, there had been no action by the Metro Sewer Board on the installation of the interceptor. Mr. Busch seemed to feel that the biggest problem to selling the area is the uncertai n i ty of the Open Space program. There was more discussion on the retirement of the bonds. Mr. Zelinka said we should aim at paying off with funds available as much as possible of present bonds, and prior to 11 -4 -74, work with Mr. Springsted to sell new bonds to pay the balance. Mr. Locher said there would be a balance of about $250,000.00 and this was exactly what had been planned in the original sale. It takes about 6 weeks to 2 months to float the bonds. Mr. Marier was concerned that we should realize that we have this bill to pay and, if the project becomes deficit, the Village is still liable for payment of these bonds. There is a potential of $300,000.00 being available this should be paid on the original and the remainder resold. The Council should make a move before the due date to avoid overlapping these bonds. There was some question as to the effect the reissue of bonds would have on the bonding powers of the Vi I lage. Are these kinds of bonds governed by the bonding limits as other bonds are? Mr. Locher is to check this out. Mr. Jaworski moved that no later than August ,1, 1974, we start the process to sell bonds to pay off the $550,000.00, with the stipulation that the Village not exceed bonding indebtness. Seconded by Mr. Zelinka. Mr. Marier amended the motion to read "pay off difference between cash on hand and amount of bonds". Motion carried. Mr. Marier moved to adjourn at 10:20 P.M. Seconded by Mr. Jaworski. Aye Clerk- Treasurer The minutes were approved at the meeting of Aug. 13, 1973. July 31, 1973 The special meeting of the Lino Lakes V i I l age Council was called to order at 8:15 P.M. on July 31, 1973 by Mayor Bohjanen. Counci Imen present; Jaworski, Zelinka. Absent; Cardinal, Marier. Mr. Carley and Mr. Gotwald were also present.