09/27/1971 Council Minutes - Laserfiche WebLink

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9/27/71 Mr. Gotwald said if there is no line put through, we could pull out the plant plans and re- submit them for approval. Mr. L'Allier noted that we had the PCA's approval, so it was okay to go ahead. The letter from PCA was read. Mr. Got - wald noted that there would be no bearing on the lateral projects if the inter- ceptor is not done for 2 -3 years. It makes no difference now if we build a plant later. Mr. Bohjanen said the controller from the Metro Sewer Board would be happy to cane out and explain the charges. Mr. L'Allier mentioned the letter received from Mr. Honsey of the Metro Sewer Board which accompanied the cost allocation and a 30 page dissertation of the charges in the budget; he showed the audience the copy of the Metro Sewer Board budget with the stamp of approval from the Metro Council which was dated September 15, 1971. 93 Mr. L'Allier reiterated that we had a cash guarantee of payment of assessments, that up to $160,000 of the $180,000 will go on the tax rolls with $50,000 to be paid next year; if there is no project the whole amount will go on the tax rolls. He asked the Council if they wished to authorize the Fiscal Agent to sell the bonds. Councilman Rosengren introduced the following resolution and moved its adoption: A RESOLUTION PROVIDING FCR THE ISSUANCE AND SALE OF $550,000 TEMPORARY IMPROVEMENT BONDS OF 1971 WHEREAS, the village has heretofore constructed an improve- ment designated as 1971 Water and Sewer Improvement Chomonik at an estimated cost of $550,000, and NON, THEREFORE, BE IT RESOLVED By the Village Council of the Village of Lino Lakes, Anoka County, Minnesota, as follows: 1. It is hereby determined that the sum of $539,300 is the amount which the Council deems necessary to defray the expenses incurred and estimated to be incurred in making the improve- ments and the amount of $10,700 shall represent in part the additional interest on obligations as authorized by Minnesota Statutes, Section 475.56. Any amount received in excess of $539,300 shall be credited to first interest. The village will assess the cost against benefited property and the council is authorized to issue and sell temporary improvement bonds pursuant to Minnesota Statutes, Section 429.091, Subd. 3. 2. In anticipation of collections of such special assessments, the village shall issue and sell Temporary Improvement Bonds of 1971 in the amount of $550,000, bearing date November 1, 1971, bearing interest at the rate or rates designated by the successful bidder, payable May 1, 1972, and semiannually thereafter on May 1 and November 1 in each year, and which bonds mature on November 1, 1974, subject to redemption on November 1, 1973 and any interest payment date thereafter in inverse numerical order at par and accrued interest. 3. The Village Council shall meet at the Village Hall in the Village of Lino Lakes on Wednesday, the 27th day of October, 1971, at 8 :00 o'clock p.m. for the purpose of receiv- ing and considering sealed bids for the purchase of said bonds and the Clerk shall cause notice of sale to be given by publica- tion at least ten days in advance of the date of sale in the official newspaper of the village and in Commercial West, a financial paper published in Minneapolis, Minnesota. The village will furnish printed bonds and approving legal opinion of Messrs. Howard, LeFevere, Lefler, Hamilton and Pearson, Minneapolis, Minnesota, both without expense to the purchaser. Sealed bids shall be required accompanied by a good faith check in the amount of at least $11,000. Bonds will