11/10/1969 Council Minutes - Laserfiche WebLink

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22 Mr. Ricklefs stated that this would be a pretty nice issue since there is no call feature; the bids may be better than expected. The Village has the right to reject any or all bids. Mr. Gotwald stated that the Village would be wise to go ahead with the sale since any contractor bidding would like to know that the money is there. Mr. L'Allier thought that this would be a good time now to get bids and Mr. Gotwald agreed that we would probably get bids sooner now. Mr. Ricklefs noted that construction costs are up 7 -10% over last year and that small contractors are available now. Mr. Rosengren inquired whether there were any restrictions on how the money was to be used. He was told that there were no restrictions as long as the money was used for the building construction including landscaping. Mr. Rosengren would like to see special wiring, a built -in exhaust system as well as other items forthe shop. Mr. Rosengren asked whether the ground should be shaped now and culverts laid; he estimated the this would run about $500.00. Mr. Cardinal felt that we had enough money to do this now and that the Road and Bridges fund could be reimbursed later- - separate sheets should be kept. In view of these considerations, namely; 1) that the bond market is not likely to improve before late next year, 2) that this is a good time of the year to secure bids on construction under $5 million, 3) that contractors are more likely to bid if the money is readily available, 4) that construction costs are rising 7 -10% yearly, and 5) that the public gave the go -ahead on the bond issue, Mr. Rosengren moved that the Village of Lino Lakes adopt the following resolution: A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $100,000 MUNICIPAL BUILDING BONDS WHEREAS, at the annual election held in the Village on November 4, 1969, more than the requisite majority of the qualified voters of the Village voted in favor of the issuance and sale of not to exceed $100,000 bonds to provide money to construct and equip a building for village hall, garage and other municipal purposed, and WHEREAS, the council has caused plans to be prepared and approved for the construction of said building; and WHEREAS, the council has determined that the issuance of bonds in the amount of $98,040 will provide funds for the construction and equipping of said building; WHEREAS, the council has determined to sell additional bonds in the amount of $1,960 to represent in part the higher interest presently required as authori- zed by Minnesota Statutes, Sec. 475.56, NOW THEREFORE, BE IT RESOLVED By the Village Council of the Village of Lino Lakes, Minnesota, as follows: 1. The Village Council deems it necessary and expedient to issue the negotiable coupon Municipal Building Bonds of the Village in the amount of $100,000, dated January 1, 1970, bearing interest at the rate or rates designated by the successful bidder, payable January 1, 1971, and semiannually thereafter on January 1 and July 1 in each year, and which bonds shall mature semi - annually on January 1 in the amounts of $5,000 in each of the years 1972 to 1977, both inclusive, and $10,000 in each of the years 1978 to 1984, both inclusive, all without option of prior payment. 2. Out of the proceeds of the bonds $98,040 shall be credited to a special construction fund for construction of the municipal building, any amount received by the village in excess of $98,040, shall be credited to the bond sinking fund for payment of first interest on said bonds. 1 1