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-3- LAKE EL,MO CITY COUNCIL M+UPING, APRIL 79 1981 Mayor Eder reconvened the meeting at 7:09 P.M. STE'VE MATTSON,, JURAN & MOODY: A. Equipment Certificates — The City proposed to sell $$1259000 in General Obligation Equipment Certificates to off —set the purchase of the Telesquirt Fire Truck. Mr. Mattson explained the process by which the City can sell these Certifi— cates and submitted a contract for their purchase by Juran & Moody, Inc. The Council reviewed the contract and agreed to the terms. Mottaz moved seconded by Morgan, to adopt R 81-26, a Resolution authorizing the sale of General Obligation E'qui:pment Certificates, in an amount of $$125,000, to Juran & Moody, Inc., per the attached contract. Motion carried 4-0-1. Eder abstained, stating he is an official at the First National Bank of St. Paul, the paying agent for the bonds. B, Industrial Revenue Bonds — Brookfield II Building — The City received a request from the Brookfield Co. requesting the City to approve Industrial Development Revenue Bonds to finance the Brookfield II building. Mr. Mattson explained the use of these bonds and the City's part in their. issuance. The City has issued IRB bonds in the past. Mottaz moved, seconded by Morgan, to adopt R-81-20, a Resolution setting A hearing, to consider Industrial Revenue Bonds for the Brookfield Co., for May 5, 1981, at 7:45 P.M. Motion carried 5-0. BROOKMAN ADDITION DRAINAGE: Engineer Bohrer and the developers engineer reached an agreement on the design criteria for the pond. Engineer Bohrer said both the pond design and the drainage plan are in accordance with the present City policy and recommended approving the grading plan for the pond subject to the conditions outlined in his letter of April 79 1981. Mottaz suggested postponing approval until a petition is received, from affected property owners, to study the entire area. He does not think the City should initiate this action. Eder asked Fraser what .the consensus of the Business Association was concerning a study and/or project for this area. She said the Business Association is interested in a study of the area but are at the discussion stage as to what action to pursue. She questioned the impact on delaying a decision for Brookfield. II. Kelly Brockman said the developers agree with the study/petition idea and would agree to put in the pond, as shown, if the City deemed it necessary; but they would like to avoid a double expenditure or assessmen•q.if possible. Mottaz agreed to a conditional. approval. Engineer Bohrer explained the old drainage plan. Novak asked how or if this plan would fit into an over-all permanent plan. Bohrer said water may need to be permanently`stored north of the railroad 'tracks. A study would better determine size and locations of such storage and the Brockman Pond could. be converted for greater storage, if necessary. Morgan moved, seconded by Mottaz, to approve the Brookfield II development and deafer construction of the pond until October 1, 19819 per the City Engineer's recommendation. Motion carried 5-0.