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LAKE ELMO CITY COUNCIL MEETING, JUNE 7, 1983 -2- 5. BOND SALE FOR 1983-1984 SEALCOATING PROJECT: Linda Obidowski. of Juran and Moody explained the purchase as outlined on the breakdown sheet and summarized in the agreement contract. The First National Bank of St. Paul is the designated paying agent and the bonds will bear interest of 6.75% in 1984 and 7.00% in 1985. Ms. Obdiwski requested - the Mayor and Administrator to sign the contract proposal and adopt the resolution prepared by Briggs & Morgan approving the issuance and sale of the bonds. Mayor Eder declared that he is an officer of the First National Bank of St. Paul, paying agent, but is not a stockholder. M/S/P Fraser/Dunn to adopt R-B3-37 a Resolution approving the issuance and sale of $140,000 General Obligation Improvement Bonds of 1983 for 1983-1984 Sealcoat Project; and, authorizing the City Administrator and Mayor to sign all necessary documents related to the sale of said bonds. Carried 3-0. Morgan and Mazzara absent. Councillor Morgan arrived at 7:30 p.m. 6. BOARD OF REVIEW: C. Kendridge Addition - The Administrator referred the Council to the Assessor's list ofproposed market value decreases for homes within the landfill area. As this was just made available to the Council at the meeting, Fraser requested deferring discussion and action until the material can be reviewed. Comments: --Whittaker - explained the water system proposal outlined in his June 2 memo and the Assessor's position that he believes there is a 30o decrease in market value caused by the landfill contamination. --Morgan - believe the assessor and the people- have a valid position - key is to judge the impact of the contamination. --Fraser - dollars not picked up from this area will have to be made up by others in the City - imperative to find a just and equitable approach. MIS/ Fraser/Dunn to request an extension from the County for submitting Board of Review findings until after the June 14 Council meeting so that the Council can review the landfill area valuation question. Discussion - --Eder - need written comments or a meeting with the engineers working on the landfill problem. Carried 4-0. The Council requested that the finance office calculate the tax income decrease based on the assessor's proposed valuation.