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LAKE <br />ELMO CITY <br />COUNCIL <br />MINUTES JULY 17, 1.990 <br />PAGE <br />2 <br />7. <br />Charitable <br />Gambling <br />Application: Lake Elmo VFW <br />Ladies <br />Auxiliary <br />The City received an application for Exemption from Charitable <br />Gambling License from Violet Wagoner, 4th District VFW Ladies <br />Auxiliary for its annual fund raiser to be held October 6, 1990 at the <br />Lake Elmo VFW. <br />M/S/P Armstrong/Hunt - to approve the request of the 4th District VFW <br />Ladies Auxiliary for a one -day Charitable Gambling License for October <br />6, 1990. (Motion carried 3-0). <br />S. Report from Financial. Consultant <br />A. Pre -Sale Report Regarding Financing Capital Equipment <br />The Council received a Pre -Sale Report from Public Financial Systems, <br />Inc. for the City's capital equipment purchases (fire truck and dump <br />truck) through the use of General Obligation Capital Notes in the <br />amount of $2.45,000. Rusty Fifield from PFS explained the finance plan <br />a d the fin4ncing pro ess. Mr. Fifield and the Finance Director indicated <br />t e termino ogy was t e same as before. <br />M/S/P Hunt/Armstrong - to authorize Springsted Company to proceed with <br />the sale of General Obligation Capital Notes in the amount of $245,000 <br />based on terms stated in the Pre -Sale Report to the City dated July <br />12, 1.990. (Motion carried 3-0). <br />Bond Counsel is needed to prepare legal documents relating to the <br />issue and renders an opinion that the bonds are issued in compliance <br />with relevant statutes. <br />M/S/P Hunt/Armstrong - to direct staff to obtain bids from four <br />interested Bond Counsel and make selection based on bid quotation and <br />potential performance. (Motion carried 3-0). <br />B. Public Financial Systems Proposed Merger with Springsted Company <br />Rusty Fifield advised the Council of the merger of Public Financial <br />Systems with Springsted Company. The Council indicated they had no <br />problem with this merger and. will continue working them and Mr. <br />Fifield and Kathy Aho as our financial consultants. <br />9. CITY ENGINEER'S REPORT: <br />A. State -Aid Maintenance Recommendations <br />At the last Council meeting, the Council decided to postpone the 33rd <br />Street and Laverne Avenue project until 1991 construction season. The <br />City Engineer was asked to find a new project to allocate its 1990 MSA <br />maintenance allotment of $42,327.00 and given Council authorization to <br />proceed with the recommended project. <br />Larry Bohrer reported he has reviewed the needs of the Municipal State <br />Aid street system and recommended that an overlay be constructed on <br />31st Street from Stillwater Boulevard (CSAH 6) to T.H. 5. The <br />