Laserfiche WebLink
Metadata
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
LAKE ELMO CITY COUNCIL MINUTES AUGUST 21, 1.990 PAGE 4 <br />M/S/P Hunt/Williams - to adopt Resolution 90-28, as amended below, <br />approving the proposed 1991 tax levy and budget. (Motion carried <br />4-1:Armstrong: She felt this was an obscene amount of money and voiced <br />her confidence in the attorney and engineer to find ways to stop this <br />landfill.) <br />The following sums of money are proposed to be levied for the current <br />year, collectible in 1991, upon the taxable property in the City: <br />General. Fund $679,756 <br />Park Bond 70,000 <br />Landfill Referendum 100,000 <br />Equipment Certificate 50,000 <br />Total Levy $899,756 <br />7. Set date for 1.991. Budget Public Hearing <br />The Finance Director suggested a public hearing on the proposed city <br />budget and property taxes be held on Tuesday, November 20, 1990 at <br />7:30 p.m. A continuation hearing, if necessary, will be held on <br />December 4th at 7:30 p.m. <br />The property tax amounts below compare current city property taxes and <br />the property taxes that would be collected in 1.991 if the budget now <br />being considered is approved. <br />1990 Proposed 1991 <br />Property Taxes Property Taxes <br />1991 Increase <br />$822,930 $899,756 $76,826 9.34% <br />M/S/P Graves/Williams - to hold the public hearing on the proposed <br />1991 City Budget and Property Taxes on Tuesday, November 20, 1990 at <br />7:30 p.m. at the Lake Elmo City Council chambers. A continuation <br />hearing, if necessary, will be held on December 4, 1990 at 7:30 p.m. <br />(Motion carried 5-0). <br />The Budget Committee will. meet with the Finance Director before the <br />budget comes before the Council. <br />8. Resolution No. 90-29 Accepting General Obligation Bond Sale <br />Marilyn Banister and Rusty Fifield reported. the City received good <br />news from Moody's Investors Service Bonding Company that our credit <br />rating has been increased from BAA to A. The upgrade in our bond <br />rating is the result of (1) Lake Elmo has an above average wealth, (2) <br />Lake Elmo has a lower debt burden; (3) Lake Elmo's tax base is <br />increasing, and (4) Lake Elmo has the best Finance Director around. <br />The Council received results of the bond sale which took place Tuesday <br />afternoon with FBS Investment Services, Inc. being the low bidder. A <br />draft resolution for the sale of G.O. Bonds was submitted for Council <br />approval. <br />