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