Minutes - 1974/10/28 - Laserfiche WebLink

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October 28, 1974 Page 2 In response to Mr. Brooks' question of how he could pursue the claim, Attorney Meyers suggested he speak to a lawyer. Mayor Neisen asked the administrator to state his findinns with regard to Mr. Wold's request to warehouse nuts and bolts in a trailer parked on the east side of Silver Lake Road south of Highway #10. Administrator Achen stated that the property in question was zoned B -3 and that, although storage and warehousing was a permitted use in that zone, the activity must be conducted in a permanent structure, not a trailer. Mr. Wold asked whether his situation was the same as that of a trailer parked along Highway #10. Mayor Neisen stated that trailer was used for advertising. Mr. Seegar Swanson, Ehler and Associates, gave a presentation to the Council regarding the sale of bonds for Project 1973 -4,5,6 and 1974 -1 and refinancing the temporary bonds issued in 1972. He stated that the total issue to be sold would be $1,680,000. He recommended that a bid opening on the bonds be set for November 19 at 8 p.m. and that the Council spread the 1973 -4 assessments over a 15 year period. This would make the bonds more marketable. He stated that the city's Moody rating will probably be raised prior to the bond sale and this should reduce the interest rate. Mayor Neisen felt it would be worthwhile to try to get a better rating bacause of the money it could save the city. Councilman Johnson asked what the yield to maturity and coupon yield would be of the bonds. Mr. Swanson expects the yield to maturity to be in the range of 6.25% to 6.40% and the coupon rate to range from 5.25% to 6.60 He read a proposed resolution declaring the necessity for issuing the permanent bonds of $1,680,000 and setting the bid opening as specified above. MSP (Neisen Pickar) to adopt Resolution 645 as read by Mr. Swanson. Engineer Bearden stated that the city has 40 days from October 15 to accept the bids for construction of 1973 -4 and that the bid opening on the bonds would be within this period. MSP (Neisen- Johnson) to change the agenda meeting of November 18 to November 19 at 6:30 p.m. Mr. Swanson stated that a motion would be needed to direct the admini- strator to sign the agreement with Moody's applying for a new rating. The fee will be $650.00. MSP (Johnson- Hodges) to authorize the administrator to sign said agree- ment. Pickar Aye Baumgartner Aye Johnson Ave Hodges Aye Neisen Aye 5 Ayes 5 Ayes