Council_Minutes_1978_09_11 - Laserfiche WebLink

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September 11, 1978 Page 3 MSP (Hodges Ziebarth) to adopt Resolution #927, relating to $1,410,000 improvement bonds, series 1978. 4 ayes Mayor Pickar asked if the City had received a favorable selection of bids. Mr. Swanson replied that he felt they had and that he feels bidding is much stronger now that it had been in the past few weeks. Mr. Swanson read Resolution #928, which sets forth the details that go into the bond. MSP (Pickar- Baumgartner) to adopt Resolution #928 relating to the $1,410,000 bond sale. 4 ayes CITIZENS COMMENTS AND REQUESTS (CONTINUED) Mr. Loeding asked if the assessment procedure for the bonds can be changed later on. Mr. Swanson replied that if a property owner could prove that he was unrightfully assessed, he could request a change. Mr. Loeding asked why the City was charging an 8% interest rate when they were only paying 5.3 Mr. Swanson replied that the City is paying 5.28% and that the owners are being assessed 8% interest on the unpaid balance, which assures the City that they will always have the funds to pay for the bonds as some property owners do pay their assessment in full and thus do not pay any interest at all. He added that studies 'ave been done and in the long run they usually break about even and do not make money on the interest rate. Jean Miller, 2291 Hillview Road, asked when the receipts and disbursements of the SDM fund would be published. Administrator Achen replied that the City has never published receipts and disbursements for any funds. However, all disbursements are part oi' each Council meeting minutes and the annual financial statement summarizes income and expenses for each fund. Mrs. Miller stated she lives approximately 1500 feet from the property at 2291 Knoll Drive and received a notice of the public hearing but that the people who live next to the property did not receive one. Mayor Pickar replied that the legal notices were not properly sent, which is why the hearing was continued, until they can be sent again. Administrator Achen added that the City always sends them to more than just the required people. Peter Sargent, 2268 Knoll Drive,stated that the Task Force had presented their preliminary guidelines to the Council in May but had not received a response. Mayor Pickar replied that the Council had reviewed the guidelines from the Task Force but could not reach a concensus on them. He added that they had sat in on Task Force meetings and discussed the guidelines and pointed out several times that the guidelines for the Task Force were spelled out in the resolution that established the Task Force., He also added that the Task Force is dissolved at this time and again pointed ouL that the guidelines are spelled out in the original resolution that established the Task Force. Mr. Sargent asked what Project 1978 -1 included and stated that he felt dumb because he had never checked to see exactly what 1978 -1 is. He added that he feels there is a $1,000,000 discrepency in the figures on the project. Mayor Pickar replied that the best way to get the dollar figure question answered would be to put it in writing to the Council or City Administrator since they do not have the figures before them now.