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