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Regular Council Meeting 4 <br /> November 27, 1990 . F. <br /> 1 Mayor Ranallo called for a vote: <br /> 2 Aye: Marks, Wagner. <br /> 3 Nay: Ranallo, Enrooth, Makowske. <br /> 4 Motion failed. • <br /> 5 <br /> 6 City Manager Burt said that the Council can approve two signs, one for <br /> 7 entrance; or offer three or four. If three are approved, there is no variance <br /> 8 needed for the fence. If four are approved, two variances are needed. With <br /> 9 two, one of the monuments would have to be moved to the other location or <br /> 10 reduced in size or eliminated. Therefore, if another motion fails, Burt <br /> 11 suggested that the Council recommend the number of signs the Council <br /> 12 would like. He added that as Staff, they agreed that two signs would be best <br /> 13 and that the west end monument could be removed and used elsewhere. <br /> 14 <br /> 15 Motion Makowske, second by Ranallo to approve a variance for two <br /> 16 additional signs, totalling three signs. <br /> 17 Motion carried unanimously <br /> 18 <br /> 19 Newman thanked the Council for the assistance of the Staff and community <br /> 20 in working on this project. <br /> 21 <br /> 22 6. NEW BUSINESS <br /> 23 A. Restructure of 1985 Debt. <br /> 24 <br /> 25 Mayor Ranallo said that in 1985 when the dept was opened for the tax <br /> 26 increment bonds for the redevelopment project it was at an interest rate of <br /> 27 7.65%. City Financial Advisor, Bob Thissel, said there is an opportunity to get <br /> 28 a lower interest rate. The Council will decide whether to call in the bonds. <br /> 29 <br /> 30 Thissel stated at the meeting that his role is to monitor the City's on-going <br /> 31 existing debt. During the past month he has monitored a possible savings of <br /> 32 $40,000 in the City's favor. He recommended setting the sale on this issue <br /> 33 which is a refinancing of a portion of the existing debt so that less interest <br /> 34 will be paid on the remaining outstanding years. A sale date of December <br /> 35 18, 1990 was set. <br /> 36 <br /> 37 Motion by Marks, second by Enrooth to move adoption of Resolution 90-040 <br /> 38 which authorizes this matter. <br /> 39 Motion carried unanimously. <br /> 40 <br /> 41 7. PUBLIC HEARING <br /> 42 A. Certify the tax levy collectible in 1991 and approve the 1991 <br /> 43 City budget (Resolution 90-038). <br /> 44 • <br />