CC MINUTES 10141986 - Laserfiche WebLink

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-7- Council members later that afternoon to ascertain just what areas they perceived should • be pursued during the planning sessions. Councilmember Marks commented that he believed Mr. Vinton was a dean at Hamline University. Election Juclgas Appointed Motion by Makowske, seconded by Enrooth to approve the list of persons proposed by the Finance Director to serve as election judges for the General Elections November 4, 1986. Motion carried unanimously. Silver Lane Maintenance Agreement Accepted Motion by Marks, seconded by Makowske to adopt the resolution which authorizes the execution of the agreement with Ramsey County whereby the City Public Works Department would provide road maintenance along Silver Lane from Stinson Boulevard to Silver Lake Road during the 1986-87 winter season. RESOLUTION 86-033 A RESOLUTION_ AUTHORXZING "...THE _- MAYOR,-- AND CITY MANAGER TO EXECUTE THE AGREEMENT BETWEEN RAMSEY COUNTY AND THE CITY OF ST _ ANTHONY FOR 1986-87 WINTER ROAD MAINTENANCE SERVICES Motion carried unanimously. • Cal l for Bids for New Motor Grader Authorized Motion by Ranallo, seconded by Marks to approve the specifications and call for bids for a new motor grader subject to verification that "a delivery date which is no more than 60 days from the date of the order" would be feasible. Motion carried unanimously. Recommendations for Issuance of $ 1 , 210 , 000 in Liquor Revenue Bonds Richard Treptow of Springsted Incorporated presented the various documents the Council would have to approve to schedule an issuance of $1 ,210,000 in liquor store revenue bonds to finance the proposed construction of a new liquor store building and to remodel existing Stonehouse bar and off-sale liquor store facilities. Copies of the financial consultant's recommendations had been distributed to Council members prior to the meeting and various aspects of that recommendation were discussed at length with the consultant. Mr. Treptow told the Councilmembers a liquor store bond was very rare in today's market bcause so few municipal operations were successful enough to expand. He also said he perceived there might be some problems with selling the bonds because they can only be paid for an secured by revenues from the operation with no taxing power legally available to the bond holders if revenues are not sufficient. Mr. Treptow indicated that typically bond investors would be looking for a reserve of at least one year's debt service which in the City's case would-amount to- $147,000 or $150,000 but the 1986 Tax Reform Act had restricted the amount the