1988.02.16 CC Minutes - Laserfiche WebLink

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City Council meeting of 2/16/88 SET IMPROVEMENT HEARING FOR 120TH STREET PROJECT In December 1987 the City Council authorized participation in the 120th Street Public Improvement project in a joint effort with White Bear Township. The project involves street, curb and gutter, and storm water control on 120th Street from Highway 61 to a point approximately 1.06 miles to the east. Total estimated cost of the project is $530,300,00. Ramsey County has indicated they may fund 75% of the project cost, and the city's participation would be 30% of the local share. We have discussed the possibility of funding the city's participation in the amount of approximatley $75,1=00 with a combined bond issue including the Homestead Drive project and the purchase of public safety equipment. The city received the initial feasibility report for this project in February 1985, and an addendum to the feasibility report was provided in December 1987. To combine this funding with the other projects referenced, it would be required to conduct the necessary public improvement hearing for the project which would also allow for the assessment of all or a portion of this project to benefiting property owners some time in the future. We would recommend that a public improvement hearing be set for March 15, 1988, at 7:00 PM to proceed with this project as previously authorized. Vail made motion, Atkinson seconded, to adopt RESOLUTION 1988-11, RESOLUTION ORDERING PREPARATION OF REPORT, RECEIVING REPORT, AND CALLING FOR HEARING ON IMPROVEMENT OF PUBLIC IMPROVEMENT PROJECT 12-21-87. VOTING AYE: Potts, Olson, Vail, Atkinson VOTING NAY: Peltier Motion Carried. RESOLUTION AUTHORIZING PARTICIPATION IN CERTAIN INVESTMENT PROGRAMS At the first of the year, the city council authorized use of the Minnesota Municipal Money -Market Fund for the investment of funds during 1988. This is a program sponsored by the League of Minnesota Cities which is used by many municipalities in the Metro area. To participate in the fund, state laws requires adoption of a resolution authorizing the city to enter into a joint powers agreement in the form of a Declaration of Trust. The city is currently in a position where it needs to do a better job of investment of its surplus funds, and we would like to keep the 4M fund option available to the city for future investments. Atkinson made motion, Peltier seconded, to adopt RESOLUTION 1988-12, RESOLUTION AUTHORIZING ENTRY INTO A JOINT POWERS AGREEMENT BY THE CITY OF HUGO IN THE FORM OF A DECLARATION OF TRUST ESTABLISHING AN ENTITY KNOWN AS "MINNESOTA MUNICIPAL MONEY-MARKET FUND" AND AUTHORIZING PARTICIPATION IN CERTAIN INVESTMENT PROGRAMS IN CONNECTION THEREWITH. VOTING AYE: Peltier, Potts, Olson, Vail, Atkinson VOTING NAY: None Motion Carried.