Laserfiche WebLink
MINUTES FOR THE CITY COUNCIL MEETING OF APRIL 18'. 1988 <br />The regular meeting was called to order by Mayor Afl::inson at 7:00 PM. <br />PRESENT: Peltier, Potts, Olson, Atkinson <br />City Administrator, Ken Huber <br />City Cler4, Mary Ann Creager <br />ABSENT: Vail <br />Peltier made motion, Olson seconded, to approve the minutes for April 4, <br />1988 as submitted. <br />All aye. Motion Carried. <br />Olson made motion, Peltier seconded, to approve the General Claims for <br />April 18, 1988 in the amount of $5,924.96. <br />All aye. Motion Carried. <br />Peltier made motion, Potts seconded, to approve the Utility Claims for <br />April 18, 1988 in the amount of $709.68. <br />All aye. Motion Carried. <br />BOND SALE (P.I. PROJECTS AND EQUIPMEL411 <br />As per Council direction, the staff has proceeded with the necessary steps <br />to finance the Homestead Drive and 120th Street P.I. projects as well as <br />the purchase of public safety equipment for the City of Hugo. The city's <br />financial consultant (Ehler and Assoc.) has been putting together the bond <br />sale package, and we received bids on the bonds earlier this afternoon <br />(4/18!88). The bids were opened this afternoon, and Mr. Bill Fahey <br />reviewed them with the Council. The principal amount of the financing <br />package is approximately $210,000; however, the city will have to add in <br />capitalized interest and other financial expenses as a part of the total <br />bond issue. The 1st State Bank of Hugo was the low bidder on the <br />financing for the equipment purchase with a net interest rate of 6.25%. <br />Atkinson made motion, Olson seconded, to adopt RESOLUTION 1988-15, RESOLU- <br />TION PROVIDING FOR THE ISSUANCE AND SALE OF $85,000 GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATES OF 1988 AND LEVYING TAX FOR PAYMENT THEREOF. <br />VOTING AYE: Potts, Olson, Atkinson <br />ABSTAINED: Peltier <br />Motion Carried. <br />Mr. Fahey reviewed the bond quotes for the P.I. project bonds. He noted <br />that Moore Juran was the low bidder at a net interest rate of 7.01327%. <br />Atkinson made motion, Peltier seconded, to adopt RESOLUTION 1988-16, RESO- <br />LUTION PROVIDING FOR THE ISSUANCE AND SALE OF $180,000 GENERAL OBLIGATION <br />IMPROVEMENT BONDS OF 1988. <br />All aye. Motion Carried <br />