Laserfiche WebLink
i33 <br />MINUiMS OF `11HE PROCEEDINGS OF THE ADDITIONAL REGULAR MEETING - City Council <br />NOVEMBER 19, 1986 <br />The additional regular meeting was called to order by Mayor McAllister at 7:05 PM. <br />PRESENT: Hauer, Peltier, Schwab, McAllister <br />Ken Huber, City Administrator <br />Howard Koolick, Pannell Kerr Forster <br />Bill Fahey, Ehler and Associates <br />ABSENT: Potts <br />The purpose of this additional regular meeting is to discuss the city's plans for <br />investment of the funds from Project 8407. The developer unexpectedly paid the <br />assessments of LAKE AIR ESTATES well in advance of the life of the bond payment <br />schedule. The City wilYpaying 9 3/8% interest to the bond holders, and will <br />need to invest the assessment proceeds carefully in order to "break even". There <br />was considerable discussion as to exactly how the money should be invested, and <br />it was determined that security was crucial rather than taking a risk for a higher <br />yielding investment. <br />MO'T'ION: Schwab made motion, Peltier seconded, directing the City Administrator to <br />invest funds from Project 8407 for a period of up to six months, at the <br />best rate possible. <br />VOTING FOR: Peltier, Schwab, McAllister <br />ABSTAINED: Hauer <br />Motion Carried. <br />The City had received a $2,000 deposit from Robert McCullough in conjunction with <br />his recent rezoning request for property on Highway 61 (Midwest Seeder). The <br />deposit was an indication from Mr. McCullough that he would comply with the_. <br />RCWD regulation for construction of a drainage pond. The request for rezoning was <br />approved, but the prospective buyer withdrew from the sale. McCullough is now <br />requesting return of his deposit with no guarantee of compliance with RCWD regulation. <br />MOTION: McAllister made motion, Peltier seconded, directing the City Administrator <br />write a letter, with the $2,000.00 deposit enclosed, stating that the <br />deposit is being returned in "good faith" that he will apply for the <br />necessary permits from RCWD and construct the drainage pond as required. <br />All aye. Motion Carried. <br />MOTION: Peltier made motion, Schwab seconded, to adjourn at 8:45 PM. <br />All aye. Motion Carried. <br />Maryeager, City Cle <br />City if ugo <br />