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106 <br /> Minutes of the Special Meeting of the Hugo City Council <br /> September 17, 1984 <br /> The special meeting was called to order at 6:05 PM. <br /> Present: McAllister, Schwab, Peltier, Atkinson. <br /> This special meeting was called to discuss the petition for <br /> bonding by the City for the improvements in Lake Aire Estates. <br /> The mount of the proposed bond issue would be $275,000.00 <br /> according to feasibility study done by the city engineer. <br /> Mr. Fahey, financial consultant from Ehlers and Associates <br /> was in attendance to discuss the proposed bond issue and to <br /> answer any questions from the council. City must levy <br /> 20% of the entire cost of improvement against the benefitting <br /> property owners. <br /> Mayor McAllister advised council of #8 ASSESSMENT SECURITY <br /> in the development contract which provided for Birchwood <br /> Builders to present city with cash or an irrevocable letter <br /> of credit in a form acceptable to city, or a combination <br /> thereof, in an amount of 35% of the cost of construction <br /> of the improvements petitioned plus the estimated costs to <br /> city pertaining thereto, as security to assure payment of <br /> assessments as they become due. <br /> After considerable discussion on same, motion by Schwab, <br /> second by Atkinson to authorize Mayor and Clerk to execute <br /> the development contract with Birchwood Builders, Inc. , <br /> and authorize Ehlers and Associates to execute the'financial <br /> documents needed to bond this project; roll call: Schwab, <br /> Atkinson, McAllister, aye; Peltier, nay; motion carried. <br /> Motion by Peltier, second by Schwab to adjourn special <br /> meeting, motion carried. Meeting adjourned at 7:25 PM. <br /> Res• ;ct ully submitt d, <br /> u Pr- - - - Deputy Clerk-Treasurer <br /> Bookkeeper <br />