HomeMy WebLinkAbout1986.11.19 CC Minutes - Special meetingi33
MINUiMS OF `11HE PROCEEDINGS OF THE ADDITIONAL REGULAR MEETING - City Council
NOVEMBER 19, 1986
The additional regular meeting was called to order by Mayor McAllister at 7:05 PM.
PRESENT: Hauer, Peltier, Schwab, McAllister
Ken Huber, City Administrator
Howard Koolick, Pannell Kerr Forster
Bill Fahey, Ehler and Associates
ABSENT: Potts
The purpose of this additional regular meeting is to discuss the city's plans for
investment of the funds from Project 8407. The developer unexpectedly paid the
assessments of LAKE AIR ESTATES well in advance of the life of the bond payment
schedule. The City wilYpaying 9 3/8% interest to the bond holders, and will
need to invest the assessment proceeds carefully in order to "break even". There
was considerable discussion as to exactly how the money should be invested, and
it was determined that security was crucial rather than taking a risk for a higher
yielding investment.
MO'T'ION: Schwab made motion, Peltier seconded, directing the City Administrator to
invest funds from Project 8407 for a period of up to six months, at the
best rate possible.
VOTING FOR: Peltier, Schwab, McAllister
ABSTAINED: Hauer
Motion Carried.
The City had received a $2,000 deposit from Robert McCullough in conjunction with
his recent rezoning request for property on Highway 61 (Midwest Seeder). The
deposit was an indication from Mr. McCullough that he would comply with the_.
RCWD regulation for construction of a drainage pond. The request for rezoning was
approved, but the prospective buyer withdrew from the sale. McCullough is now
requesting return of his deposit with no guarantee of compliance with RCWD regulation.
MOTION: McAllister made motion, Peltier seconded, directing the City Administrator
write a letter, with the $2,000.00 deposit enclosed, stating that the
deposit is being returned in "good faith" that he will apply for the
necessary permits from RCWD and construct the drainage pond as required.
All aye. Motion Carried.
MOTION: Peltier made motion, Schwab seconded, to adjourn at 8:45 PM.
All aye. Motion Carried.
Maryeager, City Cle
City if ugo