HomeMy WebLinkAbout1984.09.17 CC Minutes - Special meeting 106
Minutes of the Special Meeting of the Hugo City Council
September 17, 1984
The special meeting was called to order at 6:05 PM.
Present: McAllister, Schwab, Peltier, Atkinson.
This special meeting was called to discuss the petition for
bonding by the City for the improvements in Lake Aire Estates.
The mount of the proposed bond issue would be $275,000.00
according to feasibility study done by the city engineer.
Mr. Fahey, financial consultant from Ehlers and Associates
was in attendance to discuss the proposed bond issue and to
answer any questions from the council. City must levy
20% of the entire cost of improvement against the benefitting
property owners.
Mayor McAllister advised council of #8 ASSESSMENT SECURITY
in the development contract which provided for Birchwood
Builders to present city with cash or an irrevocable letter
of credit in a form acceptable to city, or a combination
thereof, in an amount of 35% of the cost of construction
of the improvements petitioned plus the estimated costs to
city pertaining thereto, as security to assure payment of
assessments as they become due.
After considerable discussion on same, motion by Schwab,
second by Atkinson to authorize Mayor and Clerk to execute
the development contract with Birchwood Builders, Inc. ,
and authorize Ehlers and Associates to execute the'financial
documents needed to bond this project; roll call: Schwab,
Atkinson, McAllister, aye; Peltier, nay; motion carried.
Motion by Peltier, second by Schwab to adjourn special
meeting, motion carried. Meeting adjourned at 7:25 PM.
Res• ;ct ully submitt d,
u Pr- - - - Deputy Clerk-Treasurer
Bookkeeper