Laserfiche WebLink
<br /> . <br /> Hinutes of Pepular Council r-feetinp.; Sep t. 28, 1981 <br /> Resolution No. 81-66 <br /> Wingert moved, seconded by Johnson tha t Coun d 1 ad 01' t Resolution <br /> No. 81-66, API' RaVIN G AG REE~'EN T 60609 EETHEEN THE STATE OF NINNESOTA <br /> DEPARTHENT OF TRANSPORT loTION AND TUE CITY OF "EDEN HILLS PE: CITY <br /> PARTICIPATION IN STORN SEWER CONSTRUCTION CPOSSING 1. T.n. 694 <br /> BETWEEN LE XINGTON AVENt'E AND H!\l-'Il.lNE AVENrE FITIIIN THE CORPORATE <br /> CITY LINlTS, con tingent upon e xe cu t i on of Resolution No. 81-61. <br /> Motion carried unanimously (5-0) . <br /> Proposed us!,~~~eral Pevenl!!,_~ri,,:~ Fun ds and the 1982 General <br /> ------- <br /> Fund Proposed Budget <br /> Mayor Woodburn opened the Pub 1 i c Hearing at 8:30 l' .m. <br /> Clerk Administrator McN iesh verified publication of Notice. of <br /> . Hearing in the New Brighton Bulletin on September 17th. <br /> Upon determining th at the re 'tv~ re no c('mtnen ts f r <>tr the audi.ence, <br /> the I' ub 1 i c Hearing \\fas closed at 8: 31. <br /> Council action ",'as postponed to later on the l,genda. <br /> REPORT OF BOND COUNSEL PETEI' POPOVICH <br /> Popovi ch responded to several questions posed re up-condng bond <br /> issue: <br /> 1. If developer backs out, what happens to the money? <br /> -can be used for a nev imp rove men t, or can <br /> go in to sinkinp fund to r,etire a deb t. <br /> 2- Time 11mi t for use of funds? <br /> -85% of all bonds issued over a 3 year period. <br /> 3. Does size of issue affect saleability? <br /> -It could if it is high pe r capita; shouldn't <br /> be mo re than 10 % of market value~ <br /> -an ticipates 2 or 3 bidders on an issue of this <br /> size (projects in memo). <br /> 4 . Temporary vs. Definitive Financing? <br /> -At the present tiJre over half of the issues <br /> are temporary due to market conditions. <br /> -When exact costs are unkno~.,'n ) temporary <br /> financing (up to 3 years) , may be preferable. <br /> -A temporary issue can subsequently be financed <br /> wi th another temporary issue~ <br /> Popovi ch said a resolution can be passed to <br /> issue bon d s on Engineer estimates; prefers to <br /> have contractor bids. <br /> 5. Popovich advised th at the feasibility hearing must he <br /> held prior to bonding; dis eUJlsed the time ele,rrent from <br /> . the feasibility hearing to bond is s ue : <br /> -2 weeks to publish and mai 1 notices. <br /> - 30 days to prepare for bond sale. <br /> -8 weeks to receive money. <br /> Popovich explained tha t one bon d issue is pre- <br /> ferable, and less cos tly; suggested that if <br /> some of the costs can be financed internally <br /> temrorarily, Council may wish to de fer the <br /> bond issue a few mon th s in order to include <br /> all or most of the projects listed in HeNiesh's <br /> memo of 9-25-81. <br /> 6. Popovich advised that the $90,000 can be levied, in <br /> anticipation of a bond issue, as proposed. <br /> After discussion, Council concurred to defer the bond issue to <br /> shortly after the firs t of the year. <br /> -3- <br />