CC 04-08-1991 - Laserfiche WebLink

Home Browse Search

, Minutes of the Arden Hills Regular Council Meeting, 4-8-91 Page 6 . BID (Cont'd) Engineer Graham advised the street may be deleted from the project, however, the closing of the street is a separate issue. Council discussed Valentine Avenue and the construction alternatives to accomplish closing of the street, such as construction of a cul-de-sac. Councilrnember Mahowald questioned if Valentine Crest will remain in the bid specifications and if the Engineer confirmed the necessity of the street repair. Engineer Graham confirmed that Valentine Crest should be included in the inprovernent and if the bituminous is not repaired at this time, reconstruction of the street will be necessary in the near future. Council discussed the impact of awarding the bid to the contractor pri= to holding the assessment hearing. Attorney Filla suggested deferring action on this matter until such time as it is determined if any streets will be renvved. from the bid specifications. Malone moved, seconded by Hansen, to table the award of bid of the 1991 Pavement Maintenance IlTprovement to the Regular Council Meeting held April 29, 1991, at which time the assessment hearing will be held for this project. Motion carried unanimously. (4-0) . ACCEPI' FEAS. RPI'.; council was referred to a rnernorandwn from the Clerk CXlUNI'Y ROAD D Administrator, dated 4-5-91, and a letter from Engineer Maurer dated 4-3-91, relative to the Ramsey County final feasibility report on the County Road D Ing;lrovement project. Engineer Graham advised the only revision to the original report is the inclusion of a traffic signal, which will not affect the estimated cost participation f= Arden Hills. He advised Engineer Maurer recornmended a=eptance of the report as su!:Ini tted. Malone moved, seconded by Hansen, to auth=ize the Mayor to execute the final feasibility report for County Road D inprovernents, approve the :i1nprovernent project, and auth=ize the expenditure of budgeted funds in the amount of $11,102.00 for the project. Motion carried unanimously. (4-0) RES. 91-29; ADOPI' REVISED INVFSIMENT POLICY Council was referred to a memorandwn from the Clerk Administrator, dated 1-1-91, and attachments relating to the proposed City Investment Policy. City A=ountant SWanson was present to discuss the amendments to the policy. Councilrnember Malone reviewed the ratings listed under the "Commercial Paper" section of the document and questioned the laIX:JUage under the "Banker Acceptances" portion of the document. . The A=ountant advised the ratings were fo:rwarded from a representative of Norwest Bank and the ratings are the staIrlard used in the industry. She explained the language in the "Banker Acceptances" portion of the document was taken directly from Minnesota state statutes. Malone requested the A=untant explain a "Banker Acceptance" and what happens if the city has purchased the acceptances and the bank fails.