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, Minutes of Regular Council Meeting, March 31, 1986 Page 4 REPORT OF VILLAGE TREASURER DONALD LAMB Investments 3/17/86 - $305,583.36 at Twin City Federal @ 7.21%, to mature 9/15/86. Hicks moved, seconded by Peck, that Council ratify the Treasurer's investment. Motion carried unanimously. (5-0) Financin~ Alternatives for Major Capital Expenditures Council was referred to memos from McNiesh (3/27/86) listing 1986 Financing Needs and Suggested Temporary Financing, and to memo from Lamb (3/31/86) relative to Alternate Methods of Financing Water Tower. . McNiesh noted that the Finance Committee is aware of the large up-coming expenditures; explained that the City has levied $262,747 in prior years and $124,540 for taxes payable in 1986 for the New Brighton Interceptor; not as much levied for water tower ($20,800). In discussion, Woodburn said he feels the water project should be financed out of water funds; suggested some possible alternatives: - increase water gallonage charge. - increase stand-by and/or fireline charge. place on general taxes (not all people are using water - not all water users pay taxes). The effect that the proposed expenditure would have on the various funds (Permanent Improvement, Water Utility, Sewer Utility and MSA) was discussed. Lamb briefly explained the lease-buy alternative of financing the water tower vs. using internal funds or bonds; noted he is not recommending this method of financing - has only talked to one leasing person - said it is similar to leasing a car; noted that the current interest rate is 7-1/4%; explained that this method would not deplete the revolving fund. Council concurred with Hick's suggestion that Attorney Lynden be asked City's liability relative to an inadequate water supply in case of fire, etc. The method of financing the several major expenditures that are forthcoming was referred to the Finance Committee for its recommendation to Council. Cable TV Committee Recommendation to Purchase Audio Equipment Council was referred to quotation from Blumberg Communications for up-grade of City's audio system. Sather moved, seconded by Hicks, that Council concur with the Cable Committee's recommendation (minutes of 3/13/86) and authorized the $460.00 expenditure as per quotation from Blumberg. Motion carried unanimously. (5-0) REPORT OF PUBLIC WORKS SUPERVISGR ROBERT RADDATZ 1986 Street Sweepin~ A~reement Council was referred to Raddatz's memo (3/27/86) proposing that the City enter into a contract with New Brighton again this year for street sweeping. Hansen moved, seconded by Sather, that Council contract with New Brighton for street sweeping in 1986, as per memo. Motion carried unanimously. (5-0) (Raddatz to look into other options for 1987 street sweeping for Council's consideration.) . Water School Council was referred to Raddatz's memo (3/27/86). Hicks moved, seconded by Peck, that Council approve the attendance of Mike McKinney and Robert Raddatz at a three-day water school on April 8, 9 and 10 and April 22, 23 and 24 respectively and authorize the $50/person registration fee. Motion carried unanimously. (5-0) Anticipated Summer Employment Raddatz said he anticipates hiring three summer employees in 1986, Tony St.