2004 10-18 CC MINUTES - Laserfiche WebLink

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CITY OF GEM LAKE MINUTES OF CITY COUNCIL MEETING OCTOBER, 2004 The October, 2004 regular meeting of the City .Council of the City. of Gem Lake was called to order by Mayor Lmeott pn Monday, .18. October 2004,.at 7:03 PM inthefirst floor meeting room orTousley Ford. Mayor I:meott, Councilors..lgo, ]3irkebak, Bosak and Watson, Clerk Magnuson, Special Counsel Ben Johnson, and Financial Advisor Todd Hagen were present. Also present were Steve Herzog, Ken Lorenz, and 6 members of the American Civics class from. White Bear Lake Senior High School. Following Mayor Emeott's request for additions, deletions, or con•ections, the following actions were taken: ..1 j unanimous approval of the Minutes for the 20 September 2004 City Council meeting as presented on Motion by. Igo, Second by Watson; 2) unanimous approval of the City Council Meeting Agenda as amended for 18 October 2004 on Motion by Watson, Second by Bosak, Magnuson then presented General Annoulicelnents and Staff Reports covering Public Safety, Public Works,. • Development and Elections. Magnuson then reported that based upon discussions with consultants: to. PIP2004-01 (Scheuneman Road) during the course of this day,: it is in the .best .interest of the City to issue the bonds for the project.. immediately for cash flow purposes and delay the assessments to the suminer of 2005 following completion of the project. While currently on schedule, the project could fall behind due to weather or other unforseen factors. Ben Johnson was then recognized and confirmed Magnuson's report. He also stated that a very favorable financial climate exists for issuance of the bond as rates are at a 40year low. Stating that alternative'shadbeen examined, it. was 13ond Counsel's recommendation that we accept the t •filer's recommendation to issue the bank qualified bond though Wells. Fargo. Mr. Hagen was then recognized and,, following introductions, presented the cash flow analysis and 1epayment procedures.to the City Council, responding to questions as he proceeded. Following Mr. I•lagen'spresentation, Mr:. Johnson then presented (Proposed) covering issuance ofthe bonds and terms and conditions. 3.elated thereto. Following discussion, Motion .by Bosak, Second by Watson to adopt Resolution. 2004-24 was. unanimously approved by a 5 Aye,0 Nay and 0 Abstention vote. Motion by Igo, Second by Watson to authorize Mayor Enteott to execute a Joint Powers Agreement with VLAWMO which would extend the current agreement by one year to 31 December2005 was unanimously approved. Motion by Igo, : Second by l3ii•kehak to approve accounts payable totaling $ 49.674..87 and to accept the. October Treasurer's Report as prepared by Cobian'and indicating a balance in the. General Fund of.$43,769.48 and in the Sewer Fund of$46.135.]9 was unanimously approved. The next meetingof the Gem Lake City Council is scheduled for 08 November 2004, There being no further business, Motion by Igo, Second. by Bosak toadjourn was unanimously approved. AUTHORED:. 23 .September 2004 APPROVED: 18 October 2004 ATTES ATTEST: reueric C gi1nson Paul R, Emeott. City,Cierls, Mai: r.: C lilt;- r i i ii cite s/2O 04/173 cictui 20 O4. wp g