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HomeMy WebLinkAbout06-29-77 . ~ , ~ Y ~ L s- ~ - CITY OF LAKEVILLE'SPECIAL COUNCIL MB~TING .JUNE.. 29, 1977 The meeting.-was called to order by Mayor Mako at 3;30 P.M. Roll call was taken. Present; Emond, Mako, .Curry,: Zaun and. Clarkson. Also present: Bob Pulscher and Ron Langness of the City's Financial .Consultant firm of Springsted Inc.; Dennis Feller.,. City Finance Direct; Fatrick McGa.rvey, _City Administrator.. , .77..324 Motion was made bq Zaun, seconded by Curry to receive a_xeport from the City ...Finance Director on a special assessment fund analysis"as of Januarq,l, 1977. Roll call was taken on the motion.' Ayes, Mako, Curry, Zaun, Clarkson and Emand. Mr. Feller then reviewed with the-Council his .written report concerning the various bond funds. Mrs. Curry asked Mr. Feller if 'he could tell how much of a partienlar bond fund-deficit was due to under assessment: At this time Mr. Pinscher stated that the term "under assessed" should:-be care- ful,ly,defined. He stated `that when a utility pro3ect was assessed; at Less than .the total prmjact cost that in most instances. the difference 'was pro~ect,ed t©' :be received {through tha payment. of unit. sewer 'and ;water corinecton charges in the future, ~ Mayor Mako asked if the City would have been.. better off if it had not used a connection charge system-.and had levied higher'assessmehts against benefitted property instead.' Mr. Pinscher answered that .the immediate'situation would probably nmt be that much better because of the green s.cres :and delinquent property tax payer. He `statgtad it could be even worse:,3.f ~ the higher ,assessments caused more property taxpayers to not `pay their ta5~es and assessments. Mr. Pulseher then ms.de some .rec~mmendatimns. He `stated that some of the$,delinquent property owners would hopefullq begin to pay their, assessments ~hen;they~can develog their property. , He .also stated that the Ctyneed.ed to °promote a reasonableamount`of develop- merit so that sufficient numbers of sewer and water coimections are being made and.,,~,aid for each pear.'.. He also stated_`that~ `the>:H~ity ;needed to raise 'connection rates to reflect cur.- rent costs and financial conditions. Mr`. Pinscher and Mr. Feller reviewed. with the'Counc3l the proposals for re- £inancing the three year temporary bond which'. you ald in 1975. Eie, pointed out that they .had presented to the... Council-three alternates, A, B,or C for the refunding. of these bonds. Mr: Pinscher pointed-.out that Plan-A was the City's best interest from "a long range viewpoint, but: that it required more debt payment on principal and in- terest in the early years. After considerable discussion the Council agreed that the Plan A concept for the refinancing ~f the $1,.,560,000 and the: $945,000 temporary bond issue re- fundings-would be ~®llowed. 77.325 :.Motion was made by Currq,'seconded by Zaun to instruct the Fianncial Consultant 'to prepaxe a bond schedule based on Plan A for refunding ths.„x:973.1 and the 1975.3 temporarq,bonds. Roll call was taken on the motion., Ages, Emond, Mako, Curry, Zaun"and Clarkson.` 77.326 Motion was made by Curry, seconded by Zaun tainstruct the C3tiy staff~.to prepare an-appropriate Resolution based on Mr. Fellers report and recommendatiohs on page 3$ aa~d the results of the Plan A for refinancing for future Council adop- ,tion. Ro1L call was taken on the motion.; Ayes, Mako, Curry, Zaun, Clarkson and Emond. 77.327 Motion was made by F~nond, seconded,by Zaun to adjourn the Special Council -1- CTTY-OF LAKEVIL~E'SPECIAL.COUNCIL MEETING JUNE 29 1977.. meeting. Roll call eras taken,~n`the motyan. Ayes,~Emond, Mako, Curry, Zaun and Clarks©n. Time: 6s-00 P.M:" Respectfully submitted, i' r Patrick E. McG <ey, lerk `Edward J. Mako,' a r ~ -t ] R` y