HomeMy WebLinkAbout04-26-77
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CITY OF LAKEVILLE SPECIAL COUNCIL MEETING
APRIL 26, 1977
The meeting was called to order by Mayor Mako at 4:00 P.M. Roll call was taken.
Present: Mako,. Curry and Clarkson. Absent: Emond and Zaun.
Also present: Patrick McGarvey, Dennis Feller, Robert Pulscher, Financial Con-
sultant from.Springsted, Inc.
The City Administrator presented a Resolution prepared by Roger Knutson,
Attorney for the City, and the Attorney for Mr. Art Liebfried concerning
the City's approval of division of property that Mr. Liebfried had owned
and isnow selling on Highway 50.
77.202 Motion was made by Curry, seconded by Clarkson to adopt Resolution 77-25
approving the division of property that is owned by Mr. Art Liebfried.
Roll call was. taken on the motion. Ayes, Mako, Curry and Clarkson.
At this time Mr. Robert Pulscher reviewed with the Council-the terms and
covenants for. the liquor revenue bond sale of $200,000 to finance the addi-
tion and improvements to the Liquor Store.
Mr. Pulscher reviewed a sample of the resolution which will be adopted when
the bonds are sold. The resolution is to be adopted on 3une 6, 1977 author-
izing the selling and establishing the terms, provides that the City set
aside in a reserve cash equal to one years principal and interest on•the
bonds..
Mr. Pulscher also pointed out that under Section 4.05 of the Resolution,
the City could be prohibited from granting new On-Sale, or Off-Sale private
liquor licenses if net revenues derived by the City from the operation of
its municipal dispensary for the preceding calendar year were less than
125% of the aggregate amount of principal and interest to become due in the
current year or in a subsequent year on all bonds payable from set sinking
and interest account.
Mr. Pulscher also pointed out in Section 4.06 that the City is agreeing not
to .issue any .additional liquor revenue bonds until after any election as
to whether the City ..should continue to operate its municipal liquor dis-
pensary required to be held within one year after the effective date of
the 1980 Federal census shall have.:.; been held. He also reviewed the terms
the City must follow in the event the election results in the Gity having
to sell the liquor store.
77.203 Motion was made by Mako, seconded bq Clarkson to adopt Resolution X77-26
authorizing and setting the sale of the liquor revenue bonds in the amount
of $200,000 for June 6, 1977.
Roll call was taken on the motion. Ayes, Mako, Curry and Clarkson.
77.204 Motion was made by Mako, seconded by Clarkson to adjourn the special Council
meeting. Time 4:40 P.M.
Roll-call was taken on the motion. Ayes, Mako, Curry, Clarkson.
Respectfully submitted,
Patrick E. McGarvey, City Jerk
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Edward J. Mako.,.. yor