06-23-2009 City Council Minutes - Laserfiche WebLink

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City Council Minutes June 23, 2009 Page 3 of 5 ----------------------- - - - - -- The Clerk noted that she has been working with the City Attorney, Complete Title, and Briggs and Morgan to draft the documents necessary to purchase Little Pine Plaza for use as a library. The total cost to purchase the building is $187,365.26. The Clerk noted that the City has received 3 private interest -free loans in the amount of $60,000, one five - year loan at 3% interest from a family foundation, and cash gifts in the amount of $47,000. The remaining $31,365.26 will be paid from the Library Building fund. The Clerk reviewed the following documents: Resolution 09 -16 regarding the acquisition of the library building. 2. The Agreement between Lakes State Bank, Little Pine Investments and the City of Pequot Lakes 3. A resolution drafted by Briggs and Morgan providing for the issuance and sale of $110,000 taxable revenue bonds. 4. The Loan Agreement between the John Larsen Foundation and the `-- City of Pequot Lakes. COUNCIL MEMBER MALECHA MOVED TO ADOPT RESOLUTION 09- 16 REGARDING THE CITY LIBRARY REAL ESTATE ACQUISITION AND APPROVAL OF THE AGREEMENT MADE AND ENTERED INTO BY AND BETWEEN LAKES STATE BANK, LITTLE PINE INVESTMENTS AND THE CITY OF PEQUOT LAKES. COUNCIL MEMBER NAGEL SECONDED THE MOTION. MOTION CARRIED 5 -0. COUNCIL MEMBER SJOBLAD MOVED TO ADOPT RESOLUTION 09- 17 PROVIDING FOR THE ISSUANCE AND SALE OF $110,000 TAXABLE LIBRARY REVENUE BONDS, SERIES 2009A AND 2009B. COUNCIL MEMBER MALECHA SECONDED THE MOTION. MOTION CARRIED 5 -0. COUNCIL MEMBER NAGEL MOVED TO APPROVE THE JOHN LARSEN FOUNDATION LOAN AGREEMENT. COUNCIL MEMBER SJOBLAD SECONDED THE MOTION. MOTION CARRIED 5 -0. COUNCIL MEMBER MALECHA MOVED TO REDEEM THE FOLLOWING CERTIFICATES OF DEPOSIT TO BE USED TOWARD THE BUILDING PURCHASE: