06-05-2012 City Council Minutes - Laserfiche WebLink

Home Browse Search

� City Council Minutes June 5, 2012 Page 2 of 7 4. Open Forum Jack Schmidt spoke to the Council on the topic of the friendly annexation befinreen Sibley Township and the City of Pequot Lakes that took place in 2002. He questioned why there was a different tax rate for the rural and urban districts. He stated that all the residents of the City receive the same services regardless whether then are in the urban or rural taxing districts. The Mayor noted that the Council is aware of the tax differential and it is something that should be addressed by the Council in the future. 5. Presentations 5.1. CSAH 11 Corridor Studv Report Luke Wehseler, Crow Wing County Highway Department, presented the final CSAH 11 Corridor Study. He noted that the County is requesting City support of the final report. COUNCIL MEMBER MALECHA MOVED TO ADOPT RESOLUTION 12- 16 IN SUPPORT OF THE CSAH 11 CORRIDOR STUDY REPORT. �- COUNCIL MEMBER SJOBLAD SECONDED THE MOTION. MOTION CARRIED 5-0. Luke Wehseler updated the Council on the CSAH 11 improvement project noting that construction will begin late July and will be completed late September. 5.2. Sprinqsted Presentation - Refundinq of USDA Bond Paul Steinman of Springsted gave a presentation regarding refinancing an outstanding USDA water loan. He explained that there are finro outstanding utility loans; one with a remaining 1.3 million at 4.5% and another loan of $82,000 at 4.5%. He suggested that it would be most efficient to use existing utility fund cash to pay off the small loan and use some additional cash to pay down the larger loan. He noted that the refunding would reduce the term of the larger loan by nine (9) years and show a total interest savings between the two bonds of about $230,000. COUNCIL MEMBER RYAN MOVED TO ADOPT RESOLUTION 12-17 PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $1,270,000 GENERAL OBLIGATION UTILITY REFUNDING BONDS, SERIES 2012A. COUNCIL MEMBER MALECHA SECONDED THE � MOTION.