ORTONVILLE CITY COUNCIL
MEETING MINUTES
COUNTY OF BIG STONE,
STATE OF MINNESOTA
WORKSHOP MEETING
Capital Improvement
Bonding Requirements
DIALYSIS BUILDING
435 Eastvold Avenue, Ortonville, MN
Tuesday, May 20, 2008
6:00 P.M.
CALL TO
ORDER AND ROLL CALL:
Mayor Blair
Johnson called the Workshop Meeting of the Ortonville City Council to
order at 6:00 P.M. Roll Call was taken with the following Present: Mayor
Blair Johnson, Craig Randleman, Steve Berkner, Mike Dorry, John
Cunningham, Nick Anderson. Absent: Bob Meyer. Staff Present: City
Administrator David Lang. Also Present: Carolyn Drude of Ehlers &
Associates, Marcy Stotesbery and other interested persons.
Review
Capital Bonding Requirements for the City of Ortonville & Various
Enterprise Funds
Nick
Anderson distributed a revised 15-year street repair plan. A wrap around
financing limit without raising the annual bond payment outflow will be
calculated by Carolyn Drude. Further study will be required to determine
more precisely the amount of additional capital that can be raised without
increasing the annual bond payment outflow. It was noted it would be
desirable to reconstruct ten and one-half blocks of new streets every ten
years. Discussion and questions followed.
Carolyn
proceeded to review a handout of the Internal Revenue Service rules
regarding lending requirements and limitations. Discussion and questions
followed regarding some of the IRS rules.
ADJOURNMENT:
Mayor Johnson adjourned the meeting by
consensus at 7:00 PM.
APPROVED:
ATTEST:
_________________________
_____________________________
Blair Johnson
David A. Lang
Mayor
Clerk-Administrator
