Council to vote on bond issuance
Published 9:45 am Monday, May 24, 2010
The Albert Lea City Council tonight will vote on the issuance and sale of its next round of bonds that will be used to finance several street and utilities projects in the city.
The bonds total more than $4.3 million.
According to background information on the bonds, the first set involves $3.28 million in general obligation permanent-improvement revolving fund bonds. This includes money for two parts.
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The first part is for $2.6 million for ongoing assessable improvement projects, including street and utilities on 777th Avenue, overlay projects, utilities on 770th Avenue and U.S. Highway 69 and the Willamor Street reconstruction.
The second part is for $660,000 that will refund the city for a bond series issued in 2001.
This bond was for $2.8 million. The current balance is $940,000.
Because of the interest rates and the advance receipt of assessments, it would be advantageous for the city to do this, City Finance Director Rhonda Moen said.
The second set would be for a general obligation water revenue refunding bond for $1.085 million. The city issued a water revenue bond in 2001 for $1.6 million of which $1.125 million is still outstanding.
Issuing a refunding bond in this case would save the city about $102,000 because of lower interest rates.
In other action, the City Council will:
Vote whether to award the contract for the sewer and water contract on 770th Avenue.
The project includes the installation of sanitary sewer and watermain to service 15 homes on the road and the connection of an additional five homes with the existing sewer and water.
Seven bids were received on the project, ranging from about $209,000 to $297,000. The low bid was from Rehnelt Excavating of Kasota.
Staff are recommending this bid. The engineer’s estimate was $327,000.
Vote whether to accept the 2009 annual financial audit from LarsonAllen of the city.
The auditors have reported a positive opinion of the city’s financial statement and no findings of noncompliance with requirements.
Vote whether to accept a donation of $1,500 from the Statewide Health Improvement Program toward the development of the Halverson community gardens.
Vote whether to call a public hearing regarding for July 12 regarding a TIF District for Palleton Pallets.
The company used to operate primarily in Lake Mills, Iowa, where its main customer was Cummins Filtration, but would like to permanently move to Albert Lea and build a new 12,000-square-foot building.
The proposed site is off of East Main Street and County Road 46.
Now the company is operating out of rented space in the Sun Room Concept building off of East Main Street and County Road 46.
Vote whether to adjust the fees for nonprofit organizations using the city’s park facilities.
The Parks and Recreation Advisory Board recommended in its May meeting to allow nonprofit groups to pay half price to rent park facilities during the week. However on weekends, they would still pay full price for the facilities. This is based on the facilities not being used as much during the week.
Vote whether to approve a land survey for some lots in Wedgewood Estates that would allow for some wider homes or duplex construction.
Hear a request from Shell Rock River Watershed District leaders regarding the dredging of Fountain Lake.
Hear a request from the owner of the Aragon Bar to use the public parking lot behind the bar for a street dance on July 31 from 5 p.m. until midnight. She is also requesting an extension of the off-premise intoxicating license and an extension of the noise ordinance from 10 p.m. to midnight.
Vote whether to approve a request regarding the April Sorensen Memorial Half Marathon. The event is scheduled for July 10, with the race starting in Albert Lea at the Country Inn & Suites and ending in Hayward as in previous years.
Vote whether to approve a local cable access channel for the Albert Lea School District, beginning the 2010-2011 school year
Vote on the sale of a 1992 Toyota Pickup. The truck’s main frame is completely rusted through in several spots and is not repairable.
Two quotes were received from salvage yards, including I-35 Auto Recycling at $175 and Misgen Auto Parts at $730.