HRA Minutes 11-23-1998
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MINUTES
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
MONDAY, NOVEMBER 23,1998
Members Present:
Chair Steve Andrews, Vice Chair Bob Murray, Brad Barger, Dan
Frie and Darrin Lahr
Council Liaison:
Brian Stumpf
Staff Present:
City Administrator Rick Wolfsteller, Deputy City Administrator
Jeff O'Neill, Executive Director Ollie Koropchak.
Consultants:
Rusty Fifield, Ehlers & Associates
Steve Bubul and Dan Greensweig, Kennedy & Graven
1. Call to order.
Chair Steve Andrews called the meeting to order at 6:00 p.m.
2.
Consideration to approve the November 18. 1998 HRA minutes.
A MOTION WAS MADE BY DAN FRIE AND SECONDED BY STEVE ANDREWS
TO APPROVE THE MINUTES, AS WRITTEN, OF THE HRA MEETING OF
NOVEMBER 18, 1998. Motion carried unanimously.
3.
Consideration to adopt a resolution awarding: the sale of Temporarv Public Proiect
Revenue Bonds, Series 1998.
Chair Steve Andrews asked Executive Director Ollie Koropchak to give a update on the
bond sale. Ms. Koropchak briefly went over the meeting of November 18, 1998, stating
at that meeting, the HRA approved the finance plan and directed Ehlers and Kennedy and
Graven to formally prepare revised legal documents to reflect the appropriate terms and
conditions of the temporary bond sale.
Rusty Fifield of Ehlers & Associates stated that the proposal was identical to the one
presented on Wednesday, November 18,1998, at the HRA meeting. The proposal is for
R. J. Steichen & Company to purchase the bonds at an interest rate of not greater than
4.5%. The bonds will mature on February 1,2001 with interest due on August 1, 1999
and February 1, 2000. Mr. Fifield, again, stated that the proceeds cannot be released
before January 1, 1999, upon approval from the new City Council.
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HRA Minutes - 11/23/98
Both Rusty Fifield and Dan Greensweig stated that nothing had changed since the
discussion on November 18, 1998.
Bob Murray asked if construction of the project had started. Jeff O'Neill stated that the
heavy equipment had moved on site as of today, Monday, November 23, 1998.
A MOTION WAS MADE BY BOB MURRAY AND SECONDED BY DAN FRIE TO
ADOPT SAID RESOLUTION A WARDING THE SALE OF $7,385,000 TEMPORARY
PUBLIC PROJECT REVENUE BONDS, SERIES 1998. With no discussion on the
motion, a vote was taken. Voting in favor; Steve Andrews, Dan Frie, Bob Murray and
Darrin Lahr. Opposed Brad Barger. Motion carried.
4. Other business.
No other business.
5.
Adiournment.
Chair Steve Andrews adjourned the meeting at 6:07 p.m.
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Steve Andrews, Chair l- RA
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