City Council Minutes 11-03-1976 Special
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November 3, 197
SPECIAL MEETING OF THE M NTICELLO CITY COUNCIL
3 P.M.
Members present:
Denton Ericks n, Stanley Hall,
Dick Martie, ene Walters.
Member absent:
Con Johnson.
1. Canvassin Board - Cit Ele tion.
Results of the City Electio held ln conjunction with the
general election were as fo lows:
For office of mayor:
Con Johnson
Write-ins
For councilmen:
Roman Brauch
Dan Blonigen
Arve Grimsmo
Richard Martie
Write-ins
Sunday Liquor:
Yes
No
Blank
Motion by Gene Walters, se
imous]y carried to declare
mayor's race and Arve Grim
of the councilmen's, and t
Mayor's term is two years
Twelve hundred seventy-six
at the election or approxi
(See Supplement 11-3-76 #1
2.
Consideration of Reso]utio
Commercial Development Rev
Motel, Inc.
801 votes
109 votes
534 votes
564 votes
656 votes
432 votes
4 votes
647
609
11
onded by Stan Hall and unan-
C. O. Johnson as winner of the
mo and Dan Blonigen as winners
e Sunday Liquor issue as approved.
ndcouncilmen terms are four years.
(1276) voters cast their ballots
ately 75% of the eligible voters.
for complete results.)
Authorizin the Issuance of
nue Bonds for Silver Fox
Silver Fox Motel represent tives Ed Larson and Stuart
Hoglund along with represe tatives from Juran & Moody,
Inc., Roger Winges and St ven Mattson, reviewed the motel's
request for issuance of $ 50,000 in Industrial Development
Bonds. Mr. Winges pointe out the following features of
these bonds:
Special Meeting of the Council
November 3, 1976
a) interest is tax exempt to bondholders
b) city is in no way libel for their payment
c) bonding ability and bond rating of city
is not affected
d) bonds will be placed with one bank and will
not be publicly resold
e) city is not owner or lessor of motel
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Furthermore, it was explained the reason for this financing
arrangement was because of its attractiveness of a lower
interest rate to the Silver Fox Motel as opposed to either
alternative methods which were available. Mr. Hoglund and
Mr. Larson indicated that while they originally thought of
a complete dining facility in the motel, this particular
financing arrangement did not mean they would be contempla-
ting such a facility at this time. Acting Mayor Erickson
explained that while they were eligible and a liquor license
had been approved, they would stand a better chance of liquor
license renewal with a complete dining facility.
Motion was made by Stan Hall, seconded by Gene Walters and I
unanimously carried to adopt a resolution approving of the
$450,000 of Industrial Revenue Bonds. (See Supplement 11-3-76
#2. )
3. Rescheduling of Regular Meeting.
Motion was made by Gene Walters, seconded by Dick Martie
and unanimously carried to reschedule regular meeting from
November 8, 1976 to November 10, 1976 at 7:30 P.M. (This
was later changed to November 11, 1976 at 7:30 P.M.)
Meeting adjourned.
2 UJ~
Gar~~r ,
City A inistrator
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