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City Council Minutes 11-03-1976 Special r I I 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 ~I 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 GW/mjq I