Special Council Meeting Minutes

Minutes of the Special Council meeting held on Tuesday, October 5th, 2010 at city hall pursuant to notice duly given.

1. Mayor Fulton called the Special Council meeting to order at 5:15 p.m.

2. Roll call: Mayor Fulton, Ed Young, Roger Reed, John Wittkopf, Al Schreiber, Joe Stiloski, Marlene Zahn, Dick Doeren, Terri Berth, Jim Stiloski, Jack Maas and Atty. Calvert. Linda Belongia Administrator and as recording secretary also present.

3. Invocation and pledge of allegiance given by Alderperson Berth.

4. Moved by Doeren seconded by Zahn to approve of the agenda as presented.
Motion carried upon verbal voice vote. 5 ayes

5. Discussion/action on Resolution Authorizing the Issuance and Sale of $1,000,000 Taxable General Obligation Promissory Notes. Jeff Belongia with Hutchinson, Shockey, Erley & Co referenced report from Standard & Poor’s we maintained our A- rating; this will be a taxable issue for the improvements the city did on the former Kelly Pickle, our hope is that this property will be turned over to a developer who will be taxable; issue will be callable in three years if rates are below 2.7% we would look at refinancing; Wittkopf questioned if we are locked in for 5 years @ 2.70%; Belongia stated yes, for 5 yrs…betting between now and then council will work diligently to turn this property over to a developer…we then will look at taking out long term debt, analyzing all the city debt and see where we are and what the rates are at; Jim Stiloski referenced report on maintaining budgets;
Moved by Jim Stiloski seconded by Maas to approve of the Resolution Authorizing the Issuance and Sale of $1,000,000 Taxable General Obligation Promissory Notes.
Motion carried upon electronically recorded vote. 9 ayes 1 no Joe Stiloski

6. Moved by Zahn seconded by Wittkopf to adjourn. M/C
Meeting adjourned at 5:26 p.m.

Minutes submitted by
Linda M. Belongia,
Administrator