HomeMy WebLinkAbout07/09/90July 9, 1990
The Council of the City of Waterloo, Iowa, met in Regular Session at City Hall Council
Chambers, Waterloo, Iowa, at 7:00 p.m. on July 9, 1990. Mayor Bernard L. McKinley in the
Chair. Roll Call: Dell, Fox, Angel, Buck, Wright, Budak, Brown.
Invocation by: Councilperson Willie Mae Wright
Pledge of Allegiance: Richard Grimm, Superintendent of Streets
96013 - Moved by Buck, seconded by Angel
that the Agenda, as proposed, for the Regular Session on July 9, 1990, at 7:00
p.m., and the Minutes of the Regular Session on July 2, 1990, at 7:00 p.m., be
accepted and approved. Motion carried.
96014 - Mayor McKinley presented a resolution proclaiming July 14 and 15, 1990 as Cedar
River Awareness Weekend in Waterloo and urged all citizens to partake in the
weekend events and celebrate one of the area's greatest natural resources, the
Cedar River.
Moved by Wright, seconded by Buck
that the above resolution be received, placed on file and "Resolution
proclaiming Cedar River Awareness Weekend", be adopted. Ayes: Seven.
Resolution adopted and upon approval by Mayor assigned No. 1990-411.
HEARINGS
96015 - Moved by Brown, seconded by Dell
that proof of publication of notice of public hearing on request of Charles
Granger c/o Kimball Corporation to rezone from "R-4" Multiple Family
Residential District to "C -Z" Conditional Zoning property generally located
along the Kimball Avenue frontage road, north of McDonalds Restaurant on
Brookeridge Drive, as published in the Waterloo Courier on June 22, 1990, be
received and placed on file. Motion carried.
96016 - HOLD HEARING --This being the time and place of public hearing, the Mayor called
for written and oral objections.
Larry P. Burger, Clerk/Auditor, reported that petitions of objection were on
file signed by Robert L. Bedard, 108 Plaza Circle, and from Kathy Breckunitch,
and approximately 30 others. These petitions represent 9.3 percent of the
property owners within 250 feet of the rezoning request.
Bob Stevenson, City Planner, stated that the Planning, Programming and Zoning
Commission had recommended approval of the request, but the staff had
recommended denial. Mr. Stevenson reported that the Commission felt that the
"C -Z" Conditional Zoning request was a logical extension of the commercial area
and that the "R-4" Multiple Family Residential District, which would surround
the proposed request, would act as a buffer to the single family residential
areas to the west. The staff's recommendation of denial was based upon the
Long Range Land Use Plan indicating the area as Multiple Family and/or
professional offices. In response to a question from Councilperson Buck, Mr.
Stevenson reported that at the current time the intersection of Brookeridge
Drive and Kimball Avenue does not meet any of the 11 warrants for the placement
of a traffic signal. At such time as the intersection meets one of these
warrants, staff would recommend that a light be installed.
Chuck Granger, applicant of said rezoning request, supported the rezoning and
presented a petition of support signed by approximately 25 persons. He stated
that the commercial building would consist of three storefronts, including a
yogurt shop, a sub sandwich shop and hair saloon, which would be used by
employees in the area including the proposed Tower Park development.
July 9, 1990 Page 2
Hearings - continued
Kathy Breckunitch, 925 Lisa Drive, objected to the rezoning for the following
reasons: 1) The addition of a second take-out restaurant adding to the liter
problem in the neighborhood, 2) Noise from teenagers in and around McDonald's
parking lot and the increased potential for another "gathering place", and 3)
The additional traffic generated at the intersection of Kimball Avenue and
Rachael Street for students in the area during high peak times.
Ken Lockard, Chairperson of the Planning, Programming and Zoning Commission,
supported the Commission's recommendation to approve said rezoning as a logical
extension of the commercial zoning in the area.
Chuck Granger stated that the liter problem could be solved with the
cooperation of the business owners requiring employees to regularly patrol the
area. He also stated that the proposed development would bring approximately
30 to 40 more jobs to the area. Mr. Granger also pointed out that the lighting
for the development would be restricted to the lot and not be bothersome to
adjacent properties. He also indicated that Kimball Avenue, a four lane
facility, can adequately handle up to 15,000 cars a day and that traffic
concerns should not be an issue with the facility and adjacent access roads.
Currently, the street accommodates 9,500 cars a day, which is less than its
design capacity.
Moved by Brown, seconded by Buck
that the hearing be closed, petitions of support and opposition and the
recommendation of approval of the Planning, Programming and Zoning Commission
and oral and written comments, be received and placed on file. Motion carried.
96017 - Moved by Buck, seconded by Brown
that "an Ordinance amending Ordinance No. 2479, as amended, City Zoning
Ordinance, by adding Subsection No. 26 to Section 2A -7N, Conditional Zoning
Certain Property", be received, placed on file, considered and passed for the
first time. Ayes: Six. Nays: Angel. Motion carried.
96018 - Moved by Angel, seconded by Budak
that proof of publication of notice of public hearing on request of George
Johnson, Jr. to rezone from "R-3" Multiple Family Residential District to "C -Z"
Conditional Zoning property generally located at 427 Belmont Avenue, as
published in the Waterloo Courier on June 22, 1990, be received and placed on
file. Motion carried.
96019 - HOLD HEARING --This being the time and place of public hearing, the Mayor called
for written and oral objections.
Bob Stevenson, City Planner, stated that a petition and letters of support
representing 74.9 percent of the property owners within 200 feet of the area of
the rezoning were unopposed to the rezoning.
George Johnson, Jr., the rezoning applicant, asked the Council's support to
allow the continuation of a lawnmower repair service business at his home. He
stated that he had been in business for eight years and that he kept his
property clean and free of any evidence of such a business.
Moved by Buck, seconded by Dell
that the hearing be closed, the petition of support and the recommendation of
approval of the Planning, Programming and Zoning Commission and oral and
written comments, be received and placed on file. Motion carried.
96020 - Moved by Budak, seconded by Brown
that "an Ordinance amending Ordinance No. 2479, as amended, City Zoning
Ordinance, by adding Subsection No. 26 to Section 2A -7N, Conditional Zoning
Certain Property", be received, placed on file, considered and passed for the
first time. Ayes: Seven. Motion carried.
July 9, 1990 Page 3
Hearings - continued
96021 - Moved by Fox, seconded by Dell
that rules requiring ordinances to be considered and voted for passage at two
prior meetings, be suspended. Ayes: Seven. Motion carried.
96022 - Moved by Buck, seconded by Wright
that the following ordinance be recorded as having been considered and passed
for the second and third times and now placed on its final adoption. Ayes:
Seven. Motion carried.
96023 - Moved by Fox, seconded by Buck
that "an Ordinance amending Ordinance No. 2479, as amended, City Zoning
Ordinance, by adding Subsection No. 26 to Section 2A -7N, Conditional Zoning
Certain Property", be adopted. Ayes: Seven.
Ordinance adopted and upon approval by Mayor assigned No. 3762.
96024 - Moved by Budak, seconded by Wright
that proof of publication of notice of public hearing on request of Gary Eilers
to rezone from "R-2" One and Two Family Residential District to "M-2" Heavy
Industrial District property generally located at the northeast corner of
Columbia Street and Litchfield Avenue, as published in the Waterloo Courier on
June 22, 1990, be received and placed on file. Motion carried.
96025 - HOLD HEARING --This being the time and place of public hearing, the Mayor called
for written and oral objections.
Bob Stevenson, City Planner, stated that a petition representing 19.5 percent
of the property owners within 250 feet of the request opposed said rezoning.
Pete Mullesch, 1519 Columbia Street, opposed the rezoning request due to the
potential for decreasing the value of his residential property to the north and
for the safety concerns that a scrap yard operation allows. He stated that the
operation is heavily infested with termites and is a nesting place for rats and
groundhogs.
Moved by Buck, seconded by Angel
that the hearing be closed, the petition of objection and the recommendation of
denial of the Planning, Programming and Zoning Commission and oral and written
comments, be received and placed on file. Motion carried.
96026 - Moved by Brown, seconded by Angel
that "an Ordinance amending Ordinance No. 2479, as amended, City Zoning
Ordinance by adding Subsection No. 259 to Section 2A-5, Rezoning Certain
Property", be received, placed on file, and request denied. Ayes: Seven.
Motion carried.
96027 - Moved by Fox, seconded by Angel
that proof of publication of notice of public hearing on request of Nick
Courbat and Darrell Chevalier to rezone from "A-1" Agricultural District to
"R-1" One and Two Family Residential District property generally located 500
feet south of the intersection of Eldora and Acker Roads, as published in the
Waterloo Courier on June 22, 1990, be received and placed on file. Motion
carried.
96028 - HOLD HEARING --This being the time and place of public hearing, the Mayor called
for written and oral objections.
Bob Stevenson, City Planner, stated that the Planning, Programming and Zoning
Commission recommended denial of the request for the following reasons: 1)
Non-compliance with the Long Range Land Use Plan, which shows the area as
agricultural and undeveloped for the future, 2) the "spot zoning" of the site
for residential development, and 3) the lack of sanitary sewer to the area.
July 9, 1990 Page 4
Hearings - continued
The subdivision would require that the approximately one-half acre lots be
served by septic tank systems. Such a development would pressure the City to
extend sewer to the area when in fact there is adequate sewer capacity for
development in nearby areas.
Moved by Brown, seconded by Fox
that the hearing be closed and the recommendation of denial of the Planning,
Programming and Zoning Commission and oral and written comments, be received
and placed on file. Motion carried.
96029 - Moved by Buck, seconded by Angel
that "an Ordinance amending Ordinance No. 2479, as amended, City Zoning
Ordinance by adding Subsection No. 259 to Section 2A-5, Rezoning Certain
Property", be received, placed on file, and request denied. Ayes: Seven.
Motion carried.
96030 - Moved by Buck, seconded by Wright
that proof of publication of notice of public hearing on an ordinance amending
Ordinance No. 2479, as amended, Chapter 18 1/2, Historic Preservation of the
Waterloo Code of Ordinances, as published in the Waterloo Courier on June 22,
1990, be received and placed on file. Motion carried.
96031 - HOLD HEARING --This being the time and place of public hearing, the Mayor called
for written and oral objections.
Bob Stevenson, City Planner, reported that the most significant change includes
giving the Commission the right to act in an advisory role in reviewing all
"Type A" classified structures before any exterior alterations are made.
Additionally, the ordinance proposes that the membership of persons serving on
the Historic Preservation Commission be limited to persons residing in
Waterloo. Originally, the Historic Preservation Commission had recommended
that membership include persons who either reside in Waterloo or work in the
City, but that recommendation was altered by the Planning, Programming and
Zoning Commission. Mr. Stevenson also reported that the proposed ordinance is
in compliance with recent changes made in the State Law governing Historic
Preservation.
Rose Middleton, former chair of the Historic Preservation Commission, stated
that the Commission had recommended that membership include individuals who
are either employed or reside in Waterloo since much of the expertise that they
draw upon could be from individuals in either category. She urged the
Council's approval of the Historic Preservation Commission's recommendation
relating to residence requirements.
Councilperson Budak favored the membership of the Historic Preservation
Commission being limited to individuals residing in Waterloo only.
Moved by Buck, seconded by Wright
that the hearing be closed and the recommendation of approval of the Planning,
Programming and Zoning Commission and oral and written comments, be received
and placed on file. Motion carried.
96032 - Moved by Budak, seconded by None
that "an Ordinance amending Ordinance No. 2479, as amended, Chapter 18 1/2,
Historic Preservation , of the Waterloo Code of Ordinance", be received, placed
on file, considered and passed for the first time with the amendment that
membership to the Commission be limited to persons residing in the corporate
limits of Waterloo.
The motion died for a lack of a second.
July 9, 1990 Page 5
Hearings - continued
Moved by Buck, seconded by Angel
that "an Ordinance amending Ordinance No. 2479, as amended, Chapter 18 1/2,
Historic Preservation of the Waterloo Code of Ordinance", be received, placed
on file, considered and passed for the first time with the amendment that the
membership to the Historic Preservation Commission either reside or be employed
in Waterloo. Ayes: Seven. Motion carried.
96033 - Moved by Brown, seconded by Fox
that rules requiring ordinances to be considered and voted for passage at two
prior meetings, be suspended. Ayes: Seven. Motion carried.
96034 - Moved by Fox, seconded by Angel
that the following ordinance be recorded as having been considered and passed
for the second and third times and now placed on its final adoption. Ayes:
Seven. Motion carried.
96035 - Moved by Angel, seconded by Wright
that "an Ordinance amending Ordinance No. 2479, as amended, Chapter 18 1/2,
Historic Preservation of the Waterloo Code of Ordinance with the amendment that
the membership to the Historic Preservation Commission either reside or be
employed in Waterloo", be adopted. Ayes: Seven.
Ordinance adopted and upon approval by Mayor assigned No. 3727.
96036 - Moved by Wright, seconded by Brown
that proof of publication of notice of public hearing on request of Vic Fuller
Salvage & Wrecking Company to vacate the northerly line of Mitchell Avenue to
approximately 430 feet north, as published in the Waterloo Courier on June 29,
1990, be received and placed on file. Motion carried.
96037 - HOLD HEARING --This being the time and place of public hearing, the Mayor called
for written and oral objections.
Bob Stevenson, City Planner, stated that hearing Numbers 6 and 7 relate to the
request of Vic Fuller's Salvage & Wrecking Company to vacate an easement that
was dedicated to the public for access purposes and to purchase a smaller
portion of the vacated right-of-way. The request will allow the Fullers to
construct a fence and shield the area which they and the Gateway Committee have
been working on. It was explained that the City did not actually own the
property and that Birmingham Avenue north of the salvage yard would be
cul-de-saced to allow access to the property owners north of the salvage yard
on Birmingham Avenue. It was also recommended that access to the salvage yard
be accessed from Mitchell Avenue. Mr. Stevenson stated that this vacation does
not deal with the height of the piles and should not enter into the discussion.
Pat Rooff, Pat's Auto Salvage, asked why Weissman's Steel was allowed to have
60 foot high scrap piles and that operators such as he and Vic Fuller are
required to keep their piles down. It was explained that the height of the
piles for Weissman's was authorized by the Board of Adjustment with the
condition that the piles be set back 250 feet from the right-of-way together
with a green space buffer.
Mel Smelser, 2235 Temple Avenue, presented legal documents that have been
recorded in the Black Hawk County Recorder's Office which dedicated this
easement for the public. He questioned whether the City had the right to
vacate property that was given to the public.
Hugh Field, City Attorney, stated that this is a common practice when conveying
property and that the purpose of tonight's meeting was to hear any public
input. If the Council desires to vacate the property, it is legal for them to
do so.
Mike Pedersen, attorney representing Vic Fuller Salvage & Wrecking Company,
presented a petition containing the names of 29 neighbors as well as customers
July 9, 1990 Page 6
Hearings - continued
supporting the request. In obtaining the names of these individuals, it was
his client's suggestion that the people who signed the petition against were
misinformed. He reported that his client is attempting to comply with the
fencing requirement of the Gateway Ordinance and urged the Council's approval
of the Planning, Programming and Zoning Commission's recommendation. He also
indicated that the salvage yard operation has been situated so that access
would be best served on Birmingham Avenue and not Mitchell Avenue.
Mel Smelser, 2235 Temple Avenue, stated that he was not responsible for the
circulation of the petitions against the request. He again urged the Council
to give deep thought to this request. He also asked for clarification of the
Fullers' request to vacate property south of Mitchell Avenue.
Bob Stevenson, City Planner, stated that the request was made by the Fullers
but was withdrawn due to the moratorium that was placed sometime back on
property within the Highway Corridor.
Betty Fuller stated that the height of the piles is directly related to the
amount of business that they perform and that it is part of the process of auto
salvage. The piles are constantly being rotated and moved to accommodate their
production.
Moved by Brown, seconded by Dell
that the hearing be closed, petitions of opposition and support, and the
recommendation of approval of the Planning, Programming and Zoning Commission
and oral and written comments, be received and placed on file. Motion carried.
96038 - Moved by Dell, seconded by Budak
that "an Ordinance vacating the northerly line of Mitchell Avenue to
approximately 430 feet north", be received, placed on file, considered and
passed for the first time. Ayes: Six. Nays: Angel. Motion carried.
96039 - Moved by Buck, seconded by Fox
that proof of publication of notice of public hearing on request of Vic Fuller
Salvage & Wrecking Company to vacate, sell and convey a portion of Birmingham
Avenue located 430 feet north of Mitchell Avenue (approximately 80 feet in
length), as published in the Waterloo Courier on June 29, 1990, be received and
placed on file. Motion carried.
96040 - HOLD HEARING --This being the time and place of public hearing, the Mayor called
for written and oral objections.
Councilperson Angel reported that she had visited the area and that she found
scrap lying outside their property area.
Jack Fuller responded by stating that property lines have been located and that
they keep scrap inside of their area at all times.
Mayor McKinley urged Council Members to visit the site and view what the
Fullers intend to do with the area.
Moved by Buck, seconded by Brown
that the hearing be closed and the recommendation of approval of the Planning,
Programming and Zoning Commission and oral and written comments, be received
and placed on file. Motion carried.
96041 - Moved by Brown, seconded by Buck
that "an Ordinance vacating a portion of Birmingham Avenue located 430 feet
north of Mitchell Avenue (approximately 80 feet in length)", be received,
placed on file, considered and passed for the first time. Ayes: Six. Nays:
Angel. Motion carried.
July 9, 1990
Page 7
UNFINISHED BUSINESS
96042 - Moved by Buck, seconded by Wright
that "Resolution authorizing award of contract to E.B. Spencer Company of
Waterloo, Iowa, in the amount of $1,417,000.00 for the F.Y. 1990 Waterloo Water
Pollution Control Plant Improvements - Phase 1, Step 2, Immediate Clarifier &
Pumping Station, Contract No. 387", be adopted. Ayes: Seven.
Resolution adopted and upon approval by Mayor assigned No. 1990-412.
REPORTS
96043 - Moved by Wright, seconded by Angel
that communication from Superintendent of Traffic
the recommendation that parking be restricted on the
Street between Mullan Avenue and West Third Street,
file, approved and City Attorney instructed to
accordingly. Motion carried.
Operations transmitting
north side of Randolph
be received, placed on
prepare an Ordinance
96044 - Moved by Wright, seconded by Angel
that the petition by area residents requesting parking restrictions on one (1)
side of Pleasant Valley Drive located westerly of Letsch Road, be received,
placed on file and Sign & Traffic instructed to post signs accordingly.
Motion carried.
RESOLUTIONS TO BE ADOPTED
96045 - The Mayor announced that the time had arrived on the submission of a Community
Economic Betterment Account application for KY Railquip, Inc. Don Wade,
President of the Cedar Valley Partnership, stated that the proposed application
for KY Railquip, Inc. would allow for a new railcar repair facility in the
City. A financing package has been assembled by the Partnership incorporating
various agencies and programs that would benefit the company, which plans to
hire 35 new employees at an average hourly rate of $11, plus benefits. The
estimated annual payroll for the first year of operation is $810,000. This
company would be in direct competition with an existing local industry, G.E.
Railcar Repair.
Scott Jaquith, 3148 Marigold Drive, questioned the company's need for a $70,000
forgivable loan and asked why it is critical to the company's location in
Waterloo. Mr. Jaquith stated that he is a current employee of G.E. Railcar
Repair.
L.C. Hennessey, 319 Belmont Avenue, urged the Council not to bring competition
to town and to let KY Railquip, Inc. go to another state.
An employee of G.E. Railcar Repair urged the Council to consider the effect
this company may have on current employees of the company, some of which are
long-time workers at the plant.
Elaine Jaquith,
this application
Willie Smith, a
company or not.
company or not.
3148 Marigold Drive, questioned the Council's submission of
as a direct competitor of G.E. Railcar Repair.
former Rath employee, questioned whether it would be a union
Don Wade indicated that he did not know whether it was a union
Moved by Brown, seconded by Buck
that "Resolution authorizing submission of an application to the Iowa
Department of Economic Development for Community Economic Betterment Account
Funding in the amount of $70,000 for a new railcar repair facility", be
adopted. Ayes: Seven.
Resolution adopted and upon approval by Mayor assigned No. 1990-413.
July 9, 1990 Page 8
Resolutions to be Adopted - continued
96046 - Larry P. Burger, Clerk/Auditor, stated that the unpaid garbage and sewer fees
are for properties that were acquired by the Iowa Department of Transportation
for the U.S. Highway 218 project within the City.
Moved by Angel, seconded by Budak
that "Resolution authorizing cancellation of certain unpaid garbage and sewer
fees for property acquired by the Iowa Department of Transportation in
conjunction with Relocated U.S. Highway 218", be adopted. Ayes: Seven.
Resolution adopted and upon approval by Mayor assigned No. 1990-414.
96047 - Moved by Angel, seconded by Budak
that "Resolution authorizing the acquisition contract payments and accepting of
deeds for real property for Parcels No. 102 King, 1405 WFIF and 1600 WFOR in
conjunction with Sixth Street Extension, IX -6604(2)--79-07", be adopted. Ayes:
Seven.
Resolution adopted and upon approval by Mayor assigned No. 1990-415.
96048 - Moved by Angel, seconded by Budak
that communication from City Planner transmitting request that a residential
street light be installed at the intersection of Greenhill Road and Greenwood
Avenue, be received, placed on file and "Resolution directing Iowa Public
Service Company to install said light", be adopted. Ayes: Seven.
Resolution adopted and upon approval by Mayor assigned No. 1990-416.
BILLS PAYMENT
96049 - Moved by Angel, seconded by Buck
that "Resolution approving Schedule A918, pp. 1-20, in the amount of
$826,988.37, dated July 2, 1990, and Schedule A918, pp. 1-49, in the amount of
$561,913.93, dated July 9, 1990, copies of which are on file in the
Clerk/Auditor's Office", be adopted. Ayes: Six. Abstain: Fox.
Resolution adopted and upon approval by Mayor assigned No. 1990-417.
NEW BUSINESS
96050 - Moved by Buck, seconded by Brown
that communication from the Recreation & Arts Director transmitting
recommendation of appointment of Ann McGill to the position of Therapeutic
Recreation Specialist, effective August 6, 1990, be received, placed on file
and approved. Motion carried.
96051 - Moved by Buck, seconded by Brown
that communication from Superintendent of the Street Department transmitting
recommendation of appointment of Craig Hild, Delwyn Holmes and Olen Rhoads to
the position of Equipment Operator II, effective July 10, 1990, be received,
placed on file and approved. Motion carried.
MISCELLANEOUS
96052 - Moved by Buck, seconded by Brown
that the following beer and liquor license be received, placed on file and
approved and endorsed applications forwarded to the Iowa Beer and Liquor
Control Department and theater license application and cigarette license
applications, be received, placed on file and approved:
July 9, 1990
Page 9
Miscellaneous - continued
1. Beer License Permit Application
Class C
3rd Street Market, 923 West 3rd Street (New) (Expires 7/15/91) (Includes
Sn day Sales)
Dell Oil, 90 West 18th Street (Renewal) (Expires 7/29/91) (Includes Sunday
Sales)
Becker Chapman American Legion Post #138, 619 Franklin (Renewal) (Expires
8/9/91) (Includes Sunday Sales)
2. Beer & Wine License Permit Application
Class E
Osco Drug, 3727 University Avenue (Renewal) (Expires 7/24/91) (Includes
Sunday Sales)
Osco Drug, 2060 Crossroad Boulevard (Renewal) (Expires 7/24/91) (Includes
Sunday Sales)
3. Beer and Liquor License Permit Application
Class C
Vic's Lounge, 1106 LaPorte Road (Renewal) (Expires 7/17/91)
Anchor Lounge, 324 West 4th Street (Renewal) (Expires 7/15/91) (Includes
Sunday Sales)
Theater License Application (30 day extension)
Devils Den, 319 West 4th Street
Cigarette License Permit Applications
Thirteen (13)
Motion carried.
BONDS
96053 - Moved by Angel, seconded by Buck
that the report of the City Attorney and list of bonds filed with the
Clerk/Auditor through July 9, 1990, be received, placed on file and report and
bonds approved. Motion carried.
ORAL PRESENTATIONS
96054 - Vonnie Jackson, 1838 Howard Avenue, questioned the years of service for the
officers receiving payouts, including Police Captain Don Kehoe, Police Sergeant
James Newton and Police Officer Karlene Piper.
Jim Gano expressed his concern of the tattered condition of the flag flying at
Paramount Park. After sever conversations with the Park Department, he
reported that a new flag was placed on July 3. He expressed frustration with
the length of time for its placement.
Willie Smith, representing the American Legion, expressed his command's support
in such matters as flag flying.
Mary Ann Pierce, 1410 West Fourth Street, questioned why there are no restroom
facilities at Byrnes Park, the City's largest park.
Moved by Buck, seconded by Wright
that the above oral presentations be received, placed on file and that the
Council adjourn. Motion carried.
Larry P. Burger
City Clerk/Auditor
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July 12, 1990 Page 2
/
rating did not increase, the report painted what he felt was a much grimmer
picture of the City than actually exists. As a result of his review of the
credit report, he will be writing Moody's to clarify some of the errors
contained in the report, including the revenues the City could expect if a
local option sales tax was approved by the voters and the importance of IBP to
the area's economy.
Mr. Pavia indicated that the purchase of insurance through AMBAC Insurance
Company in the approximate amount of $23,000 resulted in a net savings to the
City. The exact savings this insurance policy yielded in terms of better
interest rate will be computed and related to the Council at a later date.
Moved by Brown, seconded by Angel
that "Resolution authorizing sale and award of $5,250,000 General Obligation
Bonds and authorizing the agreement of such sale and award to Harris Trust and
Savings Bank and Norwest Investment Services", be adopted. Ayes: Five.
Absent: Dell, Buck.
Resolution adopted and upon approval by Mayor assigned No. 1990-418.
96060 - Moved by Angel, seconded by Wright
that the Clerk be instructed to return the unsuccessful bids and checks.
Motion carried.
96061 - Moved by Wright, seconded by Brown
that the Council adjourn. Motion carried.
Larry P. Burger
City Clerk/Auditor