HomeMy WebLinkAbout1980.08.25 CITY COUNCIL MINUTES1
MINUTES OF SPECIAL
CITY COUNCIL MEETING
August 25, 1980
State of Idaho)
County of Madison(SS
City of Rexburg)
A meeting of a special meeting of the City Council for the City of Rexburg, Madison
County, held August 25, 1980, at the City Hall.
Present were the following: Mayor: John C. Porter
RE: BUDGET
Councilman: Nile Boyle
Sander Larson
Morgan Garner
Jim Morris
Norris Reese
Councilwoman: Darlene Blackburn
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Also Present Rose Bagley, City Clerk
Richard Horner, City Treas.
The total budget would be $139,290 over last years budget which would be a 9%
increase in dollar value over last year.
Property tax would be increased 4%. Bonds & Interest, LID Guarantee, Legal Fees,
and increase in Firemens Retirement are not under the 1%. We have added in $2500
for money received from the School District for Crossing Guards. City Treasurer
said everything in the budget is pretty realistic. We can levey up to 2 mill on
LID Guarantee Fund. Mayor Porter said that we would need to increase the garbage
rate $1.00 and increase the sewer rate 50(,. We would not need to raise the water
at the present time. The Mayor said that they had met with the college and have
that problem all worked out now. We sent them a bill to $7000.00. We took every-
thing that had been metered through the big compound 12 inch meter for 12 of the
26 months that the flow applied to and divided it by 5 because the meter was running
5 times fast. We had given them credit for $300.00 for places that they were being
billed for and not getting service. We will probably have another meeting to get
everything worked out. We maybe will just use the big meter when it gets fixed.
They are putting a pressure valve in one area and if the pressure gets up it will
shut off.
RE: SALARY INCREASE
There will be a salary 10% increase plus benefits.
RE: BUDGET APPROVAL
A motion was made by Darlene Blackburn and seconded by Nile Boyle to approve the
budget for $1,688,690.00 (copy attached). All Aye.
RE: STORM DRAIN BID OPENING INFORMATION
A bid opening was held at the City Hall on August 22 for Storm Drains for the Ricks
Wade Addition with the following bids:
Ards Excavation $ 68,446.00
Zollinger Construction 65,306.00
0 & F Construction 79,935.00
Delbert Eclstrom Excavating 79,935.00
Hampton Bros. Inc. 123,905.00
H & K Construction Inc. 68,955.00
Zollinger Construction was the apparent low bidder. Forsgren Perkins said that it
was a good bid and apparently in order. A motion was made byNile Boyle and second-
ed by Norris Reese to accept this bid. All Aye.
RE: LID RESOLUTION
A resolution was passed of intent to create LIT) District. (minutes and resolution
done by City Attorney).
RE: ADJOURNMENT
A motion was made by Morgan Garner and seconded by Darlene Blackburn to adjourn.
All Aye . ,
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NATIONAL ASSOCIATION
MEMBER FIRST SECURITY CORPORATION SYSTEM OF BANKS
POST OFFICE BOX 30011, 79 SOUTH MAIN STREET
SALT LAKE CITY, UTAH 84125
August 14, 1980
Honorable John porter, Mayor
City Hall
Rexburg, Idaho 83440
Dear Mayor porter:
Congratulations on a successful election!
I have prepared a tenative schedule for selling the city's $235,000
bond issue. Would you please review the various dates for meetings
and payment dates and contact me if there is a conflict or problem
with the proposed schedule.
1. Adopt Notice of Sale Resolution: September 17th, 1980 (regular
or special meeting?)
2. Sale date: October 29, 1980 (regular or special)
Time to be established
3. The bonds will be dated December 1, 1980; and the proceeds of
the sale would be available the first week of December
4, principal payments: December 1, 1981-1990
Interest payment: June 1 and December 1
First payment: December 1, 1981
SEE ATTACHED - MATURITY SCHEDULE
I will call you in a few days and discuss the sale procedure in detail
and establish firm dates and determine the publication dates for the
Notice of Sale,
Sincerely,
Lyle J. Larson
Assistant Vice President
LJL-:db
Payment Period
MATURITY SCHEDULE
Principal Interest Total
$ 5,000.00
12/2/80
6/1/81
6/2/81
12/1/81
10,000.00
12/2/81
6/1/82
6/2/82
12/1/82
15,000.00
12/2/82
6/1/83
6/2/83
12/1/83
202000.00
12/2/83
6/1/84
6/2/84
12/1/84
25,000.00
12/2/84
6/1/85
6/2/85
12/1/85
30,000.00
12/2/85
6/1/86
6/2/86
12/1/86
30,000.00
12/2/86
6/1/87
6/2/87
12/1/87
303,000.00
12/2/87
6/1/88
6/2/88
12/1/88
353,000.00
12/2/88
6/1/89
6/2/89
12/1/89
35,000.00
12/2/89
6/1/90
6/2/90
12/1/90
Total
MATURITY SCHEDULE
Principal Interest Total
$ 5,000.00
$ 22025.00
$ 27,325.00
10,925.00
10,925.00
10,000.00
10,925.00
20,925.00
10,450.00
102450.00
15,000.00
10,450.00
25,450.00
9,737.50
92737.50
202000.00
9,737.50
292737.50
8,787.50
81787.50
25,000.00
82787.50
33,787.50
7,600.00
7,600.00
30,000.00
7,600.00
373600.00
6,175.00
61175.00
30,000.00
6,175.00
36,175.00
4,750.00
42750.00
303,000.00
4,750.00
34,750.00
3,325.00
39325.00
353,000.00
32325.00
381325.00
1,662.50
1,662.50
35,000.00
1,662.50
36,662.50
$235,000.00 $149,150.00 $384,150.00