Forest City Council Looks to Pay Out Bond Referendum

City Council

The Forest City Council met Monday night to discuss and approve of a Fireworks permit for the Forest City Community School District and another for Waldorf College. They also approved a Class C beer permit for Forest City Foods. The council reviewed and approved a Pay Estimate in the amount of $111,261.94 to DGR Engineering for work on the 2014 Overhead to Underground Conversion Project.

The council agreed on a Resolution approving and bonding with Yohn Company for the E Street Water Main Extension Project. The project is expected to get underway to help improve water delivery to residents and businesses along the street.
A $3 million Electric Revenue Refunding of Capital Loan Notes, Series 2014 were discussed along with a resolution approving Preliminary Official Statement. The council also approved a resolution directing the acceptance of a proposal to purchase the Electric Revenue Refunding Capital Loan Notes, Series 2014 which is not to exceed $3 million. The bond values actually total around $2.4 million, but City Administrator Mac Tilberg encouraged the council to pay out the bonds and save the city money in the long term

The City Finance Committee put forth a recommendation regarding the City property adjoining Sheehan family home and the Public Library. The Sheehans wanted to either purchase or rent the property in order to create a Victorian garden while the library was looking at expansion opportunities. City Attorney Steve Bakke created  a capital lease program and drafted an agreement between the city and the Sheehans that calls for a five year lease, after which the Sheehans would own the property. The city can opt out of the lease in favor of library expansion at any time during the five year agreement.

Authors
Top