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03-03-86 Finance Comm MinutesFinance March 3, 1986 Chairman Palmer, Councilman Nystul, Mayor Kennedy, Clerk/Treasurer Halver, DPW Hammer and Bob Ehlers of Dain Bosworth. Chairman Palmer and Don Halver reviewed and signed claims. Councilman Nystul and Bob Ehlers discussed the proposed bond sale for the Sewer Revenue Bonds. Bob Ehlers concluded the total cost of the project would be $1,068,400 and asked how much of this would be financed by the bond. The committee will recommend a $1,000,000, 20 year bond. Ehlers reported it would appear that a 12% rate increase followed by a 6% rate increase would be needed to fund the issue. These increases would not cover any other needed improvements but would adequately provide for payment of the bond. Proposed rate increases would 12` this year each for water and sewer followed by a 6a Sewer rate increase next year. Councilman Nystul recommended the Council of the whole approve the rate increase structure on March 10. Dain Bosworth will prepare and send us the appropriate resolutions for council action. The committee will recommend a $300,000 Storm Sewer Revenue Bond be sold at the same time. - 1 -