04/17/1980 - City Council Special
OC
MINUTES OF A SPECIAL MEETING OF THE EAGAN CITY COUNCIL
EAGAN, MINNESOTA
APRIL 17, 1980
A special meeting of the Eagan City Council was held on April 17,
1980 at 6:30 p.m. at City Hall. Those present were Mayor Blomquist, Council-
members Egan, Smith, Parranto and Wachter. Also present was City Administrator
Hedges.
TAX EXEMPT MORTGAGE FINANCING PROGRAM
Mr. Dick Lincoln appeared representing Miller & Schroeder, Inc.,
and discussed the status of the Tax Exempt Mortgage Financing Program. He stated
that the City can designate approximately 257. to 307. of the bond proceeds for
the graduated mortgage program with no effect on the "A" bond rating. He further
stated that the ability to qualify for the program is extremely important and
because of the economic conditions and the interest rates which are expected
to be higher than when the program was first considered, a graduated mortgage
option could help some people qualify. City Councilmember Smith stated that
the graduated mortgage option should be available to the low income portion
of the program. Mr. Lincoln stated that Miller & Schroeder would like some
direction as to whether the City wants to proceed with the program and if so,
the sale of the bonds would transpire on April 21 and 22, 1980. After further
consideration and discussion on the matter, a motion was made by Mayor Blomquist,
seconded by Councilmember Smith, with Mayor Blomquist, Councilmembers Parranto,
Smith and Egan voting aye and City Councilmember Wachter voting nay, that Miller
& Schroeder be designated to offer for sale effective April 21, 1980, single
family mortgage bonds for the City of Eagan under the Tax Exempt Mortgage Finan-
cing Program.
VOLUNTEER RECOGNITION DINNER
City Administrator Hedges stated that he has reviewed with the City
Attorney the statute allowing the Eagan City Council to sponsor a Volunteer
Recognition Dinner for members of the Assessment Review Committee, Advisory
Planning Commission and Advisory Park Committee. He recommended that the Volun-
teer Recognition Dinner be held during the Governor's Volunteer Recognition
Week, and more specifically, that the dinner be held on Tuesday, April 29, prior
to the final hearing for the Comprehensive Land Use Plan. City Councilmember
Smith asked that the City Administrator further pursue the details of a recog-
nition dinner and report back to the City Council for further consideration.
ADJOURNMENT
Upon motion duly made and seconded, the meeting adjourned at 9:30
p.m.
DATED: April 17, 1980 TLH
.
City Clerk