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SE Council OKs refunding ’05 bonds

Action saves $11,000 per year

August 14, 2013
By Fritz Busch - Staff Writer , The Journal

SLEEPY EYE - The Sleepy Eye City Council approved a resolution Tuesday to refund $2,850,000 in General Obligation (GO) Crossover Refunding and Improvement Bonds, Series 2005A.

"It'll save us $11,000 a year for five years," Sleepy Eye City Manager Mark Kober said. The resolution approved the issuance of Series 2013A bonds not to exceed $1,200,000 plus refunding all or a portion of the Feb. 1, 2005 through 2022 maturities, aggregating up to $1,080,000 in principal amount of the City's GO bonds dated Oct. 1, 2005 as the original issue date.

In other action, the City Council:

Approved an annual audit report from Dennis Oberloh of Oberloh & Associates. Oberloh said the City's General Fund reserves climbed from $2.4 million to $3.2 million. Kober acknowledged that the City spent $1.2 million on projects over the past year.

Oberloh said the City's liquor store has about $20,000 in cash and continues to make money.

"Most smaller municipal liquor stores we work with are in the red, but not yours," Oberloh said. "The City also has very good reserves."

Discussed blight policies at length. "We do a great deal of cleaning and picking up for folks. We spend way too much time on it, so we'll consider new ordinances in the coming months," Kober said. "If folks take care of things better, it's better for all of us."

Sleepy Eye Police Chief John Schueller said officers drive all alleys, checking for blight, which is junk that is stored on properties and is visible to the public.

Tabled 2013-14 snow ordinances until the Sept. 10 meeting.

In other information on parking regulations, Schueller said semi trucks are not allowed to park in residential areas and that SEPD officers direct drivers that do so to park north of the post office.

Kober said he would bring new snow removal regulations for the city council to consider in the coming months.

Received an update on the Snow Farm projects.

During discussion of the Second Snow Farm lower plat addition, Kober said there is interest in building homes and a church near the retaining pond.

"There are lots of lot combinations that could be done," Kober said.

He said the City will settle with farmers growing crops near the Snow Farm projects because about four or five acres were damaged during construction work. "We'll make it right with farmers, giving them (land) lease credits," Kober said.

Learned that the Minnesota Department of Transportation annual maintenance contract at Sleepy Eye Airport will be the same for 2013-14 as it was in 2012-13. The City will be reimbursed for two-thirds of eligible item costs.

(Fritz Busch can be e-mailed at fbusch@nujournal.com).

 
 

 

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