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TRAPROCK COMMONS, REILLEY ESTATES AND 'MENKVELD'S PINEVIEW ESTATES <br /> <br />Staff to send a letter to the developers of the above plats informing <br />them that they have until October 31, 1979 to complete the necessary <br />work on this plat or the City shall proceed under the terms of the <br />contract to complete the work. <br /> <br />Mr. Menkveld was present at the meeting. <br /> <br />FINANCE <br /> <br />Request Council approval on the following: <br /> <br />a) Request Council establish 10 percent interest rate on ~3nies to <br />be reimbursed to general fund from Bond Fund September 1, 1979. <br /> <br />Motion by Councilman Mickelson and seconded by Councilman Reimann to set <br />a ten percent interest rate to be charged on surplus General Fund monies <br />temporarily loan to the Construction Funds until Bond money becomes <br />availM)le to the Construction Funds. <br /> <br />Motion carried. Voting yes: Mayor Gamec, Councilmen Mickelson, Reimann <br />and Sortebergo Voting no: None. <br /> <br />b) Request authorization of transfer of Bond Fund 411-4718 (Bond Issue <br />9-1-79 $950M) monies to the following construction funds: <br /> <br />Motion by Councilman Mickelson and seconded by Councilman Reimann to <br />authorize a permanent transfer of funds from Bond Fund 411-4718 (Bond <br />Issue 9-1-79 $950M) to the following listed construction funds to <br />cover construction costs which have been approved by Council: <br /> <br /> 1) Construction Fund 79-1 $ 8,957.30 <br />2) Construction Fund 79-2 17,500.00 <br />3) Construction Fund 79-3 49,667.92 <br />4) Construction Fund 79-4 32,089.68 <br />5) Construction Fund 79-5 77,183.41 <br />6) Construction Fund 79-6 77,182.40 <br />7) Construction Fund 79-7 23,522.73 <br />8) Construction Fund 79-8 72,807.95 <br />9) Construction Fund 79-9 143,946.26 <br />10) Construction Fund 79-10 705.10 <br /> <br />Motion carried. Voting yes: Mayor Gamec, Councilmen Cox, Mickelson, Reimann <br />and Sorteberg. Voting no: None. <br /> <br />c) Request to authorize the transfer from the Construction Fund to <br />reimburse General Fund for monies spent in the Construction Fund in the <br />amount of $48,644.94. <br /> <br />Motion by Councilman Mickelson and seconded by Councilman Sorteberg to <br />authorize the permanent transfer of $48,644.94 plus accured interest earned <br />at the rate of 10% as set bY council ($1410.45) from Construction Fund 79-1 <br /> <br />Regular Council Meeting - October 9, 1979 <br /> Page 10 <br /> <br /> <br />