05-19-2014 - Laserfiche WebLink

Commission Minutes—May 19, 2014 4298 MOTION, passed Mr. Vanyo moved and Mr. Peterson seconded to authorize the county auditor to sign the Declaration of Official Intent on behalf of Cass County regarding issuance of bonds for the Metro Flood, F-M Diversion. On roll call vote, the motion carried unanimously. 9. RESOLUTION #2014-6, Preliminary resolution to issue debt for diversion financing Mr. Montplaisir said to this point, the work on the diversion project has been locally funded through Cass County and the City of Fargo. However, as the work progresses there will be a need to borrow some money to allow the project to move forward in a timely manner. A Request for Information was issued to financial institutions asking for options to borrow $50 million. U.S. Bank offered the lowest variable rate. There have been discussions regarding who should borrow the money because the Diversion Board does not have borrowing power. Cass County will borrow the first $50 million and an agreement between the county and the City of Fargo will need to be signed when the bonds are issued. Mr. Burdick said by signing the preliminary resolution, the county is not committed to borrowing the money. It is just the first step to allow the funding process to move forward. Mr. Pawluk said he would like to see a draw-down schedule. MOTION, passed Mr. Vanyo moved and Mrs. Scherling seconded to adopt Resolution #2014-6, Preliminary Resolution to Issue Debt, preliminarily authorizing Cass County to proceed with the process of obtaining $50 million of interim financing and pledging the County's flood-related sales tax, which will work together with a similar pledge of the City of Fargo's flood-related sales tax, towards the cost of that financing. On roll call vote, the motion carried unanimously. 10. FLOOD CONTROL, State Water Commission payment to City of Fargo approved During the last three legislative sessions, the state legislature approved a total of $175 million to be spent on flood control costs. This is the 27th request from the City of Fargo. Michael Montplaisir, County Auditor, said the reimbursement claim in the amount of $623,624 is the local match on Drain 53 work. MOTION, passed Mrs. Scherling moved and Mr. Bennett seconded to authorize the chairman to sign the approval letter for the State Water Commission to distribute funds in the amount of $623,624 to the City of Fargo pursuant to the terms and conditions of Senate Bill 2020. On roll call vote, the motion carried unanimously. 11. MOWER FOR BREWER LAKE Mr. Montplaisir said they received two bids to replace the mower at Brewer Lake. One bid is from Valley Plains Equipment, Hunter, which is a John Deere 930M 25.5 HP for $6,824.00 including a trade-in allowance of $1,500.00. The other bid is from S&S Landscaping, Fargo for a Gravely Pro Turn 460 Model 992234 for $5,561.00 including a trade-in allowance of $3,300.00.