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ĄThe council approved a proposed 2004 budget of $1,330,989 and a preliminary tax levy of $459,155. A public hearing for the 2004 proposed budget and tax levy was set for Wednesday, Dec. 3, at 6 p.m. with a continuation (if needed) to be held on Wednesday, Dec. 10, at 7 p.m.

ĄThe council approved paying off two general obligation bonds Đ for street improvements in 1995 and 1996 Đ which could save the city nearly $225,000 over the life of the bonds, which were to expire in 2010 but now will be paid by 2007. The city has fund balances in both bond funds to prepay principal now, saving money in the long run.

ĄThe council heard a verbal report from Monte Eastvold of Northland Securities, who conducted a debt management study that revealed that the city has a good bond rating and healthy balances in all of the city's bond funds.

ĄThe council approved a purchase agreement with the Canadian Pacific Railroad for structures and improvements on property located on Railroad Street, contingent on purchasing the property the buildings occupy.

The purchase price for the buildings is $49,000. One building on the site, valued at approximately $30,000, could be salvaged to be used by the city for storage.

The city will continue to negotiate with the railroad to purchase the property. The site could be used for the construction of a stormwater pond during the city's street improvement project in 2004.

ĄThe council approved setting an interest rate of 5.5 percent on special assessments for the street improvement project on Lake Avenue. Typically, interest from the bonds is passed on to property owners, but this project was not bonded but was paid for by the city. Instead an average rate was used.

ĄThe council approved declaring the police department's 2001 Crown Victoria as surplus property and authorized advertising the car for bids. The car has 108,000 miles on it and an estimated retail value of $10,775. The minimum bid for the car is $5,000.

ĄThe council approved ordinances requiring building accessory structures (i.e. garages) in conjunction with or after building a primary structure on new construction sites.

ĄThe council approved amending a previous resolution regarding the Firefighters Relief Association report. The report was amended because during a state audit it was found that a former firefighter had been overpaid retirement benefits. The firefighter will pay the city back the overpayment by making monthly payments for a year.

ĄThe council approved a temporary street closing for Loretta Kohler for an auction to be held on Saturday, Sept. 20, at 373 Hudson Street. The street will be closed from 8:30 a.m. to 1 p.m.

ĄThe council also approved changing the city's temporary street closing policy, requiring at least 30 days to process applications.