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:I <br /> 9B2 <br /> November 28,1990 <br /> 402 Solid Waste Utility 1,405.65 678.89 806.76 430.34 C1 <br /> 25 Transit: <br /> 5500134 Equip Rental 82 .13 371 <br /> 80.0 49030 251 <br /> 78310 44 1'11 <br /> y <br /> WCketrE1eP Insur 00.00 ,00,00 1400,00 4,381.69 <br /> 2,034.25 ;23:50 1,310.75 597 1 <br /> CITY TOTALS $1,310,675.41 5535,804.38$ 774,821.03$306,412 d <br /> Roll was called with all councilmen voting yes. .� <br /> Motion carried. <br /> BID REPORT-DIESEL PUMP <br /> The 012 opening TOr 8 018591 pump was held 0899028 25, 1990. The f <br /> bltls xeceLveO were as Poll ors: ; <br /> Industrial Pump Sales Co. $21,993,81a <br /> Beckwith 8 NUPPel 22,024.29 <br /> xanich Engineering,Inc. 23,487.97 , <br /> xDoes of meet specifications. <br /> Staff recommends that the bid be awarded to Beckwith 8',offal, the 'i� <br /> 1 t and most responsive bidder, at their price of $22,024.29 <br /> including sales tax. <br /> { <br /> BID AWARD <br /> Moved by Councilman Overstreet, seconded by Councilman Anderson to <br /> ward the bid for the purchase of a diesel pump for $22,024.29 <br /> including sales tax from Beckwith 6 029951. <br /> Roll was called with all councilmen voting yes. <br /> Motion carried. <br /> RESOLUTION-LID GUARANTY FUND <br /> Byron.Vvger, Treasurer, stated that policy was established in 1988 ,1 <br /> 1 <br /> 80t <br /> that provided for contributions from new ID's to the LIP Guaranty <br /> Fund ince the Guaranty Fund was for the benefit of the LIO's. The <br /> E01150 w .origina11'; <br /> ly establlshetl be us tM1e09 wa concern stat <br /> rewa cot brought <br /> t cable marketing altaeve bonds o the Guaranty <br /> Fund w not bxqugM1t up to a xecomne tletl level of 10X of outstanding <br /> obligations. <br /> We <br /> w have <br /> a Guaranty Fund that is 12%of outstanding obligations <br /> which is more than adequate to protect theb and holder. Wealso <br /> have concerns that in 1991 the existing policy calls for <br /> contribution rate of 30%o which could cause us some arbitrage <br /> problems when we sell LID bonds. <br /> Me are suggesting that the contribution rete be set at 5%. We have <br /> discussed the change with our financial advisors on LIO's and they <br /> feel such a change will still provide us with a Guaranty Fund which s <br /> is adequate when ego to market with bonds. <br />