Red Wing City Council briefsFrom the meeting of Oct. 26, 2011.
City sells bonds
Red Wing accepted a bid from United Missouri Bank on Monday for $1.835 million in general obligation bonds.
The funds will be used for capital improvement projects such as repairing or replacing the fire department roof and building the East Fifth Street bridge.
The city will have a 2 percent interest rate and a payback term of 10 years, said Doug Green, the city’s financial advisor from Springsted.
The council unanimously approved the transaction.
In other news:
• The council unanimously approved the appointment of Dan Munson to the Advisory Planning Commission. Munson will replace Scot Johnson and finish out Johnson’s term, which expires Dec. 31, 2012.
• The council unanimously approved a second reading of an ordinance spelling out residents’ responsibilities for maintaining retaining walls.
Monday’s City Council meeting lasted about two hours and 20 minutes. All members were present.
--Compiled by Danielle Nordine, staff writer