91-100 A (1)
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City of Chanhassen
Carver and Hennepin Counties, Minnesota
DATE: October 15. 1991
MOTION BY: Chmiel
RESOLUTION NO:
91-100A-1
SECONDED BY:
Workman
A RESOLUTION RELATING TO IMPROVEMENT PROJECT 87-2: GENERAL
OBLIGATION BONDS OF 1988: TRANSFERRING FUNDS
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHANHASSEN AS
FOLLOWS:
Section 1. Backaround: Findinas
1. 01. The City has issued and sold its $4,185,000 General
Obligation Improvement Bonds of 1988 to fund the costs of
Improvement Projects 87-2, 87-5, 87-9, 88-2 and 86-11, all pursuant
to Minnesota Statutes, Chapter 419 (Act). Project 87-2 (West 78th
Street Extension Project) has not, for various reasons, been
undertaken or completed and will not be undertaken in the near
future.
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1.02. There is on hand in the construction fund for Project
87-2 the sum of approximately $2,425,000. section 429.091,
subdivision 4, of the Act provides that any monies remaining in the
construction fund for a project initiated_ under the Act may be
used to pay the cost, in whole or in part, of any other improvement
project initiated under the Act.
1.03. It is determined that Improvement Projects 89-25 (645),
86-11 (628), and 87-17 (616) have been initiated under the Act and
that funds are presently needed to finance, or reimburse the City
for, costs connected with those improvement projects.
~ Section 2. Authorizations: Transfers.
2.01. The sum of $2,425,000, less any expenses properly
attributable to the construction fund, is transferred from the
construction fund for Improvement Project 87-2 and appropriated pro
rata (or in such other proportion as the Ci ty Manager finds
desirable) to the constructions funds for Improvement Projects Nos.
89-25 (645 - Country Suite), 86-11 (638 - Downtown), and 87-17 (616
- North Parking Lot).
Passed and adopted by the Chanhassen City Council this 15th
day of October, 1991.
ATTEST:
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n
Don Ashworth,
c~ger
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If;bnald J. _~m el, Mayo
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YES
NO
ABSENT
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Extract of Minutes of Meeting
of the City Council of the City of
Chanhassen, Carver and Hennepin Counties, Minnesota
Pursuant to due call and notice thereof, a special meeting of the City
Council of the City of Chanhassen, Minnesota, was duly held in the City Hall in
said City on Tuesday, October 15, 1991, commencing at 5:30 P.M.
The following members were present: Ursula Dimler, Michael Mason, Richard
Wing, Thomas Workman and Mayor Donald Chmiel
and the following were absent: None
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The Mayor announced that the next order of business was consideration of
. the bids which had been received for the purchase of the City's $1,700,000
General Obligation Improvement Bonds, Series 1991A, as advertised for sale. The
City Manager presented affidavits showing publication of the notice of sale in
the City's official newspaper and in Northwestern Financial Review, a financial
paper published in Minneapolis, Minnesota, which affidavits were examined and
found satisfactory and ordered placed on file.
The City Manager presented a tabulation of the bids which had been received
in the manner specified in the Official Terms of Offering of the Bonds. The
bids were as follows:
(See Attached)
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16655 West Bluemound Road
Suite 290
Brookfield. WI 53005-5935
(414) 782-8222
Fax: (414) 782-2904
2739 Second Avenue S.E.
Cedar Rapids. IA 52403-1434
(319) 363-2221
Fax: (319) 363-6999
SPRINGSTED
PUBLIC FINANCE ADVISORS
85 East Seventh Place
Suite 100
Saint Paul. MN 55101-2143
(612) 223-3000
Fax: (612) 223-3002
6800 College Boulevard
Suite 600
Overland Park. KS 66211-1533
(913) 345-8062
Fax: (913) 345-1770
222 South Ninth Street
Suite 2825
Minneapolis, MN 55402-3368
(612) 333-9177
Fax: (612) 333-2363
$1 ,700,000
CITY OF CHANHASSEN, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991 A
AWARD:
PRUDENTIAL SECURITIES, INC.
LEHMAN BROTHERS
DEAN WITTER REYNOLDS INCORPORATED
PAINEWEBBER INCORPORATED
BEAR, STEARNS & CO., INC.
SALE:
October 15, 1991
Moody's Rating: Baa1
Price
Bidder
e PRUDENTIAL SECURITIES, INC.
LEHMAN BROTHERS
DEAN WITTER REYNOLDS INCORPORATED
PAINEWEBBER INCORPORATED
BEAR, STEARNS & CO., INC.
NORWEST INVESTMENT SERVICES,
INCORPORATED
FBS INVESTMENT SERVICES, INC.
MERRILL LYNCH & CO.
American National Bank Saint Paul
Cronin & Company, Incorporated
Juran & Moody, Incorporated
Miller & Schroeder Financial, Inc.
Dougherty, Dawkins, Strand &
Bigelow, Incorporated
Marquette Bank Minneapolis, N.A.
Moore, Juran and Company, Incorporated
Park Investment Corporation
Peterson Financial Corporation
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Interest
Rates
True Interest
Cost & Rate
4.80% 1993
4.90% 1994
5.10% 1995
5.20% 1996
5.40% 1997
5.50% 1998
5.60% 1999
5.70% 2000
5.80% 2001
5.90% 2002
4.65% 1993
4.80% 1994
5.00% 1995
5.20% 1996
5.40% 1997
5.60% 1998
5.75% 1999
5.90% 2000
6.00% 2001
6.10% 2002
$1 ,675,324.15
$591 ,262.1 0
(5.8314%)
$1 ,681 ,300.00
$596,325.63
(5.8607%)
(Continued)