1978 12 11
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SPECIAL CHANHASSEN CITY COUNCIL MEETING DECEMBER 11, 1978
Mayor HOPDS called tile meeti'ng to order at 7:30 p.m. with the following
members present: C0uncí':lmen Pear-son, Neveaux, and Geving. Councilman
Waritz was absent.
AWARD OF BIDS - 1978 TEMPORARY 'PUBLIC TMPROVEMENT B:OND'$': The cityts
bond consultant, Bop 5''anders, of .Tui:an and 'Moody' was' pres'en t to
publically open and read ßìds' f0r the propos'ed $990,000 General
Obligation Bond Sale. The bids as read by Mr. Sanders were as
follows:
BIDDER
First National Bank of st. Paul
Robert W. Baird & Company, Inc.
Bancnorthwest
Cronin & Marcotte, Inc.
First Nat'l Bank of Minneapolis
M. H. Novick & Company, Inc.
TOTAL
INTEREST COST
$ 166,498.20
$ 170,280.00
$ 170,280.00
5.7333%
NET
INTEREST RATE
5.6060%
5.7333%
Councilman Pearson moved to table action to allow the bond consultant
to verify that the bids as presented were proper. Motion seconded
by Councilman Geving. The following voted in favor: Mayor HObbs,
Councilmen Neveaux, Pearson, and Geving. No negð.tive votes. Motion
carried.
SOUTH LOTUS LAKE DRAINAGE IMPROVEMENT PROJECT: The city's Consulting
Engineer, Bill Brezinsky, noted that he was unable to receive bids
for consideration this evening. Bids will be available for the
December 18th meeting.
Councilman Neveaux moved to table action to December 18, 1978. Motion
seconded by Councilman Pearson. The following voted in favor: Mayor
Hobbs, Councilmen pearson, Neveaux, and Geving. No negative votes.
Motion carried.
1978 TEMPORARY PUBLIC IMPROVEMENT BONDS: (Continuation of Previous
Discussion) Bob Sanders verified that the bids as presented were
correct and recommended that the City Council award the bid at a
purchase price of $972,001.80, representing a total interest cost
of $166,498.20 (5.6060%) to First National Bank of St. Paul and
Robert Baird.
The City Council generally discussed the proposed sale as well as
noting that the City had received an A Rating for this bond sale.
RESOLUTION #78-70: Councilman Pearson moved the adoption of a
resolution authorizing the sale of $990,000 general obligation
improvement bonds of 1978 to First National Bank of St. Paul at
a price of $166,498.20. Resolution seconded by Councilman Geving.
The following voted in favor: Mayor Hobbs, Councilmen Pearson, Neveaux,
and Geving. No negative Votes. Motion carried.
RESOLUTION #78-71: Councilman Geving moved the adoption of a
resolution authorizing the issuance of $990,000 general obligation
improvement bonds of 1978, prescribing their terms and form, and
providing for their payment. Resolutìon secondèd by Councilman Pearson.
The following voted in favor: Mayor Hobbs, Councilmen Pearson, Neveaux,
Council Meeting December 11, 1978
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and Geving. No negative votes. Motion carried.
INDUSTRIAL REVENUE BOND CRITERIA, NEW BUSINESSES (Discussion):
Present to discuss this item were Russell Prince, Roman Roos, I
and Bob Nygren. The City Manager presented his report including an
outline of possible changes to the existing Industrial Revenue
Bond Criteria as well as various statistical sheets reflecting
industrial revenue bond sales across the state since 1970. General
discussion between Mr. Prince, acting as the underwriter for the
proposed bond sale of Mr. Roos, the City Council, and staff
occurred regarding the various types of sales that had occurred
state wide.
The City Attorney presented a descriptive form of the outline as
presented by the Manager and discussed such in detail.
As a discussion item, no action was taken by the City Council.
The ability to place this on the December 18th Agenda will be
dependent upon the length of that agenda as well as the ability
of the Attorney to further define potential changes to the
criteria.
Councilman Geving moved to adjourn. Motion seconded by Councilman
Neveaux. The following voted in favor: Mayor Hobbs, Councilmen
Pearson, Neveaux, and Geving. No negative votes. Motion carried.
Meeting adjourned at 10:15 p.m.
Don Ashworth
City Manager
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