HomeMy WebLinkAbout08.30.93 Special Council Minutes
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MINUTES
COUNCIL MEETIBG
SPECIAL
AUGUST 30, 1993
1. Mayor Kuchera called the meeting to order at 7: 00 P. M. .
Members Present: Kuchera, Ristow, Orr, Rotty.
Members Absent: Galler.
Also Present: Administrator Thompson.
2. The purpose of the meeting was to consider bids on the following:
a. $1,830,000 G.O. Improvement Bonds, Series 1993A.
b. $815,000 G.O. Taxable TIF Bonds, Series 1993B.
c. $495,000 G.O. Taxable TIF Bonds, Series 1993C.
d. $405,000 G.O. Equipment Certificates, Series 1993D.
3. Financial consultant Jerry Shannon presented the following bids:
Series 1993A ($1,830,000)
Firm
Norwest Investment Services
John G. Kinnard and Company
Piper Jaffrey, Inc.
Dean Witter Reynolds, Inc.
Cronin and Company, Inc.
American Nat'l Bank, St. Paul
Series 1993B ($815,000)
Firm
Dain Bosworth, Inc.
FBS Investment Services
Park Investment Corporation
Series 1993C ($495,000)
Firm
Dain Bosworth, Inc.
Moore, Juran and Company
FBS Investments
Cronin and Company
American Nat'l Bank, St. Paul
Park Investment Corporation
Miller, Johnson and Kuehn
The Principle, Epple, Guerin
and Turner, Inc.
Series 1993D ($405,000)
Firm
Norwest Investment Services
Piper Jaffrey, Inc.
John G. Kinnard and Company
Park Investment Corp
Cronin and Company
Net Int. Cost
Interest Rate
$ 450,510,00
466,985.00
467,692.50
469,615.00
469,666.16
475,371.67
4.2367%
4.4010%
4.4051%
4.4247%
4.4265%
4.4784%
Net Int. Cost
Interest Rate
$ 782,895.00
815,068.33
816,782.50
6.8081%
7.0935%
7.1115%
Net Int. Cost
Interest Rate
$ 82,575.75
83,395.86
85,377.50
85,930.00
87,425.00
87,709.98
90,156.67
5.1563%
5.1909%
5.3175%
5.3650%
5.4365%
5.4713%
5.6314%
90,755.03
5.6402%
Net Int. Cost
Interest Rate
$ 42,151. 67
43,899.75
44,796.00
44,828.33
45,078.66
3.5747%
3,7222%
3.8089%
3.8136%
3.8261%
134
Council Minutes - 8/30/93 - Special - Page 2
Mr. Shannon noted that the City had retained its Baa 1 rating but that Moody's had
shown some concern regarding enterprise fund balances and the interfund loan to the
HRA.
4. MOTION by Rotty, second by Ristow to adopt RESOLUTION NO. R97-93 authorizing
issuance, awarding sale, prescribing form and details and providing for the payment
of $1,830,000 G.O. Improvement Bond, Series 1993A. APIF, MOTION CARRIED.
5. MOTION by Kuchera, second by Orr to adopt RESOLUTION NO. R98-93 authorizing
issuance, awarding sale, prescribing form and details and providing for the payment
of $815,000 G.O. Taxable Tax Increment Bonds, Series 1993B. APIF, MOTION CARRIED.
6. MOTION by Orr, second by Rotty to adopt RESOLUTION NO. R99-93 authorizing
issuance, awarding sale, prescribing form and details and providing for the payment
of $495,000 G.O. Taxable Tax Increment Bonds, Series 1993C. APIF, MOTION CARRIED.
7. MOTION by Ristow, second by Kuchera to adopt RESOLUTION NO. R100-93
issuance, awarding sale, prescribing form and details and providing for
of $405,000 G.O. Equipment Certificates of Indebtedness, Series 1993D.
MOTION CARRIED.
authorizing
the payment
APIF,
8. MOTION by Rotty, second by Orr to adjourn at 8:00 P.M.. APIF, MOTION CARRIED.
fa:; u
Larry Thompson
City Administrator
Approved
0/1/13