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MINUTES <br />SPECIAL CITY COU2dCIL MEETING/PUBLIC HEARING <br />OCTOBER. 5, 1982 <br />PAGE 2 <br />The Public Hearing was closed at 7:16 P.M. <br />Fiscal Consultant Chenoweth explained two bid openings - one for temporary <br />bonds in the amount of X675,000 (Gortner/Prior/Larpente~ar) and one for <br />general obligation bonds in the amount of X225,000 (pascal/Albert Streets). <br />He then opened and read the bids for the X225,000 improvement bonds as <br />follows: Piper, Jaffray and Hopwood, Inc., interest rate 8.1t9139~, <br />F & M Marquette, 8.1~869~, First Bank-Minneapolis, 8.4653, Bancnorthwest, <br />8.~.10~5~, American National Bank and Trust, 8.3679, and First <br />National Bank-St. Paul, 8.6087. Fiscal Consultant Chenoweth stated he <br />felt the interest rates were very good due to the excellent rating and <br />the fact that the market is on the downtrend. He recommended accepting <br />the low bid from American National Bank and Trust. <br />Councilmember Larson moved, seconded by Councilmember Eggert, that <br />Resolution 82-1~;~ be adopted. Motion carried unanimously. <br />RESOLUTION 82-1 ?~ <br />A RESOLUTION ACCEPTING BID ON SALE OF $225,000 <br />GENERAL OBLIGATION IMPROVEiUIENT BONDS FOR 1982 <br />AND PROVIDING FOR THEIR ISSUANCE <br />Councilmember Larson moved, seconded by Councilmember Ciernia, that the <br />Consent Agenda be approved as presented. Motion carried unanimously. <br />1. Fire Reports #F-02182 and #F-02282 <br />2. Lauderdale Rescue Report #LR-01882 <br />3. Falcon Heights Rescue Reports #R-05982 - #R-06582 <br />!~. General Payroll 9/1.6/82 - 9/30/82 ~ 5,187.02 <br />5. Liquor Payroll 9/16/82 - 9/30/82 ~ 2,71x0.58 <br />6. General Disbursements 9/23/82 - 10/5/82 $56,510.52 <br />7. Liquor Disbursements 9/21/82 - 10/L~/82 ~ 8,698.611 <br />Mayor l~e~arkentien opened the Assessment Hearing on Pascal/Albert Streets <br />Improvement at 7:30 P.M. <br />Engineer Lemberg advised that the project consisted of the construction of <br />Pascal and Albert Streets for new base, curb, gutter, bituminous surfacing, <br />and the storm sewer on Albert Street as required for a state aid street. <br />The total amount to be assessed is f~1113,816.80 and the proposed assessment <br />area is that bounded by Arona on the west, Hamline on the east, Hoyt <br />on the south and Larpenteur on the North. The unassessed amount of the total <br />project cost(~23o,000) would be paid by other public funds and the Minnesota <br />State Aid funds. <br />Mayor V~farkentien pointed out that when the project was first discussed, the <br />storm sewer was considered but the cost was very high. By moving the state <br />aid funding from another street to Albert, the City was able to include <br />storm sewer in the project, the cost of which will not be assessable but <br />paid by state aid funds. <br />~.3~1 <br />HEARING <br />CLOSED AT <br />7:16 P.PvI. <br />BID OPENING <br />ON PASCAL/ <br />ALBERT STREET <br />IMPROVEMENT <br />RESOLUTION <br />82-l~l~ <br />CONSENT <br />AGENDA <br />AP PROVED <br />ASSESSMENT <br />HEARING ON <br />PASCAL/ <br />ALBERT <br />IMPROVER~NT <br />7:30 P.r~?. <br />LEMBERG <br />'J'~ARKENTIEN <br />