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MINUTES
SPECIAL CITY COUNCIL MEETING
NOVEMBER 5, 1984
A special meeting of the Falcon Heights City Council was called to order
at 7:00 P.M. by Mayor Eggert.
Mayor Eggert, Councilmembers Baldwin, Hard, Chestovich and Ciernia. Also PRESENT
present were Clerk Administrator Barnes, Attorney Ippel, and Fiscal Con-
sultant Afelbacher.
None.
Mayor Eggert informed that the Bullseye Golf, Inc. closing took place
on October 31, 1984 as planned.
Fiscal Consultant Afelbacher presented the bids on the $600,000 General
Obligation Tax Increment Bonds as follows: (1) Cronin & Marcotte, Inc.,
9.9433%, (2) Dain Bosworth, Inc., 9.85533%, (3) Piper, Jaffray & Hopwood,
Inc., 9.7677%, (4) First National Bank of St. Paul/First National Bank
of Minneapolis, 9.7521%, (5) American National Bank and Trust Co., 9.7972%,
(6) Paine, Webber, Jackson & Curtis, Inc., 9.79936%, and recommended that
Council accept the low bid from First National St. Paul/First National
Minneapolis.
Attorney Ippel presented a letter from Robert Collins, representing
Bullseye Golf, assuring that the construction plans for the Bullseye
project has not been altered since last approved by the City Council.
For this reason Attorney Ippel advised that it is now appropriate to
approve the bond sale. She then explained the manner in which the funds
wi11_ be handled and dispersed. Clerk Administrator Barnes expressed
concern that the funds are being handled by someone other than the
City Treasurer and wanted to be assured that he is cleared as Treasurer.
The Attorney stated that the City is merely a conduit, and will draft a
letter explaining the use of the funds.
Council briefly discussed appointment of a Bond Registrar, after which
it was decided to appoint First National Bank of Minneapolis.
After reviewing Resolution 84-39 Councilmember Hard moved, seconded by
Mayor Eggert, that the Resolution be adopted awarding the bid to
First National St. Paul/First National Minneapolis, and designating
First National Minneapolis as Bond Registrar. Motion carried unanimously.
RESOLUTION 84-39
A RESOLUTION ACCEPTING BID ON SALE OF $600,000
GENERAL OBLIGATION TAX INCREMENT BONDS OF 1984,
SERIES B AND PROVIDING FOR THEIR ISSUANCE
Councilmember Ciernia moved, seconded by Mayor Eggert, that the meeting
be adjourned at 7:27 P.M. Motion carried unanimously.
ABSENT
BID OPENING
FOR $600,000
TIF BONDS
OF 1984
BULLSEYE
UPDATE
RESOLUTION
84-39
ADJOURNMENT
MINUTES
SPECIAL CITY
NOVEMBER 5,
PAGE 2
COUNCIL MEETING
1984
1
C. Eggert,`-idifp~, Mayor
1
ATTEST:
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Dewan B. Barnes, Clerk Administrator
Special City Council Meeting of November 5, 1984
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