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~1INUTF,S <br />Ci.ty Council <br />April 27, 1983 <br />Mi.nutes The f.oregoi.ng resoluti.on was dul.y seconded by Mr.. rorsberg. <br />(Cont.) Ayes (5) Nardini, For.sberg, lianson, Scalze, Pahey. <br />nayes (0). <br />ResoluCion declared adopted. <br />Thi.s resolution appears in ResoLuti.on i3ook No. 9, Pages 177 and 178, <br />t~ond Sale Mr. IIrad L'arnham of Juran & Moody appeare<t before the Council to <br />open tkie bids the City has rece:ived £or the refinanci.ng of. the City's <br />Agenda general obl.igati.on temporary improvement bonds of. 1981. The City <br />Item No. 4 has received three bids. <br />P4r.. Parnham reported that recently Chere has been a downward trend <br />in interest rates and presented Che Council. with a comparison of some <br />recent bond sales of other citi.es. <br />Mr. Ilanson poi.nted out that the bonds ~oould b~ a 17 year. issue. <br />Mr. Parnham then proceeded to open the bids. <br />The f:i.rst was from Pirst ~lank St. Paul. as Manager of a syndicate. <br />The bid was as f:ol.l.o~os: Par Value -,^,n1,4£30,000, Purchase Price - <br />$1.,453,360; Total Interest Cost $934,7_26,67; Net: Interest Rate - <br />8.3054%. <br />'f.he second bi.ct received was Lrom i4erri.ll Lynch, Mana~;er of a sync9i.cate. <br />Par Val.ue -$1.,480,000, Purchase Pr:i.ce - y~1,451.006.F30; Total Interest <br />Cost -$925,618.59; Net Interest Rate - 8.?_289%. <br />'Che th~ird bid was f.rom flanlc Northwest, Manager of. a syndicate. <br />The b:i.d was as follows: Par Vatue -~1,4F30,000; Purchase Price - <br />$1,454,S~v0; 'Potal Int:erest Cost $903,589.37; Net Interest Rate - <br />£3.03309%. <br />Mr. Farnham then asked for a few minuCes in whi.ch to check over khe <br />bids. <br />Personnel. Mr. Fahey presented the Council. wi.th a draft of. a personnel ordinance <br />Ordinance whir.h he has prepared. Mr. Pahey reported that i.n researchi.ng the <br /> matter it appear.s that a number o[ other ciCies a1.1ow fu11-time <br />Non-Agenda em~loyees to worlc i.n part-time capaci_ties in adcli.tion to their <br />Item No. 1 fu11-time employment. <br />Fahey stated that he would lilce to table acti.on on the personnel <br />ordinance for two weeks until he has had ti.me to do some further <br />research and the Council has had ti.ine to revi.ew t:he ordinance. <br />Pa~;e -2- <br />