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P+IINUTES OF THE SPECI/~L P4EETIPIG <br />CITY COUNCIL <br />LIT7LE CFlNIIDA, itIUN~SOTA <br />December 4, 19£35 <br />Pursuant to due call and notic2 thereof a special meeting of the Council <br />of the Cit/ of Little Canada, Minnesota ~aas held on the 0.th day of <br />December, 19£~5 in the Council Chambers of the City Center 1ocated at <br />515 Litl:le Canada Road in said Cit,y. <br />Mayor h1ichae1 Fahey called the meeting to order at 5:45 P.P~1. and the <br />follotaing mernbers a~ere present a't roll call: <br />P~tEP1[3ERS PRFSENT: P~ayor Mr. M9chael Fahe,y <br />Councilman P~r. 4lilliam k3lesener <br />Councilman Mr< Rick Collova (arrived b:00 P.f~.) <br />Counciloioman ~1rs. Beverl,y Scalze <br />P9EP93ERS ABSE~IT: Councilwoman h9s, Mugs Nardini <br />ALSO PRcSENT: City Clerk P1r. Joseph Chlebeck <br />Recording Secretary t~1rs. Kathleen Glanzer <br />The purpose of tonight's special Counci1 rneeting is to receive bids on <br />the refunding of outstancling General Obligatinn Improvement 3onds of <br />1~8?. <br />f•1r. Brad Farnam of Juran & Moody presented the Council a summary of <br />recent bond sales. Farnam explained the handout. <br />P~1r. Fahey as!ced ~~~hat the City's bond ra~Cing was on this issue. Farnam <br />replied that he has not received it as yet, but expects it to be E3AA-1. <br />Next Farnam passed out a tabulation of bids. Three bids uvere received. <br />They were from First Nation~l k3an!< of St. Paul and of Plinneapolis at <br />an interest rate of f3.03II0%; NorE~iest Investment Services at an ~nterest <br />rate of 7.B£35~t~; and from American N~tional C3ank at an interest rate of <br />7.3733%. <br />Farnam explained that the notice of sale al1owed the Cit.y the f1exibility <br />'to increase or decrease the refunding bonds by $95,000. Therefore, Farnam <br />recommendecl that the City av~ard a~7,000,000 refunding bond. <br />Farnam passed out a summary of the bond issue and reported that by <br />awarding this refunding bond, the City wili save ~490,000 over the <br />life of the issue. Farnam reported that lie spent the afternoon with <br />the City Auditor, h1r. Robert Voto, going over this proposa1, and it <br />a~~as Voto's recomm2ndation that the City issue the reftmding bond based <br />on f~1r. Farnam's proposal. Voto also pointed out that this refunding <br />bond fits in with his efforts to recluce tax levies in the City. <br />Fahe,y asked what the actual savings 4vould be to t'ne City. Fl representative <br />of Juran and t~oody replied that present value savings evould be ;~4HII,000. <br />Page -1- <br />