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MINUTES <br />City Council <br />July 23, 1986 <br />Minutes The foregoing resolution was duly seconded by Ms. Nardini. <br />(Cont.) Ayes (5) Scalze, Nardini, Fahey, Blesener, Collova. <br />Nays (0). <br />Resolution declared adopted. <br />This resolution appears in Resolution Book No. 15, Page 334. <br />6ond Sale Mr. Brad Farnham of Juran & Moody, Inc. presented data regarding <br />General the bond sale for the City's General Obligation Bonds of 1986 in <br />Obligation the amount of $2,345.000. These bonds consist of $1,515,000 <br />Bonds Of general obligation storm sewer bonds of 1986 rated Baa 1; $340,000 <br />1986 general obligation State-Aid street bonds of 1986 rated A; and <br />$490,000 general obligation improvement bonds of 1986 rated Baa 1. <br />Flgenda <br />Item No. 4 Fahey pointed out that the Council did not proceed with all the <br />improvementsthat have been discussed over the last several months, <br />and these bonds cover the cost of what the City considered to be <br />priority 1 improvements. Also, the City does not anticipate an <br />increase in the tax rate due to the sale of these bonds. <br />Brad Farnham reported that the City received two bids on its bonds. <br />These are from a group of investers grouped under The First <br />National Bank of Saint Paul, MGR. with a net interest cost bid at <br />7.5011% and a group of investers grouped under Merrill, Lynch, <br />Pierce, Fenner, Smith, Inc. bidding a net interest rate at 7,5669%, <br />Farnham recommended that the bid of The First National Bank of Saint <br />Paul, MGR. be awarded. <br />Farnham also reported that the bonds are bid at lower rates than <br />what was presented to the Council in recent public hearings on <br />the improvements. <br />Mr. Blesener introduced the following resolution and moved its adoption: <br />RESOLUTION N0. 86-7-324 - ACCEPTING THE BID ON <br />SALE OF ~2,345,000 GENERAL OBLIGATION BONDS OF <br />1986, CONSISTING OF $1,515,000 GENERAL OBLIGATION <br />STORM SEWER BONDS OF 1986, $340,000 GENERAL <br />OBLIGATION STATE-AID STREET BONDS OF 1986 AND <br />$490,000 GENERAL OBLIGATION IMPROVEMENT BONDS <br />OF 1986, PROVIDING FOR THEIR ISSUANCE AND LEVYING <br />A TAX FOR THE PAYMENT THEREOF, FROM THE FIRST <br />NATIONAL BANK OF SAINT PAUL, MGR., AT A NET <br />INTEREST COST OF 7,5011% <br />The foregoing resolution was duly seconded by Ms. Nardini. <br />Ayes (5) Blesener, Nardini, Scalze, Collova, Fahey. <br />Nays (0). <br />Resolution declared adopted. <br />This resolution appears in Resolution Book No. 15, Pages 335 thru 378. <br />Page -2- <br />