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MINUTES <br />City Council <br />November 9, 1988 <br />Bond Sale The City Clerk pointed out that bond sales under $300,000 the City has <br />TIF handled in this fashion. <br />Larr•y Lee <br />(Cont.) Fahey asked how the inter~est rate being offered this evening compared with <br />other bond sales that have been completed in the last few days. <br />Farnham reported that Jur~an & Moody typically bids these bond sales at <br />50 points above the Treasury rate. <br />The City Clerk submitted to the Council the ~llers P~ Associates Repor•t <br />which compar•ed recent bond sales of Minnesota Cities. In r•eviewing this <br />r•eport, Council deter~mined that the inter•est r•ate bid by Jur•an & Mood,y <br />was compar~abl e. <br />Mr. Blesener introduced the following r•esolution and moved its adoption: <br />RESOLUTION N0. 88-11-~194 - APPROVING THE BID <br />OF JURAN & MOODY FOR [30ND FOR THE LARRY LEE TAX <br />INCRCMENT FINANCING PROJECT AND AUTHORIZIPIG TH[ <br />MAYOR AND CITY CLERK TO ENTER INTO AN AGP.EEMENT WITH <br />JURAN & MOODY ON BEHFlIF OF THE CITY WITH REGARD TO <br />THIS BOND SALE <br />The foregoing r•esolution was duly seconded by Mr. Collova. <br />Ayes (5) Blesener, Collova, Scalze, Fahey, LaValle. <br />Nays (0). <br />Resolution declared adopted. <br />This r•esolution appears in Resolution f3ook No. 20, Page 510. <br />Mr•. Blesener introduced the following r~esolution and moved its adoption: <br />RESOLUTION N0. 88-11-495 - PROVIDING FOR TNE <br />ISSUANCE AND SALE OF 2 0,000 TAXABLE GENERAL <br />OftLIGATION TAX INCREME~IT BONDS OF 1988 AND <br />PLEDGING TAX INCREMEMTS FOR THE SECURITY TNEREOF <br />The for•egoing r•esolution was duly seconded by Mr~s. Scalze. <br />Ayes (5) Blesener, Scalze, Collova, Fahey, LaValle. <br />Na,ys (o). <br />Resolution declar•ed adopted. <br />This r~esolution appear~s in Resolution 3ook No. 20, Page 511_through 530. <br />Economic Scalze repor•ted that the marketing r•esearch firm doing the study of the <br />Development Countr•y Dr•ive area contacted her regarding infor~mation they needed for <br />C,ommittee their• study. Scalze r~eported that she suggested that the firm contact <br />the Economic Development Consultant as well as the City Cler~k. <br />Agenda <br />Addition The City Clerk reported that the mar~keting firm had met last Friday with <br />Pat Pelstr•ing. <br />Page -9- <br />