01-24-90 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL January 24, 1990 Acting as a City Councilmember, Mr. Blesener introduced the following resolution and moved its adoption: RESOLUTION NO. 90-1-32 - ADOPTING THE REDEVELOPMENT PROJECT AREA PLAN FOR THE CREATION OF A REDEVELOPMENT PROJECT AREA The foregoing resolution was seconded by Fahey. Ayes (5) Blesener, Fahey, Scalze, LaValle, Collova. Nays (0). Resolution declared adopted. Acting as a member of the Economic Development Authority, Scalze introduced the following resolution and moved its adoption: RESOLUTION NO. 90-1-3 - ADOPTING THE REDEVELOPMENT PROJECT AREA PLAN FOR THE CREATION OF A REDEVELOPMENT PROJECT AREA The foregoing resolution was duly seconded by Blesener. Ayes (5) Scalze, Blesener, Fahey, LaValle, Collova. Nays (0). Resolution declared adopted. BOND SALE Brad Farnham, Juran & Moody, submitted a tabulation of FIRE STATION bids for Public Project Revenue Bonds, Series 1990 in the amount of $1,500,000 for the new fire station project. Farnham reviewed the tabulation pointing out that three bids were received. The low bid received was from FBS Investment Services, Inc. at an interest rate of 6.710. Other bids received were from Norwest Investment Services in the amount of 6.83% and Cronin & Company in the amount of 6.89%. Farnham stated that he was very pleased with the bids received pointing out that the low interest rate will reduce substantially the amount of money the City will have to levy to cover the bond issue. As a member of the Economic Development Authority, Mr. Blesener introduced the following resolution and moved its adoption: RESOLUTION NO. 90-1-4 - AUTHORIZING THE ISSUANCE OF $1,500,000 PUBLIC PROJECT REVENUE BONDS, SERIES 1990 (CITY OF LITTLE CANADA INSTALLMENT CONTRACT OBLIGATIONS) AND THE EXECUTION AND DELIVERY OF AN Page 3