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MINUTES <br />CITY COUNCIL <br />DECEMBER 4, 1991 <br />submitting the low bid on each issue, and recommended <br />that the low bids be awarded. Farnham pointed out that <br />the bids are lower than originally estimated. Farnham <br />stated that he had anticipated a$96,000 savings to the <br />City as a result of the refunding issue, but due to the <br />low bid submitted, that savings is now calculated at <br />$107,000. <br />Mr. LaValle introduced the following resolution and <br />moved its adoption: <br />RESOLUTION NO. 91-12-410 - ACCEPTING AND AWARDING THE <br />LOW BID OF CRONIN & COMPANY, INCORPORATED; JOHN G. <br />KINNARD & COMPANY INCORPORATED; DOUGHERTY, DAWKINS, <br />STRAND & BIGELOW, INCOPORATED; SMITH BARNEY, HARRIS <br />UPHAM & COMPANY INCORPORATED FOR $325,000 GENERAL <br />OBLIGATION IMPROVEMENT BONDS, SERIES 1992A AT A NET <br />EFFECTIVE INTEREST RATE OF 5.6531% AS RECOMMENDED BY <br />SPRINGSTED <br />The foregoing resolution was duly seconded by Blesener. <br />Ayes (4) LaValle, Blesener, Collova, Hanson. <br />Nays (0). <br />Resolution declared adopted. <br />Mr. LaValle introduced the following resolution and <br />moved its adoption: <br />RESOLUTION NO. 91-12-411 - ACCEPTING AND AWARDING TAE <br />LOW BID OF NORWEST INVESTMENT SERVICES, INCORPORATED <br />AND ASSOCIATES FOR $1,475,000 GENERAL OBLIGATION STORM <br />SEWER REFUNDING BONDS, SERIES 1992B AT A NET EFFECTIVE <br />INTEREST RATE OF 5.6049% AS RECOMMENDED BY SPRINGSTED <br />The foregoing resolution was duly seconded by Blesener. <br />Ayes (4) LaValle, Blesener, Collova, Hanson. <br />Nays (0). <br />Resolution declared adopted. <br />The City Administrator reported the need to transfer <br />monies from the closed bond fund to pay the two bond <br />issues that were called. <br />Mr. Blesener introduced the following resolution and <br />moved its adoption: <br />Page 2 <br />