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MINUTES <br />CITY COUNCIL <br />MAY 12, 1993 <br />ANNOUNCE- Hanson announced the first annual Canadian Days <br />MENTS Softball Classic to be held at Pioneer Park on May 22 <br />and 23, 1993. There are some entries still open, and <br />anyone interested should contact City Hall at 484-2177 <br />for additional information. Spectators are welcomed as <br />well. <br />Hanson welcomed Boy Scout Pack 462, Den 8 to this <br />evening's Council meeting. As part of the requirements <br />for the Boy Scout Citizen's Badge, the Scouts are <br />required to attend a civic function and meet some civic <br />leaders. <br />EDA Farnham reported that the City's Economic Development <br />REFUNDING Authority has awarded the low bid of Northwest <br />BONDS Investment Services for $1,395,000 in Public Project <br />Revenue Refunding Bonds, Series 1993, which is the <br />refunding of bonds for the fire station project. The <br />true interest rate bid by Northwest is 4.6109% with <br />rates ranging from the low of 4.6109% to a high of <br />4.8917%. There were six bidders for this refunding. <br />Farnham reported that it is necessary for the City <br />Council to take action concurring with the actions of <br />the EDA in this matter. <br />Mr. LaValle introduced the following resolution and <br />moved its adoption: <br />RESOLUTION NO. 93-5-119 - RESOLUTION APPROVING ISSUANCE <br />OF $1,395,000 PUBLIC PROJECT REVENUE REFUNDING BONDS, <br />SERIES 1993 (CITY OF LITTLE CANADA INSTALLMENT CONTRACT <br />OBLIGATIONS), AND AUTHORIZING EXECUTION OF A FIRST <br />AMENDMENT TO INSTALLMENT PURCHASE CONTRACT AND <br />APPROVING A SUPPLEMENTAL TRUST INDENTURE, AN ESCROW <br />AGREEMENT AND RELATED DOCUMENTS AND CERTIFICATIONS <br />The foregoing resolution was duly seconded by Morelan. <br />Ayes (5) LaValle, Morelan, Hanson, Scalze, Pedersen. <br />Nays (0). Resolution declared adopted. <br />BOND SALE Brad Franham, Springsted, reported that there were <br />1993 seven bidders for the sale of $1,000,000 General <br />IMPROVEMENT Obligation Improvement Bonds, Series 1993A. The low <br />PROJECTS bid was received by Dougherty, Dawkins, Strand & <br />Bigelow, Inc. at a true interest rate of 4.3790%. Bids <br />Page 2 <br />