09-22-93 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL SEPTEMBER 22, 1993 Hanson asked for an estimate on the interest rate that the City could anticipate receiving. Farnham reported that the 1978 issue is currently at 5.56% and Springsted is projecting a 3.50% interest rate, while the 1986 issue is at 7.44% and a 3.72% is projected. Hanson asked if other cities are refunding their bonded debt. Farnham replied that last year Springsted refunded 426 bond issues for cities, counties and school districts, and this year 550 issues have been refunded. Morelan pointed out that this is the same process the City went through on another issue recently. Morelan also pointed out that issues are only eligible for refunding once. Farnham replied that both these points are correct. Mrs. Scalze introduced the following resolution and moved its adoption: RESOLUTION N0. 93-9-291 - PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $350,000 GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 1993b The foregoing resolution was duly seconded by LaValle. Ayes (5) 5calze, LaValle, Hanson, Pedersen, Morelan. Nays (0). Resolution declared adopted. Mrs. Scalze introduced the following resolution and moved its adoption: RESOLUTION NO. 93-9-292 - PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $315,000 GENERAL OBLIGATION STATE-AID STREET REFUNDING BONDS, SERIES 1993C The foregoing resolution was duly seconded by LaValle. Ayes (5) Scalze, LaValle, Hanson, Pedersen, Morelan. Nays (0). Resolution declared adopted. CANADA Hanson opened the public hearing to consider the WOODS WEST application for approval of a Preliminary Plat known as Canada Woods West consisting of 12-single family lots. It was noted that the Planning Commission tabled action on this application pending additional information. Scalze noted that this evening the Council has received a copy of the Section 4 Street Plan report put together by the City Planner. Scalze suggested that the Page 3