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MINUTES <br />CITY COUNCIL <br />OCTOBER 27, 1993 <br />OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 1993B, <br />PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE <br />PAYMENT THEREOF <br />The foregoing resolution was duly seconded by LaValle. <br />Ayes (5) Scalze, LaValle, Hanson, Pedersen, Morelan. <br />Nays (0). Resolution declared adopted. <br />Farnham reviewed bids received for the refunding of <br />$315,000 General Obligation State-Aid Street Refunding <br />Bonds, 5eries 1993C. Four bids were received ranging <br />from a high bid of 3.9916% to American National Bank <br />Saint Paul and FBS Investment Services, Inc. tied with <br />a low bid of 3.9005%. After a coin toss, it was <br />determined that FBS Investment Services, Inc. won the <br />low bid. This refunding issue would extend to the year <br />2000. <br />Farnham reported that the rates received were up <br />slightly from what was anticipated due to the large <br />volume of paper being offered. Farnham recommended <br />acceptance of the low bid. <br />The City Administrator reported that the savings that <br />will be realized by the City in refunding the 1978 bond <br />issue is just under $85,000, and just over $25,000 for <br />refunding of the MSA issue. These are dollars that the <br />City had expected to spend. The 1978 issue is tax <br />supported, and the Administrator recommended that the <br />savings realized from refunding this issue be directed <br />toward capital improvements noting that the City has <br />not set aside funding for this purpose in the past few <br />years. This would allow the allocation of some funding <br />for capital improvements without an impact to the tax <br />levy. <br />Mr. LaValle introduced the following resolution and <br />moved its adoption: <br />RESOLUTION NO. 93-10-245 - ACCEPTING BID ON THE <br />COMPETITIVE NEGOTIATED SALE OF $315,000 GENERAL <br />OBLIGATION STATE-AID STREET REFUNDING BONDS, SERIES <br />1993C, AND PROVIDING FOR THEIR ISSUANCE <br />The foregoing resolution was duly seconded by Scalze. <br />Ayes (5) LaValle, Scalze, Morelan, Pedersen, Aanson. <br />Nays (0). Resolution declared adopted. <br />LaValle asked about the difference in the rate of <br />interest bid for each issue. <br />It was pointed out that the term of the two issues is <br />different, and that is the reason for the different <br />interest rates bid. <br />Page 3 <br />