01-25-95 Council Minutes - Laserfiche WebLink

Home Browse Search

MINUTES CITY COUNCIL JANUARY 25, 1995 BONDS OF 1995 Revolving Fund Bonds, Series 1995A. Fifield reported that six bids were received. The low bid was from American National Bank (St. Paul) with a net interest rate of 5.700. This is lower than the net interest rate of 6.00% projected in pre-sale documents, and results in a net interest cost savings of $9,619.00. Fifield submitted a copy of the final debt service analysis for the Council's review. Fifield also reported that Moody issued an "A" rating for this debt. Based on existing market conditions, Fifield recommended that the City move forward with the bond sale. Mrs. Scalze introduced the following resolution and moved its adoption: RESOLUTION NO. 95-1-20 - ACCEPTING PROPOSAL OF AMERICAN NATIONAL BANK ON SALE OF $485,000 GENERAL OBLIGATION PERMANENT IMPROVEMENT REVOLVING FUND BONDS, SERIES 1995A AND PROVIDING FOR THEIR ISSUANCE The foregoing resolution was duly seconded by Morelan. Ayes (5) Scalze, Morelan, Fahey, Pedersen, LaValle. Nays (0). Resolution declared adopted. PROPERTY Council reviewed the application for property division DIVISION - of 83 West County Road C, the Evelyn Kukk property, 83 W. COUNTY submitted by Carpenter Homes. Fahey noted that the ROAD C- KUKK Planning Commission and City Planner have recommended approval of the property division. The City Planner pointed out that Carpenter Homes has submitted a revised survey which complies with the recommendation of the Planning Commission. There was no one from the general public present wishing to comment on this matter. Mr. Morelan introduced the following resolution and moved its adoption: RESOLUTION NO. 95-1-21 - APPROVING THE DIVISION OF KUKK PROPERTY LOCATED AT 83 WEST COUNTY ROAD C AS REQUESTED SUBJECT TO COMPLIANCE WITH THE RECOMMENDATIONS OF THE CITY PLANNER AS CONTAINED IN HIS REPORT DATED JANUARY 9, 1995, AND THE RECOMMENDATIONS OF THE PLANNING COMMISSION AND PARK & RECREATION COMMISSION 2