08-24-1999 EDA Minutes - Laserfiche WebLink

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ECONOMIC DEVELOPMENT MEETING AUGUST 24, 1999 PAGE 1 CITY OF LINO LAKES MINUTES DATE : August 24, 1999 TIME STARTED : 4:40 p.m. TIME ENDED : 4:45 p.m. MEMBERS PRESENT : Council Members Bergeson and Dahl and Mayor Sullivan MEMBERS ABSENT : Council Members Lyden and Neal Staff members present: City Administrator, Linda Waite Smith; City Clerk, Ry-Chel Gaustad and Clerk-Treasurer Marilyn Anderson. The purpose of the meeting was to consider the purchase sale of EDA Public Project Revenue Refunding Bonds, Series 1999C. The Secretary for the EDA was not present. Council Member Dahl moved to appoint Clerk-Treasurer Marilyn Anderson as temporary secretary for this meeting only. Council Member Bergeson seconded the motion. Motion carried unanimously. Mr. Jerry Shannon, Springsted, Inc. explained that the EDA previously authorized the refunding of a revenue bond that was authorized by the EDA in 1990 The purpose of the 1990 bond was to fund the construction of the Centennial Fire District Lino Lakes Fire Hall. Mr. Shannon noted that bids were solicited and received and opened today. The successful bidder is Dougherty Summit Securities LLC. The true interest rate will be 5.0801%. Mr. Shannon noted that Moody’s reviewed the credit rating for the City and established the rate at A3 for this particular bond issue. Council Member Bergeson moved to accept the bid from Dougherty Summit Securities LLC as presented by Mr. Shannon. Council Member Dahl seconded the motion. Motion carried unanimously. There being no further business, the meeting was adjourned at 4:45 p.m. These minutes were considered, corrected and approved at a regularly scheduled Council meeting held on September 13, 1999. _____________________________ ____________________________________ Marilyn G. Anderson, Secretary Kimberly A. Sullivan, President