09/13/1982 Council Minutes - Laserfiche WebLink

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c 2 6 Council Meeting September 13, 1982 The following members of the Council were present: B. Benson, M. Elsenpeter, R. Kulaszewicz, D. Marier & V. Reinert and the following were absent: None * * * The Mayor announced that the meeting was convened for the consideration of the bids which had been received for the purchase of the City's $750,000 General Obligation Improvement Bonds of 1982, as advertised for sale. The City Clerk - Treasurer presented affidavits showing publication of notice of sale in the City's official newspaper and in Commercial West, a financial paper published in Minneapolis, Minnesota, which affidavits were examined, found satisfactory and ordered placed on file. The City Clerk - Treasurer presented a tabulation of the bids which had been received in the manner specified in the notice of sale of the Bonds. The bids were as follows: Dain Bosworth Inc. - Net effective interest - 8.9979% Juran & Moody, Inc. - Net effective interest - 9.0664% Bancnorthwest - Net effective interest - 8.7735% Piper, Jaffray & Hopwood, Inc. - Net effective interest - 8.9870% First National Banks (St. Paul, Mpls., Hugo) - Net effective interest - 8.5666% After due consideration of the bids, Councilmember Marier introduced the following resolution and moved its adoption: RESOLUTION AWARDING THE SALE OF $750,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT. BE IT RESOLVED By the City Council of the City of Lino Lakes, Minnesota, as follows: 1. The bid of The First National Bank of Saint Paul (the "Purchaser ") to purchase $750,000 General Obligation Improvement Bonds of 1982 (the "Bonds ") of the City described in the notice of sale thereof is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and shall be and is hereby accepted, such bid being to purchase the Bonds at a price of $742,575.00 plus accrued interest to date of delivery, the Bonds to bear interest as follows: Year of Maturity Interest Rate 1984 7.25% 1985 7.50% 1986 7. 70% 1987 7.90% 19 88 8.20% 1989 8. 40% 1990 8.60% 1991 8. 80% The sum of $7,275.00, being the amount bid in excess of $735,300, shall be credited to the Sinking Fund hereinafter created. The City Clerk - Treasurer is directed to