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140 <br />COUNCIL MEETING <br />October 15, 1985 <br />Page -5- <br />Ms. Gamz opened the bids and they were read: <br />Company <br />• <br />Net Interest <br />Dollar Cost <br />Morgan Stanley & Co., Inc. $439,250.00 <br />Piper Jaffray & Hopwood, Inc.$411,625.00 <br />Cronin & Marcotte, Inc. $390,350.00 <br />1st National Bank St. Paul $397,750.00 <br />Net Interest <br />Rate <br />7.9144% <br />7.4166% <br />7.0333% <br />7.1666% <br />Ms. Gamz noted that the net interest cost had been projected to <br />be near $70,000.00 semi - annually. The low bid would bring this <br />cost down to near $61,000.00 semi - annually. <br />Ms. Gamz noted that she felt this route the Council was taking <br />in issuing three year temporary bonds was a good route and allowed <br />for more flexibility. She recommended the Council accept the <br />Cronin and Marcotte, Inc. bid. <br />Mr. Marier moved to approve Resolution #85 -24, award the bid to <br />Cronin and Marcotte, Inc. at the interest rate of 7.0333% inter- <br />est and a Net Dollar Cost of $390,325.00 and waive the reading of <br />the Resolution. Mr. Reinert seconded the motion. Motion carried <br />unanimously. <br />Ms. Gamz said it would take .approximately thirty days to get the <br />money. Mayor Benson asked why this City received such a good rate <br />of interest. Ms. Gamz said because of the City's credit rating, <br />the size of the issue and the timing was right. <br />RESOLUTION #85 - 24 <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />LINO LAKES, MINNESOTA <br />Pursuant to due call and notice thereof, a regular meeting <br />of the City Council of the City of Lino Lakes, Anoka County, Minn- <br />esota, was duly called and held at City Hall in said City on the <br />15th day of October, 1985, at 7:00 P.M. o'clock P.M. for the pur- <br />pose of opening, considering bids for, and awarding the sale of <br />$1,850,000.00 General Obligation Temporary Improvement,Bonds, Series <br />1985A of the City. <br />The following members were present: W. Bohjanen, D. Marier, V. <br />Reinert and Mayor B. Benson and the following were absent: R. Kul - <br />aszewicz.. <br />The City Administrator presented affidavits showing publication <br />of notice of call for bids on $1,850,000.00 General Obligation Tem- <br />porary Improvement Bonds, Series 1985 of the City, for which bids <br />