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33 <br />October 22, 1979 <br />Seconded by Mr. Kulaszewicz. Motion declared passed. <br />Mr. McLean moved to adjourn at 10:20 P.M. Seconded by Mr. Kulaszewicz. <br />Aye. <br />The minutes were considered and approved at the regular Council meeting <br />held on November 13, 1979. <br />Ednaz L. Sarner, Clerk- Treasurer <br />November 13, 1979 <br />The regular meeting of the Lino Lakes City Council was called to order at <br />8:00 P.M., November 13, 1979, by Mayor Karth. Council members present; <br />Kulaszewicz, McLean, Schneider, Zelinka. Absent: none. Mr. Schumacher <br />and Mr. Locher were also present. <br />Mayor Karth announced the first item to be considered was the bids on the <br />construction of the imporvemnets in Lakes Add. #2 and #3. In conjunction <br />with that project, Mayor Karth read a letter from Robert L. Peterson Co. <br />stating that he has made an agreement with Drover's State Bank to re- <br />purchase those lots and return them to the tax rolls. <br />Mr. Jerry Shannon, representing Springsted, reported on the bids received <br />by that firm for this priject. Mr. Shannon gave the Council a brief back- <br />ground on the actions of the bond market over thelast few months. He <br />told the Council that the City has received an 'A; rating from Moody's. <br />Mr. Shannon opened the first beid from Dain Bosworth Incorporated with a <br />net interest cost of $195,882.50 with a net effective interest rate of <br />6.9833%. <br />The second bid was from the The First National Bank of Saint Paul with a <br />net interest cost of $194,386.50 with a net effective interest rate of <br />6.930 %. <br />Mr. Shannon recommended the City accept the bid from the First National <br />Barak of Saint Paul at the net interest rate of 6.930 %. This issue to run <br />for three years and the balance to be refinanced at that time for a period <br />of perhaps seven years. <br />Mr. Zelinka moved to accept the bid from the First National Bank of Saint <br />Paul with the effective interest rate of 6.930 %. Seconded by Mr. Schneider. <br />Motion declared passed with all members present and voting in favor. <br />A short recess was called to allow time for the signatures on the necessary <br />forms for Mr. Shannon.. <br />Mr. Kulaszewicz moved to approve the minutes of October 9,1979 as written. <br />Seconded by MR. Zelinka. Motion declared passed with Mr. McLean abstaining. <br />Mr. McLean moved to approve the minutes of October 23, 1979 as written. <br />Seconded by Mr. Schneider. Motion declared passed with Mr. Kulaszewicz <br />and Mr. Zelinka abstaining. <br />