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258 <br />SPECIAL COUNCIL MEETING OCTOBER 3, 1988 <br />A special meeting of the Lino Lakes City Council was called <br />to order at 7:00 P.M. Council Members present: Neal, <br />Reinert, Bisel. Council Members absent: Bohjanen. Mayor <br />Benson arrived at 7:12 P.M. City Administrator, Randy <br />Schumacher, Bond Consultant, David MacGillivray and <br />Clerk - Treasurer Marilyn Anderson were present. <br />The purpose of the special council meeting is to consider <br />the sale of the $1,160,000 General Obligation Bond and the <br />$610,000 Temporary General Obligation Bond. <br />Mr. MacGillivray explained interest costs and interest <br />yields of this bond issue to the Council. He also explained <br />that bids were received today on the two bond sales. He <br />gave the Council copies of the bid forms and recommended <br />award of each bond sale. The $610,000 Temporary G. 0. <br />Improvement Bonds, Series 1988B received four bids with <br />First Bank National Assn., FBS Capital Markets Group and <br />Norwest Investment Service, Inc. being the low bidder. The <br />$1,160,000 G. O. Improvement Bonds, Series 1988A received <br />five bids with Shearson Lehman Hutton, Inc. Prudential -Back <br />Securities, Inc., Dean Witter Reynolds, Inc. being the low <br />bidder. <br />Mr. Bisel moved to awared the $1,160,000 G. 0. Improvement <br />Bonds, Series 1988A to Shearson Lehman, Hutton et al at an <br />interest rate of 6.8430 per cent and approve Resolution No. <br />76 - 88. Mr. Reinert seconded the motion. Motion carried <br />unanimously. This resolution can be found at the end of <br />these minutes. <br />Mr. Bisel asked if the $610,000 bond would not have been <br />sold as a temporary bond, would the City be better off. Mr. <br />MacGillivray explained that interest rates on bond sales are <br />at the lowest in all of 1988. He said he felt it was a good <br />move. <br />Mr. Reinert moved to approve Resolution No. 75 - 88 awarding <br />the sale of the $610,000 G. 0. Temporary Bonds to First Bank <br />with an interest rate of 6.4333 per cent. Mr. Bisel <br />seconded the motion. Motion carried unanimously. <br />Resolution No. 75 - 88 is found at the end of these minutes. <br />Mayor Benson asked if the temporary bonds could be paid off <br />before the end of three years. Mr. MacGillivray explained <br />PAGE 1 <br />