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1 <br />1 <br />1 <br />COUNCIL MEETING MARCH 23, 1992 <br />Mr. David MacGillivray bond consultant from Springsted, Inc. <br />explained that bids were taken for these bonds at 12:30 P.M. <br />today. One (1) bid was received for the $1,060,000.00 Series <br />1992B bonds. This bid was from Piper, Jaffray & Hopwood, Inc, at <br />a true interest rate of 6.6710 %. Two (2) bids were received for <br />the $3,640,000.00 1992A series bonds. A bid was received from <br />Cronin & Company, Inc. Edward D. Jones & Company with a true <br />interest rate of 6.5177% and the second bid was received from <br />Piper, Jaffray &Hopwood, Inc. with a true interest rate of <br />6.5403 %. The $1,060,000.00 Series 1992B bonds will be used for <br />the construction of the water tower and the $3,640,000.00 1992A <br />bonds will be used to refinance the 1989 Temporary Improvement <br />Bonds. <br />Mr. MacGillivray explained that when less than three (3) or four <br />(4) bids are received an investigation is made to determine why <br />more bids were not received. Basically there are two (2) reasons <br />for the small number of bids; 1) there are many bond issues out <br />for bid at this time, and 2) Lino Lake's credit rating is below <br />Moody's AA rating. Mr. MacGillivray felt that the rates were <br />competitive at or under comparable issues sold in other <br />jurisdictions. He felt that the rates were very good for long <br />term borrowing. <br />Council Member Kuether moved to adopt Resolution No. 92 - 42 <br />Awarding the Sale of $1,060,000.00 General Obligation Water <br />Revenue Bonds, Series 1992B to Piper, Jaffray & Hopwood, Inc. <br />Council Member Elliott seconded the motion. Motion carried <br />unanimously. <br />Council Member Kuether moved to adopt Resolution No. 92 - 43 <br />Awarding the Sale of $3,640,000.00 General Obligation Improvement <br />Refunding Bonds, Series 1992A to Cronin & Company, Inc. Council <br />Member Elliott seconded the motion. Motion carried unanimously. <br />Resolution No. 92 - 42 and 92 - 43 can be found at the end of <br />these minutes. <br />SECOND READING, ORDINANCE NO. 16 - 91 REZONE OUTLOT J, LAKES <br />ADDITION NO. 3 (BLACK DUCK ESTATES) <br />Mr. Schumacher explained that four (4) Council Members are <br />required to vote on this matter. He asked that the matter be <br />delayed until Mayor Reinert arrives. <br />CONSIDERATION OF RESOLUTION NO. 92 - 49 DECLARING THE OFFICIAL <br />INTENT OF THE CITY OF LINO LAKES TO REIMBURSE CERTAIN <br />EXPENDITURES FROM THE PROCEEDS OF BONDS TO BE ISSUED BY THE CITY <br />Mr. Schumacher explained that the IRS has amended its procedures <br />PAGE 2 <br />165 <br />