10/26/1971 Council Minutes - Laserfiche WebLink

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10/26/71 11' 3 accepts the plastic we might as well, too. Mir. Locher noted too that in light of the Attorney General's opinion he could not advise the Council to prosecit^ if someone uses the plastic pipe. There was discussion on what happens if such pipe is red - tagged. Mr. L'Allier asked,Yr. Locher to check with St. Paul and to send a letter on his findings to the Clerk with copies to the Council and P&Z members. Clyde will wait until the November 8th meeting to, see how this comes out. Mr. Bohjanen moved to pay the bills as audited. Seconded by Mr. Rosengren. Carried unanimously. Mr. Cardinal moved to adjourn at 9:44 P.M. unanimously. Minutes approved at the meeting of November Seconded by Mr. Rosengren. Carried /'-7 i 8, 197) Clerk- Treasurer 10/27/71 A special meeting of the Lino Lakes Village Council was called to order by Mr. L'Allier, at 8 :10 P.M., on October 27, 1971. Those present were Mr. L'Allier, Mr. Jaworski, Mr. Bohjanen, Mr. Cardinal, Mr. Rosengren, Mr. Locher, Mr. Gotwald and Tom Strand a representative from Springsted, Inc. The meeting was called for the purpose of opening bids for sale of $550,000 bonds to be used in the Chomonix project for sewer and water. The first bid was from Piper, Jaffrey & Hopwood, Inc. Enclosed was a certi- fied check for a good faith deposit. The net interest cost was $68,585 with net effective rate of 4.1567. The second bid was from the Northwestern National Bank of Minneapolis. The net interest cost was $62,480, with not effective rate of 3.78666. The third bid was from the First National Bank of St. Paul. Enclosed was a check for a good faith deposit. The net interest cost was $63,322.50 with net effective rate of 3.8316. Mr. Jaworski moved to adopt a resolution. sell the bonds to the Northwestern National Bank, Minneapolis, using the format as recommended by the attorney. A copy of which is attached hereto. Seconded by Mr. Cardinal. Carried unanimously. Mr. Strand advised that it takes approximately five weeks to get the money, but the money is assured so the village can go ahead and sign the contracts. Mr. Locher advised that there are state laws as to where these monies can be deposited. It is adviseable to put them in a State or National Bank, Govern- ment Securities, or use it to purchase other municipal bonds, but it cannot be deposited in a savings and loan. Mr. Gotwald stated he would be able to ascertain during the next week just what the first payment would amount to. It was advised that during this five week period the village would receive interest on this money at the rate of 3.78666. There was discussion as to finding out where we can get the best interest, and the fact that we would want to transfer it immediately upon receipt. Mr. Locher advised of the receipt of Printer's Affidavits of Publication in the ,Commercial West, October 9, 1971, and the Forest Lake Times, October 7, 1971. They are filed with the Clerk.