11/10/1969 Council Minutes - Laserfiche WebLink

Home Search

21 Mr. Bohjanen moved to authorize the Mayor and the Clerk to sign the club on -sale license after the above proofs were in. Seconded by Mr. Rosengren. Carried unanimously. The Clerk was instructed to write to the Post reiterating the above and the fees, etc. Mr. Richard Hauer stated that there was no difference in the two bids received on a police car. He would like to see the color be dark blue in the special paint, as well as a fence between the seats. Mr. Rosengren mentioned that he recommended the magnetic shields for the signs on the doors, but they will try them on the car as well as the old car for the Fire Marshall. Mr. L'Allier stated that they had checked on the method of policing before, namely from the County and the tri- village meetings of which there will be another. He felt that the car would fit into either of these methods if we should choose to adopt one. The Clerk was instructed to send a copy of the letter she had written to Sheriff Talbot previously to Mr. Talbot since he seemed unaware that we had wished an estimate on the cost of County policing for 1970. Mr, Cardinal moved to accept the lower bid of Coon Rapids Chrysler - Plymouth in the amount of $2829.00 and order the special paint in solid dark blue color for an extra $45.00. Also to authorize the purchase of door plaques for the vehicle. Seconded by Mr. Rosengren. Carried unanimously. Mr. Rosengren moved that the police be authorized to check prices for light bars (estimated at $250 -300) and the other requested additional equipment. Seconded by Mr. Bohjanen. Carried. Mr. Lyle Ricklefs of Springsted, Inc., congratulated the Council on the election results on the bond question; he passed out copies of the proposal to each member and will send additional copies for Mr. Jaworski and other officials. The sale of the bonds will take place on December 8, at 8:30 p.m. if this is all right by the Council. Mr. Ricklefs went through the proposal, explaining several things, the bonds will be in multiples of $5000, dated January 1, 1970, and maturing on January 1 of each year following with the last to be paid in 1984. He estimated that the interest rate would be between 6 1/2- 6 3/4 %; the interest payments would be due every six months with the amount due the first year estimated at 36500. Springsted, Inc. will print the bonds; the Mayor and Clerk will have to sign the same at Springsted offices. These will be legal after January 10th, with the bond buyer paying retroactive to January 1. The actual amount to be received after discount will be $98,040. Mr. Ricklefs suggested a reinvestment program until the money is actually needed to pay the contractor. He thought that we would probably get 7.70% on this with a minimum figure of 7 1/2 %. We will get the money on the day that the bonds are delivered --- January 8 or January 10th. We can withdraw any amount needed anytime. The money will be invested in government securities, these producing interest within 30 days. However, the Village should notify the bank holding the securities ahead of time if we know a certain date that the funds will be needed. He thought that our schedule of withdrawal would not really affect the rate received. Mr. Ricklefs thought there was no real advantage to holding out the sale of the bonds until April or May in view of the market. He stated that they don't expect any marked improvement in the market until next summer, based on different economic projections and the amount of bonds being sold and absorbed in secondary markets. He thought that if we didn't need the money until late next year then we could possibly wait. It was the concensus of Springsted, Inc. that the market won't improve any sooner. Mr. Rosengren thought that the Village should draw up exact specifications before we advertize for bids.