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1 <br />1 <br />1 <br />COUNCIL MEETING OCTOBER 11, 1994 <br />the proposed change in relationship to the entire City not just <br />one neighborhood. Ms. Racutt was invited to the next work <br />session. <br />CONSIDERATION OF DISBURSEMENTS <br />September 30, 1994 - Council Member Elliott moved to approve <br />these disbursements as presented. Council Member Neal seconded <br />the motion. Motion carried unanimously. <br />October 11, 1994 - Council Member Elliott moved to approve these <br />disbursements as presented. Council Member Kuether seconded the <br />motion. Motion carried unanimously. <br />Centennial Fire District - Council Member Elliott moved to <br />approve these disbursements as presented. Council Member Kuether <br />seconded the motion. Motion carried unanimously. <br />CONSIDERATION OF THE SALE OF $2,095,000.00 GENERAL OBLIGATION <br />BONDS, RESOLUTION NO. 94 - 89 <br />Mr. Shannon, Springsted, Inc. explained that bids were received <br />for the sale of $2,095,000.00 general bonds issue at 2:00 P.M. <br />this afternoon. Five (5) bids were received. Proceeds from this <br />bond issue will be used to finance the City's 1994 improvement <br />projects. A bid tab summary was presented to the City Council. <br />The best bid was submitted by a syndicate headed by FBS <br />Investment Services, Inc., Norwest Investment Services, Inc., and <br />Piper Jaffray, Inc. The total interest cost is 5.1511 percent. <br />The bond markets have deteriorated and this percentage is higher <br />than was quoted about a month ago. <br />Mr. Shannon explained that prior to offering the bonds for sale, <br />an application was made to Moody's Investment Service for rating <br />of the issue. Moody's has reconfirmed the City's BAA rating. <br />This is a quality investment rating. Moody's also made several <br />good comments about the City's financial position. <br />Mr. Shannon outlined Resolution No. 94 - 89 and recommended that <br />the City Council adopt it and award the sale of the bonds to FBS <br />Investment Services, Inc. Mayor Reinert thanked Mr. Shannon for <br />his presentation and the good report regarding the City's <br />financial position. <br />Council Member Kuether moved to adopt Resolution No. 94 - 89 <br />Awarding the sale of $2,095,000.00 general obligation bonds. <br />Council Member Elliott seconded the motion. Motion carried <br />unanimously. <br />PAGE 4 <br />183 <br />