06/22/1998 Council Minutes - Laserfiche WebLink

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COUNCIL MINUTES JUNE 22, 1998 Consideration of Resolution No. 98 - 98, Awarding Sale of $4,310,000 General Obligation Improvement Bonds, 1998A - Mr. Shannon stated that the Council approved the issuance of the bonds in May, 1998. Three (3) bids were received for the bonds with the low bid from Piper, Jaffrey, Inc., and Norwest Investment Services at a cost of $1,942,025 with a net interest of 4.77%. Mayor Sullivan asked what the upgrade on bonding meant to the City. Mr. Shannon stated that the City will save interest because the security of the issuer is greater than in the past. The increased rating together with a favorable bond market resulted in favorable bids on the bonds. Council Member Lyden moved to adopt Resolution No. 98 - 98, as presented. Council Member Dahl seconded the motion. Motion carried unanimously. Resolution No. 98 - 98 can be found in the 1998 Resolution file. Consideration of Resolution No. 98 - 99, Awarding Sale of $2,000,000 General Obligation Improvement Bonds, 1998B - Mr. Shannon stated that three (3) bids were received for the bonds with the low bid from Piper, Jaffrey, Inc., and Norwest Investment Services at a cost of $967,571. 25 with a net interest of 5.80%. Council Member Lyden moved to adopt Resolution No. 98 - 99, as presented. Council Member Dahl seconded the motion. Motion carried unanimously. Resolution No. 98 - 99 can be found in the 1998 Resolution File. Consideration of Resolution No. 98 -100, Authorizing Execution and Delivery of Ground Lease and Lease Purchase Agreement with the Economic Development Authority (EDA). Approving Issuance of Lease Revenue Bonds and Execution of Related Documents - Mr. Shannon stated that the EDA has issued bonds for the Civic Complex. The City will lease the buildings from the EDA and in turn, lease the land to the EDA. A motion is required to authorize execution of the documents to complete the matter.. Council Member Lyden moved to adopt Resolution No. 98 - 100, as presented. Council Member Dahl seconded the motion. Motion carried unanimously. Resolution No. 98 - 100 can be found at the end of these minutes. Mr. Shannon thanked the City Council for allowing him to work with the City again. He said he wanted to thank the staff, Mary Vaske in particular, for her hard work on this issue and noted that she should be commended. The EDA staff and all of the other staff pitched in to provide answers and rapid responses. Mr. Shannon explained that Moody's Rating Service indicated that they were very comfortable with the Staff that they talked to. 4