Laserfiche WebLink
• <br />• <br />SPECIAL COUNCIL MEETING AUGUST 24,1999 <br />DATE <br />TIME STARTED <br />TIME ENDED <br />MEMBERS PRESENT <br />MEMBERS ABSENT <br />CITY OF LINO LAKES <br />MINUTES <br />August 24, 1999 <br />4:27 p.m. <br />4:39 p.m. <br />Council Members Dahl and Bergeson and <br />Mayor Sullivan <br />Council Members Lyden and Neal <br />Staff members present: City Administrator, Linda Waite Smith; City Clerk, Ry-Chel <br />Gaustad and Clerk -Treasurer Marilyn Anderson. <br />The purpose of the special meeting was to consider awarding the sale of General <br />Obligation Improvement Refunding Bonds, Series 1999A in the amount of $1,725,000 <br />and General Obligation Water Utility Revenue Refunding Bonds, Series 999B. <br />Mr. Jerry Shannon, Springsted, Inc. explained that two (2) bo e repared and <br />bids were solicited. The bids were received and opened to R n • 9A <br />Refunding Bonds received eight (8) bids. Dougherty ' LC was the <br />successful bidder. The true interest rate will be <br />This refunding bond refunds the Seri <br />bonds funded the West Central <br />Sunrise Meadows and Res <br />The Series 1999 <br />was the successf <br />refunds the Serie <br />construction of w <br />g bonds. The original temporary <br />ement Project, Woodridge Estates, <br />d and 4th Additions. <br />fu r r_ on received four (4) bids. John G. Kinnard & Company <br />e true interest rate will be 4.8305%. This refunding bond <br />eneral Obligation Water Revenue bond. That bond funded the <br />r tower No. 1. <br />Mr. Shannon felt that both bids were very satisfactory and recommended that they be <br />approved by the Council. The total costs associated with the three (3) bond issues <br />currently being funded is approximately $40,000. <br />Mr. Shannon noted that Moody's had reviewed the City's bond rating and the rating has <br />been established at A3. <br />Council Member Dahl moved to approve the sale of the General Obligation Improvement <br />Refunding Bonds, Series 1999A and the General Obligation Water Utility Revenue <br />Refunding Bonds, Series 1999B as outlined by Mr. Shannon. Council Member Bergeson <br />seconded the motion. Motion carried unanimously. <br />The meeting was adjourned at 4:38 p.m. <br />PAGE 1 <br />