HomeMy WebLinkAbout08-24-1999 EDA MinutesECONOMIC DEVELOPMENT MEETING AUGUST 24, 1999
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CITY OF LINO LAKES
MINUTES
DATE : August 24, 1999
TIME STARTED : 4:40 p.m.
TIME ENDED : 4:45 p.m.
MEMBERS PRESENT : Council Members Bergeson and Dahl and
Mayor Sullivan
MEMBERS ABSENT : Council Members Lyden and Neal
Staff members present: City Administrator, Linda Waite Smith; City Clerk, Ry-Chel
Gaustad and Clerk-Treasurer Marilyn Anderson.
The purpose of the meeting was to consider the purchase sale of EDA Public Project
Revenue Refunding Bonds, Series 1999C.
The Secretary for the EDA was not present. Council Member Dahl moved to appoint
Clerk-Treasurer Marilyn Anderson as temporary secretary for this meeting only. Council
Member Bergeson seconded the motion. Motion carried unanimously.
Mr. Jerry Shannon, Springsted, Inc. explained that the EDA previously authorized the
refunding of a revenue bond that was authorized by the EDA in 1990 The purpose of the
1990 bond was to fund the construction of the Centennial Fire District Lino Lakes Fire
Hall.
Mr. Shannon noted that bids were solicited and received and opened today. The
successful bidder is Dougherty Summit Securities LLC. The true interest rate will be
5.0801%.
Mr. Shannon noted that Moody’s reviewed the credit rating for the City and established
the rate at A3 for this particular bond issue.
Council Member Bergeson moved to accept the bid from Dougherty Summit Securities
LLC as presented by Mr. Shannon. Council Member Dahl seconded the motion. Motion
carried unanimously.
There being no further business, the meeting was adjourned at 4:45 p.m.
These minutes were considered, corrected and approved at a regularly scheduled Council
meeting held on September 13, 1999.
_____________________________ ____________________________________
Marilyn G. Anderson, Secretary Kimberly A. Sullivan, President
ECONOMIC DEVELOPMENT MEETING AUGUST 24, 1999
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Sept. 2, 1999 (4:50 p.m.)
Sept. 7, 1999 (10:40 a.m.)