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MINUTES OF LAKE ELMO CITY COUNCIL - July 16, 1974 Page 1 Meeting called to order at 5:14 p.m. by acting Mayor Abercrombie Present: Eder (5:32), Abercrombie, Pott, Shervheim and Brookman (7:30) Also Present: Steve Mattson - Juran and Moody, Bldg. Insp. Mueller, Counsel Raleigh, Engineer Bonestroo (5:14 - 6:30 p.m) and PZC Member Lyons (5:14-6:30 p.m.) Bond Sale Steve Mattson, Juran and Moody, delivered 4 bids on the bond sale. $175,509.50 Bids were opened in alphabetical order. All bidders enclosed a Helmo Ave. certified check as required. 1. Dain, Kalman & Quail Purchase price $176,064.40 Total interest cost 68,857.60 Net interest rate 6.3875% 2. First National Bank of St. Paul Purchase Price $175,509.50 Total interest cost 68,170.50 Net interest cost 6.3237% 3. Piper, Jaffrey, Cronin & Marcotte Purchase Price $175,509.50 Total interest cost 73,064.50 Net interest cost 6.777% 4. E. J. Prescott & Co. Purchase Price $175,600.00 Total interest cost 70,236.00 Net interest cost 6,5153 Steve Mattson reviewed the bids and advised they were all in order. Resolution R74-23 introduced by C. Shervheim, Accepting Bid on Sale of $179,000 General Obligation Street Inprovement Bonds of 1974 and Providing For Their Issuance. Second by C. Pott. A vote taken showed C. Shervheim, C. Pott and acting Mayor Abercrombie voting in favor. Voting against - none. Absent Mayor Eder and C. Brookman. Resolution carried 3 - 0. (Low bid of First National Bank of St. Paul accepted). Resolution C. Shervheim introduced Resolution R74-22. Approving the Proposed R74-22 Acquisition of Lands by Washington County For a Lake Elmo Metropolitan Park and asked for council confirmation. Second by C. Pott. Voting in favor C. Abercrombie, C. Shervheim, C. Pott and Mayor Eder. Absent C. Brookman - Carried 4 - 0. Minutes Motion by C. Shervheim second by C. Abercrombie to approve minutes Approval: of July 2, 1974 meeting as submitted. Carried 4 - 0. C. Brookman absent.