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SPECIAL MEETING <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />MINNESOTA <br />A special meeting of the City Council was called to order by Mayor Neisen <br />at 8:14 p.m. on November 19, 1974, at the Mounds View City Hall, 2401 <br />Highway #10, Mounds View, Minnesota 55112 <br />Present: Mayor Neisen Councilman Johnson <br />Councilman Hodges Councilman Pickar <br />Absent: •louncilman Baumgartner <br />Mayor Neisen stated that Councilman Baumgartner had been called out of <br />'town on short notice and would not be present. <br />Mr. Seegar Swanson, Eh1er and Associates, noted that documentation of the <br />projects involved in the bond sale had been prepared but that Council action <br />should be taken to assure that proper procedure had been followed in the <br />ordering of Project 1974 -1. To do so, he read a proposed resolution. <br />MSP (Pickar Hodges) To adopt Resolution No. 648 determining the adequacy <br />of the petition and ordering Improvement Project 1974 -1. <br />Mr. Swanson announced that Mounds View had received a new Moody rating <br />of Baa -1. He stated that this should improve the interest rate on <br />the proposed sale. He noted that the night before th= City of North <br />St. Paul with the same rating had sold bonds at 6.433% <br />Administrator Achen presented affidavits -'f publication of notice- of <br />bond sale in the New Brighton Bulletin, tte official newspaper cif the <br />City, and in the Commercial West, pu?>lishod at Minneapolis, Minnesota, <br />as required by law and as directed 'y re o1ution of the Co 1 adopted <br />October 28, 1974. The affidavits we .xamined, approved and ordered <br />filed in the office of the Clerk -Admin crator. <br />Mayor Neisen announced that the meeting was open for the purpose of <br />receiving and considering sealed bids for the purchase of $1,680,000 <br />Improvement Bonds of 1974 of the City. <br />Administrator Achen announced that he had received bids for said bonds, <br />which upon being opened were found to be as follows: <br />Mane of Bidder <br />First National Bank of St. Paul, Mn. <br />(Account Manager) <br />Banc Northwest <br />(Account Manager) <br />Net Interest Cast Rate <br />39 38,767.25 <br />6.1639 <br />$952,350.36 <br />6.2531% <br />Neisen Aye <br />Hodges Aye <br />Johnson Aye <br />Pickar Aye <br />Price <br />$1,666,014.00 <br />$1,66= 221.52 <br />