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PROCEEDINGS OF THE VILLAGE COUNCIL <br />VILLAGE OF MOUNDS VIEW <br />RAMSEY COUNTY, MINNESOTA <br />August 25, 1971 <br />A Special Meeting of the Mounds View Village Council was called to order by <br />Mayor Rustad at 8:07 P.M. on August 25, 1971, at the Mounds View Village Hall, <br />2401 Highway #10, St. Paul, Minnesota 55112 to receive and award bids for <br />5655,000 G.O. Improvement Bonds to finance Sanitary Sewer and Water Improvement <br />Project 1971 -1 and 1971 -1a. <br />Present: <br />Mayor Rustad <br />Councilman Neisen <br />Councilman Johnson <br />Absent: <br />Councilman Blanchard <br />Councilman Hodges <br />Also Present: <br />Clerk- Administrator Zylla <br />Attorney Meyers <br />Seegar Swanson, Fiscal Agent <br />Clerk- Administrator Zylla presented affidavits of publication of notice of bond sale <br />published in the New Brighton Bulletin on August 12th and Commercial West on <br />August 14th. He opened and presented the following four bids for consideration: <br />1) First National Bank of St. Paul $645,000 <br />net interest cost $343,845 net interest rate 5.920% <br />2) Robert S. C. Peterson Inc. $645,000 <br />net interest cost $345,408.75 net interest rate 5.9476% <br />3) Juran and Moody, Inc. St. Paul $645,004.70 <br />net interest cost $340,757.80 net interest rate 5.8675% <br />4) Piper Jaffray and Hopwood Inc. Mpls.$645,561.05 <br />net interest cost $341,641.05 net interest rate 5.8827% <br />Seegar Swanson recommended approval of the apparent low bid of Juran and Moody. <br />He also stated that he felt the timing for the sale was excellent for three <br />reasons. First the interest rate had dropped a record. half point in the last <br />week, second various syndicates have recently severed ties, and third most bond <br />dealers are oversold in bonds given the current economic situation. <br />MSP (Neisen/Rustad) To accept the bids and to award the sale of $655,000 <br />Improvement Bonds of 1971 to the low bidder Juran and Moody. (Resolution #534) <br />MSP (Neisen/Rustad) To authorize the issuance, sale and delivery of $655,000 <br />Improvement Bonds of 1971 payable from the Improvement Bond Redemption Fund, and <br />providing for and appropriating special assessments for the support and maintenance <br />of said fund. (Resolution #535) <br />3 Ayes <br />3 Ayes <br />MSP (Neisen/Rustad) To adjourn at 9:27 P.M. 3 Ayes <br />Reapectfully Submitted, <br />wij <br />ennis S. lla, <br />Clerk -Ad. istrator <br />