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PROCEEDINGS OF THE CITY COUNCIL <br />CITY OF MOUNDS VIEW <br />RAMSEY COUNTY, MINNESOTA <br />A special meeting of the Mounds View City Council was <br />called to order by Mayor Johnson on February 12, 1976, at <br />8:30 p.m. at the Mounds View City Hall, 2401 Highway 10, <br />Mounds View, MN 55112, for the purpose of awarding the <br />sale of $1,045,000 Advance Refunding Bonds. <br />Present: Mayor Johnson Also present: Admin. Achen <br />Councilman Baumgartner Fiscal Consultant, <br />Councilman Pickar Seegar Swanson <br />Councilman Shelquist <br />Absent: Councilman Hodges <br />Mayor Johnson asked Seegar Swanson to explain the results <br />of the bid opening at 11 o'clock a.m. today. Mr. Swanson <br />stated that the market conditions for the sale of Advance <br />Refunding Bonds had deteriorated in the past week and that <br />up until the last minutes, he was concerned the City would <br />receive no bids on the bond sale. However, a bid was <br />received from Piper, Jaffray & Hopwood, Inc. in association <br />with Allison - Williams Co.; Dain, Kalman & Quail, Inc.; and <br />The First National Bank of St. Paul. <br />Their bid conformed to the specifications of the sale and <br />produced a net interest cost to the City of 5.7417 percent. <br />This represents a savings to the City of over $55,000 on the <br />existing bonds. Mr. Swanson also indicated that the call <br />premium of approximately $13,000 that would have to be paid <br />in 1'981 would be covered by the escrow for the Advance <br />Refunding Bonds, so this created additional savings for <br />the City if it should desire to call those bonds in 1981 or <br />thereafter. He recommended that Council accept the bid of <br />Piper, Jaffray & Hopwood, Inc. and award the sale of <br />$1,045,000 General Obligation Refunding Bonds to this firm <br />on March 1, 1976. <br />MSP (Baumgartner - Pickar) to adopt Resolution #714 "Authorizing, <br />Selling and Establishing the Terms of $1,045,000 General <br />Obligation Refunding Bonds, Creating a Sinking Fund Therefor, <br />and Providing for their Payment ". 4 ayes <br />Mayor Johnson asked Mr. Swanson whether securities had <br />already been purchased for the 15% portion of the escrow <br />on which the City was not restricted in terms of interest rate. <br />Mr. Swanson said that that had been done and that an interest <br />rate of about 7.5% had been obtained for the approximately <br />$155,000 in escrow. <br />Mayor Johnson asked that the records show that Mr. Richard <br />Schonhardt, a citizen, was present at this meeting. <br />