HomeMy WebLinkAboutMinutes - 1976/02/12PROCEEDINGS OF THE CITY COUNCIL
CITY OF MOUNDS VIEW
RAMSEY COUNTY, MINNESOTA
A special meeting of the Mounds View City Council was
called to order by Mayor Johnson on February 12, 1976, at
8 :30 p.m. at the Mounds View City Hall, 2401 Highway 10,
Mounds View, MN 55112, for the purpose of awarding the
sale of $1,045,000 Advance Refunding Bonds.
Also present: Admin. Achen
Present: Mayor Johnson Fiscal Consultant,
Councilman Baumgartner Seegar Swanson
Councilman Pickar
Councilman Shelquist
Absent: Councilman Hodges
Mayor Johnson asked Seegar Swanson to explain the results
of the bid opening at 11 o'clock a.m. today. Mr. Swanson
stated that the market conditions for the sale of Advance
Refunding Bonds had deteriorated in the past week and that
up until the last minutes, he was concerned the City would
receive no bids on the bond sale. However, a bid was
received from Piper, Jaffray Hopwood, Inc. in association
with Allison Williams Co.; Dain, Kalman Quail, Inc.; and
The First National Bank of St. Paul.
Their bid conformed to the specifications of the sale and
produced a net interest cost to the City of 5.7417 percent.
This represents a savings to the City of over $55,000 on the
existing bonds. Mr. Swanson also indicated that the call
premium of approximately $13,000 that would have to be paid
in 1991 would be covered by the escrow for the Advance
Refunding Bonds, so this created additional savings for
the City if it should desire to call those bonds in 1981 or
thereafter. He recommended that Council accept the bid of
Piper, Jaffray Hopwood, Inc. and award the sale of
$1,045,000 General Obligation Refunding Bonds to this firm
on March 1, 1976.
MSP (Baumgartner- Pickar) to adopt Resolution x=714 "Authorizing,
Selling and Establishing the Terms of $1,045,000 General
Obligation Refunding Bonds, Creating a Sinking Fund Therefor,
and Providing for their Payment 4 ayes
Mayor Johnson asked Mr. Swanson whether securities had
already been purchased for the 15% portion of the escrow
on which the City was not restricted in terms of interest rate.
Mr. Swanson said that that had beer done and that an interest
rate of about 7.5% had been obtaineJ for the approximately
$155,000 in escrow.
Mayor Johnson asked that the records show that Mr. Richard
Schonhardt, a citizen, was present at this meeting.
Special meeting
-2- February 12, 1976
MSP (Pickar- Baumgartner) to adjourn at 8:55 p.m. 4 ayes
Respectfully submitted,
eve.kaeAmi.
Mark Achen
Clerk- Administrator