HomeMy WebLinkAboutgr00090_000035_pg157SPECIAL MEETING
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
MINNESOTA
A special meeting of the City Council was called to order by Mayor Neisen
at 8 :14 p.m. on November 19, 1974, at the Mounds View City Hall, 2401
Highway #10, Mounds View, Minnesota 55112
Present: Mayor Neisen Councilman Johnson
Councilman Hodges Councilman Pickar
Absent: Councilman Baumgartner
Mayor Neisen stated that Councilman Baumgartner had been called out of
town on short notice and would not be present.
Mr. Seegar Swanson, Ehler and Associates, noted that documentation of the
projects involved in the bond sale had been prepared but that Council action
should be taken to assure that proper procedure had been followed in the
ordering of Project 1974 -1. To do so, he read a proposed resolution.
MSP (Pickar- Hodges) To adopt Resolution No. 648 determining the adequacy
of the petition and ordering Improvement Project 1974 -1.
Neisen Aye
Hodges Aye
Johnson Aye
Pickar Aye
Mr. Swanson announced that Mounds View had received a new Moody rating
of Baa -1. He stated that this should improve the interest rate on
the proposed sale. He noted that the night before the City of North
St. Paul with the same rating had sold bonds at 6.4330
Administrator Achen presented affidavits of publication of notice of
bond sale in the New Brighton Bulletin, the official newspaper of the
City, and in the Commercial West, published at Minneapolis, Minnesota,
as required by law and as directed by resolution of the Council adopted
October 28, 1974. The affidavits were examined, approved and ordered
filed in the office of the Clerk- Administrator.
Mayor Neisen announced that the meeting was open for the purpose of
receiving and considering sealed bids for the purchase of $1,,680,000
Improvement Bonds of 1974 of the City.
Administrator Achen announced that he had received bids for said bonds,
which upon being opened were found to be as follows:
Name of Bidder Net Interest Cost & Rate
First National Bank of St. Paul, Mn.
(Account Manager)
Banc Northwest
(Account Manager)
$938,767.25
6.1639%
$952,350.36
6.2531%
Price
$1,666,014.00
$1,662,221.52