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1 NEW BUSINESS <br />3 <br />4 Daniel W. Hartman, Vice President of the <br />5 advising that his firm purchase the bonds <br />6 thereby eliminating the adviser fees which <br />7 much higher than would be paid in underwri <br />8 had contained a copy of his September 15th <br />9 the issue be structured, including a debt <br />10 offered a substitute document indicating <br />11 6.47% on a 7 year bond issue instead of <br />12 estimated. <br />above firm, indicated he was <br />and serve as the underwriter, <br />would make the issuance costs <br />:er costs. The agenda packet <br />memorandum on how he proposed <br />service schedule for which he <br />the interest rates would be <br />the 6.336% he had originally <br />13 The Miller Schroeder executive indicated his staff had priced the issue <br />14 based on the bond market interest rate as of that date for other issues <br />15 of comparable value. He distributed two other reports with comparison <br />16 which he said he perceived supported that rate. <br />17 Mr. Hartman added that a $200,000.00 issue would be more expensive to <br />18 market than one for a million dollars if his firm had gone to public <br />19 sale with the bonds. The rates would have been higher than two issues <br />20 that same day for West St. Paul and White Bear Lake which were much <br />21 larger and involved non -callable bonds. <br />22 Jerry Gilligan of Dorsey & Whitney, had prepared the necessary <br />documentation for the issue which had been distributed prior to the <br />z4 meeting. <br />25 Council Action <br />26 Motion by Marks, seconded by Enrooth to adopt Resolution 88-039. <br />27 RESOLUTION 88-039 <br />28 A RESOLUTION RELATING TO $210,000 GENERAL <br />29 OBLIGATION SEWER REVENUE BONDS OF 1988; <br />30 AUTHORIZING THE ISSUANCE, AWARDING THE SALE, <br />31 FIXING THE FORM AND DETAILS, AND PROVIDING <br />32 FOR THE EXECUTION AND DELIVERY THEREOF <br />33 AND SECURITY THEREFOR <br />34 Motion carried unanimousl <br />35 Contract for $189,700 Awarded to NewMech Companies, Inc. for Foss Road <br />36 Lift Station and Meter Vault Replacement <br />37 Leonard C. Newquist of Short -Elliott -Hendrickson, Inc., project <br />38 engineer, reiterated the information contained in his September 22nd <br />39 letter to Larry Hamer, which had been included in the agenda packet. <br />A0 Mr. Newquist indicated further that: <br />B! <br />