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1 -10- <br /> 2 <br /> :3morning. He reported what he knew about - the McClees . Investments . Inc. who <br /> 4had submitted the low bid-of -$676 , 890. 00 at : 7 . 87% for the bonds. The. <br /> 5financial adviser reminded the Councilmembers that 30 days ago <br /> 6Springsted had. estimated :the interest rate at- 8 .75% and since that time, <br /> 7the interest rate had shot up to where a 9% rate could have been <br /> 8expected: The lower interest rate means the annual debt service would <br /> 9probably go down about $5 , 000 ,as would the funded reserve the City would <br /> 10have to maintain, Mr. MacGiliivray , said. Although McClees Investments_ <br /> 1lis a relatively new. firm, the firm principal is John Eiden, who used to <br /> 12be with Dain Bosworth. He said the firm -had always come through with <br /> 13other deals Springsted had with them. <br /> 14 <br /> 15Council Action <br /> 16 <br /> 17Motion by Ranallo, seconded by Enrooth to adopt Resolution 87-021 and to <br /> 18accept the low bid of $676, 890 . 00 at 7 . 87% and award the contract for <br /> 19$690,000 in Liquor Store Revenue Bonds for the Stonehouse project to <br /> 20McClees Investments , Inc. <br /> 21 <br /> 22 RESOLUTION 87-021 <br /> 23 <br /> 24 A RESOLUTION AUTHORIZING ISSUANCE, PRESCRIBING THE FORM <br /> 25 AND DETAILS AND PROVIDING FOR THE PAYMENT OF <br /> 26 $690,000 LIQUOR STORE REVENUE BONDS, SERIES 1987 <br /> 27 <br /> 28 Motion carried-unanimously-.• <br /> 29 <br /> 30Council Approves Umbrella Insurance Coverage for City <br /> 31 <br /> 32Mr. Childs reported he and Mark Flaten of American Risk had been able to <br /> 33negotiate umbrella coverage. at $16 , 985 for a million dollars. coverage <br /> 34which was a decrease from $17 , 303 paid last year. He said they had not <br /> 35yet completed negotiations with the League regarding higher deductibles. <br /> 36for the City' s property coverage. <br /> 37 <br /> 38Council Action <br /> 39 <br /> 40Motion by Enrooth, seconded by Makowske to .accept the bid for umbrella <br /> 41coverage at $16 ,985. 00 for a million dollars coverage as recommended by <br /> 42staff . <br /> 43 <br /> 44 Motion carried unanimously. <br /> 45 <br /> 46UNFINISHED BUSINESS <br /> 47 <br /> 48City Attorney Advises on Ordinance which Imposes a Penalty for Violation <br /> 49of the Emergency Sprinkling Ban <br /> 50 <br /> 51Councilmembers had been provided with copies of Section 245 : 30 through <br /> 52245: 55 of the City Ordinance, which provided for :the above. The Manager <br /> 53read- that portion of Section 245 : 45 which was missing from their copies. :• <br /> 54 <br />