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Regular Council Meeting <br /> December 18, 1990 <br /> page 2 • <br /> 1 5 APPROVAL OF MINUTES OF THE DECEMBER 11 , 1990 COUNCIL MEETING <br /> 2 <br /> Motion by Marks, second by Ranallo to approve the minutes of the December <br /> 4 11 , 1990 Council meeting with the following correction: <br /> S page 6, line 19: Correct the word "Gardenettes" to "Gardeners" <br /> R Motion carried unanimously <br /> 9 6. APPROVAL OF VERIFIED CLAIMS <br /> 10 <br /> 11 <br /> 12 Motion by Marks, second by Makowske to approve the Verified Claims list <br /> 13 which was distributed to the Council at the December 18, 1990 meeting. <br /> i4 Motion carried unanimously <br /> 15 <br /> 16 <br /> 17 <br /> 18 7 APPROVAL OF RESOLUTION NO. 90-043: RE: $1 ,5.50,000 GENERAL OBLIGATION <br /> 19 REFUNDING BONDS <br /> 20 <br /> 21 Bob Thistle, bond counsel from_ Springsted Public Finance Advisors, advised <br /> 22 the Council that seven bids were received. A list of bidders and their <br /> 23 net interest cost and rate was distributed to the Council . Thistle is recom- • <br /> 24 mending the bid on the General Obligation Refunding Bonds be awarded to <br /> 5 Cronin & Company, Incorporated, Smith Barney, Harris Upham s Company, <br /> 2 <br /> 25 Incorporated at a cost of $1 ,545,226.00 and a net interest rate of 5.9106%. <br /> 27 Thistle observed that this interest rate compares very favorably to what <br /> 28 <br /> was previously targeted as a market. He noted that the projected savings <br /> 29 <br /> 29 has been a net of $55,000. The actual net savings is $83,000. He felt <br /> 1 the Council had acted very prudently in August when they directed him to <br /> 31 delay taking any action on this matter at that point in time. This delay <br /> 33 resulted in a very large savings. <br /> 34 A Bond Buyer Index graph was distributed to the Council which reflected <br /> 35 interest rates from December 19, 1985 to December 13, 1990. Thistle observed <br /> 36 37 that the present rates are at one of their lowest points in the market <br /> 38 in the previous five years. <br /> 39 Motion by Marks, second by Wagner to approve Resolution No. 90-043; being <br /> 40 <br /> a resolution authorizing issuance, awarding sale, prescribing the form <br /> 42 and details and providing for the payment of $1 ,550,000 General Obligation <br /> n <br /> 43 Refunding Bonds, Series 199A. <br /> 44 Motion carried unanimously <br /> hi; _ <br /> 46 <br /> 47 8. APPROVAL OF RESOLUTION NO. 90-044; Re: FIRE DEPARTMENT PUBLIC SCHOOL <br /> 48 INSPECTIONS <br /> 49 <br /> 50 <br />