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-7- <br /> $125,000 Equipment Certificates of -Indebtedness- App-roved -for New Road Grader <br /> and Squad Cars <br /> The -above was accepted as agenda addendum. <br /> Dan Hartman of Miller & Schroeder Financial Services.. Inc.., advi.sers on the <br /> proposed issue, distributed the following documents: <br /> * Debt Service Schedule for a three year issue at 4.25-5.00% interest; <br /> * listing of similar municipal bond issues in the Twin Cities and State of <br /> Minnesota for Council comparison with this issue; <br /> * chart illustrating the weekly rates for general obligation and revenue <br /> bonds in the same area and the prime interest rate for the past and current <br /> years; <br /> * bid forms and Letter of Disclaimer to be signed by City officials, if the <br /> issue is approved. <br /> Mr. Hartman pointed out that the market in terms of municipal securities was <br /> not in "bad shape at all ." The reason the financial adviser perceived for <br /> that was that the new tax laws had restricted the issuance of municipal securities <br /> to legitimate issuance and thereby drove the rates down. <br /> He advised the Council that by adopting the resolution Mr. Childs had proposed, <br /> the City would be receiving $123, 125.00 in proceeds from the Certificates <br /> which, with $1 ,200.00 in issuance costs deducted, would leave about $122,000 <br /> available to pay for the equipment. <br /> Mayor Sundland thanked Mr. Hartman for his efforts which had resulted in such <br /> a good interest quote on the issue. Councilmember Marks echoed that sentiment <br /> and as an aside told the financial adviser he had found a recent seminar Mr. <br /> Hartman had participted in with Senator Dale Bumpers and Congressman William <br /> Frenzel to be very interesting. <br /> Council Action <br /> Motion by Ranallo, seconded by Marks to adopt Resolution 86-037.. <br /> RESOLUTION 86-037 <br /> A RESOLUTION RELATING TO $125,000 EQUIPMENT CERTIFICATES <br /> OF INDEBTEDNESS; AUTHORIZING THE ISSUANCE THEREOF <br /> AND AWARDING THE SALE <br /> Motion carried unanimously. <br /> UNFINISHED BUSINESS <br /> Bids on Stonehouse Remodeling Project Rejected <br /> Issue: . City Council had directed staff to restructure the project <br /> with deletion of the basement from the -off-sale space and <br /> to rethink the on-sale remodeling with the goal of accomplishing <br /> the total on and off sale projects for approximately ,$500,000. <br />