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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: MacGillivray said. Although McClees Investments . <br /> llis 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 /> '48.City Attorney -Advises on Ordinance Which Imposes a Penalty for. Violation <br /> 49'of 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-. 0 <br /> 54 <br />