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City Council Regular Meeting Minutes <br /> March 27, 2001 <br /> Page 3 <br /> 1 Councilmember Sparks presented the following changes to the regular meeting minutes of <br /> 2 February 13, 2001: <br /> 3 Page 7, line 3 to add"$60,000 of immediate maintenance and$390,000 to $480,000 to renovate <br /> 4 into a Community, or Teen Center." <br /> 5 Page 7, lines 17 and 18 to strike last sentence. <br /> 6 Motion by Thuesen, seconded by Cavanaugh to approve the Consent Agenda as corrected above. <br /> 7 Said Consent Agenda consisted of- <br /> 8 1. Council Regular Meeting Minutes of February 13, 2001 <br /> 9 2. Council Study Session Minutes of March 13, 2001 <br /> 10 3. Licenses and Permits. and <br /> 11 4. Claims. <br /> 12 Motion carried unanimously. <br /> 13 VIII. PUBLIC HEARINGS. <br /> 14 None. <br /> 15 IX. GENERAL POLICY BUSINESS OF THE COUNCIL. <br /> 16 A. Resolution 01-053 re: Award Sale of Bonds for 2001 Street and Utility Improvement <br /> 17 Project. <br /> 18 Mornson noted that this is a component of the funding for the 2001 Street Project for this year as <br /> 19 well as the start of the funding for the holding pond. He stated that between the $1.1 million and <br /> 20 the DNR money there is a total of $2 million dollars which are needed to fund this project. <br /> 21 Mornson introduced Mr. Robert Thistle of Springsted, and asked that he review the bids for this <br /> 22 project, and offer his recommendation. <br /> 23 Mr. Thistle stated that they had gone to market earlier that day for the sale of$1,160,000 of <br /> 24 General Obligation Improvement Bonds for the above projects. He advised that the low bid was <br /> 25 from Cronin& Company Incorporated with an interest rate of 4.653012%. Mr. Thistle <br /> 26 recommended the.Council award the sale of bonds to Cronin& Company Incorporated. He <br /> 27 stated that the second bid by Dain Rauscher Incorporated was only .02%higher,which indicated <br /> 28 that the market is very good. <br /> 29 Mayor Cavanaugh inquired of the difference between the net interest cost, and the true interest <br /> 30 cost. Mr. Thistle responded that a net interest cost and the true interest cost is the addition of <br /> 31 some issuance cost,which is defined by Federal Law. <br /> 32 Motion by Hodson to adopt Resolution 01-053,re:Award Sale of Bonds for 2001 Street and <br /> 33 Utility Improvement Project. <br /> 34 Motion carried unanimously. <br />