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-7- <br /> $125,000 Equipment Certificates of Indebtedness Approved 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. , advisers 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 />