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City Council Regular Meeting Minutes • January 10, 1995 Page 11 1 Motion carried. 2 Motion by Marks,second by Wagner to approve Resolution 95-014 awarding a bid for 1995 3 Street and Watermain Improvements to Midwest Asphalt of Hopkins, MN. 4 Motion carried unanimously. - 5 Mr. Robert Thistle, Sprinsted Public Finance Advisors, explained the terms of the bond sale of 6 $825,000.00 in general obligation bonds, Series 1995A at a fifteen year issue. He stated that 7 based on the market at the time drafted, 6% interest with a 2%administrative cost,the bonds will 8 have a total-8-1/2% actual interest rate. The proceeds of the issue will be used to make the street 9 improvements discussed previously. He reported that repayment terms will be from February 1, 10 1998 to 2011. The bonds are optionally redeemable after the year 2006. He stated that the sale 11 date of the bonds will be February 14, 1995 at 1:00 P.M. City Council will then meet at 7:00 12 P.M. to hear the recommendation of the low bid. 13 Motion by Marks, second by Enrooth to approve Resolution 95-015 calling for the sale of 14 General Obligation Improvement Bonds, Series 1995A. aMotion carried unanimously. 16 VIII. REPORTS. 17 A. Mayor. 18 Mayor Ranallo reported the Ecumenical Community Celebration and Prayer Day would 19 be held, next Tuesday, January 17, 1995.. He urged all to attend. He then announced the 20 next scheduled celebration, which will be the dance at Apache Plaza, scheduled for 21 February 11, 1995. The Wells will be offering a special steak dinner for$6.95. Tickets 22 will be selling for$3.00 in advance, $4.00 at the door. 23 Ranallo also reported his attendance at a meeting last night with the Community Early 24 Childhood Group regarding the process of remodeling in the building. 25 B. Council. 26 Wagner reported that the Community Early Childhood Group seemed very responsive to 27 the meeting and expressed their willingness to help in any way possible. 28 Wagner also reported that the Lions, Kiwanis, and Sports Boosters.are planning to sponsor a Winter Fest in Central Park in early March with events for children and parents.