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City Council Regular Meeting Minutes <br /> October 24, 1995 <br /> Page 4 <br /> 1 Motion carried unanimously. <br /> 2 B. Resolution 95-057. re: Call For Sale of Bonds For New City Hall/Community Center <br /> 3 Facili1y. <br /> 4 Mr. Gerald Shannon, Vice-President of Springsted Co., reported they have prepared and <br /> 5 distributed their recommendations for the issuance of$2,650,000.00 general obligation <br /> 6 tax increment bonds. Proceeds will be used to finance the new City Hall/Community <br /> 7 Center. He indicated debt service will be paid out of the tax increment. He reported they <br /> 8 anticipate taking bids on the bonds on November 27, 1995 at 11:00 a.m. and returning to <br /> 9 City Hall at 7:00-p.m. to present the results of the sale. The City of St. Anthony's current <br /> 10 rating from Moody's is A1. Mr. Shannon indicated this bond will be subject to the new <br /> 11 requirements for secondary market disclosure. He estimated the bond would come in at <br /> 12 5.22%to 5.25%. <br /> 13 Mayor Ranallo asked how residents could obtain these bonds. Mr. Shannon suggested <br /> 14 any interested residents get in touch.with their broker or banker. <br /> 15 <br /> 16 Motion by Marks, second by Wagner to adopt Resolution 95-057, regarding calling for <br /> 17 the sale of General Obligation Tax Increment Bonds, Series 1995. <br /> 18 Motion carried unanimously. <br /> 19 X. UNFINISHED BUSINESS -None. <br /> 20 XI. ADJOURNMENT. <br /> 21 Motion by Marks, second by Enrooth to adjourn the meeting at 7:35 P.M. <br /> 22 Motion carried unanimously. <br /> 23 Respectfully submitted, <br /> 24 Lorri Kopischke <br /> 25 TimeSaver Off Site Secretarial <br /> 26 <br /> 27 LlMayor <br /> 08 ATTEST: &2,� <br /> 29 City Clerk <br />