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City Council Regular Meeting Minutes November 27, 1995 Page 4 1 Morrison noted a conditional use permit was being requested by the Solid Rock Church to 2 locate in Apache Plaza. They are requesting a one year lease. This item will be 3 considered at the Planning Commission meeting on December 19, 1995 and at the City 4 council meeting on December 20, 1995. 5 Morrison reminded the Council the next two meetings are scheduled for December 6 and 6 December 20, 1995. 7 Morrison noted a letter received by the City of Columbia Heights in regard to a Joint 8 Powers Agreement between St. Anthony and Columbia Heights for the construction of a 9 signal at 39th Avenue and Stinson Boulevard. On November 10, 1995 new rules were 10 adopted for State Aid Operations which will allow St. Anthony's entire cost of this 11 construction to be funded by Municipal State Aid Construction Funds. There was 12 Council consensus to place this item on the agenda of the December 6, 1995 City Council 13 meeting. 14 VIII. PUBLIC HEARING -None. 5 IX. NEW BUSINESS. 16 A. Resolution 95-063. re: Award Bid for Sale of$2.650,000.00 Tax Increment Bonds, 17 Series 1995B. 18 Mr. Bob Thistle, Springsted, Inc. explained the City of St. Anthony had authorized their 19 company to go to bid on behalf of the City for general obligation tax increment bonds in 20 the amount of$2,650,000.00 for the City Hall /Community Center. Nine bids were 21 received. The low bid was received by Piper Jaffray Inc. in conjunction with Robert W. 22 Baird& Co., Inc. at an interest rate of 4.8520%. The estimated interest rate had been 23 5.23%. The difference will result in a$30,000.00 reduction of interest over the life of the 24 issuance. The City of St. Anthony's credit rating was reaffirmed by Moody's as A-1. Mr. 25 Thistle noted the interest rate has not been comparable to this since 1968. He 26 commended the City for bringing the project into the market at the right time. 27 Ranallo noted the reduction in interest resulted only in a savings, not in an excess of 28 funds which could be used elsewhere. Mr. Thistle concurred. 29 Motion by Marks, second by Wagner to adopt Resolution 95-063, relating to 30 $2,650,000.00 General Obligation Tax Increment Bonds, Series 199513; authorizing the 31 issuance, awarding the sale to Piper Jaffray Inc. in conjunction with Robert W. Baird& 32 Co., Inc. at an interest rate of 4.8520%, fixing the form and details, and providing for the 3 execution and delivery thereof and the security therefor. 9 34 Motion carried unanimously.