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City Council Regular Meeting Minutes March 10, 1998 Page 9 1 Mornson reported he had met with the school principal and suggested the idea of a clerk at City 2 Council meetings. He also noted that the Council is involved in an ongoing process of 3 determining what they would like in the foyer area. Staff is currently working on some ideas 4 which will be presented to the Council. 5 VIII. PUBLIC HEARINGS -None. 6 IX. NEW BUSINESS. 7 A. Resolution 98-032, re: Award Sale of Bonds for 1998 Street Improvements. 8 Jerry Shannon, Vice President of Springsted, stated he was present to ask the Council.to consider 9 the award of bid for$725,000 General Obligation Bonds, Series 1998A. Five bids were 10 received. The lowest bid was received from John G. Kinnard& Company Incorporated at a net 11 interest cost of$347,519.58 and a true interest rate of 4.8580%. Moody's Investment gave the 12 City of St. Anthony a rating of Al based on the continued growth within the City, the wealth and 13 value of the community, and the location in relation to Minneapolis and St. Paul. 14 Cavanaugh asked if this was the maximum rating that the City of St. Anthony could receive. 15 Mr. Shannon stated that based on the community size, location and potential for additional growth, this was the highest rating the City could achieve. 17 Motion by Thuesen, second by Faust to approve Resolution 98-032, relating to $725,000 General 18 Obligation Improvement Bonds, Series 1998A; awarding the sale to John G. Kinnard & 19 Company Incorporated, fixing the form and details and providing for the execution and delivery 20 thereof and security therefor and levying ad valorem taxes for the payment thereof. 21 Motion carried unanimously. 22 Cavanaugh asked if the bonds had been sold or if residents could purchase the bonds. 23 Mr. Shannon stated he could check but in all likelihood the bonds had already been sold. 24 B. Resolution 98-033, re: Polling Location Change. 25 Motion by Cavanaugh, second by Marks to approve Resolution 98-033, approving a polling 26 location change. 27 28 Motion carried unanimously. 29 C. Appoint Prosecuting Attorney. 30 Bob Foster, Foster, Wentzell, Hedback& Brever, LLC, indicated he had provided the Council with a prosecution summary and information in regard to the DWI law changes.