1988.08.22 CC Minutes - Special meeting

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Pursuant to due call and notice thereof, a special meeting of the City Council of the City of Hugo, Minnesota, was duly held in the Hugo City Hall on August 22, 1988, by acting Mayor, Deane Vail, at 7:00 P.M., C.T. PRESENT: Robert Olson, Theodora City Administrator, Ken Huber City Clerk, Mary Ann Creager ABSENT: George Atkinson Peltier, Arthur Potts, Deane Vail The Acting Mayor announced that the meeting was convened for the consideration of the bids which had been received for the purchase of the city's $1,055,000 General Obligation Improvement Bonds, Series 1983A, as advertised for sale. Mr. Steve Emerson, representing Ehlers and Associates, the city's financial consultants, presented a tabulation of the bids which had been received in the manner specified in the notice of sale of the Bonds. The bids were as follows: BIDDER FBS CAPITAL MARKETS GROUP ALLISON-WILLIAMS COMPANY CRONIN & COMPANY MILLER SECURITIES SHEARSON LEHMAN HUTTON, INC. AMERICAN NATIONAL BANK & TRUST COMPANY OF ST. PAUL NET INTEREST COST $8325313.25 B32,474.50 833,048.75 838,787.50 850,364.88 851,987.50 NET INTEREST RATE 7.4065% 7.4080% 7.4131% 7'4641% 7.5672% 7.5816% Olson made motion, Potts seconded, to adopt RESOLUTION 88-40, RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $1,055,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1988A, AND LEVYING A TAX FOR THE PAYMENT THEREOF' VOTING AYE: Robert Olson, Arthur Potts, Deane Vail VOTING NAY: Theodora Peltier Motion Carried. Potts made motion, Olson seconded, that the acting Mayor, Deane Vail, be authorized to sign the bid forms necessary to execute the issuance and sale of $1,055,000 general obligation improvement bonds for the Capital Improvements Project #5-2-88(B). All aye. Motion Carried. SAMPSON VS. CITY OF HUGO Vail made motion, Peltier seconded, authorizing the City Administrator to hire the city's prosecuting attorney to represent the City of Hugo in the matter of Sampson vs. City of Hugo. All aye. Motion Carried'