HomeMy WebLinkAbout1988.08.22 CC Minutes - Special meetingPursuant 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'
Special Council meeting of August 22, 1988
Page 2
989 PROPOSED BUDGET
The City Council was provided copies of the proposed 1989 revenue and
expenditure budget. The Council will review the proposed budget, and
discuss again at the Council meeting of September 6, 1988'
ADJOIJRNMENNT
Olson made motion, Potts seconded, to adjourn at 8:02 PM'
All aye. Motion Carried.
Mary Creager, k