HomeMy WebLinkAbout102395 Special SPECIAL COUNCIL MEETING
AGENDA
OCTOBER 23, 1995
1. CALL TO ORDER .......................................................................... 5:30 P.M.
2. Consider Approval of Resolution 95-110 Providing for the
Issuance and Sale of $2,200,000 General Obligation Improvement
Bonds of 1995.
3. Consider Approval of Resolution 95-111 Calling for the early
redemption of the $150,000 General Obligation Tax Increment
Bonds of 1985.
A102395 DOC
16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
Prior Lake City Council October 23, 1995
MINUTES OF THE PRIOR LAKE CITY COUNCIL
SPECIAL MEETING
OCTOBER 23, 1995
1. CALL TO ORDER - Mayor Andren called the meeting of the Common
Council to order on Monday, October 23, 1995 at 5:33 P.M. in the City
Council Chambers. Present were: Mayor Andren, Councilmembers
Greenfield, Schenck and Scott, City Manager Boyles, Assistant City
Manager Tremere, Police Chief Powell, Police Lieutenant Schmidt,
(Councilmember Kedrowski arrived at 5:40 P.M.).
2. Consider Approval of Resolution 95-110 Providing for the Issuance and
Sale of $2,200,000 General Obligation Improvement Bonds of 1995.
Steve Madson, representing Juran and Moody, the City's Financial
Consultants, reported that three bids had been received for the sale of
$2,200,000 General Obligation Bonds. The bonds were awarded an A
rating and the interest rates proposed were better than initially
anticipated. The purpose of the bonds is to provide the construction
money necessary to construct the maintenance facility. The bonds will be
repaid from the Capital Facility Account Charge (CFAC). One of the bids
was a local bid. Following analysis of the proposals, Juran and Moody
recommend that the City Council adopt Resolution 95-110 accepting the
bid of the Piper Jaffray Syndicate in the amount of 5.41 percent.
MOTION BY SCHENCK, SECOND BY GREENFIELD, TO ADOPT co Bonds
RESOLUTION 95-110 ACCEPTING BID OF SALE OF $2,200,000 Rs95-110
GENERAL OBLIGATION WATER AND SEWER REVENUE BONDS
OF 1995 PROVIDING FOR THEIR ISSUANCE AND PLEDGING
FOR THE SECURITY THEREOF NET REVENUES TO THE FIRM
OF PIPER JAFFRAY IN THE NET INTEREST AMOUNT OF 5.41%
Upon a vote taken, ayes by Andren, Greenfield, Schenck and Scott, the
motion carried.
3. Consider approval of Resolution 95-111 Calling for the early redemption of
the $150,000 General Obligation Tax Increment Bonds of 1985.
16200 L~jl~%~l~k Ave. S.E., Prior Lake, Minnesota 55~72-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
Minutes of the Prior Lake City Council October 23, 1995
City Manager Boyles reported that the City Council was being asked to
adopt Resolution 95-111 which would pay off the remaining three years of
$150,000 of Tax Increment Bonds of 1985. By retiring the remaining
$70,000 of debt on these bonds the City can save $5,000 because the
interest rates of the 1995 bond repayment is 8.75 percent and 9 percent
for the final three years of the bond repayment through 1998. The City
has cash on hand to repay this early redemption.
MOTION BY GREENFIELD, SECOND BY SCHENCK, TO Res 95-111
APPROVE RESOLUTION 95-111 CALLING FOR THE Redeem GO
REDEMPTION OF OUTSTANDING GENERAL OBLIGATION TAX Bonds of '85
INCREMENT BONDS OF 1985 AND DIRECTING THE STAFF TO
PREPARE A REPORT ON DESIRABLE MODIFICATIONS TO THE
TAX INCREMENT FINANCING PLAN AS SET FORTH BY
ADVANCE RESOURCES FOR DEVELOPMENT.
Upon a vote taken, ayes by Andren, Greenfield, Schenck and Scott, the
motion carried.
Mayor Andren distributed a memorandum regarding the City Manager's
November Performance Evaluation. She asked Councilmembers to
complete their individual evaluations of the manager by November 15 and
return them to her in accordance with the manager's employment
agreement.
4. Adjourn to Executive Session, closed pursuant to Open Meeting
Law/Attorney Client Privilege Exception.
City Manager Boyles asked that the City Council adjourn to Executive
Session pursuant to the Open Meeting Law/Attorney Client Privilege
Exception to discuss pending/threatened litigation and to dis~ffss
confidential data. The Council did so. The Executive Ses~si ~n adjodrned
at approximately 7:20 P.M. f .~/~ ~x ~
CityM~g ~/ /
MI02395S.DOC 2