HomeMy WebLinkAbout022098 SpecialMINUTES OF THE EMERGENCY MEETING
OF THE PRIOR LAKE CITY COUNCIL
FRIDAY, FEBRUARY 20, 1998
CALL TO ORDER: Acting Mayor Kedrowski called the meeting to order at 8:15 a.m.. Present
were: Acting Mayor Kedrowksi, Councilmembers Petersen and Wuellner, Finance Director
Teschner, Assistant City Manager Woodson, Steve Mattson of Juran and Moody, Recording
Secretary Oden.
Steve Mattson of Juran and Moody reviewed the purpose of the meeting, refinancing of bond
issues. The two bond issues were 1995 sewer and water bonds and the ! 997 Park
Referendum bonds. Refinancing the park bonds will save approximately $500,000 with the
interest rate going from 5.6% to 4.6% and approximately $90,000 on sewer and water bonds
with the rate declining from 5.3% to 4.6%. The current bond rating is A2 and may be A1
next year.
MOTION BY WUELLNER SECOND BY PETERSEN TO APPROVE RESOLUTION 98-
24 PROVIDING FOR THE ISSUANCE OF $1,885,000 GENERAL OBLIGATION
CROSSOVER REFUNDING BONDS OF 1998.
Upon a vote, ayes by Kedrowski, Petersen, and Wuellner, the motion carried.
MOTION BY WUELLNER SECOND BY PETERSEN TO APPROVE RESOLUTION 98-
25 PROVIDING FOR THE ISSUANCE OF $7,165,000 GENERAL OBLIGATION
CROSSOVER REFUNDING BONDS OF 1998.
Upon a vote, ayes by Kedrowski, Petersen, and Wuellner, the motion carried.
MOTION BY WUELLNER SECOND BY PETERSEN TO ADJOURN THE MEETING.
Upon a vote, ayes by ~trowski, Petersen, and Wuellner, the motion carried.
City'Ma ge~ ~[ Recording Secretary
16200 E~E2kI~EI~O0JI;~ Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
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