HomeMy WebLinkAbout08 29 1984r i
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y � MINUTES of the, proceedings of the City - Council of the City of
Prior Lake in the County of Scott and State of
' Minnesota, including all accounts -audited by said
Council.
August 29, 1984
The Gartman Council of the City of Prior Lake met in Special Session on
Wednesday, August 29,'1984 at 12:00 Noon in the City Council Chambers.
Mayor Johnson called the meeting to order at 12:05 Present were Mayor
Johnson, Councilmed)ers Schweich, Scott, Thorkelson, City Manager McGuire
and Finance Director Teschner'r Councilmember Busse was absent.
Mayor Johnson stated that the reason for this meeting was for the purpose
of opening, considering bids for and awarding the sale of $1,090,000.00
General obligation,Inprovement Bonds of 1984 of the City.
Mr. Steve Mattson from Juran & Moody was present to open and review the
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bids with the Council. He stated that five bids were received, Norwest
Bank, C ronin & Marcotte, Per Jaffray, 1st Bank of I St. Paul an3
.
Bosworth He _ then opened, and read each i F6 owing i ,,amounts
were received:
`
Nrrwest Bank Purchase Price: $1,068,636.00
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Total Interest: 714,207.75
Net Interest Rater 9.2724
`
Cronin & Marcotte Purchase Price: $1,069,290.00
`Total Interest: 689,906.88
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Net Interest Rater 9.0867 -
}
J Piper'Jaffray Purchase Price: $1,068,760.40
Total Interest: 701,425.85
1
Net Interest Rate: 9.106
Bank of St. Paul Purchase Price: $1,070,380.00
Total Interest: 693,207.50
:.'...,
Net Interest 'Rate: 8.9997
'Dain Bosworth Purchase Price: $1,068,636
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Total Interest: 709,410.88
Net Interest. Rate: 9.210
Mr. Mattson stated "that it would be his recommendation to award the bid to
„
lst,'Bank of St. Paul for the amount of $1,070,380.00. Q
There was a general discussion by Council and Staff.\
After further discussion, motion by Thorkelscs, to adopt Resolution ; 84 -2`
Resolution Accepting Bid an Saie of $1,090,000.00 General Cbligattion Vie-
. ' Res. W21
ment Bonds of 1984 Providing= for their Issuance and Levying a Talc for the
Arad Bid fix
Payment Thereof Fran ist Bank of St. Paul-,.:'seconded by Scott and upon a
$1,090,000
vote taken it was duly passed.
Birds
With nor other business, motion by Schweich to adjourn, seconded by Thorkel-
son and: -upon a`vote taken this meeting was adjourned at 12:27 PM.
Michael A. McGuire
City Manager
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Jakki K. Menk
Recording Secretary
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