HomeMy WebLinkAbout03 27 1985}
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SPECIAL COUNCIL MEETING
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Agenda`
WEDNESDAY, MARCH 27, 1.p85
CALV TO
ORDER 12;,00 NOON
I.
Pledge, of Allegiance
2.
Consider Bond Sale
3.
Other Business
b)
c)
d)
4.
Announoements t Correspondence
a)
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b)
c)
ADTOUSNMENr
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MINUTES OF THE CITY COUNCIL -
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special Meeting ,
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March 27, 1983
The Common Council of the City of Prior Lake met in regular session on Monday,,
March 27, 1985 at 7.30 PM in the City Council Chambers. Mayor Johnson'called
the meeting to order. Present were Mayor Johnson, Councilmombers Schweich,
Scott, City Manager McGuire and Finance Director Teschner.
Mayor Johnson asked everyone to rise for the pledge, of allegianoe.
The ur ose of
p p this meeting was for opening, considering bids, for and awarding
the sale of f1, <300,000.06 General Obligation bonds of 1985 for the Ct,ty of Prior
Lake.
Steve Mattson from Juran i Moody was present to openf% the 4 bids received. He
Toad each bid. The following are the bids received.
Dain Bosworth Purchase Price 1,274,320.00
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Total Interest Cost 777,976.19
Not Interest tat* 9. 1213
Piper Jaffrey Purchase Price 1,277,900.00
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Total' Interest Cost 732,231.67
Net Interest late 8. f23
Norwest Purchase Price 1,274,320.00
Total Interest Cost 756,792.50
Net Interest Rate 8.0105
1st Bank of St. Paul Purchase Price 1,274,520.00<,
Total Interest Cost 739,203.33,
Not Interest Rate„ 8.674
Awed Bid.fW lifter a general discussion regarding the bids r.eoeived, motion by Scott to award
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$1,3D0,000 Bads the low bid received from Piper Jaffrey, interest rate of 8.3925% as per the
for 198S to "P4w resolution from Briggs i Morgan, seconded by Schweich and upon a vote taken it
,► was duly passed.
With no other business, motion b Scott::to ad ourn, seconded by Schweich and
upon a vote taken this special meeting was adjourne d at 1,2:30 PM.
" Michael A. McGuire
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City Manager
Jakki K— Monk
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Recording Secretary