HomeMy WebLinkAbout101096 Special MINUTES OF THE PRIOR LAKE CITY COUNCIL
SPECIAL MEETING
October 10, 1996
1. Call to Order: The meeting was called to order at 1:34 p.m. Present were:
Mayor Andren, Councilmembers Kedrowski, Mader, and Schenck, City Manager
Boyles, Finance Director Teschner, and Juran & Moody Consultant's Steve
Mattson. Councilmember Greenfield was absent.
2. Consider Approval of Resolution 96-93 providing for issuance of sale of RES 96-93
$2,430,000 General Obligation Refunding Bonds of 1996.
BONOS
· Steve Mattson indicated that in 1991, the City sold bonds which were callable sP lqTG
based upon various criteria. In the last few months, the market has appeared to
be appropriate for recall of these bonds to save Prior Lake taxpayer money. The
City Council earher considered resale of the bonds on September 3rd. Because
of market adjustments, the Council elected not to take any action.
· In the recent weeks, the market has readjusted in a way which will save a
considerable amount of money. Juran & Moody took bids on Wednesday. Four
bids were received, and a bid tabulation was distributed. The best bid received
was provided by John G. Kinnard and Co. in the amount of $2,409,345.00 for a
net interest rate of 4.8196%. This resale will result in future savings to the City
of $115, 850.89, which is twice as good as the savings which would have been
realized on September 3rd. Steve Mattson recommends the bid of John G.
Kinnard and Co. for City Council authorization.
MOTION BY KEDROWSKI SECOND BY SCHENCK TO ADOPT
RESOLUTION 96-93 PROVIDING FOR ISSUANCE OF $2, 430, 000 IN
GENERAL OBLIGATION REFUNDING BONDS OF 1996.
Upon a vote taken, ayes by Andren, Kedrowski, Mader, and Schenck, motion
carried.
MOTION BY ANDRE~ SECOND BY KEDROWSKI TO ADJOURN. /
Upon_a vote t41~en, ~yes by Andren, Kedrowski, Mader, and Schenck, this
Mee~,,{i~ ~~g o h City °uncil adjourned at 1:37 p.m. Special
City Man~ge~r~
[:\COUNCIL\MIN UTES\S 101096. DOC',
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