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"CELEBRATE PRIOR LAKE'S CENTENNIAL - 1991"
MINUTES OF THE CITY COUNCIL
February 27, 1991
The Common Council of the City of Prior Lake met in special
session on Wednesday, February 27,1991 at 5:00 p.m. in the City
Council Chambers. Present were Acting Mayor Fitzgerald,
Councilmembers Larson, Scott, and White, City Manager Unmacht,
and Fiscal Consultant, steve Mattson. Mayor Andren was absent
due to being out of town.
Acting Mayor Fitzgerald called the meeting to order and asked
everyone to rise for the pledge of allegiance.
The first order of business was: Consider Bids For the
General Obligation Equipment Certificates of 1991.
$375,000 equip.
C0Ui..f-
the $525,000 [;eneAal
Ob-Li....~n
Fiscal Consultant Mattson conducted the bid opening for both BoruM
items. Discussion occurred on the bids received. General
questions of the Council were discussed. Mattson presented a
report to the City Council that Moody's rating service had CLty A
provided the City with an A bond rating (up from previous bond BOnd
rat~n9s o~ Ba~-l). The Council expressed their pleasure on this ~aX.inf}-
posltlve flnanclal news.
The next order of business was: Consider Bids For
General Obligation Improvement Bonds of 1991.
MOTION MADE BY SCOTT, SECONDED BY WHITE, TO APPROVE AWARDING OF ~ of.-
BID TO PRIOR LAKE STATE BANK FOR EQUIPMENT CERTIFICATES IN THE Bid ~o
AMOUNT OF $375,000 SUBJECT TO A NET EFFECTIVE INTEREST RATE OF 1'.L. ~
5.30%. equip CeJllif.-.
Upon a vote taken, ayes by Fitzgerald, Larson, Scott and White,
the motion passed unanimously.
MOTION MADE BY LARSON, SECONDED BY WHITE, TO APPROVE THE AWARDING ApP/tove
OF BID TO PIPER JAFFRAY FOR GENERAL OBLIGATION IMPROVEMENT BONDS bid f-o/t
IN THE AMOUNT OF $525,000 SUBJECT TO A NET EFFECTIVE INTEREST [;en Ob.Li..g.
RATE OF 6.1982%. BOrnM
Upon a vote taken, ayes by Fitzgerald, Larson, Scott and White,
the motion passed unanimously.
The next Council meeting will be Monday, March 4, 1991 at 7:30
p.m.
There being no further business, the meeti
p.m. by general consent of the Council.
adjourned at 5:40
Dee Birch
Recording Secretary
4629 Dakota 51. 5.E., Prior Lake, Minnesota 55372 / Ph. (612) 447-4230 / Fax (612) 447-4245
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