06/01/1983 - City Council Special
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MINUTES OF A SPECIAL MEETING OF THE EAGAN CITY COUNCIL
EAGAN, MINNESOTA
JUNE 1, 1983
A special meeting of the Eagan City Council was held on June 1, 1983,
at 5:00 p.m. at the Eagan City Hall. Present were Mayor Blomquist and City
Councilmembers Smith, Thomas and Egan. City Councilmember Wachter was absent.
Also present were City Administrator Hedges, Director of Finance/City Clerk
VanOverbeke and the City's fiscal consultant Mr. Ernie Clark of Miller and
Schroeder Municipals, Inc.
WATER TREATMENT PLANT/WATER REVENUE BOND SALE
Mr. Ernie Clark of Miller and Schroeder Municipals, Inc., reported that
bids were received at 12:00 noon June 1, 1983, to consider the sale of General
Obligation Water Revenue Bonds in the amount of $5,500,000. He further stated
that the low bid was submitted by Norwest Securities at an interest rate of
9.304%. Mr. Clark stated that the bond rating for this issue was an A by
Moody's and a triple A by Standard and Poors. Mr. Clark stated that insurance
was secured at an approximate cost of $75,000 for AMBAC Insurance Company
however the saving, by guaranteeing the triple A bond rating, is estimated
to be in excess of $100,000. After further discussion on the matter and in
a motion by City Councilmember Smith, seconded by Councilmember Egan, with
all members voting in favor, the low bid submitted by Norwest Securities with
an interest rate of 9.304% for the $5,500,000 General Obligation Water Revenue
Bonds of 1983 were approved.
LEAGUE OF MINNESOTA CITIES/BOARD OF DIRECTORS
Mayor Blomquist suggested that the City Administrator be considered as
a candidate for the Board of Directors for the League of Minnesota Cities.
She stated that with the uncertainty of local government aid and many other
issues that are directly pertaining to the City of Eagan, and realizing there
is no representation from Dakota County on the League of Minnesota Cities
Board of Directors, it was her recommendation that City Administrator Hedges
be endorsed by the City Council as a candidate. After further discussion
and in a motion by Mayor Blomquist, seconded by Councilmember Thomas, with
all members voting in favor, the City Administrator Tom Hedges was endorsed
as a candidate for the League of Minnesota Cities Board of Directors.
ADJOURNMENT
There being no further business, the meeting was adjourned at 5:35p.m.
TLH
Dated: June 1, 1983
City Clerk