11/30/1983 - City Council Special
00348
MINUTES OF A SPECIAL MEETING OF THE EAGAN CITY COUNCIL
EAGAN, MINNESOTA
NOVEMBER 30, 1983
A special meeting of the Eagan City Council was held on Wednesd-
November 30, 1983, at 5:00 P.M. at the Eagan City Hall. Present were Acting
Mayor Smith and City Councilmembers Wachter and Egan. Absent were Mayor
Blomquist and City Councilmember Thomas. Also present were Director of Finance
VanOverbeke, City Administrator Hedges, and the City's fiscal consultant Ernie
Clark of Miller and Schroeder Municipals Inc.
$4,950,000 GO IMPROVEMENT BOND OF '83 SALE
Mr. Ernie Clark stated that bids were received at 12:00 noon on
November 30, 1983, to consider the sale of $4,950,000 of improvement bonds
of 1983. He stated that three (3) bids were received with the low bid submitted
by Cronin and Marcotte, Inc. at a net interest cost of 8.430%. Acting Mayor
Smith stated that he was very pleased that the City maintained an A rating
with Moody's and Standard and Poor's and further discussed the importance
of a recent trip to New York to discuss the City's overall assessment program
with both rating agencies. Mr. Clark stated that the interest rate was very
favorable and certainly reflects on the good fiscal management and strong
growth of the City. After further discussion on the matter and then a motion
by City Councilmember Wachter, seconded by Councilmember Egan, with all members
voting in favor, the low bid at a net interest cost of 8.430% for $4,950,000
of City of Eagan general obligation improvement bonds of 1983 was awarded
to Cronin and Marcotte, Inc.
SEE BOND FILE
The meeting was duly adjourned.
Dated: November 30, 1983 TLH
City Clerk