10/03/1984 - City Council Special
MINUTES OF A SPECIAL CITY COUNCIL MEETING OF THE EAGAN CITY COUNCIL
EAGAN, MINNESOTA
OCTOBER 3, 1984
A special meeting of the Eagan City Council was held on October 3, 1984, at
5:00 p.m., at the Eagan Municipal Center. Present were acting Mayor Smith,
and City Councilmember Wachter, Egan and Thomas. Absent was Mayor Blomquist.
Also present were Director of Finance VanOverbeke, City Administrator Hedges
and the City's fiscal consultant Ernie Clark, of Miller & Schroeder
Municipals, Inc.
$4,410,000 GENERAL OBLIGATION PARK IMPROVEMENT BONDS FOR 1984 SALE
Mr. Ernie Clark stated that a bid was received at 12:00 noon on October 3,
1984, to consider the sale of $4,410,00 of general obligation park improvement
bonds of 1984. He stated that the only bid received was Norwest Securities at
a net interest cost of 9.7697% for $4,720,780. Mr. Clark stated that the
interest rate is favorable in today's market and would recommend City
Council's acceptance. City Administrator Hedges reported that the City was
rated an "A" from both Moody's and Standard & Poor's regarding this bond
issue. After further discussion on the matter, and then a motion by City
Councilmember Smith and seconded by Councilmember Wachter with all members
voting in favor, the low bid at a net interest cost of 9.7697% for a
$4,410,000 general obligation park improvement bond of 1984 was awarded to
Norwest Securities.
$7,280,000 GENERAL OBLIGATION IMPROVEMENT BOND OF 1984 SALE
Mr. Ernie Clark stated that bids were received at 12:00 noon on October 3,
1984, to consider the sale of $7,280,000 of general obligation improvement
bonds of 1984. He stated that one (1) bid was received from Norwest
Securities at a net interest cost of 9.2716%. Mr. Clark further indicated
that the net interest cost is $4,797,712.50. Again Mr. Clark stated that
the interest rate is favorable in today's market and recommended approval of
this bond sale by the City Council. After a brief discussion, and in a motion
by City Councilmember Egan, seconded by Councilmember Wachter with all members
voting in favor, the low bid at a net interest cost of 9.2716% for the
$7,280,000 general obligation improvements of 1984 of the City of Eagan was
awarded to Norwest Securities.
MUNICIPAL SIGN
City Councilmembers physically walked the northwest corner of the Municipal
Center property to determine a location for a building identification sign.
The sign location was determined and the City Administrator was directed to
work with Mike Gresser of Gresser, Inc., to determine the shape and size of
the sign with the understanding it would not substantially deviate from the
drawing produced by the Parks & Recreation Department.
Special City Council Minutes
October 3, 1984
Page Two
ADJOURNMENT
There being no further business, the meeting was adjourned
at 5:45 p.m. TLH
Dated: October 3-, -1984-
ity Clerk