02/20/1985 - City Council Special
MINUTES OF A SPECIAL MEETING OF THE EAGAN CITY COUNCIL
Eagan, Minnesota
February 20, 1985
A special meeting of the Eagan City Council was held on February 20,
1985, at 5:00 p.m. at the Eagan Municipal Center. Present were Mayor
Blomquist and City Councilmembers Wachter, Egan and Thomas. Absent was City
Councilmember Smith. Also present were Director of Finance VanOverbeke, City
Administrator Hedges and representatives from the City's fiscal consultant,
Miller and Schroeder Municipals, Inc., including Ernie Clark, Pat Woolridge,
and Steve Emerson.
GENERAL OBLIGATION REFUNDING IMPROVEMENT BONDS OF 1985/SERIES A & B
Mr. Steve Emerson stated that bids were received at 12:00 noon on
February 20, 1985, to consider the sale of $3,250,000 of General Obligation
Refunding Improvement Bonds of 1985 Series A and $2,290,000 of General Obliga-
tion Refunding Improvement Bonds of 1985 Series B. He stated that two (2)
bids were received for each refunding issue and low bidder for Series A was
Norwest at a net interest cost of 8.1770% for $1,641,550 and the Series B low
bid was Cronin & Marcotte, Inc. at a net interest cost of 8.504% for
$1,687,480. City Administrator Hedges reported that the City was rated an
"A" from both Moody's and Standard and Poors regarding this bond issue. Mr.
Emerson stated that the bids appear to be favorable, however, the numbers are
not producing the results required under the Minnesota State test for
eligibility for advance refunding issues with the amounts that were originally
determined in the bond sale. Mr. Emerson recommended that Miller and
Schroeder Municipals, Inc., be allowed to continue running some numbers to
make sure that all the State tests for eligibility are satisfied for the
proposed advance refunding issue. He stated that the City has 24 hours to
award the sale and suggested that the results will be avail-able on Thursday,
February 21, for further consideration by the City Council. After some addi-
tional discussion, a motion was made by City Councilmember Wachter, seconded
by City Councilmember Egan, with all members voting in favor, that the award
of bids for the general obligation refunding improvement bonds of 1985 Series
A & B be further considered at a special City Council meeting on February 21,
1985, at 7:30 a.m.
ADJOURNMENT
There being no further business, the meeting was continued at
approximately 5:45 p.m. until 7:30 a.m., February 21, 1985.
Dated: February 20, 1985 TLH
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