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HomeMy WebLinkAbout06/26/1985CITY OF APPLE VALLEY Dakota County, Minnesota June 26, 1985 Minutes of the special meeting of the City Council of Apple Valley, Dakota County, Minnesota, held June 26th, 1985, at 12:00 o'clock noon at the City Hall pursuant to due call and notice thereof. PRESENT: Mayor Branning; Councitmembers Goodwin, Humphrey and Savanick; City Clerk Mueller. ABSENT: Councilmember Holton. Mayor Branning called the meeting to order at 12:04 p.m. The City Clerk opened and read the bids received for the sale of the City's $3,085,000 General Obliga- tion Bonds of 1985 as follows: Piper, Jaffray & Hopwood, net interest rate of 7.6785 percent; First Bank St. Paul & Minneapolis, net interest rate of 7.5487 percent; and Dain Bosworth Incorporated, net interest rate of 7.7831 percent. Steve Mattson, of Juran & Moody, the City's financial consultant, then tabulated and reviewed the bids. Councilmember Humphrey reported he had a conversation with the PrideMark Morrisey Agency, the City's insurance agent, who was advised Home Insurance will not extend coverage for the July 4th fireworks display. He had contacted another carrier about insurance for another organization and would be willing to JULY 4TH check with them about this. This appears to be the only other market FIREWORKS interested in providing coverage and he would approach them about cover- INSURANCE age for Apple Valley community festivals. To avoid any conflict, if the insurance is provided, he would donate his commission to the 4th of July Committee and Mid-Winter Fest Committee. He will report further at the June 27, 1985, meeting. Mr. Mattson reported that the Bid of First Bank St. Paul and Minneapolis is good and he would recommend award. MOTION: of Humphrey, seconded by Goodwin, adopting Resolution No. 1985- 124 awarding the sale of the City's $3,085,000 General Obligation Bonds to First National Bank St. Paul, the low bidder, at a net interest rate of 7.5487 percent. Ayes - 4 - Nays - 0. MOTION: of Goodwin, seconded by Savanick, adopting Resolution No. 1985- 125 authorizing issuance, prescribing the form and details and providing for payment of $2,165,000 General Obligation Improve- ment Bonds of 1985, Series B. Ayes - 4 - Nays - 0. RES. 1985-124 AWARD BOND SALE RES. 1985-125 $2,165,000 BOND DETAILS MOTION: of Savanick, seconded by Goodwin, adopting Resolution No. 1985- RES. 1985-126 126 regarding the sale of $920,000 General Obligation Tax Incre- $920,000 ment Bonds of 1985, Series B; fixing their form and specifications;. BOND DETAILS directing their execution and delivery and providing for payment. Ayes - 4 - Nays - 0. MOTION: of Goodwin, seconded by Humphrey, to adjourn. Ayes - 4 - Nays - 0. The meeting was adjourned at 12:19 o'clock p.m.