HomeMy WebLinkAbout12/03/1975CITY OF APPLE VALLEY
Dakota County, Minnesota
December 3, 1975
Minutes of the special City Council meeting of the City of Apple Valley, Dakota
County, Minnesota, held December 3rd, 1975, at 7:00 o'clock p.m. as set at the
meeting of November 10th, 1975.
PRESENT: Councilmen Branning, Garrison, Hayes and Holton; Clerk Asleson.
ABSENT: Mayor Largen.
Acting Mayor Branning called the meeting to order at 7:05 p.m.
The City Clerk opened the bids for $805,000 temporary improvements bonds with net
interest rates as follows: First National Bank of St. Paul 5.2277%; BancNorthwest
5.2666%; and Piper, Jaffray& Hopwood, Inc., 5.3233%. The bids were then reviewed
by the City's financial consultant, James Olsen of Juran & Moody, Inc.
The City Clerk then reviewed with the Council the various utility and street im-
provement projects that are being funded by the above bond issue and noted that
the issue included funding for utilities in Apple Valley East 2nd Addition but
the developer had not furnished the required commitments and the project was not
going to be proceeded with at this time. The City Clerk then suggested to the
Council that the utility improvements in Carrollwood Village 2nd Addition be
substituted for the Apple Valley East 2nd Addition project indicating he had re-
viewed this substitution with Mr. Olsen and inasmuch as the funding requirements
were similar, it would be permissible to make the substitution.
MOTION:
of Holton, seconded by Hayes, to substitute in the above bond
issue the funding for utility improvements in Carrollwood Village
2nd Addition (Project 72-28C) in lieu of the utility improve-
ments for Apple Valley East 2nd Addition (Project 73-36A).
Ayes - 4 - Nays - 0.
SUBSTITUTE
PROJECT IN
BOND ISSUE
Mr. Olsen then advised the Council that he had completed his review of the bond
bids and all calculations in the bids were correct.
MOTION:
of Hayes, seconded by Holton, adopting Resolution No. 1975-177
awarding the sale of $805,000 temporary improvement bonds to
First National Bank of St. Paul, the low bidder, at the net in-
terest rate of 5.2277 percent and authorizing return of the good
faith checks to the other bidders. Ayes - 4 - Nays - 0.
RES. 1975-177
AWARD SALE OF
$805,000 TEMP.
IMPR. BONDS
RES. 1975-178
DETERMINE
FORM & DETAILS
OF BONDS
MOTION:
of Hayes, seconded by Holton, adopting Resolution No. 1975-178
determining the form and details of $805,000 temporary improve-
ment bonds providing for their execution and delivery, and
levying taxes and special assessments for their payment.
Ayes - 4 - Nays - 0.
MOTION: of Garrison, seconded by Hayes, to adjourn. Ayes - 4 - Nays - 0.
The meeting was adjourned at 7:20 o'clock p.m.