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Home My WebLink About08/07/1997CITY OF APPLE VALLEY Dakota County, Minnesota August 7, 1997 Minutes of the special meeting of the City Council of Apple Valley, Dakota County, Minnesota, held August 7th, 1997, at 2:30 o’clock p.m., at Apple Valley City Hall. PRESENT: Mayor Humphrey; C ouncilmembers Goodwin, Grendahl, and Sterling. ABSENT: Councilmember Erickson. City staff members present were: City Administrator Gretz, City Clerk Mueller, Finance Director Ballenger, Assistant to the Administrator Grawe, and Community Development Director Kelley. Mayor Humphrey called the meeting to order at 2:30 p.m. APPROVAL OF AGENDA MOTION: of Goodwin, seconded by Sterling, approving the agenda for today’s meeting as amended. Ayes - 4 - Nays - 0. $19,330,000 G.O. BONDS OF 1997 Steve Mattson, of Juran & Moody, the City’s fiscal consultant, reviewed his firm’s offer to purchase the City’s $19,330,000 General Obligation Bonds of 1997. The average coupon rate is 5.018 percent and net effective rate is 5.162 percent. Bonds maturing after 2007 are callable in 2006. Bonds of 2008 through 2017 will be insured. Resolution No. 1997-182 MOTION: of Goodwin, seconded by Grendahl, adopting accepting the offer of Juran & Moody to purchase the City’s $19,330,000 General Obligation Bonds of 1997 and providing for their issuance; said bonds consisting of $9,325,000 G.O. Improvement Bonds, $840,000 G.O. State Aid Road Improvement Bonds, $8,370,000 G.O. Park Bonds, and $795,000 G.O. Cemetery Bonds. Ayes - 4 - Nays - 0. $1,040,000 G.O. REFUNDING BONDS Mr. Mattson reviewed his firm’s offer to purchase the City’s $1,040,000 General Obligation Refunding Bonds of 1997. The average coupon rate is 4.5634 percent and the net effective rate is 4.9004 percent. The City’s net reduction is $43,054.96 for a present value savings of 2.40 percent. He noted that because these include tax increment bonds, the Economic Development Authority will also have to approve a pledge agreement. Resolution No. 1997-183 MOTION: of Goodwin, seconded by Sterling, adopting accepting the offer of Juran & Moody to purchase the City’s $1,040,000 General Obligation Refunding Bonds of 1997, Series A, and providing for their issuance. Ayes - 4 - Nays - 0. CITY OF APPLE VALLEY Dakota County, Minnesota August 7, 1997 Page 2 REVISE MEETING TIME MOTION: of Grendahl, seconded by Sterling, setting the starting ti me for the informal meeting on August 21, 1997, at 6:00 p.m., at City Hall. Ayes - 4 - Nays - 0. CLAIMS & BILLS MOTION: of Goodwin, seconded by Grendahl, to pay the claims and bills; check registers dated July 30, 1997, in the amount of $150,693.48; and August 6, 1997, in the amount of $665,449.03. Ayes - 4 - Nays - 0. MOTION: of Goodwin, seconded by Grendahl, to adjourn. Ayes - 4 - Nays - 0. The meeting was adjourned at 2:41 o’clock p.m.