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Home My WebLink About08/19/1991CITY OF APPLE VALLEY Dakota County, Mimnesota August 19, 1991 Minutes of the special meeting of the City Council of Apple Valley, Dakota County, Minnesota, held August 19th, 1991, at 12:00 o'clock noon at Apple Valley City Hall. PRESENT: Mayor Holton; Councilmembers Erickson, Goodwin and Humphrey. ABSENT: Councilmember Sterling. City staff members present were: City Administrator Melena, City Clerk Mueller, Finance Director Ballenger, Assistant Finance Director Eklund, Receivables Accountant Regis, Assistant to Administrator Weldon and Community Development Director Welsch. Mayor Holton called the meeting to order at 12:05 p.m. Steve Mattson, of Juran & Moody, delivered, opened and read the bids BOND SALE received for the City's bonds. The apparent low bid, of four re- BID OPENING received, for $9,055,000 General Obligation Bonds of 1991 is Dean Witter at a net interest rate of 6.3878 percent. The apparent low bid, of three received, for $300,000 General Obligation Equipment Certificates of 1991 is First Bank System (FBS) at a net interest rate of 5.5576 percent. Mr. Mattson then tabulated the bids and reported that the low bids were correct and recommended award. MOTION: of Humphrey, seconded by Goodwin, adopting Resolution No. 1991-179 accepting the low bid of Dean Witter, at a net interest rate of 6.3878 percent, to purchase $9,055,000 General Obligation Bonds of 1991 (consisting of $5,025,000 G.O. Improvement Bonds, $2,300,000 G.O. Storm Sewer Revenue Bonds and $1,730,000 G.O. State Aid Road Bonds). Ayes - 4 - Nays - 0. RES. 1991-179 AWARD SALE $9,055.000 BDS MOTION: of Erickson, seconded by Goodwin, adopting Resolution No. 1991-180 providing for the terms and conditions of issu- ance and sale by the City of $5,025,000 General Obligation Improvement Bonds of 1991. Ayes - 4 - Nays - 0. RES. 1991-180 ISSUANCE OF $5.025,000 BDS MOTION: of Humphrey,-seconded by Goodwin, adopting Resolution No. 1991-181 providing for the terms and conditions of issu- ance and sale by the City of $2,300,000 General Obligation Storm Sewer Revenue Bonds of 1991. Ayes - 4 - Nays - 0. RES. 1991-181 ISSUANCE OF $2,300,000 BDS MOTION: of Erickson, seconded by Humphrey, adopting Resolution No. 1991-182 providing for the terms and conditions of issu- ance and sale by the City of $1,730,000 General Obligation State Aid Road Bonds of 1991. Ayes - 4 - Nays - 0. RES. 1991-182 ISSUANCE OF $1,730,000 BDS CITY OF APPLE VALLEY Dakota County, Minnesota August 19, 1991 Page 2 MOTION: of Humphrey, seconded by Goodwin, adopting Resolution No. 1991-183 accepting the Iow bid of First Bank System (FBS), at a net interest rate of 5.5576 percent, to purchase $300,000 General Obligation Equipment Certificates of 1991 and providing for the terms and conditions of issuance thereof. Ayes - 4 - Nays - O. RES. 1991-183 AWARD SALE $300.000 BONDS MOTION: of Humphrey, seconded by Goodwin, to adjourn. Ayes - 4 ~ Nays - 0. The meeting was adjourned at 12:25 o'clock p.m.