HomeMy WebLinkAbout10/29/1987GITY OF APPLE VALLEY
Dakota County, Minnesota
October 29, 1987
Minutes of the special meeting of the City Council of Apple Valley, Dakota County,
Minnesota, held October 29, 1987, at 12:15 o'clock p.m. at City Hall pursuant to due
call and notice thereof.
PRESENT: Mayor Branning; Councilmembers Goodwin, Holton, Humphrey and Savanick.
ABSENT: None.
City staff members present were: City Clerk Mueller, Finance Director Ballenger and
Personnel Director Boland.
Mayor Branning called the meeting to order at 12:17 p.m. Steve BOND SALE
Mattson, of Juran & Moody, Inc., presented four bids for the City's BID OPENING
$7,345,000 General Obligation Bonds which the Clerk opened and read
as follows: Prudential-Bache Capital Funding, net interest rate of 7.9115 percent;
Manufacturers Hanover Trust Co., net interest rate of 7.9104 percent; First National
Bank of St. Paul, net interest rate of 7.6638 percent; and Blunt Ellis & Loewi, Inc.,
net interest rate of 8.597 percent. Mr. Mattson then verified the bids.
MOTION: of Holton, seconded by Goodwin, approving hiring the parttime
employee as listed in the Personnel Director's memo dated
October 27, 1987. Ayes - 5 - Nays - 0.
HIRE PARTTIME
EMPLOYEE
CLAIMS & BILLS
MOTION: of Holton, seconded by Savanick, to pay the claims and bills,
checks numbered 57757 through 57860, in the total amount of
$2,531,530.75. Ayes - 5 - Nays - O.
Mr. Mattson then reported that the bid of First National Bank of St. Paul is the low bid
and he would recommend awarding the bond sale to them.
MOTION: of Holton, seconded by Savanick, adopting Resolution No.
1987-247 awarding the sale of $7,345,000 General Obligation
Bonds to First National Bank of St. Paul, the most favorable
bid received, at a net interest rate of 7.6638 percent. Ayes
- 5 - Nays - 0.
RES. 1987-247
AWARD $7,345,000
G.O. BONDS
RES. 1987-248
$280,000 EQUIP.
CERT. DETAILS
RES. 1987-249
$2,065,000 IMP.
BONDS DETAILS
MOTION: of Holton, seconded by Goodwin, adopting Resolution No. 1987-
248 authorizing issuance, prescribing form and details and
providing for payment of $280,000 General Obligation
Equipment Certificates of Indebtedness of 1987. Ayes - 5 -
Nays - 0.
MOTION: of Holton, seconded by Goodwin, adopting Resolution No. 1987-
249 authorizing issuance, prescribing form and details and
providing for payment of $2,065,000 General Obligation
Improvement Bonds of 1987, Series B. Ayes - 5 ~ Nays - 0.
CITY OF APPLE VALLEY
Dakota County, Minnesota
October 29, 1987
Page 2
MOTION: of Holton, seconded by Goodwin, adopting Resolution No. 1987-
250 authorizing issuance, prescribing form and details and
providing for payment of $5,000,000 General Obligation Water
Revenue Bonds of 1987. Ayes - 5 - Nays - 0.
RES. 1987-250
$5,000,000 WATER
REV, BD. DETAILS
MOTION: of Savanick, seconded by Humphrey, to adjourn. Ayes - 5 - Nays - 0.
The meeting was adjourned at 12:41 o~clock p.m.