12-02-1985 SpecialCITY OF RICHFIELD, MINNESOTA
SPECIAL CITY COUNCIL MEETING
DECEMBER 2, 1985
The meeting was called to order at 5:35 P.M. by Mayor Hamilton.
COUNCIL MEMBERS PRESENT: John Hamilton; Howard Bunce; and, Don
Priebe
STAFF PRESENT: John Cartwright, City Manage; Steven
Devich, Administrative .Services
Director/Acting City Clerk; Jean
Mitchell, Finance Manager; and, Don
Fondriek, Community Services Director
Item ~~1 RESOLUTION APPROVING SALE OF 1 , 75,000 GENERAL
OBLIGATION TEMPORARY REDEVELOPMENT BONDS, SERIES 1985,
CITY OF RICHFIELD, HENNEPIN COUNTY, MINNESOTA
Wayne Burggraaff, Evensen-Dodge, Inc., reviewed Council
Letter No. 464, and presented a synopsis of the bid results for
the sale of the $18,675,000 General Obligation Temporary
Redevelopment Bond issue. The low bidder for the bonds was a
syndicate headed by Norwest Securities of Minneapolis, at a net
interest rate of 6.30.
Mr. Burggraaff also indicated that temporary reinvestment of
the funds could yield the City between 7.5 and 8.05 according
to dada compiled by the Administrative Services Director and
Finance Manager.
M/Bunce, S/Priebe that the following resolution be adopted;
that it be spread in the resolution book and that it be made
part of these minutes:
RESOLUTION N0. 7123
RESOLUTION APPROVING SALE OF $18,675,000 GENERAL
OBLIGATION TEMPORARY REDEVELOPMENT BONDS, SERIES 1985,
CITY OF RICHFIELD, HENNEPIN COUNTY, MINNESOTA
Motion carried 3-0. This resolution appears as Resolution
No. 7123 in Resolution Book ~o. 53.
Item ~~2 RESOLUTION APPROVING SALE OF $ ,225,000 GENERAL
OBLIGATION REFUNDING BONDS OF 1985, CITY OF RICHFIELD,
HENNEPIN COUNTY, MINNESOTA. C.L. 464.
Wayne Burggraaff, Evensen-Dodge, Inc., reviewed Council
Letter No. 464, concerning the sale of $6,225,000 General
Obligation Refunding Bonds of 1985. The low bidder for the
bonds was a syndicate headed by Merrill Lynch Capital Markets at
a net interest rate of 7.77. -
Special Meeting Minutes -2- December ~, 1985
Mr. Burggraaff indicated that rates for both bonds were
better than anticipated, and. were very favorable to the City.
He said interest rates were at or near a .five year
low paint. -~
M/Bunoe, S/Priebe that the following resolution be adopted.;
that it be spread in the resolution book and that it be made
part of these minutes:
RESOLUTION N0. 7124
RESOLUTION APPROVING SALE OF $6,225,000
GENERAL OBLIGATION REFUNDING BONDS OF 1985,
CITY OF RICHFIELD, HENNEPIN COUNTY, MINNESOTA
Motion carried 3-0. This resolution appears as Resolution
No. 712 in Resolution Book No. 53.
ADJOURNMENT
Hamilton adjourned
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