City Council Minutes 10-15-1990
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SPECIAL MEETING - MON ICELLO CITY COUNCIL
Monday, October 15, 1990 - 4:00 p.m.
Members Present:
Ken Maus, Shirley Anderson, Fran Fair,
Blonigen
Dan
Members Absent:
Warren Smith
1. Call to order.
2.
Consideration of resolutions
of $250 000 G.O. 1m rovement
Bonds.
uthorizin
onds and
and awardin the sale
305 000 Tax Increment
The City of Monticello's bon consultant, Springsted, Inc.,
received bids for the sale of $250,000 G.O. improvement bonds
for financing the Sandberg E st improvement project and also
received bids for the $305,0 0 tax increment bond issues for
financing TIF districts 1-9 nd 1-10 at 11:00 a.m., Monday,
october 15, 1990. The 0 ficial statement prepared by
springsted indicated that the Council would act upon awarding
the sale of bonds at a meetin October 15; and as a result, a
special meeting had to be h ld in order to meet the legal
obligation of the bond sale.
Five bids were received on th sale of the general obligation
improvement bonds, with the ow bidder being Park Investment
Corporation with a net int rest cost of 6.75062%. Park
Investment Corporation was a so the low bidder of eight bids
received for the $305,000 G. . tax increment bonds at a net
interest rate of 8.99275%.
A recommendation was made by Holmes and Graven, bond counsel
for the City, that the counci adopt resolutions awarding the
sale to the low bidder at th special meeting and reconfirm
their actions at its regular meeting Monday, October 22.
As a result, motion was made
Anderson, and unanimously
awarding the sale of $25
Series 1990C, to Park Invest
SEE RESOLUTION 90-45.
y Fran Fair, seconded by Shirley
arried to adopt a resolution
,000 G.O. improvement bonds,
ent Corporation.
Motion was also made Fair,
Anderson, and unanimously arried to
general obligation taxable t x increment
to Park Investment corporati n.
SEE RESOLUTION 90-46.
seconded by Shirley
award the $305,000
bonds, Series 19900,
There being no further actio , the meeting was adjourned.
aUj~
Rick WOlfs:l~er
City Administrator