City Council Minutes 02-02-2000 SpecialMINUTES
SPECIAL MEETING - MONTICELLO CITY COUNCIL
February 2, 2000 - 6:45 p.m.
Members Present: Roger Belsaas, Roger Carlson and Bruce Thielen.
Members Absent: Clint Herbst and Brian Stumpf
Mayor Belsaas called the meeting to order at 6:45 p.m. and declared a quorum present.
2. Consideration of resolution accepting bid and authorizing the sale of 52,015,000 in GO
Improvement Bonds, Series 2000A
Mr. Mark Ruff of Ehlers and Associates, the City's bond consultant, reviewed with the Council
four bids that were received for the general obligation bond that ranged in interest costs from
5.3826% to 5.5227%. The low bidder for the bonds was Miller, Johnson & Kuehn and
John G. Kinnard & Company.
BRUCE THIELEN MOVED TO ADOPT THE RESOLUTION AWARDING THE SALE OF
THE GO IMPROVEMENT BOND SERIES 2000A TO THE LOW BIDDER, MILLER,
JOHNSON & KUEHN AND JOHN G. KINNARD & COMPANY. ROGER CARLSON
SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY.
3. Consideration of resolution authorizing the execution and delivery of a ground lease and
a lease purchase agreement and approving and authorizing the issuance of public project
revenue bonds and execution of related documents.
Mark Ruff of Ehlers and Associates reviewed with the Council one bid that had been received on
the $7,555,000 Public Project Revenue Bond Series 2000A, the proceeds of which will be used
to refinance the temporary community center financing. The net interest rate from the low bidder
was 6.2680% for the 15 year bond. The low bidder was a group of consisting of US Bancorp
Piper Jaffray, Norwest Investment Services, Dain Rauscher, Inc., along with Bernardi Securities.
Bruce Thielen asked how this interest rate compared to the interest cost the City could have had
last year. Mark Ruff noted that the original bond sale bids from November 1998 were for a 20
year bond with a net interest rate of 5.49%, about 3/4% lower. .
BRUCE THIELEN MOVED TO ADOPT THE RESOLUTION AUTHORIZING THE
EXECUTION AND DELIVERY OF A GROUND LEASE AND A LEASE PURCHASE
AGREEMENT AND ALSO APPROVING AND AUTHORIZING THE ISSUANCE OF
PUBLIC PROJECT REVENUE BONDS TO THE LOW BIDDER, US BANCORP PIPER
JAFFRAY AND GROUP AT A NET INTEREST COST OF 6.2680%. ROGER CARLSON
SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY.
Meeting was adjourned. J
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Recording Secret9y