City Council Minutes 10-15-1990 SpecialMINUTES
SPECIAL MEETING - MONTICELLO CITY COUNCIL
Monday, October 15, 1990 - 4:00 p.m.
Members Present: Ken Maus, Shirley Anderson, Fran Fair, Dan
Blonigen
Members Absent: Warren Smith
1. Call to order.
2. Consideration of resolutions authorizing and awarding the sale
of $250,000 G.O. Improvement Bonds and $305,000 Tax Increment
Bonds.
The City of Monticello's bond consultant, Springsted, Inc.,
received bids for the sale of $250,000 G.O. improvement bonds
for financing the Sandberg East improvement project and also
received bids for the $305,000 tax increment bond issues for
financing TIF districts 1-9 and 1-10 at 11:00 a.m. , Monday,
October 15, 1990. The official statement prepared by
Springsted indicated that the Council would act upon awarding
the sale of bonds at a meeting October 15; and as a result, a
special meeting had to be held in order to meet the legal
obligation of the bond sale.
Five bids were received on the sale of the general obligation
improvement bonds, with the low bidder being Park Investment
Corporation with a net interest cost of 6.75062%. Park
Investment Corporation was also the low bidder of eight bids
received for the $305,000 G.O. 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 Council adopt resolutions awarding the
sale to the low bidder at the special meeting and reconfirm
their actions at its regular meeting Monday, October 22.
As a result, motion was made by Fran Fair, seconded by Shirley
Anderson, and unanimously carried to adopt a resolution
awarding the sale of $250,000 G.O. improvement bonds,
Series 1990C, to Park Investment Corporation.
SEE RESOLUTION 90-45.
Motion was also made by Fran Fair, seconded by Shirley
Anderson, and unanimously carried to award the $305,000
general obligation taxable tax increment bonds, Series 1990D,
to Park Investment Corporation.
SEE RESOLUTION 90-46.
There being no further action, the meeting was adjourned.
W
Rick WolfstAller
City Administrator