HomeMy WebLinkAbout10-26-92 "
CITY TaxFnrrr.F
SPDCIAL O0[AaCIL MEETING
OGT~ 26, 1992
Zhe meeting was called to order at 8:00 p.m. by Mayor Zaun.
Roll call was taken. Present: Council Members Ruhmann, Sindt,
Mulvihill, Harvey and Mayor Zaun.
Also present: R. Erickson, City Administrator; D. Feller, Finance
Director; J. Shannon, Springsted.
Jerry Shannon of Springsted reported that one bid was received,.
representing a syndicate of eight bond dealers, on each of the four
bond issues. The bond market is currently saturated with .tax exempt
bonds and therefore there is a limited amount of interest on the part
of bidders.
The General Obligation Improvement Refunding Bonds, Series 1992B had a
net interest cost of 5.93, with a total savings of $260,413. The
General Obligation Park Refunding Bonds, Series 1992C had a true
interest cost of 5.85 with $51,445 of savings.
The General Obligation Tax Increment Refunding Bonds, Series 1992D had
a true interest cost of 5.69 with $42,669 of savings. The General.
Obligation Equipment Certificates of Indebtedness, Series 1992E were
• received with a 4.22 true interest cost.
Mr. Shannon stated that the bids received on Equipment Certificates
and the Tax Increment Refunding Bonds were good bids and would
reconnnend approval. Mr. Shannon stated, however, that the rates
received on the Park Refunding and General Obligation Improvement
Refunding Bonds were not impressive and felt there was no overwhelmirx~
need to refinance them at this time.
Mr. Feller agreed with Mr. Shannon's rec,•cmnnendation. The Park
Refunding Bond Issues and General Obligation Improvement Refunding
Bond Issues can be rebid in early 1993 or some other future date as
rates improve. The City incurs no costs for those bond issues which
are not issued.
92.282 Motion by Harvey, seconded by Mulvihill to approve Resolution
Authorizing Issuance, Awarding Sale, Prescribing the Form and Details
and Providing for the Payment of General Obligation Improvement
Refunding Bonds, Series 19928.
Roll call was. taken on the motion. Nays: Sindt, Mulvihill, Harvey,
RuYvmann and Zaun.
92.283 Motion by Mulvihill, seconded by Ruhmann to approve Resolution
Authorizing Issuance, Awarding Sale, Prescribing the Form and Details
and Providing for the Payment of General Obligation Park Refunding
Bonds, Series 199X.
Roll call was taken on the motion. Nays: Mulvihill, Harvey, Ruhmann,
Zaun and Sindt.
CITY TaREVIi•T,F• SPECIAL CO[AJCIL MEETING
• PAGE 2
92.284 Motion by Sindt, seconded by Ruhmar~n to approve Resolution 92-178
Authorizing Issuance, Awarding Sale, Presrxibing the Form and Details
and Providing for the Payment of $160,000 General Obligation Tax
Increment Refunding Bonds, Series 1992D.
Roll call was taken on the motion. Ayes: Harvey, Ruhmann, Zaun,
Sindt and Mulvihill.
92.285 Motion by Ruhmann, seconded by Harvey to approve Resolution 92-179
Authorizing Issuance, Awarding Sale,. Prescribing the Form and Details
and Providing for the Payment of $480,000 General Obligation F3quipment
Certificates of Indebtedness, Series 1992E.
Roll call was taken on the motion. Ayes: Ruhmann, Zaun, Sindt,
Mulvihill and Harvey.
Mayor Zaun adjourned the meeting at 8:30 p.m.
Respectfully suketiitted,
~ _
• Dennis Feller, Finance Director
Zaun, Ma
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