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<br />. <br /> <br />~. <br /> <br />-. <br /> <br />- <br /> <br />Minutes of Regular Council Meeting <br />Village of Arden Hills <br />Monday, April 26, 1982 - 7:30 p.m. <br />Vi llage Hall <br /> <br />Call to Order <br /> <br />Pursuant to due call and notice thereof, Mayor Woodburn called <br />the meeting to order at 7:30 p.m. <br /> <br />Roll Call <br />Present - Mayor Robert Woodburn, Councilmen Maurice Johnson, <br />Diane McAlliater, Dale Hicks <br /> <br />Absent - None <br /> <br />Also Present - Bond Counsel Peter Popovich, Attorney James Lynden, <br />Treasuref Donald Lamb, Clerk Administrator Charlotte <br />McNiesh, Deputy Clerk Dorothy Zehm <br /> <br />Approval of Minutes <br />Hicks moved, seconded by Johnson, that Council approve the Minutes <br />of the April 12th Council meeting, as submitted. Motion carried <br />unanimously (4-0). <br /> <br />BUSINESS FROM THE FLOOR <br /> <br />None <br /> <br />REPORT OF BOND COUNSEL PETER POPOVICH <br /> <br />Bids - $3,355,000 General Obligation Temporary Improvement Bonds <br />of 1982 - Resolution No. 82-26, Accepting Bid on Sale of General <br />Obligation Temporary Improvement Bonds of 1982 <br />Council wss referred to the Results of Sale which consisted of <br />two bids: <br /> <br />1. The First National Bank of Saint Paul <br />BancNorthwest <br />American Nstional Bank of St. Paul <br />Piper, Jaffray & Hopwood, Co-Managers <br /> <br />8.75% <br />$3,328,193,55 Price <br />$907,493.95 Net Interest <br />Cos t <br />9.0163% Net-Interest <br />Rate <br /> <br />Account Members <br /> <br />All !son-Willi ams <br />Cronin & Marcotte, Inc. <br />First Bank, Minneapolis <br />M.H. Novick <br />Robert S.C. Peterson, Inc. <br />Dean Witter Reynolds <br />Moore, Juran & Company <br /> <br />2. Dain Bosworth Incorporated <br />Blyth Eastman Paine Webber Inc. <br />Merrill Lynch White Weld Capital <br />Markets Group, Co-Managers <br /> <br />9.00% <br />$3,314,740.00 Price <br />$946,110.00 Net Interest <br />Cost <br />9.4000% Net Interest <br />Cas t <br /> <br />Popovich referred Council to monthly and weekly Bond Indexes, and <br />to a list of recent Minnesota Municipal Sales; noted that the <br />Arden Hills bid of. 9.0163 Det interest rate is 4.11% below the 20 <br />year Index; explained that the rate of interest on assessments <br />covered by this issue, to be established by Council, can be 1% <br />over 9.0163, up to 12%. ' <br /> <br />After review of the history of past City of Arden Hills Sales and <br />discussion, Popovich recommended that Council accept the low bid. <br />