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Home My WebLink AboutCC 12-03-1985 MINUTES OF SPECIAL COUNCIL MEETING Village of Arden Hills Tuesday, December 3, 1985, 5:30 p.m. Village Hall Call to Order Pursuant to due call and notice thereof, Councilmember Nancy Hansen called the meeting to order at 5:40 p.m. Roll Call Present: Mayor Robert Woodburn (about 5:45 p.m.) Councilmembers Nancy Hansen, Gary Peck, Thomas Sather Absent: Councilmember Dale Hicks Also Present: Stephen Mattson and Ted Brownell, Juran and Moody; Karen Olsen Labor Relations Associates; Clerk Administrator Charlotte McNiesh . Advance RefundinR Bond Sale Mattson reported that we received an Al rating on the bond issue from Moody's. He reviewed the tabulation of the three bids for the $2,200,000 issue, showing that Dain Bosworth, Inc.'s net interest rate of 6,6626% was lowest. In the previous transaction summaries prepared by Juran and Moody, it was assumed that $367,515 of our bond fund cash would be used; the final tran- saction summary provides for $297,096.23 of cash being used. (Mayor Woodburn arrived at the meeting.) Reflecting this, the size of the bond issue is increased to $2,320,000. The tabulation of this adjusted winning bid shows a net interest rate of 6.67303%, The average coupon rate on the new issue is about 1-1/2% less than the old issue~ As indicated in Treasurer Lamb's memo dated 12/3/85, the present value savings is about $52,000. The cash flow analysis provides for a tax levy of $15,000 in 1993 and $21,500 in 1994 which will doubtless be cancelled due to interest earned in the new bond fund from prepayments, etc. The analysis provides for the statutory 5% excess annually, When the bonds are paid out and all special assessments re- ceived, the fund will have an excess of $409,059. Mattson also noted that Norwest will be the paying agent instead of First Trust, saving about $7,000. Hansen moved, seconded by Peck, that Council adopt Resolution No. 85-63, ACCEPTING BID ON SALE OF $2,320,000 GENERAL OBLIGATION ADVANCE REFUNDING BONDS OF 1985 AND PROVIDING FOR THEIR ISSUANCE, Motion carried unanimously. (4-0) (Sather left meeting - 6:00 p.m.) Labor NeRotiation Discussion Karen Olsen, Labor Relations Associates, discussed Union requests and contract language with the Council. Adjournment Peck moved, .seconded by Hansen, that the meeting adjourn at 7:05 p.m. Motion carried unanimously. (3-0) l24A~zt; ~c1~+ If~J/h?~ Charlotte McNiesh -- Robert L. Woodburn . Clerk-Administrator Mayor MeetinR Notice The next Regular Council Meeting will be December 9, 1985, at 7:30 p.m. at 1 the Mounds View High School Theater. .