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I I I Council Meeting Minutes June 29, 1999 Page 2 Council Business. continued The offering for the $3,725,000 General Obligation Improvement bonds received much interest from nine competitive bidders, The best and lowest bid was received from Dougherty Summit Securities at a true interest rate of 4,8211 %; the highest bid was received from Dain Rauscher at 4,9169 %. MacGillivray feels the large turnout for this bond offering can be attributed to Moody's Rating of Aaa, FAS Insured, Due to the smaller dollar amount of the $325,000 Stormwater Utility Revenue bonds, only three bids were received. Dain Rauscher offered the best and lowest bid at 5.0305 %, and U. S. Bancorp offered the highest at 5. 1894 % . New Brighton's Moody Rating noted the City's favorable location and successful redevelopment efforts resulting in stable local economy, sound financial position with favorable reserves, and manageable debt burden with rapid amortization, Motion by Larson, seconded by Hoffman, to WAIVE THE READING AND ADOPT THE RESOLUTION AWARDING THE SALE OF $3,725,000 AND $325,000 IN GENERAL OBLIGATION BONDS. 4 Ayes - 0 Nayes, Motion Carried. MacGillivray requested authorization to negotiate the sale of the $645,000 Golf Course Gross Revenue Bonds for construction of a new Clubhouse, The sale of these bonds is scheduled for July 13, Motion by Samuelson, seconded by Hoffman, to WAIVE THE READING AND ADOPT THE RESOLUTION AUTHORIZING THE SALE OF $645,000 IN CLUBHOUSE GROSS REVENUE BONDS ON JULY 13, 1999. 4 Ayes - 0 Nayes, Motion Carried. Adiournment Motion by Larson, seconded by Samuelson, to ADJOURN THE MEETING. 4 Ayes - 0 Nayes, Motion Carried, Meeting was- adjourned at 5:46 p.m. ~ Robert J, Benk , Mayor --Margaret- ,E~aif, City Clerk/Finance Director Council Business A ward the Sale of General Obligation Bonds Report 99-153 Report 99-154 Resolution 99-064 Resolution 99-065 Negotiate the sale of Golf Course Clubhouse Bonds Report 99-155 Resolution 99-066 Adjournment .