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<br />I <br /> <br />I <br /> <br />I <br /> <br />Council Meeting Minutes <br />July 23, 1991 <br /> <br />Page 2 <br /> <br />Consent Aaenda. continued <br /> <br />7. CONSIDERATION OF AUTHORIZATION TO WAIVE THE READING <br />AND ADOPT THE RESOLUTION CORRECTING THE DESCRIPTION <br />OF CERTAIN PROPERTY WITHIN THE CITY OF NEW BRIGHTON <br />SUBDIVIDED BY RESOLUTIONS 87-53 AND 90-14. <br /> <br />8. <br /> <br />CONSIDERATION OF AUTHORIZATION TO WAIVE THE READING <br />AND ADOPT THE RESOLUTION AWARDING THE BID FOR <br />PROJECT 91.7. WEXFORD HEIGHTS STREETS AND UTILITIES, TO <br />ARCON INC. IN THE AMOUNT OF $442,945.76. <br /> <br />9. <br /> <br />CONSIDERATION OF AUTHORIZATION TO WAIVE THE READING <br />AND ADOPT THE RESOLUTION AWARDING BID FOR PROJECT <br />91-9. INNSBRUCK NORTH 5TH ADDITION STREETS AND <br />UTILITIES, TO BROWN AND CRIS IN AMOUNT OF $199.681.00. <br /> <br />10. <br /> <br />CONSIDERATION OF AUTHORIZATION TO ACCEPT THE WORK <br />AND APPROVE FINAL PAYMENT OF THE CONTRACTS FOR <br />SIDEWALK CONSTRUCTION ON COUNTY ROAD E AND OLD <br />HIGHWAY 8, PROJECTS 88-45, 88-52, 90-1 AND 90-2. <br /> <br />11. CONSIDERATION OF AUTHORIZATION TO ADVERTISE FOR BIDS <br />FOR 1991 STREET SEALCOATING AND CURB AND SIDEWALK <br />REPAIR, PROJECT 91-3. <br /> <br />4 Ayes - 0 Nayes, Motion Carried <br /> <br />Public Hearina - None <br /> <br />Council Business <br /> <br />Finance Director Margaret Egan said the bids for the Special Assessment <br />and Water Revenue Bonds were opened this morning. The bond amounts <br />were: Special Assessment - $2,605,000 and Water Revenue - $795,000. <br /> <br />Dave MacGillivray, Springsted Inc., said both bonds received excellent <br />bids. The special assessment bond received four bids and the lowest bid <br />was from Norwest Investment Services Inc. an interest rate of 6.2588%. <br />The Water Revenue Bond received three bids with the low bid from <br />Norwest Investment Services Inc. for an interest rate of 5.8982%. <br /> <br />Moody's Financial Services gave the City an excellent rating and said it <br />continues to exhibit a positive financial trend. MacGillivray noted that <br />such a complimentary statement is rare and the City should feel proud. <br /> <br />Motion by Gunderman, seconded by larson, to WAIVE THE READING <br />AND ADOPT RESOLUTION AWARDING SALE OF WATER REVENUE AND <br />SPECIAL ASSESSMENT BONDS TO NORWEST INVESTMENT SERVICES <br />INC. <br /> <br />4 Ayes - 0 Nayes, Motion Carded. <br /> <br />Consent Aaenda <br /> <br />Blanski Property <br />Report 91-154 <br />Resolution 91 ~069 <br /> <br />Wexford Heights <br />Streets & Util. <br />Report 91-155 <br />Resolution 91-070 <br /> <br />Innsbruck N. 5th <br />Streets & Util. <br />Report 91-156 <br />Resolution 91-071 <br /> <br />Co. Rd. E & Old <br />Hwy 8 Sidewalk <br />Final Payment <br />Report 91-157 <br /> <br />Sealcoating, Curb <br />& Street Repair <br />Report 91-158 <br /> <br />Council Business <br /> <br />Sale of Water <br />Revenue and <br />Special <br />Assessment <br />Bonds <br />Report 91-159 <br />Resolution 91-072 <br />Resolution 91 ~O 7 3 <br />