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<br />1 <br /> <br />I <br /> <br />1 <br /> <br />Council Meeting Minutes <br />July 22, 1986 <br /> <br />Council Business <br /> <br />Sinda stated, with regard to the New Brighton Firemen's Relief <br />Association By-Law Update and Changes, he had recommended an <br />actuarial study by a consultant to determine any possible <br />necessary increases in city contributions resulting from the <br />proposed changes. Since that recommendation was made, Bert <br />Emerson, President of the New Brighton Firemen's Relief <br />Association, received an update from Hewitt Association and <br />Sinda stated he did not see $2,500 as a significant increase. <br /> <br />LeFevere stated he had questions on the language and discussed <br />his concerns with Emerson; Emerson stated there are some small <br />language items to be worked out and stated the By-Laws are being <br />amended to conform with state statutes. <br /> <br />Motion by Williams, seconded by Schmidt, to ACCEPT THE NEW <br />BY-LAWS FOR THE NEW BRIGHTON FIREMEN'S RELIEF ASSOCIATION. <br /> <br />In response to Benke's question, Emerson stated changing the name <br />of the organization (to "Firefighters"') would have to be changed <br />through the State and that he would look into it. <br /> <br />4 Ayes - 0 Nayes, Motion Carried <br /> <br />Egan stated a representative from Miller & Schroeder, the City's <br />fiscal consultant, would make a presentation. Jim Casserly asked <br />Phyllis Slattery to review bids and make a presentation. <br /> <br />Slattery reviewed the four bids received today (Dain Bosworth, <br />Inc.; 7.0608% net interest; American National Bank & Trust Com- <br />pany, 7.0950%; Norwest Investment Services, Inc., 7.1035%; and <br />Piper Jaffrey and Hopwood, Inc., 7.1903%), stated good-faith <br />checks had been submitted with each bid, and recommended the City <br />of New Brighton accept Dain Bosworth, Inc. 's bid of 7.0608% net <br />interest, or $1,277,486.25. <br /> <br />Benke asked Casserly to comment on the rate; Casserly stated <br />Miller & Schroeder has the July sales results and the bid is <br />very competitive and meets existing market conditions. <br /> <br />In response to Benke's question, Casserly stated Moody's is plan- <br />ning to come to New Brighton in early fall; Moody's has felt <br />they have neglected this area because of strong developments; <br />they wish to review a number of cities. <br /> <br />Walt Witzke asked who will be paying for the interest that will <br />be generated by the bond; Benke stated the the bonds are being <br />sold to finance certain city improvement projects and the actual <br />payback will be from several sources (direct assessment to bene- <br /> <br />Page Three <br /> <br />Council Business <br /> <br />NB Firemen's Relief <br />Association: By- <br />Law changes <br />Report 86-163 <br /> <br />Sale: 1986 Special <br />Assessment <br />Improvement Bonds <br />Report 86-164 <br />Resolution 86-70 <br />