HomeMy WebLinkAboutCity Council Minutes 05-20-1986 SpecialI
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M I N U T E S
SPECIAL COUNCIL MEETING
MAY 209 1986
A special meeting of the Plymouth City Council was called to
order by Mayor Schneider at 7:33 p.m. in the City Council
Chambers of the City Center at 3400 Plymouth Boulevard on May
20, 1986.
PRESENT: Mayor Schneider, Councilmembers Crain, Zitur, and
Sisk, Assistant Manager Boyles, Finance Director
Ricker, Assistant Finance Director Hahn
ABSENT: Councilmember Vasiliou
PETITIONS, REQUESTS AND COMMUNICATIONS
Stewe Apfelbacher, Ehlers and Associates, reported to the City
Council that at 5:00 p.m. on May 20, 1986 the City opened bids
for two bond issues, one in the amount of $1,650,000 and the
other in the amount of $4,725,000. The bonds will be used to
finance various construction projects in calendar year 1986.
The City has recevled an "A-1" rating from Moody's and a "A"
rating from Standard and Poors. Compared with other bond issues
on the same day by the Metropolitan Council, Washington County,
Duluth School District, and others, the City received a
competitive rate for both issues. The fact that there is an
Increasing supply of bonds available on the market and the
uncertainties Introduced by the Tax Reform Act have resulted in
an Increase in the coupon rate. Nevertheless, the rates luoted
to the City are competitive and Council approval of the
resolutions authorizing the bond sale is recommended,
NOTION was made
member Zitur
PROPOSAL OF
106500000 IN
SERIES 19A6B.
by Councilmember Crain, seconded by Council -
to adopt RESOLUTION N0. 86-305 APPROVING THE
CRONIN 6 COMPANY, INCORPORATED FOR THE SALE OF
GENERAL OBLIGATION SEWER AND WATER REVENUE BONDS,
Notion carried cn a Roll fall vote, four ayes.
NOTION was made by Counclimember Crain, seconded by Council.
member Zitur to adopt RESOLUTION N0. 86-306 APPROVING THE
PROPOSAL OF PIPER, 3AFFRAY AND HOPWOOD, INC. fOR THE SALE OF
407259400 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1986A.
Notion carried on a Roll Call vote, four ayes.
The meeting adjourned at. 7:40 p.m.
1986 GENERAL OBLIGA-
TION BOND SALE
RESOLUTION N0. 86-305
AWARDING SALE OF
1,650,000 GENERAL
OBLIGATION SEWER 6
WATER BONDS
R7ESA N6. 86406
5XIE OF
4,725,000 GENERAL
OBLIGATION IhPROVENT
BONDS
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