HomeMy WebLinkAboutCity Council Minutes 11-17-1993 SpecialMINUTES
SPECIAL COUNCIL MEETING
NOVEMBER 17, 1993
A special meeting of the Plymouth City Council was called to order by Deputy Mayor
Edson at 3:00 p.m. in the Council Chambers of the City Center, 3400 Plymouth Blvd., on
November 17, 1993.
PRESENT: Deputy Mayor Edson, Councilmembers Tierney and Vasiliou
ABSENT: Mayor Bergman, Councilmember Helliwell
STAFF PRESENT: City Manager Johnson, Finance Director Hahn, City Clerk
Rauenhorst
ALSO PRESENT: David MacGillivray, Springsted, Inc.
AWARD SALE OF GENERAL OBLIGATION BONDS
Finance Director Hahn stated the City has advertised the sale of General
Obligation Bonds. The proceeds of these bonds will be used to advance refund
four of the City's current outstanding bond issues. The interest rates on these
bonds will be considerably less than on the current outstanding bond issues. He
stated that Moody's Investor's Service has rated these bonds Aaa for the fust time
in the history of the City. This rating reflects the City's excellent financial health,
as well as the projected financial stability throughout the life of the bonds, which is
2002. Finance Director Hahn presented the results of the bids on the three issues
and recommended that the City Council award the bids to the bidders with the
lowest net interest cost and the best bid received. He stated that the City had
expected to realize approximately $750,000 in future interest savings from these
issues; however, the bids received were very favorable, and future interest savings
are expected to be about $1,000,000.
David MacGillivray, Springsted, Inc., stated the bid results are very favorable. He
stated the City will realize actual interest savings of 36 percent on the "A" issue,
35 percent on the "B" issue, and 39 percent on the "C" issue. He stated that it is
quite an accomplishment that the City has received the Aaa bond rating, and noted
that less than 100 jurisdictions out of ten's of thousands in the country have
achieved a Aaa rating.
Special Council Meeting
November 17, 1993
Page 2
MOTION was made by Councilmember Edson, seconded by Councilmember
Vasiliou, to adopt RESOLUTION 93-756 AUTHORIZING AND
AWARDING THE SALE OF, AND PROVIDING THE FORM, TERMS,
COVENANTS, AND DIRECTIONS FOR $4,550,000 GENERAL
OBLIGATION WATER REVENUE REFUNDING BONDS, SERIES 1993A.
Motion carried on a roll call vote, three ayes.
MOTION was made by Councilmember Edson, seconded by Councilmember
Vasiliou, to adopt RESOLUTION NO. 93-757 AUTHORIZING AND
AWARDING THE SALE OF, AND PROVIDING THE FORM, TERMS,
COVENANTS, AND DIRECTIONS FOR $2,275,000 GENERAL
OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 1993B.
Motion carried on a roll call vote, three ayes.
MOTION was made by Councilmember Edson, seconded by Councilmember
Vasiliou, to adopt RESOLUTION NO. 93-758 AUTHORIZING AND
AWARDING THE SALE OF, AND PROVIDING THE FORM, TERMS,
COVENANTS, AND DIRECTIONS FOR $895,000 TAXABLE GENERAL
OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1993C.
Motion carried on a roll call vote, three ayes.
Councilmember Vasiliou commended Finance Director Hahn and David
MacGillivray for their work this past year.
CERTIFY RESULTS OF WARD 3 ELECTION RECOUNT
MOTION was made by Councilmember Vasiliou, seconded by Councilmember
Tierney, to adopt RESOLUTION NO. 93-759 CERTIFYING RESULTS OF
CITY WARD 3 RECOUNT, NOVEMBER 15, 1993.
City Clerk Rauenhorst noted that the results of the recount were identical to the
results received on November 2, 1993.
Motion carried on a roll call vote, three ayes.
The meeting was adjourned at 3:15 p.m.
Crty Jerk