Committee Minutes

MINUTES/FINANCE COMMITTEE
Monday, May 16, 1994 - 7:00 p.m.

Members present: Kulas, Johnson, McCabe, Shores.

1. Matter of bids for sale of $1,310,000 G.O. Tax Increment
Bonds, Series 1994A, and resolution authorizing, selling
and establishing the terms of said bonds.
Wally Dornfeld, Springsted, Inc., presented and reviewed tabulation of bids. Moved by Shores and McCabe that we approve the sale of $1,310,000 Tax Increment Bonds, Series 1994A, to Norwest at a net interest rate of 5.850342%, and pass the resolution authorizing issuance and setting the sale of the above bonds. Motion carried.

2. Application by Carbo Enterprises USA, Inc., 1305 Dyke Avenue,
for five-year property tax exemption.
Moved by McCabe and Johnson that the application be approved on a declining scale of 100%, 80%, 60%, 40% and 20%, subject to public hearing on June 6, 1994 and subject to attorney's review. Motion carried.

3. Matter of pledged collateral.
Mr. Johnson had reviewed the records in the city auditor's office which have been pledged as securities for public funds of the City. Moved by Johnson and McCabe that the pledged securities (as listed) be and are hereby re-approved as required.
Motion carried.

Meeting adjourned.

John Schmisek
City Auditor/af

Dated: 5/18/94.