Committee Minutes

MINUTES/FINANCE COMMITTEE
Monday, November 7, 1994 - 6:45 p.m.

Members present: Carpenter, Babinchak, Geller, McCabe.

1. Matter of awarding sale of bonds:
Information relative to the following bond sales was presented by Wally Dornfeld, Springsted, Inc.

a) $2,375,000 Refunding Improvement bonds, Series 1994B
Moved by Babinchak and Geller to award bid to Dain Bosworth, Inc. at 6.3499% and adopt resolution establishing terms and directing issuance of definitive improvement warrants providing for and appropriating special assessments for the support and maintenance of said funds and also adopt resolution awarding sale of special improvement warrants and exchange thereof for refunding improvement bonds, Series 1994B. Motion carried.

b) $265,000 G.O. Tax Increment Bonds, Series 1994C
Moved by Geller and Babinchak to award bid to FBS Investment Services, Inc. at 6.5852% and adopt resolution authorizing selling and establishing the terms of $265,000 G.O. Tax Increment Bond, Series 1994C, creating a sinking fund therefor and levying taxes for their payment. Motion carried.

c) $1,925,000 Sewer Reserve Revenue Bonds, Series 1994D
Moved by McCabe and Geller that we award bid to Dain Bos- worth, Inc. at 6.4575% and adopt resolution authorizing issuance and awarding the sale of $1,925,000 Sewer Reserve Revenue Bonds, Series 1994D to finance the undertaking of an expansion and improvement of the municipal sewerage utility. Motion carried.

2. Matter of financing FTZ building remodeling.
Mr. Dornfeld, Springsted, Inc., reviewed proposed financing with the committee. Moved by Carpenter and Geller that the City negotiate issuance of approximately $800,000 of reserve revenue bonds, and release contracts as awarded. Motion carried.

3. Matter of financing CVB building construction.
Mr. Dornfeld, Springsted, Inc., reviewed their recommenda- tions with the committee. Moved by Carpenter and Geller to negotiate the issuance of approximately $,500,000 of reserve revenue bonds, subject to Convention & Visitors Bureau pledging proceeds from total 3% hotel-motel tax for payment of debt. Motion carried.

4. Matter of bids on 2 and 24 S. 3rd St.
Mr. Schmisek reviewed bids for rehab of roofs on City buildings at 2 and 24 South 3rd Street. Moved by Geller and Babinchak to award bid to Skinner Roofing in the amount of $34,800.00 with fund to be taken from the Deficiency Fund. Motion carried.

John Schmisek, City Auditor/af