Committee Minutes

MINUTES/FINANCE COMMITTEE
Tuesday, January 3, 1995 - 7:15 p.m.

Members present: Carpenter, Babinchak, Geller.

1. Matter of award of sale of $1,2000,000 General Obligation
Bonds (Hotel/Motel Tax), Series 1995A.
Wally Dornfeld, Springsted, Inc. reviewed bids with the committee, reported that the City had retained its Double A rating; that the had projected the bond issue would sell for 6.96%, and they came in at 6.46%, and that Moody's did not cite any problems in the investments.

Moved by Babinchak and Geller that we award the sale of $1,200,000 General Obligation Bonds to Piper Jaffray, Inc. at a rate of 6.4492%, and adopt a resolution authorizing, selling and establishing the terms of $1,200,000 General Obligation Bonds (Hotel/Motel Tax), Series 1995A, creating a sinking fund therefor and levying taxes for their payment. Motion carried.

John Schmisek, City Auditor/af