Committee Minutes

MINUTES/FINANCE COMMITTEE
Monday, June 19, 1995 - 7:00 p.m.

Members present: Carpenter, Babinchak, Geller, McCabe.

1. Matter of sale of various bond issues:
Mr. Dornfeld, Springsted, Inc., reviewed bids for the
various bond issues.
a) General Obligation Tax Increment Bonds, Series 1995B
Moved by Carpenter and McCabe that we pass a resolution awarding the sale of $740,000 General Obligation Tax Increment Bonds, Series 1995B, to Piper, Jaffray, Inc. with a true interest rate of 5.5865%, net interest cost of $519,696.25. Motion carried.

b) Water Reserve Revenue Bonds, Series 1995C
Moved by Carpenter and McCabe that we pass a resolution awarding the sale of $2,100,000 Water Reserve Revenue Bonds, Series 1995C, to Piper Jaffray, Inc. with a true interest rate of 5.6872%, net interest cost of $1,562,860.42. Motion carried.

c) Sewer Reserve Revenue Bonds, Series 1995D
Moved by Carpenter and McCabe that we pass a resolution awarding the sale of $1,240,000 Sewer Reserve Revenue Bonds,
Series 1995D, to Piper Jaffray, Inc. with a true interest rate of 5.6689%, net interest cost of $942,357.25. Motion carried.

2. Matter of 1994 audit report.
Moved by Carpenter and McCabe that we approve the auditor report and recommend final payment to Brady, Martz & Associates, subject to final approval of the report by the State Auditor's Office. Motion carried.

3. Matter of sidewalk warrants.
Mr. Schmisek presented bids for sidewalk warrants for financing of 1995 sidewalk improvement in the amount of approx. $200,000. Moved by Carpenter and McCabe that we accept the bid of Community National Bank at 98% of par, with a coupon rate of 4.7%, with a five-year bond term. Motion carried.

Meeting adjourned.

John M. Schmisek
City Auditor/af