Committee Minutes

MINUTES/FINANCE COMMITTEE
Monday, September 16,1 996 - 7:00 p.m.

Members present: Carpenter, Babinchak, Bakken, Hamerlik.

1. Matter of sale of $4,530,000 Refunding Improvement Bonds,
Series 1996B, and adoption of resolutions.
Wally Dornfeld, Springsted, Inc., was present and reviewed bids with the committee.

Moved by Babinchak and Hamerlik that we award bid to Dain Bosworth with a true interest rate of 5.2313%; and adopt reso- lutions establishing term and directing issuance of definitive improvement warrants and providing for and appropriating special assessments for support and maintenance of said bonds, and adopt resolution directing issuance of $4,530,000 Refunding Improvement Bonds, Series 1996B, and prescribing the terms and covenants thereof. Motion carried.

2. Application for 5-year property tax exemption from RDO Foods
Company for expansion project at 2500 Mill Road - request for
waiver of notice to competitors.
The committee considered the request from Grand Forks Development Corporation in behalf of RDO Foods to make determin- ation that there are no competitors as provided in NDCC 40-57.1-03 to alleviate the publication of notices to competitions because of lateness of construction season.

Moved by Bakken and Hamerlik that we find there are no com- petitors and set public hearing for October 7, 1996. Motion carried.

3. Matter of agreement with Springsted, Inc. for continuing dis-
closure and/or arbitrage and rebate monitoring.
Held in committee.

Meeting adjourned.

John M. Schmisek
City Auditor/af

Dated: 9/20/96