Committee Minutes

MINUTES/FINANCE COMMITTEE
Monday, October 18, 1999 - 7:00 p.m.

Members present: Babinchak, Brooks Carpenter, Hamerlik.

1. Consideration of award of bids for the following bond issues:
a) $10,730,000 G.O. Dike Bonds, Series 1999A
b) $ 6,825,000 Refunding Improvement bonds, Series 1999B
c) $1,255,000 Storm Sewer Reserve Revenue Bonds, Series 1999C
Alan Erickson, Springsted, presented tabulation of bids received for the above bond issues - 1999A Dain Rauscher Incorporated at 5.6323%; 1999B Dain Rauscher Incorporated at 5.4731%; and 1999C Norwest Investment Services, Inc. at 4.6381%; and that the City had retained its bond ratings by Moody’s - 1999A rating of Aa3; 1999B rating of Aa3; and 1999C rating of A1; and recommended approval on all three issues.

a) Moved by Carpenter and Brooks that we award bid to Dain Rauscher Incorporated at 5.6323%, and adopt resolution relating to $10,730,000 General Obligation Dike Bonds, Series 1999A; authorizing the issuance, awarding the sale, fixing the form and details, and providing for the execution and delivery thereof and security therefor. Motion carried.

b) Moved by Carpenter and Brooks that we award bid to Dain Rauscher Incorporated at 5.4731% and adopt resolution establishing terms and directing issuance of definitive improvement warrants on the funds of Sanitary Sewer Districts Nos. 402 and 408, Storm Sewer Districts Nos. 405, 403, 401 and 380, Alley Paving Districts Nos. 569 and 571, Paving Districts Nos. 564, 568, 572, 562, 570, 560 and 561, Lighting Districts Nos. 127, 128, 129, 132 and 131, Watermain Districts Nos. 269, 266, 268, 397, 265, 264 and 270, Parking Ramp District No. 11 and Sidewalk Easement District No. 17 and providing for and appropriating special assessments for the support and maintenance of said funds; and adopt resolution directing the issuance of $6,825,000 Refunding Improvement Bonds, Series 1999B and prescribing the terms and covenants thereof. Motion carried.

c) Moved by Carpenter and Brooks that we award bid to Norwest Investment Services, Inc. at 4.6381% and adopt resolution authorizing the issuance and awarding the sale of storm sewer reserve revenue bonds, Series 1999C to finance the undertaking of an expansion and improvement of the municipal storm sewer utility. Motion carried.

2. Matter of amendment to the contract for services relating to continuing disclosure and/or Arbitrage Rebate Requirements relating to:__________________________
a) $10,730,000 G.O. Dike Bonds, Series 1999A
b) $ 6,825,000 Refunding Improvement Bonds, Series 1999B
c) $ 1,255,000 Storm Sewer Reserve Revenue Bonds, Series 1999C
d) $ 2,100,000 Sewer Reserve Revenue Bonds, Series 1999D
e) $ 1,850,000 Water Reserve Revenue Bonds, Series 1999E
The city auditor reported that the City has a contract with Springsted to continue disclosure for all bond issues and as add bond issues will amend the contract, and asked for amendment to the contract for these projects as well as two additional issues to be sold November 15. Moved

MINUTES/FINANCE COMMITTEE
October 18, 1999 - Page 2___________

by Carpenter and Brooks to approve amendment to the contract for services relating to continuing disclosure. Motion carried.

Moved by Brooks and Carpenter to adjourn; meeting adjourned at 7:20 p.m.

Alice Fontaine
City Clerk

Dated: 10/19/99