Committee Minutes

MINUTES/FINANCE COMMITTEE
Monday, November 15, 1999 - 7:00 p.m.

Members present: Babinchak, Brooks, Hamerlik.

1. Matter of consideration of award of bids for the following bond issues:
a) $1,200,000 Sewer Reserve Revenue Bonds, Series 1999D
b) $1,850,000 Water Reserve Revenue Bonds, Series 1999E
Brenda Krueger, Springsted, Inc., financial advisory firm, reported they took bids on these bonds, received three bids on each of the two series, and the winning bidder on each of the series of bonds was Isaak Bond Investments, Inc. , investment underwriting firm out of Denver, and commented on the interest rate market, confirmed A-1 rating and recommended award of the bids. Moved by Brooks and Hamerlik that we recommend award of the bid to Isaak Bond Investments, Inc. at 5.6172% for the $1,200,000 Sewer Reserve Revenue Bonds, Series 1999D, and adopt the resolution. Motion carried.

It was moved by Hamerlik and Brooks that we award the bid to Isaak Bond Investments, Inc. at 5.6172% and adopt the resolution for the sale of Water Reserve Revenue bonds, Series 1999E. Motion carried.

2. Matter of resolution regarding dike bonds.
Ms. Krueger reviewed supplemental resolution relating to the $10,730,000 G.O. Dike Bonds, Series 1999A, term bonds. Moved by Hamerlik and Brooks to adopt the Supplemental Resolution relating to the $10,730,000 General Obligation Dike bonds, Series 1999A, term bonds. Motion carried.

Moved by Hamerlik and Brooks to adjourn; motion carried.

Alice Fontaine
City Clerk