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MINUTES/FINANCE COMMITTEE
Monday, December 4, 1995 - 7:00 p.m.

Members present: Carpenter, Babinchak.

1. Matter of sale of $4,655,000 Refunding Improvement Bonds,
Series 1995G.
Wally Dornfeld, Springsted, Inc., distributed tabulation of bids received. He suggested that the committee consider meetings between County, Schools and City re. issuance of debt, to make each other aware of what's happening.

Saroj Jerath, deputy city auditor, reported that there were 6 bidders, Harris Trust & Savings Bank low bidder.

Mr. Dornfeld reported there were some bidders not recognized, only main runner of account, some interest in North Dakota and Grand Forks bonds. He stated they were very pleased with bids received, and that City retained its double A rating. He also noted that in looking at debt statement, getting up there, most are self-supporting, taxes and assessments; there is G.O. debt that everyone looks at; up almost to $1,000 per capita; that Moody recognizes good solid base; and City on high range of double A community. He noted that this was unusual year because lot of projects, and hopefully won't have as much next year. He also reported that the interest rates were all very close, all very acceptable bids, and recommended award to Harris Trust.

Moved by Babinchak and Carpenter that we award bid to Harris Trust & Savings Bank with true interest rate of 4.7691%; and adopt resolutions establishing terms and directing issuance of definitive improvement warrants and providing for and ap- propriating special assessments for the support and maintenance of said bonds, and adopt resolution awarding sale of special improvement warrants and exchange thereof for Refunding Improvement Bonds, Series 1995G. Motion carried.

Mr. Dornfeld suggested work session with committee and staff re. all situations.

McCabe reported present.

Meeting adjourned.

Alice Fontaine
City Clerk

Dated: 12/05/95.