12-07-1977 CC MIN - SPECIAL
SPECIAL MEETING
OF THE ELK RIVER CITY COUNCIL
December 7, 1977 at 4:00 pm.
Members present: Mayor Lundberg, Councilmembers Toth, otto, Konop and the
City's Financial Advisor, Bob Milne. Councilmember Syring was out of town.
The following bid tabulations received were reviewed by the Council.
(see attached tabulation)
Moved by Councilmember Toth and seconded by Councilmember Konop to accept
and award the lowest bid to E. J. prescott, a Division of Carleton D. Beh
Co., Manager, Marquette National Bank for the $627,000.00 General Obligation
Refunding and Improvement Bond of 1977 and $345,000.00 General Obli~ation
Refunding Bond of 1977 with a net effective interest rate of 5.2825/0.
Motion unanimously carried by a vote of 4-0.
Moved by Councilmember otto and seconded by CouneilmemberT()th.to>~:t'fy the
changes in the offering on December 7, 1977 Refunding General Obligation
~nd Improvement Bond of 1977 from the original amount of $1,062,000.00 to
$972,000.00. Motion unanimously carried by a vote of 4-0. A copy of the
reschedule is attached.
Moved by Councilmember Konop and seconded by Councilmember Toth authorizing
the purchase of the United States Security Bond as required in the issuance
of the 1977 Refunding Bonds. Motion unanimously carried by a vote of 4-0.
Moved by Councilmember Konop and seconded by Councilmember Toth approving
and authorizing the Hayor and Clerk to execute the escrow agreement pre-
taining to the 1977 General Obligation and Improvement Refunding Bonds.
Motion unanimously carried by a vote of 4-0.
Moved by Councilmember Konop and seconded by Councilmember Toth approving
the resolution by the Elk River Municipal Utilities providing for the
issuance and sale of approximately $975,000.00 Electric Revenue Bonds of
1978 (consisting of approximately $665,000.00 Electric Refunding Revenue
Bonds of 1978 and $310,000.00 Electric Improvement Revenue Bonds of 1978).
Motion unanimously carried by a vote of 4-0.
No further business the meeting adjourned at 4:55 pm.
(---t:.-.......:.-.................-...........-.
\ " ....../ . '.
'. ". y/
~'" ~...~/L. ~/
Clerk-Treasur