HomeMy WebLinkAbout6. Minutes of October 27, 1992 Special MeetingROSEMOUNT PORT AUTHORITY PROCEEDINGS
SPECIAL MEETING
OCTOBER 27, 1992
Pursuant to due call and notice thereof a special meeting of the Rosemount
Port Authority was duly held on October 27, 1992 at 7:30 p.m. in the
Council Chambers of City Hall, 2875 - 145th Street West.
Chairperson Dunn called the meeting to order with commissioners Mawe,
Wippermann, McMenomy, Edwards, and Sinnwell present. Commissioner. Anderson
was absent. Also present were Executive Director Jilk, City Attorney Mike
Miles, Finance Director May, and the city's financial consultant Dan O'Neil
of Springsted, Inc.
Chairperson Dunn explained that because of the November 3, 1992 general
election, the Port Authority's regularly scheduled meeting had to be
changed to abide by state election laws.
MOTION by Dunn to change the meeting date of the November 3, 1992 regular
meeting to Monday, November 2, 1992 at 5:30 p.m. SECOND by Edwards. Ayes:
6. Nays: 0.
Executive Director Jilk explained that the purpose of the meeting was to
accept the bids and award the sale of $3,425,000 General Obligation
Municipal Building Bonds, Series 1992E. The bids had been opened and
tallied this morning and the results were that the bonds were sold at
6.449 It was anticipated that the bonds would sell at approximately
6.02%, but despite this, budget projections should still be met on the
project. Also explained, was that as a result of Executive Director Jilk,
Finance Director May, and Chairperson Dunn's trip to Moody's in New York,
the city and Port Authority maintained an "A" bond rating. Mr. O'Neil and
Finance Director May answered Commissioner's questions regarding the dollar
amount difference between the two rates. It was also explained that when
adopting the resolution accepting bids and awarding sale, the resolution is
worded to be contingent upon Council adoption of an ordinance pledging the
full faith and credit of the City for the payment of the bonds. This
ordinance is necessary according to Briggs and Morgan the city's legal
consultant on bond matters.
MOTION by Dunn to adopt A RESOLUTION ACCEPTING OFFER ON THE SALE OF
$3,425,000 GENERAL OBLIGATION MUNICIPAL BONDS, SERIES 1992E, PROVIDING FOR
THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF. SECOND by Mawe.
Ayes: 6. Nays: 0.
Meeting adjourned at 7:50 p.m.
Respectfully submitted,
Deborah Widstrom
Recording Secretary