02/25/1975 - 00015493�
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THE MINUTES DF THE SPECIAL MEETING OF THE FRIDLEY CITY CdUNCIL OF FEBRUARV 25, 1975
The Special Meet�ng of the Fridley City Council of February 25, 1975 was called to
order at 5:30 P.P1 by Mayor Nee.
ROLL CALL:
MEMBERS PRESENT• Councilwoman Kukowsk�, Councilman Fitzpatrick, Counc�lman
Breider, and Mayor Nee.
P1EMBERS ABSEP�T• Councilman Starwalt.
ING BIDS FOR $i.220.000 GENERAL OBLIGATIDN REFUNDING BON�S DATED
Mr. Seegar Swanson from Ehlers and Associates expla�ned the refunding pr7ncipals and
procedu}�es. Mr. Swanson stated two bids had been received, one from Juran & Moody,
Inc. and one from Banc Northwest.
LIfdG AND CSTABLISHING ?HE T�RMS
MOTIOfd by Councilwoman Kukcti�ski to a�opt Resolut�on Na 34-1975, a Resclutinr
authorizing sellir�g ana esta6iisl�ing the t�rms of F1,220,000 Geneh°al Cbligation
Refunding Bonds, creat�ng a Sink�ng Fund therefore, and prov�ding for their pay:n�nt,
and to award the bond sale to �uran & Moody, Inc., in the amount of �1,2:,3,090
Seconded by Councilman Breider Upon avoice vote, all vot7ra aye, Mayor� Nee declared
the mot7on carried unanimously.
MOTION by Councilwoman Kukowski to authorize the payment of $14,244 88 in accrued
interest and $7,294.24 as a cash depos�t to the F�rs� National 6an!� of Saint Faul.
Seconded by Councilman Breider. Upon a voice vote, all voting aye, �1ayor Nee
declared the motion carr�ed unanimousiy.
Mr. Seegar Swanson explained that the tentative interest savings to the City for this
refunding bond issue will he �75,593.26. The savrnys could be slZghtly more than ±his
The Ttivo bond issues being retired are Spec�al A,ssessment Bonds of 1970 and 4later
Improvement 3onds of 1970.
ADJOURPlMLNT :
MOTIDN by Counci7man Bre�der to ad,7ourr the meeting Seconded Fy Councz'inan Fit�patrick
Upon a voice vote, all voiing aye, Mayor Nee declared the mction car�^�ed unan�r�o�:s':y
and the Special Meet�ng of the Friciley City Ceunc�l of February 25, 1975 ad,7r.urned at
5:45 P.M.
Respectfully submitted,
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_ t�1a � tn C. 6runsell
Act7ra S2cretary to the Cicy Counci�
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Date Approved
4lilliam J. Ne��
Mayoi°