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<br />e <br /> <br />MEETING OF THE ELK RIVER CITY COUNCIL <br />HELD AT THE ELK RIVER CITY HALL <br />MONDAY, NOVEMBER 28, 1994 <br /> <br />Members Present: Vice Mayor Farber, Council members Holmgren, Scheel, and Dietz <br /> <br />Members Absent: Mayor Duitsman <br /> <br />Staff Present: Pat Klaers, City Administrator; Lori Johnson, Finance Director; Sandra <br />Thackeray, City Clerk; Phil Hals, Street Superintendent. <br /> <br />Also Present: Dave McGillivray of Springsted Inc. <br /> <br />1. Call Meetina To Order <br /> <br />Pursuant to due call and notice thereof, the meeting of the Elk River City Council <br />was called to order by Vice Mayor Farber at 6:07 p.m. <br /> <br />2. Consider Council Aaenda <br /> <br />The following items were added to the agenda: <br /> <br />e <br /> <br />3.6 Hillside Crossing Special Assessment Reapportionment <br />3.7 Western Area Phase II Update <br /> <br />COUNCILMEMBER HOLMGREN MOVED TO APPROVE THE 11/28/94 AGENDA AS <br />AMENDED. COUNCILMEMBER SCHEEL SECONDED THE MOTION. THE MOTION <br />CARRIED 4-0. <br /> <br />3. Consider City Council Minutes <br /> <br />3.1 Consider Resolution providing for the sale and issuance of the City's <br />$1 ,01 0,000 aeneral obliaation revenue bonds series 19940 <br />3.2 Consider Resolution providina for the sale and issuance of the City's <br />$1,550,000 general obliaation improvement bonds series 1994E <br /> <br />Finance Director Lori Johnson stated that the City has accepted bids for <br />two bond issues. A t this point she introduced Dave McGillivray of <br />Springsted. Dave McGillivray stated that the City has provided for the <br />issuance and sale of water revenue bonds for the storage facility and <br />general obligation bonds for municipal utilities and street improvements <br />for the Western Area Phase II project. He stated that the City received six <br />bids for each of these bond issues. The low bid for the $1,010,000 Water <br />Revenue Bond was received from Piper Jaffray at 6.4041 %. The low bid for <br />the $1,550,000 General Obligation Improvement Bond was also. from Piper <br />Jaffray at an interest rate of 6.3336%. <br /> <br />e <br /> <br />Dave McGillivray updated the council on current interest rates and on the <br />City's credit rating. Mr. McGillivray recommended that the City award <br />both bids to Piper Jaffray. <br />