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