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CITY OF SHOREWOOD
SPECIAL CITY COUNCIL MEETING
TUESDAY, OCTOBER 15, 1991
COUNCIL CHAMBERS
5755 COUNTRY CLUB ROAD
PAGE 1
M I NUT E S
1. CALL TO ORDER
Mayor Brancel called the meeting to order at 7:00 P.M.
A. ROLL CALL
Present: Mayor Brancel, Councilmembers Gagne,
Daugherty and Lewis, City Administrator Hurm and City Finance
Director Rolek.
Absent:
Councilmember Stover
2.
AWARD BID - $960,000 G.O. BONDS
RESOLUTION NO. 107-91
BOB THISTLE - SPRINGSTED stated that the bonds were to be used for
the S. E. Area Water project, the Church Road Improvement project
and the Pine Bend Water project and included in the offering is a
refinancing of a 1986 bond.
He said Springsted had estimated the bond bid price to be in the
area of 6.18%, however, they sold at 5.61%.
He recommended accepting the low bid of Dain, Bosworth
Incorporated and Associate at 5.6098% with a net interest cost of
$309,661.25.
Daugherty and Gagne asked Thistle why the bond price dropped.
Thistle said there were a lot of reasons including a drop in the
prime rate and a greater interest in short term investments.
Gagne moved, Daugherty seconded to adopt RESOLUTION NO. 107-91 "A
Resolution Awarding the Sale of $960,000 General Obligation Improvement
Bonds, Series 1991A; Fixing Their Form and Specifications; Directing
Their Execution and Delivery; and Providing for Their Payment. II
Motion carried - 4/0
Thistle said the City of Shorewood currently has an A rating from
Moody's.
City Administrator Hurm said the City could lower the interest rate
on the assessment passed on October 14, 1991 for the S. E. Area
Water Treatment Plant because of the favorable rate received for
this bond issue.
The Council directed Hurm to prepare a resolution for the Oct. 28
Council meeting lowering the interest rate on the S. E. Area Water
Treatment Assessment to 7 1/2%
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SPECIAL CITY COUNCIL MINUTES
OCTOBER 15, 1991 - PAGE 2
ADJOURNMENT
Gagne moved, Lewis seconded to adjourn the meeting at 7:18 P.M.
Motion carried - 4/0
RESPECTFULLY SUBMITTED
Katie Snyder
Recording Secretary
CITY
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