HomeMy WebLinkAbout08-11-1981���® RECORD OF OFFICIAL PROCEEDINGS OF THE COMMON COUNCIL
CITY OF ROCHESTER, MINNESOTA
Adjourned Meeting No 8 - August 11, 1981
Agenda
Item
A-1 President Postier called the meeting to order at 1:00 P.M., the
following members being present,: President Postier, Aldermen.Allen,
Bluhm, Duffy, and Solinger. Absent: Aldermen Powers and Strain.
E-1 Mr. Paul Utesch, Finance Director:commented on the rate of thterest.
that was bid on the sale of $5,800,000. in general obligation tax
increment bonds. The rate of interest bid was 10.7875 from Harris
Trust and Savings Bank of Chicago. Mr. Utesch stated that this was
a high. rate of interest, but the rate would be workable and recommendEd
the Council accept it. Mr.. Dan O'Neil of Public Financial Systems,
Inc. Minneapolis, Minnesota was present and explained the
financial statistics. Mr. O'Neill exlained the alternatives the
Council have regarding the bond sale. 1. Accept the current low bid.
2. Reject the bid and negotiate within the next 30 days for a lower
rate. 3. Reject and rebid. He stated that Chanhassen; Minnesota
rejected a bid at 10.40 and at this time the rate is up to approx.
12. Due to the fact that the rate is a workable rate, Mr. O'Neil als
recommended that the Council accept the low bid of 10.7875. Rochester
also maintained its triple A rating. Having no more discussion,
Solinger moved, Bluhm second to adopt Resolution No. 457-81 authorizi g
the issuance awarding the sale, prescribing the form and details and
providing for the payment of $5,800,000. General Obligation Tax
Increment Bonds of 1981 ( This is accepting the low bid of 10.7875
submitted by Harris Trust and Savings Bank of Chicago). Ayes (5),
Nays (0). Motion carried.
E-2 Duffy moved, Allen second to approve the request from John Pagelkopt
Secretary of Kiwanis Club of Rochester to conduct their annual
Kiwanis Peanut Day Raising campaign in the City of Rochester on Tues
September 15 from 8:00 A.M. to 5:00 P.M. Ayes (5), Nays (0). Motion
Carried.
E-3 Bluhm Moved, Duffy second to approve the following licenses and bonds:
Request from Margaret Rafferty, Secretary/Treasurer for the North
American Clydesdale Show requesting approving for the following On -
Sale 3.2 Beer Licenses. August 16, 1981 Olmsted County Fairgrounds,
Grandstand Area. August 28 at the Olmsted County Fairgrounds -
Graham Arena and August 28-30 for the Olmsted County Fairgrounds
Building No. 32 and request from St. Pius Church for 3.2 beer license
for August 23, 1981. Request received from Douglas Eckles for a
cigarette license to sell cigarette wrappers at 11 1/2 First St. S. W.
from August through December 1981. Ayes (5), Nays (0). Motion
carried. Discussion was held on the type of use Mr. Eckles wanted with
cigarette papers and the Council wished additional information.
Allen moved, Duffy second to reconsider the approval of the cigarette
license application submitted by Mr. Eckles. Ayes (5) , Nays (0)
Motion carried. Allen moved, Bluhm second to approve the above licens s
omitting the application for Cigarette wrappers. Ayes (5), Nays (0).
Motion carried.
F-1 Duffy moved, Allen second to adopt Resolution No. 458-81
protests and
objects to the levy of any taxes upon the owners of real property
RECORD OF OFFICIAL PROCEEDINGS OF THE COMMON COUNCIL IC33g
CITY OF ROCHESTER, MINNESOTA
Adjourned Meeting No. 8 - August 11, 1981
Agenda
Item
F-1 contained within the City of Rochester in order to fund the activiti
of the Southeastern Minnesota Regional Development Commission.
Ayes (5), Nays (0). Motion carried.
Having no further business, Allen moved, Duffy second to adjourn the
meeting. Ayes (5), Nays (0). Motion carried.
City Clerk
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