HomeMy WebLinkAbout1997 12-01 CCM Special Session MINUTES OF THE PROCEEDINGS OF THE CITY COUNCIhi-
OF THE CITY OF BROOKLYN CENTER IN THE COUNTY
OF HENNEPIN AND THE STATE OF MINNESOTA
SPECIAL SESSION
DECEMBER 1, 1997
CITY HALL
CALL TO ORDER
The Brooklyn Center City Council met in special session and was called to order by Mayor
Myrna Kragness at 7 p.m.
ROLL CALL
Mayor Myrna Kra,gness, Councilmembers Kathleen Carmody, Deb Hilstrom, Kay Lasman, and
Robert Peppe. Also present: City Manager Michael J. McCauley, Assistant City Manager Jane
Chambers, City Attorney Charlie LeFevere, and Council Secretary LeAnn Larson.
APPROVAL OF AGENDA AND CONSENT AGENDA
A motion by Councilmember Carmody and seconded by Councilmember Lasman to approve
the agenda and consent agenda as printed passed unanimously.
COUNCIL CONSIDERATION ITEMS
RESOLUTION AWARDING THE SALE OF $1.075.000 GENERAL OBLIGATION
IMPROVEMENT BONDS, SERIES 1997A: FIXING THEIR FORM AND
SPECIFICATIONS: DIRECTING THEIR EXECUTION AND DELIVERY: AND
PROVIDING FOR THEIR PAYMENT
City Manager McCauley introduced Mr. Bob Thistle, Springsted Public Finance Advisors. Mr.
Thistle noted the City's excellent bond rating for the general obligation bonds. This rating is
based on a stable economy supported by the City's proximity to the Twin Cities, strong
finances characterized by ample reserves, and an above average but manageable debt position.
Conservative budgeting has enabled the City to accumulate sizable fund balance levels, as
evidenced by an unreserved General Fund balance of 55.4 percent of operating revenues for
fiscal 1996.
The City Manager presented a tabulation of the proposals which had been received in the
manner specified in the Terms of Proposal for the Bonds.
The recommendation was to accept the award of Piper Jaffray, Inc., First Union Capital
Markets Corporation, for a true interest rate of 4.4901 percent.
12/1/97 _ 1 _
RESOLUTION NO. 97 -219
Member Hilstrom introduced the following resolution and moved its adoption:
RESOLUTION AWARDING THE SALE OF $1,075,000 GENERAL OBLIGATION
IMPROVEMENT BONDS, SERIES 1997A; FIXING THEIR FORM AND
SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND
PROVIDING FOR THEIR PAYMENT
The motion for the adoption of the foregoing resolution was duly seconded by member
Carmody and passed unanimously.
RESOLUTION AWARDING3. THE SA OF $7.900.000 GENERAL OBLIGATION POLICE
AND FIRE BUILDING BONDS. SERIES 199713: FIXING THEIR FORM AND
SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY: AND
PROVIDING FOR THEIR PAYMENT
The recommendation was to accept the award of Cronin and Company, Inc., Smith Barney, Inc,
with Josephthal, Lyon & Ross, Inc., for a true interest rate of 4.7352 percent.
RESOLUTION NO. 97 -220
Member Hilstrom introduced the following resolution and moved its adoption:
RESOLUTION AWARDING THE SALE OF $7,900,000 GENERAL OBLIGATION POLICE
AND FIRE BUILDII*JG BONDS, SERIES 199713; FIXING THEIR FORM AND
SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND
PROVIDING FOR THEIR PAYMENT
The motion for the adoption of the foregoing resolution was duly seconded by member
Carmody and passed unanimously.
ADJOURNMENT
A motion by Councilmember Lasman and seconded by Councilmember Carmody to adjourn
the meeting to the continued budget work session at 7:12 p.m. passed unanimously.
%r-e'
/l
City Clerk Mayor o
Recorded and transcribed by:
LeAnn Larson
12/1/97 -2-