11-18-85 Finance Comm MinutesNOVEMBER 18, 1985
FINANCE COMMITTEE
3:30 PM.
Chairman Ruiz, Councilmen Palmer and Saverud, Mayor McDowell, Clerk/Treasurer
Halver, City Accountant Robertson, C.D.D. Gallagher, Dale Pugh of Dain
Bosworth.
1. Chairman Ruiz reviewed the bids on the Tax Increment Fund opinion.
Jordahl & Sliter $30.00 per hour not to exceed $6,000.
Clark, Walsh & Torgerson $40.00 per hour not to exceed $3,960.
Eigeman, Hanson, Saurey & Marshall declined to bid.
Clerk Halver reviewed the letter sent to the accounting firms outlining what
we needed.
Councilman Palmer moved the committee recommend the council award the bid to
the firm of Clark, Walsh & Torgerson, primarily because of the lower maximum
amount. Councilman Ruiz seconded.
2. Chairman Ruiz reviewed the Bids on repurchase agreements:
Investment Bids:
Bank Variable rate
First Interstate Bank - 60 basis pts, under
proposed a market interest daily fed. fund. rate
account instead of repo.
Norwest Bank
First Federal Savings Bank
Valley Bank
75 basis pts under
daily fed. int. rate
1/2% below daily fed.
funds rate
.375% below average
daily fed. fund rate
Fixed rate
7.76%
6.80%
7.07%
7.45%
Amy pointed out the First Interstate bid was not for a repurchase agreement,
and would only be covered by pledged securities for 50%% of the deposits
exceeding $100,000.00.
Councilman Palmer moved the committee recommend acceptance of the Valley Bank
fixed rate of 7.45%. Councilman Ruiz seconded.
3. Dale Pugh presented the bond resolution and bond purchase agreement for
review and discussion.
Chairman Ruiz and Councilman Palmer asked Dale Pugh several questions
regarding the procedures and costs of the bond issue.
Councilman Ruiz and Palmer agreed to recommend council approval to proceed
with the issuance of the bonds and approval of the offer of purchase from
Dain Bosworth.
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