HomeMy WebLinkAbout07/24/2018 Council Minutes CITY OF FAIRFAX
SPECIAL CITY COUNCIL MEETING
July 24, 2018
The special meeting of the Fairfax City Council was held July 24, 2018, at Fairfax city hall at
300 80th Street Court. Mayor Frieden called the meeting to order at 6:00 PM. Council members
present: Travis Otto, Mike Daly, Joe Kell, and Nick Volk. Absent: Marianne Wainwright.
Other city staff present: Kathy Everett.
Motioned by Volk, seconded by Kell to approve the consent/meeting agenda. Ayes: Otto,
Daly, Kell, and Volk. Nays: None. Absent: Wainwright. Motion carried.
Maggie Burger with Speer Financial presented the bids received for the $2,170,000 General
Obligation Urban Renewal Corporate Purpose and Refunding Bonds, Series 2018:
Name and Address of Bidder True Interest Rate
Dougherty & Co., LLC, Minneapolis, Minnesota 2.9005%
Piper Jaffray & Co., Minneapolis, Minnesota 2.9045%
Bankers' Bank, Madison, Wisconsin 2.9927%
UMB Bank, n.a., Kansas City, Missouri 3.0262%
Northland Securities, Inc., Minneapolis, Minnesota 3.0308%
D.A. Davidson& Co., Denver, Colorado 3.1273%
Upon examination of the bids, it was the opinion of Speer Financial that the bid of Dougherty
& Company LLC, Minneapolis, Minnesota is the best bid received, the bid is favorable to the City
and should be accepted. Speer Financial recommended the bonds be awarded to that bidder at a
price of$2,161,906.70, being at a true interest rate of$2.9005%.
Motioned by Daly, seconded by Kell to approve RESOLUTION 2018-46, A
RESOLUTION AWARDING SALE OF GENERAL OBLIGATION URBAN RENEWAL
CORPORATE PURPOSE AND REFUNDING BONDS, SERIES 2018 to Dougherty& Co.,
LLC, Minneapolis, Minnesota at a true interest rate of 2.9005%. Roll call vote: Ayes: Otto,
Daly, Kell, and Volk. Nays: None. Absent: Wainwright. Motion carried. Mayor Frieden
declared RESOLUTION 2018-46 duly adopted.
Motioned by Kell, seconded by Otto to adjourn the meeting. Ayes: Otto, Daly, Kell, and
Volk. Nays: None. Absent: Wainwright. Motion carried.
Mayor Frieden adjourned the meeting at 6:10 PM.
Mayor Burnell G. Frieden
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Deputy City Clerk-Utilities Kathy Everett
Disclaimer: The foregoing minutes are not official until approved by the City Council. I
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