HomeMy WebLinkAbout1964/12/21 - ADMIN - Minutes - City Council - RegularMINUTES OF CIT Y COUIVGIL MEE TZNG
ST. LOUIS PA.RK, MINNESOTA
Decernber 21, 19b4
CAL.L� T� ORDER
A Bpecia2 nzeeting of the City Cottncil wae called to order by Mayor Kenneth
V1� olf e at 1: 3 3 p. m.
ROLL CALL
The following Coun�ilmen were present at rol.l call:
Robert Ehrenberg
ramee Heltzer
Frank Howard
Curtis Pearson
Leonard Thiel
Kenneth Wolfe
Also present were the City Managcr, City Axtoraey, Director of F�nance
aad tbe A.cting Secretary. .
PURCHASE OF $2, 120, 000 GEI�IERAL 08LIGA.TION REFUNDING BONDS
�.�rr� i r.rr...��� �..���n
Bids were received aad. opeAed from the following bidders:
1. Allieon-Williams Compa.ny and A$sociatee
Piper-Jaffrey & Hopwood - let National Bank, Minaeapo2ie - lst
National. Bank, St. Paul - I�1VlT Nationa.l Bank, Minneapolis - 1 et of
J, vi. Dain '& Co�npany, Minne�pol,iei - Storz-Wachob-Bender of
On�aha - Caldwell Phillipa Co. , St. Paul - Woodard-Elwood & Co. ,
Minneapolia .
Net Interest Rate -$465, 570. �0 - 3. 1585% - Plue additional interest
of 2. 40% per annurri from 2-1- 65 to b-1-65
2. Haleey, S�uart & Compa.ny �
Kidder, Peabody & Company, New York - Dean Witter ac Compaay,
Saa Francieco - R. W. Preseprich & Company, New York - Goodbody
& Company, New York - Kenower, MacArthur & Company, Detroit -
Shaughae e s y& Company, St. Paul
Net Intereet Rate -$468, 424. 44 - 3. 1??9% - Pluo additional intere�t
of 1. 64% per annum from 6-1-65 to 12-1-65
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272
,�' Council Miautes - De�ember 21, 1964
3, Glore, Forgan & Corripany
Sheareon, Hammill & Company, New York - Commerce Truet
Company, Kansas City - Stern Brothers & Company, Kansas City -
The Illinoie Company, Chicago - Hutchinson, Shockey & Erley,
Chic ago - Mc Dougal & Condon, Chic ago
Net Interest Rate -$470, 104.58 - 3. 1893% - Plus additional interest
of 2. SO% per annum from 2-1- 65 to 6-1- 65
4. Juran & Moody, Inc.
John Nuveen & Campany, Chicago - American rlational Bank, St. Paul -
Barcus, Kindred & Company, Chicago - Kalman & Cvn pany, Minneapolie -
Paine, Webber, Jackson & CurtiB, BoBton - E. J. Prescott & Ccanpany,
Minneapolis - Francis I. duPont & Company, New York
Net Interest Rate -$4?4, 226. 80 - 3. 2172%a - Plue additional interest
o� 2. 80% per annum fxom 1-27-65 to 6-1-65
5. Continental Illinois National Bank & Trust Company, Chicag�
Net Interest Rate -$484, Z??. 81 - 3. 2854% - Plus additional interest
of 2. 10% per annum from 2-1-65 to 6-1-65
RESOLUTIOI�i A.WARIJING THE SALE OF $2, 120, 000 GENERAL OBLIGATION
REFUNDII�iG BONDS OF 19b4.
RESOLUTION NO. 2730
It was moved by Councilman Pearson, seconded by Councilman Thiel, to
waive reading and adopt Resolution No. 2730 entitled "Resolution A.warding
the Sale of $2, 120, 000 General Obligation Refunding Bonds of 1964 Fixing
the Form and Specifications Thereof, Directing Their Execution and Delivery
and Providing Taxes for Their Payment ." Motion passed by a six yea vote.
Bid was awarded to Allison-Williams Company, �.
BIDS FOR HANDLING THE ESCROW A.CCOUNT AND FOR SALE OF
SECURITIES F'OR SAID ACCOUNT
Sids were received and opened from the following bidders:
1. The Ameri.can National Bank of St. Paul
A. Escrow Fee - $980.00
:
Date d 11- 2- 64, F. N. M. A. Part. Ce rt. $150, �00,
Due 11-1-65-
Coupon R.ate 4 � � 8%
11-2• 64, F. N. M. A. Part. Cert. $l 50, 040,
11_2-64, F. N. M. A. Part. Cert. $950, 000 -
11-2-64, F. N. M. A• part. Cert. $8?0, 000 -
Total A and B
273
$150, 093. ?5
11-1-66 - 4 1/8%
$150, 093. 7 5
11-2-6? - 4 1/4%
$950, 593. ?5
11-1-�8 - 4 1/4%
$8?0, 543. ? 5
$2, 122, 305, 0�
Council M�nute6 - December 21, 1964
2, Fi r s t National Bank, Minne apolie , Minne sota
A., Escrow Fee • $970.00
B. Dated 11-2-64, F. N. M. A. �'art. Cert.
Coupon Rate 4 1/ 8%
$150, 000, L'ue 1 l-1- 65 -
l I-2-64, x'. N. IV�. A.. Part. Cert. $150, 000,
11- 2- b4, F. N. M. P�.. Part, Ce rt. $9 50, 0�0,
11-2-64, F. N. M. A.. Part. Cert. $870, 000,
T'otal A and B
$149, 953. 13
11-�-66, 4 1/8%
$150, 000. a0
11-1-67, 4 1/4%
$950, SgO. 63
l 1-1-68, 4 1/4%
$870, 815. b3
$2, 122, 629. 39
It wa� .moved by Councilman Howard, seconded by Councilman Heltzer to
accept the bid of The �.merican 1�lational Bank of St. Paul. Moti�on paesed
by a eix yea vote.
ADJOURNMENT
bn motion of Councilmen Heltzer, e�con,ded by Councilnnan Thiel, the
irieeting was ad�ourned at 2:05 p. m, by a six yea vote.
Atte at:
J' � � I
Betty Cald ll, Acting Secretary
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274
� � Kenneth Wolfe, Mayor