HomeMy WebLinkAbout1970/08/12 - ADMIN - Minutes - City Council - Regular MINUTES OF CITY C OUNCIL IbiEETING
ST . LOUIS PARK , MINNESOTA
August 12 , 1970
I , CALL TO ORDER
at 2 : 00 p . m .special meeting of the Ci
aty Council was called to order by Mayor Howard
2 . ROLL CALL
The following Councilmen were present at roll call :
Frank Fleetham
Murray Galinson
Richard Graves
Robert Reynolds
Leonard Thiel
Frank Howard
Also present were the City Manager , Assistant City Manager , Director
of Finance )City Clerk and Financial Consultant ,
3 . PURPOSE OF MEETING
The Mayor announced that the meeting was convened for the consideration
of bids for the purchase of $ 3 , 500 , 000 General Obligation Improvement
Bonds of 1970 , as advertised for sale . The City Clerk presented
affidavits showing publication of notice of sale in Commercial West and in
the St . Louis Park Sun , the official newspaper . Said affidavits were
examined , found satisfactory , and ordered placed on file . The City Clerk
presented the sealed bids which had been delivered to him prior to the
time specified in the notice of sale and said bids were opened , examined ,
and found to be as follows :
4 . BIDS
( a ) Continental Illinois National Bank and Trust Co . of Chicago , and
Harris Trust and Savings Bank , Joint Managers ; L. F. Rothschild
and Co . , LaSalle National Bank , G . H . Walker and Co . , Carleton D.
Beh Co . , Rand & Co . , Inc . , Associate Bidders .
Interest Rates -
4 . 70 % 197 1 - 1974 incl .
5900 1975 - 1976
5 . 40 1977 - 1980
5e70 1981 - 1983
5 . 80 1984 - 1985
Average Net Interest Rate : 5 . 5574317o
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Council Minutes . .AugU9t 12 . 1970
Net Interest Goat; $ 19625. 55U. D4
Total N 141 050 , 00
Discount :
ent Plus A" rued Merest : $3 ,,, 495o 950 . 00 .
Total Pa ym
• Blythe and Co . , New York , Dain ,
4 • (b ) Allison - Williams Co . , Manager , M ls . , N . W . Natl , Bank ,
Kalman & Quail , Inc . , First Natl Bank , p
DuPont , G1ore , Forgan
1Vlpls . , American Natl Bank & Trust Cr • & CO . John Nuveen & Co . ,
Kenower , NiacArthu
Municipals , Inc . , E . J . Prescott & Co . , Associate
Paine , Webber , Jackson & Curtis ,
Bidders .
Interest Rates -
5 . 20 % 1971 - 1978 incl .
5 . 50 19 � 9 - 1981
5 . 70 1982
5980 1983
5085 1984 - 1985
Average Net Interest Rate : 5 . 6496 % 0 00
Total Net Interest Cost : $1 , 652 , 53 .
Discount : 271 405 . 00
Total Payment Plus Accrued Interest : $ 3 , 4729 595 . 00 .
(c ) Advance Securities Corporation , New York , Manager : Hibbard,
O ' Connor & Weeks , Inc . , Memphis ; United Municipal Investment
Corp . , Inc . , Memphis ; Sellers Investment Co . , Inc . , Memphis ,
Associate Bidders .
Interest Rates -
5 . 00 %u 1971 - 1975 incl .
5e20 1976 - 1977
5 . 50 1978 - 1980
5960 1981
5975 1982 - 1985
Average Net Interest Rate : 5 . 682 %
Total Net Interest Cost ; $ 19 662 , 010 . 00
Discount : 411 545 . 00
Total Payment Plus Accrued Interest : $ 39 458 , 455 . 00 .
(d ) The Northern Trust Go , ; Manager * Mercantile Trust Co . No • '
White , Weld & Co . ; Shearson Hammill & Co . , Inc * * Walston &
Co . , Inc . , Hutchinson , Shockey , Erley & Co . , McDonald & COO
Van Kampen , Wauterlek & Brown , Inc . ; Channer Newman Seca coo
Becker & Cownie , Inc . , Robert S . C . Peterson , Inc . , Cutler
Yantis & Co . , Park Natl Bank of St . Louis Park ; Associate Bidders .
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0�ci1 Niinntes+ August 12 , 1970
4 . (d ) Interest bates
5e5076 1971 - 1980 incl ,
5 . 60 1981
5 , 70 1982
5 . 90 1983 - 1984
6 . 00 1985
Average Net Interest Rate : 5 . 692187o
Total Net Interest Cost ; $ 1 , 664 , 965 . 00
Discount ; 1 , 715 . 00
Total Payment Plus Accrued Interest ; $ 3 , 498 , 285 . 00 .
5 , RESOLUTION ACCEPTING• BID FOR $ 39 5009 000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1970
RESOLUTION NO, 4001
After due consideration of said bids , it was moved by Councilman
Thiel , seconded by Councilman Galinson , to waive reading and adopt
Resolution No . 4001 entitled , " Resolution Accepting the Bid for
$ 3 , 500 , 000 General Obligation Improvement Bonds of 1970 , Fixing
the Form and Specifications , Directing Their Execution and Delivery
and Providing for Their Payment . " The motion carried 6 - 0 .
6 . ADJOURNMENT
On motion of Councilman Graves , seconded by Councilman Reynolds , the
meeting was adjourned at 2 ; 45 p . m . by a six yea vote .
Frank J . r Mayor
Attest :
Earl E • Hans , Acting Secretary
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