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Home My WebLink About1971/06/16 - ADMIN - Minutes - City Council - Regular MINUTES OF CITY COUNCIL MEETING ST . LOUIS PARK , MINNESOTA June 16 , 1971 1CALL TO ORDER A special meeting of the 2 : 00 Pam * City Council was called to order by Mayor Howard at 2 . ROLL CALL The following Councilmen were present at roll call : Frank Fleetham Richard Graves James Heltzer Leonard Thiel Frank Howard Also present were the City Manager , Assistant City Manager , Director of Finance / City Clerk and Financial Consultant . Councilman Reynolds arrived at 2 : 45 pm . 3 . PURPOSE OF MEETING The Mayor announced that the meeting was convened for the consideration of bids for the purchase of $ 2 , 700 , 000 General Obligation Building Bonds of 19 ? 1 and $3 , 300 , 000 General Obligation Improvement Bonds of 1971 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 hirn 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 ) Mathews and Wright , Inc , , New York , Manager ,& Mathews , O ' Connor & Weeks , Tecott , Jackson, Wilson & White , Sellers Investment Co . , Sterling , Grace , Moore , First American Bank , Wood Brothers - Peoples - Wells - Towns & Co . ( associate bid ers ) , Seaney , Beasley , Jones & Joseph , Municipal Securities , Inc . Interest Rates 4900 % 1972 - 1974 incl . 4e60 1975 - 1978 5 . 00 1979 - 1981 5 . 25 1982 - 1986 181 Ga =ci.l ZViinute s , June 16 . 1971 4* (a ) Average net interest rate 5 , 1777 % Total interest cost ! � $ 2 , 405 , 800 . 00 Discount 79 , 506 . 70 $ 2 , 485 , 306 . 70 Total payment plus accrued interest - Imp . Bonds of 1971 Bldg . Bonds of 1971 $ 3 , 256 ,9271 , 00 2 , 664 $ 222 , 30 (b ) Harris 'Trust and Savings Bank , Chicago , and Continental Illinois Bank and Trust Company of Chicago , National Joint Managers : First National Bank in Dallas , L. F . Rothschild & Coo ) Bank of the Commonwealth National Bank, F. S . Smithers & Co . , Inc . , A . G . Becker & Co LaSalle lle Hornblower & Weeks - Hemphill , NoyeS , McDonald & Company, • Inc . Co . , Incorporated , Carleton D, Beh Co . , G . H. Walker & Co & Rand & Co . , Inc . , Julien Collins & Company , Associate BiddersIncorporated , Interest Rates - 4 . 50 % 1972 _ 1977 incl . 5 . 10 1978 - 1982 5920 1983 - 1984 5 . 40 1985 +� 5 . 50 1986 ! Average net interest rate 5 . 1404 % Total interest cost $ 29448 , 400 . 00 Discount 1 18 , 997 . 00 $ 2x467 , 397 , 00 Total payment plus accrued interest - G. O. Imp . Bonds of 1971 $ 3 ,9289p551900 Go O. Bldg . Bonds of 1971 2 , 691 , 452 . 00 (c ) The Northern Trust Company , Chicago , Manager ; Mercantile Trust COMpany N. A , White , Weld & Co . , Shearson, Hamrnill & Co . , Inc . , Weeden & Co . , Inc . , Stern Brothers & Co . , American Fletcher National Bank & Trust Company , The Illinois Company , Inc . , Hutchinson , Shockey , Exley & Co . , Van Kampen , Wauterlek & Brown, Inc . , A . S . Hart & Co . , Inc . , Charmer Newman Securities Go . , Becker & Cownie , Inc . , Mullaney, Wells & Co • , Cutler , Yantis & Co . , Robert S . C . Peterson , Inc . , Associate Bidders . Interest Rates - 4 . 00 % 1972 - 1975 incl . 4 . 50 1976 - 1978 4 . 80 1979 - 1981 5 . 25 1982 - 1984 5 . 50 1985 - 1986 Average net interest rate 5 05 % 182 Council Minutes , June 16 , 1971 4. (c ) Total interest cost $ 2 , 396 , 400 . 00 Discount 27 , 600 . 00 $ 2 , 424 , 000 . 00 i . Total payment plus accrued interest - G . O . Imp , Bonds of 1971 G . O. Bldg . Bonds of 1971 $ 3 , 284 , 820 . 00 2 , 687 , 580 . 00 (d ) Allison - Williams Company , Minneapolis , Manager ; American National Bank & Trust Company , Dain , Kalman & Quail , Inc . , duPont , Glore , Forgan Municipals , Inc . , First National Bank , Minneapolis , First National Bank , St . Paul , Kenower , MacArthur & Co . , Merrill , Lynch , Pierce , Fenner & Smith , Northwestern National Bank , John Nuveen & Co . , Inc . , Paine , Webber , Jackson & Curtis , Inc , , E , is Prescott & Cos .* Juran & Moody , Inc . , Miller & Schroeder , Inca ) Woodard - Elwood & Co . , Associate Bidders . Interest Rates - 4 . 00 % 1972 - 1976 incl . 4 . 50 1977 - 1979 4 . 80 1980 - 1981 5 . 10 1982 - 1983 5o25 1984 - 1986 Average net interest rate 5 . 025 % Total interest cost $ 2 , 334 , 000 . 00 Discount 7819 000 , 00 $ 2 , 412 , 000 . 00 Total payment plus accrued interest - G. O. Imp . Bonds of 1971 $ 3 , 257 , 100 . 00 G. O. Bldg . Bonds of 1971 2 , 664 , 900 . 00 (e ) Bankers Trust Company , New York , and First National Bank of Chicago , Joint Managers ; Lehman Brothers , Phelps , Fenn & Co , , R . W . Pressprich & CO . , Dominick & Dominick , Inc . , First Wisconsin Nationak Bank , Milwaukee , Associate Bidders , Interest Rates - 4 . 70 % 1972 - 1979 incl . 5 . 00 1980 - 1981 5 . 10 1982 5 . 20 1983 - 1984 5 . 40 1985 - 1986 Average net interest rate 5 . 1121 % r 0 interest cost $ 2 , 427 , 600o 00 Discount 26 193 . 80 $ 2 , 453 , 793 . 80 r 183 Council Minutes , June 16 , 1971 4 . ( e ) Total payment plus accrued interest - G. O. Imp . Bonds of 1971 and if G. O. Bldg . Bonds of 1971 $ 5 , 973 : 806 ; 20 5 . RESOLUTION ACCEPTING BID FOR $ 2 , 7002 000 GENERAL OBLIGATION BUILDING BONDS OF 1971 RESOLUTION NO, 4261 After due consideration of said bids , it was moved by Co uncilman Heltzer , seconded by Councilman Graves , to waive reading and adopt Resolution No 4261 entitled " Resolution Accepting the Bid for $ 2 , 700 , 000 General Obligation Building Bonds of 1971 , Fixing the Form and Specifications ; Directing Their Execution and Delivery and Providing for Their Payment . " The motion carried 6 - 0 . 6 . RESOLUTION ACCEPTING THE BID FOR $ 3 , 300 , 000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1971 RESOLUTION NO, 4262 After due consideration of said bids , it was moved by Councilman Graves , seconded by Councilman Heltzer , to waive reading and adopt Resolution No . 4262 entitled , " Resolution Accepting the Bid for $ 3 , 300 , 000 General Obligation Irnprovement Bonds of 1971 , Fixing the Form and Specifications , Directing Their Execution and Delivery and Providing for Their Payment . " The motion carried 6 - 0 ? • ADJOURNMENT On motion of Councilman Reynolds , seconded by Councilman Fleetham , the meeting was adjourned at 3 : 15 p . m . by a six yea vote . s / Frank J . Howard Frank J . Howard , Mayor Attest : Ear Earl E • Hanson I E • Hanson , Acting Secretary 184