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Home My WebLink About1972/05/24 - ADMIN - Minutes - City Council - RegularMINUTES OF SPECIAL CITY COUNCIL MEETING ST. LOUIS PARK, MINNESOTA May 24, 1972 1. CALL TO ORDER A special meeting of the City Council was called to order by President Pro Tem Thiel at 3:05 p.m. 2. ROLL CALL The following Councilmen were present at roll call: Frank Fleetham Richard Graves Rose -Mary Griak Lyle Hanks James Heltze r Leonard Thiel Also present were the City Manager, Assistant City Manager, Director of Finance/City Clerk and Financial Consultant. 3. PURPOSE OF MEETING The President Pro Tem announced that the meeting was convened for the consideration of bids for the purchase of $5, 000, 000 General Obligation Improvement Bonds of 1972 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 affi- davits 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) The Northern Trust Company, Chicago, Manager; Associate Bidders -- Mercantile Trust Company N. A. ; White, Weld & Company, Inc. ; Weeden & Company, Inc. ; Walston & Company, Inc. Stern Brothers & Company; American Fletcher National Bank & Trust Co. ; The Illinois Company, Inc. ; Hutchinson, Schockey, Erley & Company; Van Kampen, Wauterlek & Brown, Inc. ; A. S. Hart & Company, Inc. ; Channe r Newman Securities Company; Becker & Cownie, Inc. ; Mullaney, Wells & Company; Robert S. co Peterson, Inc. 126 Council Minutes , May 24, 1972 4. (a) Interest Rates - 3. 75% 3.90 4. 00 4. 10 4. 25 4.4 0 4.50 1973-1978 incl. 1979 1980 1981 1982-1983 1984 1985-1987 Average Net Interest Rate 4.31984% Total Interest Cost $1, 716. 637. 50 Discount 389 300. 00 $l, 754.937.50 Total payment plus accrued interest $4, 961. 700.00 (b) Bankers Trust Company, New York and First National Bank of Chicago, Joint Managers; Associate Bidders - Lehman Brothers, Incorporated; Kidder, Peabody & Co. , Incorporated; Reynolds Securities, Incorporated; R. W. Vressprich & Co., Incorporated; Shields & Company; Dominick & Dominick, Incorporated; First Wisconsin National Bank of Milwaukee; William Blair & Company; W. A. Stevens & coo. Inc. Interest Rates - 3. 25% 3.80 4e00 4o 10 4. 20 4925 4e50 1973-1975 incl. 1976-1978 1979-1980 1981 1982-1983 1984 1985-1987 Average Net Interest Rate 4.29876% Total Interest Cost $149 701, 750. 00 Discount 44, 624.40 $1, 746, 374.40 Total payment plus accrued interest $4, 955, 375. 60 (c) Banc. Northwest and Halsey Stuart and Company, Chicago, Joint Managers; Associate Bidders - The First National Bank of Boston, The First National Bank & Trust Co. -Oklahoma; Dean Witter & Co., Inc. ; The Chicago Corporation; American Securities Corporation 127 J Council Uxnute$. May 24, 1972 4. (c) Interest Rates Oar 3If 50% 1973-1976 incl. 3.70 1977-1978 3,90 1979-1980 4910 1981-1982 4.25 1983-1984 4.50 1985 4. 60 1986-1987 Average Net Interest Rate 4.2790116 Total Interest Cost $10 703, 100. 00 Discount 35x250900 $1, ?38, 350.00 Total payment plus accrued interest $4, 964, 750. 00 (d) Mathews and Wright, Inc. , New York, Manager; Associate Bidders - None Interest Rates - 3.4076 3. 80 3e90 4. 00 4: 20 4.40 4? 50 1973-1976 incl. 1977-1978 1979 1980-1981 1982-1983 1984 1985-1987 Average Net Interest Rate 4.3122% Total Interest Cost $l, 700, 575. 00 Discount 51, 269.25 $1, 751, 844.25 Total payment plus accrued interest $4, 948, 730.75 (e) Allison- Williams Company, Minneapolis,,., Manager; Associate Bidders - American National Bank & Trust Company; Dain, Kalman & Quail, Inc. ; duPont, Glore, Forgan Municipals, Inc.* First National Bank, Minneapolis; First National Bank, St. Paul; Goldmant Sachs & Co.* Kenower, MacArthur, &Division of American Securities Corporation; Merrill Lynch, Pierce, Fenner & Smith; John Nuveen & Co., Incl; Paine, Webber, Jackson & Curtis, Inc. Of Piper, Jaffray & Hopwood; Miller & Schroeder, Inc. 128 Council Minutes, May 24, 1972 4. (e) Interest Rates - 3. 75% 4o00 4. 10 4. 25 4.50 4960 4.70 1973-1978 incl. 1979-1980 1981-1982 1983-1984 1985 1986 1987 Average Net Interest Rate 4.31297o Total Interest Cost $11723,137o50 Discount 29, 000. 00 $1, 752, 137.50 Total payment plus accrued interest $4, 971, 000. 00 (f) Continental Illinois National Bank and Trust Company of Chicago, and Harris Trust and Savings Bank, Chicago, Joint Managers; Associate Bidders - First National Bank in Dallas; Bank of the Commonwealth; LaSalle National Bank; A. G. Becker & Co., Incorporated; Hornblower & Weeks -Hemphill, Noyes; Loewi & Company, Incorporated; Carleton D. Beh Co. ; G. H. Walker & Co., Incorporated, Julien Collins & Company Interest Rates 3,40% 1973-1976 incl. 3.90 1977-1980 4.25 1981-1983 4.40 1984 4.50 1985 4. 60 1986 4. 70 1987 Average Net Interest Rate 4.29902%a Total Interest Cost $1, 727, 812v 50 Discount 18, 667.50 $12 746, 480. 00 Total payment plus accrued interest RESOLUTION NO. 4513 $49 981, 332.50 It was moved by Councilman Hanks, seconded by Councilman Griak, to waive reading and adopt Resolution No. 4513 entitled, "Resolution Accepting the Bid for $5, 000, 000 General Obligation Improvement Bonds of 19729 Fixing the Form and Specifications, and Delivery and' Providing for Their Directing Their Execution Payment. " The motion carried unanimously. 129 Council Minutes, May 24, 1972 5. RESOLUTIONS AND ORDINANCES (a) RESOLUTION AMENDING RESOLUTION NO. 4430 ADOPTING POSITION CLASSIFICATION ASSIGNMENT TABLE EFFECTIVE DECEMBER 27, 1971 RESOLUTION NO, 4514 It was moved by Councilman Griak, seconded by Councilman Fleetham, to waive reading and adopt Resolution No. 4514 entitled, "Resolution Amending Resolution No. 4430 Adopting Position Classification Assignment Table Effective December 27, 1971. " The motion carried unanimously. (b) AN EMERGENCY ORDINANCE AMENDING THE FOLLOWING SECTIONS OF THE ST. LOUIS PARK ORDINANCE CODE RELATIVE TO THE POSITION CLASSIFICATION PLAN, COMPENSATION PLAN, BASIC PERSONNEL POLICY AND CONDITIONS OF CITY EMPLOYMENT: SECTION 1:308 COMPENSATION AND SECTION 1:316 SICK LEAVE, INJURY ON DUTY PAY AND SEVERENCE PAY ORDINANCE NO. 1184 It was moved by Councilman Griak, seconded by Councilman Fleetham, to waive reading and adopt Ordinance No. 1184 entitled, "An Emergency Ordinance Amending the Following Sections of the St. Louis Park Ordinance Code Relative to the Position Classification Plan, Compensation Plan, Basic Personnel Policy and Conditions of City Employment: Section 1:308 Compensation and Section 1:316 Sick Leave, Injury on Duty Pay and Severence Pay. " The motion carried unanimously. (c) RESOLUTION APPOINTING DIRECTOR AND ALTERNATE DIRECTORS TO REPRESENT THE CITY OF ST. LOUIS PARK ON THE BOARD OF THE LOCAL GOVERNMENT INFORMATION SYSTEMS (LOGIS) RESOLUTION NO. 4515 It was moved by Councilman Hanks, seconded by Councilman Graves to waive reading and adopt Resolution No. 4515 entitled, "Resolution Appointing Director and Alternate Directors to Represent the City of St. Louis Park on the Board of the Local Government Infor",atlon Systems (LOGIS ). " The motion carried unanimously. 6. PAPER FOR NEWSLETTER 130 Council Monutes, May 24, 1972 6, The City Manager explained that the cost of recycled paper is very high at this time and recommended that the City Newsletter be printed on colored bond paper. It was moved by Councilman Griak, seconded by Councilman Graves, to use colored bond paper. The motion carried unanimously. 7. ADJOURNMENT There being no further business, the meeting was adjourned at 4:00 p.m. by motion of Councilman Fleetham, seconded by Councilman Griak. The motion carried unanimously. Attest: rd J. Thiel /President Pro Tem Richard Schrad, Acting Secretary 131