HomeMy WebLinkAbout1974/11/20 - ADMIN - Minutes - City Council - Regular MINUTES OF SPECIAL CITY COUNCIL MEETING
ST , LOUIS PARK , MINNESOTA
November 20 , 1974
C=SLI. TO ORDER
A special meeting of the City Council was called to order by Councilman
Thiel at 2 : 00 p . m . , in the absence of the Mayor and President Pro - tem ,
24 ROLL CALL
The following Councilmen were present at roll call :
Seymour Druskin
Rosemary Griak
Lyle Hanks
Keith Meland
Leonard Thiel
Also present were the City Manager , Assistant City Manager , Director of
Finance / City Clerk , Assistant Finance Director , and Financial Consultant .
Councilman Graves arrived at 2 : 27 p , m ,
3 , PURPOSE OF MEETING
Councilman Thiel announced that the meeting was convened for the consideration
of bids for the purchase of $ 1 , 500 , 000 General Obligation Improvement Bonds of
1974 and $ 500 , 000 General Obligation Park Bonds of 1974 as advertised for sale ,
The City Clerk presented affidavits showing publication of notice of sale in
Commercial West , The Bond Buyer , 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 de -
livered 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 ) Bankers Trust Co . , New York , and The First National Dank of Chicago ,
Joint Managers , Associate Bidders : Kidder , Peabody & Co , , Inc , ;
Reynolds Securities , Inc , ; R. W . Pressprich & Co . , Inc , ; Shields
Model Roland , Inc , ; First Wisconsin National Bank of Milwaukee ,
and Wri , Blair & Co .
Interest rates
4060 % 1975 - 1978 incl , 5930 % 1985
4 , 80 % 1979 - 1981 incl. , 5 . 40% 1986
5 . 00 % 1982 - 1983 inc 1 . 5 . 60% 1987
5 , 20 `4 1984 5 . 707o 1988 - 89 incl ,
Average net interest rate - 5 . 401. 51. 6 %,
Total interest cost $ 878 , 55G , 0G
Discount .19245-L , 99 $ 898 , 001 . 99
Total payment plus accrued ,interest - $ 1. , 980 , 548 , 01
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Council Minutes , November 20 , 1974
4 , B__ ( Cont ' d )
Chica � o , �,
Chicago , AssociaCe f ; ldder �s ;
( b ) The Northern Trust Company 1 Van Kampen , Wauter lek & Brown , In
c.. , so
Mercantile Trust Co . , N • A • ,
cke`� Erley & Co . ;
Hutchinson , Sho Jand Becker and Cowni. Q , InC .
)
Interest rates - 5 . 60 % 1986
5000 % 1975 - 1980 incl , 5 , 7073 1987
5 . 10 % 1981 5 , 807J 1988
5 . 25 `/0 1982 - 1983 incl .
5 90'/a 1- 989
5 . 50 % 1984 - 1985 incl .
.
Average net interest rate - 5 . 58104%
Total interest cost $ 913 , 437 . 50
$ 927 , 849 . 50
Discount 14 , 412 . 00
Total payment plus accrued interest $ 1 , 985 , 588 . 00
( c ) American National Bank & Trust comp Jackson , &PCurtisanlncr ;
Associate Bidders : Paine , Webber ,
White Veld & Co . Inc . ; and John Nuveen & Co .
Interest rates - 5 . 80 % 1987
5 , 00 % 1975 - 1980 incl . 5 . 9070 1, 908
5 . 50% 1981 - 1985 incl . 6 , 00 "/� 1989
5 . 65 % 1986
Average net interest rate - 5 . 6524%
Total interest cost $ 9293450 . 00
Discount 10 , 277000 $ 939 , 727 . 00
Total payment plus accrued interest $ 1 , 989 , 723 , 00
( d ) Continental Illinois National Bank and Trust Company of Chicago ,
Lanas; ar , Associate Bidders : Hornblower & Weeks - Hemphill Noyes ;
L , t , Rotnsc hild & Co , ; LaSalle National Bank , Loewi and Co , Inc . ;
and Carleton D . Beh Co ,
Interest races -
5 . 20 % 1975 - 1932 incl . 5 . 607� 1986
5 . 307, 1983 5 . 75 % 1987
5 . 4071 1984 5 , 900 1988
5 . 507 1985 6 . 004 1989
Average net interest rate - 5 , 643361 %
vocal interest cost $ 923 , 100 , 00
DAL s - 0 , 1 -1 _ 14150S 503 , 15 $ 938s203475
Total payment plus accrued interest $ 1 , 985 , 491 . 25
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Council Minutes , November 20 , 1974
4 , B� IDS ( Cont ' d )
( e ) Allison - Williams Company , Mpls , , Manager , Associate Bidders :Dai ,
Ka tman & Quail , inc , ; Fin
rst National Bank of NiplsFirst National
Bank of St , Paul ; Pi , ;
per , Jaffray & Hopwood , Inc , ; and Moore , Juran
& Co , , Inc ,
Interest rates -
4 , 75 % 1975 - 1978 incl , °
5 . 00 % 5 . 55 /0 1986
1979 - 1982 incl , 5 , 70 % 1987
5 , 25 % 1983 - 1984 incl , 5 . 85 % 1988
5 , 40 % 1985 5 . 90 % 1989
Average net interest rate - 5 . 551714%
Total interest cost $ 902 , 312 , 50
Discount 200660000 $ 922 , 972 , 50
Total payment plus accrued interest $ 1 , 979 , 340 , 00
( f ) BaneNorthwest , and Halsey Stuart & Co , , Inc . , Chicago , Joint Managers ;
Associate Bidders , The First National Bank of Boston ; The First
National Bank & Trust Company , Okla City , Witter & Co , , Inc , , and
Dean Cronin & Marcotte , Inc ,
Interest rates -
5 , 00 % 1975 - 1980 incl . 5 . 6O% 1986
5 , 20 % 1981 - 1982 incl . 5 . 75% 1987
Y 5 . 40 % 1. 983 we 1984 incl . 5 . 90% 1988
5 . 50 % 1985 6 . 00 % 1989
Average net interest rate - 5 , 651865%
Total interest cost $ 919 , 575 . 00
Discount 20 , 041 . 50 $ 939 , 622 . 50
Total payment plus accrued interest $ 1 , 979 , 952 . 50
5 • RESOLUTION ACCEPTING BID FOR $ 1 , 500 , 000 GENERAL OBLIGATION IMPROVEMENT
BONUS OF 1. 974
RESOLUTION NO , 5172
Aftfer due consideration of said bids , it taas moved by Counctiman Griak ,
seconded by Councilman Mc: land , to waive reading and adopt Resolution No .
5172 entitled " Resolution Accepting the Bid for $ 1 , 500 , 000 General
01711gation. Improvement Bonds of 1974 , Fixing the Dorm and Specifications ,
DtrectLng 'Their Execution and Delivery and providing for Their Payment . "
7110. mot, Lori carried 6 - O .
315
i
Co < < nc i. L Mtfiutes , November 20 , 1974
6 , Rf4, SOt,UTION ACCEPTING THE BID FOR $ 5009000 GENUAL OBLIGATION PARK BOINDS
OF 1974 .
ftESOLUTION N0 . 5173
After due consideration of said bids , it was moved by Councilman Deland
seconded by Councilman Hanks , to waive reading and adopt Resolution No ,
5173 entitLed , " Resolution Accepting the Bid for $ 500 , 000 General
Obligation Park Bonds of 1974 , Fixing the Form and Specifications ,
Directing Their Execution and Delivery and Providing for Their Payment , 1 '
The motion carried 6 - 0 .
7 • ADJOURNMENT
On motion of Councilman Hanks , seconded by Councilman Griak , the meeting
was adjourned at 2 : 45 p , m , by a six yea vote ,
Leonari, J . Thiel, Presiding Office :
Attest :
Z Earl E . Hanson , :sting Secretary
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