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Home My WebLink About1975/10/22 - ADMIN - Minutes - City Council - RegularVr. 3. 4. MINUTES OF SPECIAL CITY COUNCIL MEETING S1 * LOUIS PARK M1N!JESOTA October 22, 1975 CALL TO ORDER A special meeting of the City Council was called to Thiel 8t 2-,00 P, M. in the absence of the Mayor and ROLL CALL The following Councilmen were present at roll call: Rosemary Grlak Lyle Hanks Keitb Meland Leonard Thiel order by Councilman President Pro -tem. Also present were the City Manager, Director of Finance/City Clerk, Assistant Finance -Director, and Financial Consultant. Mayor Fleetham arrived at 2:27 P.M. Councilman Graves arrived at 2:30 P.M. PURPOSE OF MEETING Councilman Thiel announced that the meeting was convened for the consideration of bids for the purchase of $3,000,000 General Obligation Improvement Bonds of 1975 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 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: BIDS an of Chicago, Manager. Associate Bidders: (a) The Northern Trust company Hutchinson, Shockey, • Wauterlek & Brown, Inc., Mercantile Trust Company N.A. , Becker & Cownie, Inc. Erley S Co., Robert S. C. Peterson, Inc., Interest rates - 1976 - 1982 incl. 5.90/0 1987 ° 5'10 % _ 1984 incl. 1988 5.401 1983 6,00% 6,10% 1989 5.50°I 1985 6.25% 1990 5.70% 1986 Average net interest rate - 5.78983% $1,360,500.00 00 Interest cost 29 060.00 $1,389,560. Discount Tota payment pl.us accrued interest - $2,970,940.00 307 Council Minutes, October 22., 1975 Cont'd) 4. BIDS ( and continental s National Bank Savi.,gs Bank, ,associate Bidders: First (b) Harris Trust and Managers. Joint em hail, Noyes Incorporated, Of Chicago � & Weeks -H P A, G. Becker & Company, & Trust Company Dallas, Hornblower National Bank, National Bank in La Salle & Company) Loewi & Co, Inc., L. F. Rothschild & CoIncor orated, McDonald & Marsh, Incorporated. Municipal Securities Inc BepghOff, Sterling Carlton D. Beh C,omPany, 5.75% 1.987 Interest rates 1976 - 1978 incl. 5.90% 1988 4050% 1979 - 1982 incl. 1989 % 5.00 6.00% 5*25% 1983 - 1984 incl. 6.10% 1990 1.985 - 1986 incl. 5.50% Average net interest rate - 5.6719% int cost $1,3251900.090 $1361,259, 29 35 359 Discount 22964,640.80 Total Payment plus accrued interest $ Inc.,Chicago, Joint Managers. Stuart & Co., The First National (C) BancNorthwest & Halsey, Merrill Associate Bidderse The First National Bank roninf & Marcotte, Inc., Bank &Trust GompanY of Oklahoma City, Inc*)Dean Witter & Co.,Inc., Juran & Moody, Inc. Lynch, Pierce, FenneBra k withof snc•Moore) Juran & Company, Biard & Co., Marquette National Robert W. Interest rates - 6.00% 1987 5.00% 1976 - 1980 incl. 6 � 10,/0 1988 5.50% 1981 - 1984 incl. 6, 20% 1989 5,60% 1985 1990 5.80% 1986 6.30% Average net interest rate - 5.900683% Interest cost $1396364.00 1,416,164.00 Discount 19,800.00 ; $ Total payment plus accrued interest $ 2,968,636,00 Manager. Associate Bidders: Blyth (d) Allison -Williams Company, Mpls. , g • First National Bank of Eastman Dillon & Co., Dain, Kalman & Quail, Inc,, Paine, Minneapolis, First National Bank of St. Paul, John Nuveen & Co., Webber, Jackson & Curtis, Inc., Piper, Jaffray & Hopwood, Inc. Interest rats 4.80% 1976 - 1980 incl. o 5.70% 1987 5.25% 1981.- 1983 incl. 5,80% 1988 5.50% 1984 - 1985 incl. 5.90% 1989 5.60% 1986 6.00'/ 1990 Average net interest rate 5.6220% Interest cost $1,329,500.00 Discount 19,800.00 $1,349,300.00 Total payment plus accrued interest $2,980,200.00 308 - Council Minutes, October 22, 1975 4. ILD S (Cont' d ) (e) Bankers Trust Co, , New York & The Joint Managers. Associate B1.dders, First Nati Bank of Chicago, Securities, Inc., R, W, Pressprich & Godder, Peabody & Co,, Inc., Reynolds First Wisconsin National Bank of Milwaukeelnc•' Shields Model Roland, Inc,, Wm. Blair &Company, Interest rates -. 5, 00% 1976 - 1978 incl. 5.90% 1986 1979 - 1983 incl, 5, 60% 1984 6.00% 1987 1990 incl, 5, 75% 1985 Average net interest rate 5.91981 Interest cost $1,3830600002 Discount 37215 t 98 $1,420, 754, 00 Total payment plus accrued interest $2,962,846.02 (f) First National City Bank, New York, Manager. Associate Bidders: First Pennco Securities Inc. , First of Michigan Corporation, V, K. Sauerman & Associates, Inc. Interest rates 5, 10% 1.976 - 1981 incl, 5.60% 1985 5.25% 1982 5s75% 1986 5.40`%, 1983 5.90% 1987 .5, 50`% 1984 6, 00 OX 1988 - 1990 incl. Average net interest ratc. - 5, 785214 Interest coot Discount 'rot:.- 1 payment $1,357,200,00 31,160.00 1)1.uii r+ccrued I.nUereiNl: $1, 388 , 460.00 $1,908,740.00 ($) The Chase mAnl�tstt:,n Witik l+n(1 wirrlrt 11phr1m & ('t)., 1.ttc, New York, Manitgere. Intereat. rateH - 5, 7�;%, 1985 5, 00 ",. 1976 - l 979 l.uc:1. 5, y0„ 19861 x)80 1982 incl. - 5025% 6.00'/o '1987 - 1988 incl, 5, .r1(17 198.1 6030,4 1989 - 1990 incl, 5 6 07 1.981, Average tint l avr(�r►t Intertent comtq Discount r,j t j.6 — 50939447t, I ► � t3 , 000.00 41ra,00 11"Ota l j'MY416.111 p1 iirt lbru rtlrtl 309 I nL(v root $1 4425 t475. 00 ;Z, 962, 525.00 Co until MinuteS f October sn j 197.5 5, RESOLUTION ACCEPTING BID FOR $3,000000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1975. RESp.bU�N_NO_ _5394 on of said bids, it was moved by Councilman Hanks, After due considerati seconded by Councilman Gri.ak, No, 5394 entitled "Resolution Obligation Improvement Bonds Directing Their Execution and The motion carried b - 0. 6, ADJOURNMENT On motion of was adjourned Attest: arl E. Hans to waive reading and adopt xesolution Accepting the Bid for $32000,000 General of .19%5, Fixing the Form and Specifications, Delivery and Providing for Their Payment," Councilman Graves, seconded by Councilman Hanks, the meeting at 2:45 P. M, by a six yea vote, Acting Secretary 310 Leonard J. Thi Presiding Officer