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Home My WebLink About1979/10/31 - ADMIN - Minutes - City Council - Regular Miht, MINUTES SPECIAL CITY COUNCIL MEETING ST . LOUIS PARK , MINNESOTA October 31 , 1979 Gall to Order A special meeting of the City Council was called Lto order by President pro - Tem Hanks at 1 p . m . 2 . Boll Call The following Councilmen were present at roll call : Ronald Backes Keith Meland Lyle Hanks John Ralles Councilman Martin arrived at 1 : 10 p . m . ; Mayor Howard arrived at 1 : 20 p . m . Also present were the City Manager , Director of Finance / City Clerk , Assist - ant Finance Director and Fiscal Consultant . 3 , purpose of Meeting President Pro - Tem Hanks announced that the meeting was convened for the consideration of bids for the purchase of $ 4 million General Obligation Improvement Bonds of 1979 as ad- vertised 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 City newspaper . Said affidavits were examined , found satisfactory and or - dered 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 . Bidders INTEREST RATES PRICE 6 . 2n- 1980 - 1986 $ 3 , 963 , 300 . 00 ( a) The Northern Trust Company 6 . 30%- 1987 / 88 Mercantile Trust Company N . A . 6 . 40%- 1989 / 90 Clayton Brown & Associates , Inc . 6 . 45 %- 1991 American Fletcher Natl . Bank & Trust Co . 6 , 50 %- 1992 Becker & Cownie , Inc . 6 , 5570- 1993 Channer Newman Securities Company 6 . 60%- 1994 Hutchinson , Shockey , Erley & Co . The Illinois Company , Inc . 6 . 52917% Robert S . C . Peterson , Inc . Net interest rate - Roosevelt & Cross , Inc . Interest cost $ 2 , 134 , 250 . 00 $ 2 , 170 , 950 , 00 Woolsey & Company , Inc . 36 , 700 . 00 Lehman Brothers Kuhn Loeb , Inc . Discount - 145 - noun cil Minutes , October 31 , 1979 INTEREST RATES PRICE 4 . Bidders ( Cont ' d ) N . A . 6 . 407 - 1980 / 94 $ 3 , 960 , 043 . 00 ( h ) T� Chase t ( anhattaaTrus t Co • Manufacturers Hanovero . Inc . Smith Barne Harris U ham & C Marine Midland Bank Interest cost $ 2 > >Net interest rate - 6 . 5201% Altgelt & Company 131 257 . 00 $ Bevill , Bresler & Schulman , 36 , 700 . 00 2 , 167 , 957 . 00 Inc .n t European American Bank & TrustCo . Discount llinois National Bank 6 . 3070 1980 / 85 $ 3 , 960 , 764 . 50 ( c ) Continental I 6 . 40'/0- 1986 / 91 and Trust Company of Chica o 6 . 5070- 1992 / 94 Harris Trust & Savings Bank First National Bank of Chicago First National Bank in Dallas La Salle National Bank A . G . Becker , Inc . Carleton D . Beh company Net interest rate - 6 . 540107% McDonald & Company Inc . Interest cost $ 2 , 135 , 349 . 99 Blunt Ellis & Loewi , Bank of Oklahoma , N . A . Discount 39 , 235 . 50 $ 2 , 174 , 585 . 49 (d ) John Nuveen & Company , Inc . 6 . 407,- 1980 /85 $ 3 , 960 , 600 . 00 6 . 4570- 1986 / 88 6 . 50%- 1989 6 . 55%- 1990 6 . 60%- 1991 / 92 6 . 657- 1993 6 . 70%- 1994. Net interest rate - 6 . 6672% Interest cost $ 2 , 177 , 450 . 00 Discount 39 , 400 . 00 $ 2 , 216 , 850 . 00 (e) Allison Williams Company 6 . 407,- 1980 / 90 $ 3 , 960 , 000 . 00 American National Bank of St . Paul 6 . 45%- 1991 Blyth , Eastman Dillon & Co . , Inc . 6 . 5070- 1992 Dain Bosworth , Inc . 6 . 557,- 1993 First Bank Minneapolis 6 . 6074,- 1994 First Bank St . Paul Goldman , Sachs & Company Piper , Jaffray & Hopwood , Inc . Net interest rate - 6 . 58341 Paine , Webber , Jackson & Curtis Interest cost $ 2 , 149 , 000 . 00 M . H . Novick & Co . , Inc . Discount 40 , 000 . 00 $ 2 , 189 , 000 . 00 ( f) BancNorthwest : : ; 50;1 :88198 //8879 . 257e 1980 / 87 $ 3 � 960 � � ' � Merrill Lynch White Weld Capital Mkts . Group 6 . 30%- 1988 / 89 Cronin & Marcotte , Inc . 6 . 35%- 1990 First National Bank , Boston 6 . 40° - 1991 First National Bank & Trust Company , 6 . 45t- 1992 Oklahoma City , Oklahoma 6 . 50%- 1993 / 94 Dean Witter Reynolds , Inc , 6 . 49241 Net interest rate - Interest cost $ 2 , 118 , 750 . 00 Discount 40 , 000 . 00 $ 2 , 158 . 750 I - 366 - f - il Minutes , October 31 , 1979 • ' d INTEREST 4 . � id of ( Cont RATES PRICE ( 8 ) Citibank , N . A . 6 . 50%- 1980 / 92 First Pennco Securities , Inc . 6 . 60%41993 / 94 $ 3 , 960 , 000 . 00 First of Michigan Corporation Net interest rate 6 . 6464% Van Kampen Sauerman , Inc . Interest cost Discount $ 2169 , 950 . 00 40 , 000 . 00 $ 2 , 209 , 950 . 00 5 . Resolution RESOLUTION AWARDING THE SALE OF $ 4 , 000 , 000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1979 . RESOLUTION NO . 6410 After due consideration of said bids , it was moved by Councilman Meland , seconded by Councilman Backes , to delcare the bid submitted by BancNorthwest as the high - est and best bid at a net interest rate of 6 . 4924% , and interest and discount costs totalling $ 2 , 158 , 750 . 00 , and to waive reading and adopt Resolution No . 6410 entitled "Resolution Awarding the Sale of $ 4 , 000 , 000 General Obligation Im- provement Bonds of 1979 , Fixing Their Form and Specifications , Directing Their Execution and Delivery and Providing For Their Payment . " The motion carried 6 - 0 , 6 . Change Change order for bus plazas . Order It was moved by Councilman Ralles , seconded by Councilman Martin , to approve Change Order No . 1 , Contract No . 1352 , Arcon Construction Company , in the amount of $ 9 , 730 . 75 , for a total contract to date of $ 198 , 266 . 70 . The motion passed 6 •-0 . ! 7 . Adjournment On' motion of Councilman Ralles ,seconded by Councilman Martin , the meeting was adjourned at 1 : 30 p . m . by a vote of 6 - 0 . II . rda / Ftank . Or ' Mayor Att,pst : • -4 . 4.j ' i • - Beverly A . Flanagan Recording Secretary 4 , _ nL17la .