HomeMy WebLinkAbout1981/12/09 - ADMIN - Minutes - City Council - Regular MINUT
SPECIAL CITY COUNCIL MEETING
ST . LOUIS PARK , MINNESOTA
December 9 , 1981
1 , Call to Order A Special meeting of the City Council
was called to order by Mayor Phyllis
McQuaid at 1 : 00 p . m . ( CT )
2 . Roll Call The following Council members were present
at roll call :
Ronald Backes John Ralles
Lyle Hanks Jerrold Martin
Richard Strohl Phyllis McQuaid
Councilman Martin was out of the city but participated •i n the •Counci 1 pro -
ceedings via conference telephone .
Also present were the City Manager , Director of Finance / City Clerk , Assistant
Director of Finance and Fiscal Consultant .
3 . Purpose of Meeting Mayor McQuaid announced that the meeting
was convened for the consideration of
bids for the purchase of $ 3 million
General Obligation Temporary Improvement
Bonds of 19631 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
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 .
Interest Rate Price
4 . Bidders
8 . 25 %
a . Harris Trust. and Savings Bank $ 2 , 959 , 110 . 00
•
The First National Baof Chi
nkcago
First National Bank in Dallas
Shearson / American Express Inc .
LaSalle rational Bank $ 742 , 500 . 00
A . G . Becker , Inc . Interest
Kidder , Peabody & Co . , Inc . Discount 40 , 890 . 00
E . F . Hutton & Co . , Inc • fJ et Interest Cost 783 , 390 . 00 Blunt Ellis * Loewi8 . 7043 /. , Inc . Not Interest Rate
Bank of Oklahoma , N . A .
Berghoff , Marsh & Co . , Inc .
Special City Council meeting minutes
December 9 , 1981Interest Rate Price
b . an 8 . 40 % $ 2 , 956 , 000 . 00
The Northern Trust Comp y
Clayton Brown & Associates , Inc .
First National Bank in St . Louis
American Fletcher National Bank & Trust Co . Interest $ 756 , 000 . 00
Becker & Cownie , Inc . � � 000 . 00
} } utcl� i ngson , Shockey , Erley & Co . Discount rest Cost $ '800 , 000 . 00
Robert S . C . Peterson , Inc . Net Interest
Woolsey & Company , Inc . Net Interest Rate 8 . 88888 %
c . Allison - Williams Company
8 . 50 % $ 2 , 964 , 300 . 00
BancNorthwest
Merrill Lynch White Weld Capital Markets Group
American National Bank of St . Paul
Blyth Eastman Paine Webber , Inc .
Cronin & Marcotre , Inc .
Dain Bosworth , Inc .
First National Bank of Minneapolis
The First National Bank of St . Paul
Juran & Moody , Inc .
Piper , Jaffray & Hopwood , Inc .
Robert W . Baird & Co . , Inc . Interest $ 765 , 000 . 00
Dean Witter Reynolds , Inc . Discount 35 , 700 . 00
Marquette National Bank Net Interest Cost $ 800 , 700 . 00
Moore Juran & Company , Inc . Net Interest Rate 8 . 8966
M . H . Novick & Co . , Inc .
d . Morgan Guaranty Trust Co . of New York 8 . 50 % $ 2 , 963 , 490 . 00
Interest $ 765 , 000 . 00
Discount 36 , 510 . 00
Net Interest Cost $ 801 , 510 . 00
Net Interest Rate 8 . 90567 %
e . Bankers Trust Company of New York 9 . 00 % $ 2 , 995 , 020 . 01
Interest $ 810 , 000 . 00
Discount 4 , 979 . 99
Net Interest Cost $ 014 , 979 . 99
Net Interest Rate 9 . 055333 ;
special City Council meeting minutes
December 91 1981
5 , Resolution
RESOLUTION AWARDING
INTHE
SALE OF $ 3 , 000 , 000 GENERAL OBLIGATION TEMPORARY
IMPROVEMENT BA
Resolution No . 7024
After due consideration of said bids , it was moved by Councilman Hanks , seconded
by Councilman RaTles , to declare the bid submitted by Harris Trust and Savings
Bank and The First National Bank of Chicago as the highest and best bid at a
net interest rate of 8 . 7043 % and interest and discount costs totalling
$ 783 , 390 . 00 and to waive reading and adopt Resolution No . 7024 entitled ,
" Resolution Awarding the Sale of $ 3' , 000 , 000 General Obligation Temporary Im -
provement Bonds of 1981 , Fixing Their Form and Specifications , Directing Their
Execution and Delivery and Providing For Their Payment . " The motion carried 6 - 0 .
6 , Adjournment On motion of Councilman Hanks , seconded
. by Councilman Strohl , the meeting was
adjourned at 1 : 20 p . m . by a vote . of 6 - 0 .
noa:s MgatAt4
Mayor
Attest :
dr\
Pat pr
A . Smith
Recording Secretary