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04-16-19561 VILLAGB oP AICHFIBLD Ad~ourned'Meeting April 16, 1956 Pursuant to action of the Village Council on April 9p 1956,. the council met in adjourned session at the Village Halm, 8:00 P.M.e Tuesdays April 16, 1956 for the puxpose of receiving aad considering bids oa $504,000.00 Improvement Bonds of 1956. The meeting was called to order by Mayor Kittell.~ Present: Waliickp Shields, 5erstock~ Schultz St 83tte11. Absent: None. 1. Bond Sale It being $:00 P.M., Mayor Kitten called for bids. on the sale of 1 $500,000 Improvement Bands of 1956, Series A~ and read the notice of hearing. Motion by Shields,, seconded by Serstockr that no further bids. be re- calved. Carried.. The fallowing seaiefl bads were presented: BID NO. 1 - Barcus ~i ndred & Ca., Chicago I11.; Thomas & Co., Pitts- burgh, Pa.; accompanied by a certified check 3aa the amount of $10,000.00. 4,25 per annum for bonds maturing Peb. l,, 1958 to Peb. ip 1969 inc, 4.OOx per a.nnum~for bonds maturing Feb. 1, 1970 to Peb. 1, 1971 inc. 3.$0~ per annum for bonds maturing Peb. 1,~ 1972 to Peb. 1, 1977 inc. Premium $?6.00; Net interest rate 4.00; total interest coat $229,999.00 BID N4. ~ -- J. M.-pain & Co., Inc.; Allfson-~Wiliia~as Co.; Northwestern 1 National Bank; Piper, Jaffrey & Hopwood; Mannheimer Bgan„ Inc. Harold B. Wood & Co.; accompanied by a certified check in the amount of $1{3,004.00. 3.75 per annum for bands maturing Peb. 1, 1958 to Feb. 1, 19?7 inclusive. Premium none; Net interest rate 3.928% -2-.. April 1G~, 296 . BID N0. 3 -- John Nuveen & Co., Inc.; Woodard-Elwood & Co,f ~h~tghaessy & Co„ Inc.; accompanied by a certified check .in the amount of $1©,QOQ.OA. •4.25`~'s per annum far bonds maturing ~eb~ 1, 2958 to Peb;.:it 146? 3ac~ •4.000 per annmifor Bonds maturing Beb« 1, 19b8 to Feb. 1j. 1973~ibc, 3.90x per annum for , bonds ~mat~it3ng Peti« ~ 1, 197-4 to Peb. 1,, 1997 : ihc„ Premium $107.50; Net interest rate 4«0349°x; total interest cost $232~~I5~,00 T. G. Bven$on ~xpia~.ned the bids anc~ recommended that all bi$s pursuaat to the advert.*emerit fot b3.ds be re~ec~ed and that the low bid of J:, M Da#.~t 8s Co., Inc.; Allison-Wi2].iams Co.; Northwestern National Bank; Piper, ~~fray ~ Hopwood; A~arlrrheim~r-B~an~ Inc.; Harold B« Wood & Co. at 3«95% plus an extra coupotx at 1.65% be accepted. Motion by Shields, seconded by Serstock, that the counCi~. ~e~ect ail bidt~. subm$tted pursuant to the advertisement, and negotiate the sale! accbptiug the following tesolution,, that it be spread in the resalution-bbog and tb~st it ~ ma de a part o~ thede minutest RESOLUTION N0. 3080 RESOLUTION R$jECTING...BID5 ON -SALE OF $500p000 iMPRONBI~BNT BONDS OF 1956, SBRIES A, AND AUTHORIZIItI"s _ NEGOTIATIONS AND ACCEPTANCE OF BIDS WITH EXTRA COUPONS Poll of votes: Ayes - Wallick, Shields, Serstock, Schuit~ & K,~:t~tell« Nays none, Absent - none. Carried. This resolution appears as resolution No. 1080 in resolution book #7. 2« Award Contract - d. P. 327 & 1~« P. 330 Motion by Schultz, seconded by Shields, that the following resolution be adapted; that it be spread in the resolution book and that it be made a~ part of these minutes: RESOLUTION N0. 1081 RESOLUTION AUTHORIZING THB EXECUTION OF A CONTRACT POR THB CONSTRUCTION OF STORM SEWERS AND SANITARY SBWERS, PROJECT N0. 327 h 330 +3•- April l'6~ 1956 Polk. of votes: Ayes - Wallick, Shields,, Serstock, Schultr~ & Kitte~.l, Nays none. Absent - none. Carried.. This resolution appears as resolution No,, 1081 in resolution book #7. 3. Augsburg Par$ Property Deeded to School District ,..- Motion by Wallick„ seconded by Shields, that the following resolution be adopted; that it be spread in the resolution book and that it be made a part oP these minutes: RESOLUTION NQ. 1082 RESOLUTION AUTHORIZING THE CONVSYANCB OP A PORTION OP AUGSBURG PARK TO xNDEFBNIIENT SCHOOL DISTRICT #12 Poll of votes.: Ayes - Wallick,. Shields, Serstock„ Schultz ~ Sittell. Nays none. Absent - none, Carried,. This resolution .appears as resolution No. 1 1082 in resolution book #7„ 4. Traffic Control - Cedar Ave. Lyn Gerber, Minneapolis Rapid Transit Co., appeared. A discussion took place. Motion by Wallick, seconded by Schultz, that in the event that it shall bs ~~c~SSa~ry to use Cedar Avenue through Richfield as a one-way street on a~ temporary basis during pa rt of those drays when the Bloomington stadium is being. used, in ofider to accommodate vehicular traffic resulting from use of staaid st~tium, and in the event that the City of Minneapolis and other appropriate officials sha11 agree on a plan for- such one--way use of Cedar `Avenue, the manager and police chief are authorized to take such steps as are necessary to make such use of said street. Carried.. 1 5~ Adjournment .~ , «.: A9otion by Wad.-lick, seconded by Schultz, that the meeting be adjourned.. Carried.. APPROVBD: Aril 2 19"8 ~- e ' yor ~,~ k ' ~+~ Manager ~`.~ ,~ Pau3~ H. Haug „ Yillag~ Cle~r'k