06-23-1965 Special1
CITi~ OP RICHFIELD
Special Nfeeting
•• June 23, 1965
After due call and notice, the council met in special session, Wednes-
day, June 23, 1965, in the council chambers of the City Hali, 6700 Portland
Ave., at 7:00 P,Di,
The meeting was called to order by Mayor Olson.
Present: Anderson, Olson. Jacobsen, Luettinger and Randall arrived late.
.Absent: None.
T, G. 8vensen and Lyle Olson of T, G, Evensen & Associates were present.
Bond Sale
It being 7t00,P,M. Mayor Olson called for the bid-opening for the sale
of $2,000,000 improvement bonds.
Representatives from bidding f~.rms were: Dick Sandail of•Ralman & Co,, Inc.
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and Lyman Cole and two associates of Francis I. DuPont & Co.
The following bids were opened:
BID NO. 1 - HARRIS TRUST & SAVINGS BANK, Chicago, I11,; Mellon National Bank
and Trust Co., Pittsburgh, Pa. accompanied by certified check of $40,000.
RATE
1966/1975 X3.25%
1976/78 3.40%
1979/81 ,3,50%
19$2/$5 3,.60%
1986/90 3.70%
1991/93 3.75%
$980,725.15 total int,
3.63905% net rate
Extra coupons: 2.75% on bond due 1966/75 from 9/1/65 to 2/1/66
2.00% " " " 1976/93 from 9/x/65 to 2/1/66
BID NO« 2 - THB NORTHERN TRUST CO,, Chicago, I11.; Eastman Dillon, Union Se-
curities & Co., Chicago, I11.; Paribas Corp,, N.. Y,, N.Y,; ?Teinhoidt & Gardner,
St. Louis, Mo..; Walston & Co., Inc,, Chicago, Ill,; Allan Blair & Co,, Chicago,
I11,, accompanied by a check of $40,000.00.
1966/75 3,25% $982,380,38 total int.
1976/81 3.50% 3,64519% net rate
1982/85 3, 60% ~`~
1986/93 3.75%
Extra Coupon: 2.75% on 800M due 1966/65 from 9/1/65 to 2/1/66
2% ~~ on 720M due 1976/85 from 9/1/65 to 2/1/66
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BID N0. 3 - KALMAN & CO., Inc., Minneapolis, Minn.; Francis I. Dupont & Co.;
Hartford Natl Bank & Trust Co.; Bache & Co.; Stern Bros. & Co.; Barcus Kindred
& Co.; Paine, Webber, Jackson & Curtis; Charmer, Newman Securities Co.;
McDougal & Condon, Inc.,; Townsend, Dabney & Tyson; accompanied by check of
$40,000.00.
RATE
1966/78 3.40% - $989,351.25 total int.
1979/81 3.SOP/o 3.6710% net rate
1982/85 3.60%
1986/88 3170%
1989/93 3.75%
Bxtra Coupons: 2% all bonds from 8/1/65 to 2/1/66
BID NO, 4 - GLORE PORGAN, WM. R. STARTS INC., Chicago, I11.; Goodbody & Co.,
New York; Hayden, Stone & Co., Inc., New York; Conners & Co., Inc,, Cincinnati,
Ohio; commerce Trust Co., Kansas Citq, Mo., accompanied by a check of $40,000.
1966/80 3.5..0% $1,b00,165.00 total int.
1981/84 3.60% 3.7118% net rate
19 85 /88 3.70%
1989/91 3.75%
1992/93 3,80%
Extra Coupons: 2.00% on ,all bonds from 8/1/65 to 2/1/66
BID NO. 5 - J. M. DAIN & CO., INC., Minneapolis, Minn.; Allison-Williams Co.,
Minneapolis; First Natl Bank of Mpls., Minneapolis; First Natl Bank of St. Paul;
St. Paul, Minn; N.W. Natl Bank, Minneapolis; Piper, Jaffray & Hopwood, Minneapolis;
Caldwell Phillips, Inc,, 5t. Pau r; Shaughnessy & Co., Inc., 5t. Paul; Woodard
Elwood & Co., Minneapolis; accompanied by a certif led check of $40,000.00. .
1966/69 3.20% $963,755,00
1970/75 3.30 3.576085_net rate
1976/79 3,~0%
1980/84 3.50%b
1985/93 3..60%
Extra Coupons: 2.40% ali.bonds from 9/1/65 to 2/1/66
Motion by Anderson, seconded by Jacobsen, that the following resolution
be adopted; that it be spread in the resolution book and that it be made a part
of these minutes:
RESOLUTION N0. 3442
RESOLUTION AWARDING SALE OF $2 ,000,000 IMPROVEMENT BONDS OF
1965 FIXING THE PORM AND TERMS. OF SUCH,BONDS,~LEVYING TAXBS
FOR-THE PAYMENT OF PRINCIPAL AND INTBREST THEREON, AND OTHER-
'~ WISE PROVIDING POR THEIR ISSUANCE '
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Poll of votes: Ayes -Anderson, Jacobsen, Luettinger, Randall and Olson. Nays -
none. Absent - none. Carried. This resolution appears as resolution #3442 in
resolution book #22,
Refunding of bonds was discussed.
Motion by Anderson, seconded by Randall, that the meeting be adjourned.
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All ayes - carried.
APPR®VED: ~uiv 12. 1965
St niey W. Olson, Mayor
O. R an Kre elen, Manager
Edward ,Moline, Clerk-Treas.