06-27-1972 BidCITY OF RICHFIELD
Bid-Opening
June 27, 1972
Rey $2,100,000 IMPROVEMENT BONDS
of 1972 - CITY OF RICHFIELD
Pursuant to requirements of Resolution No. 1015, a meeting of the administrative
staff was held in the City Ha11, 6700 Portland Avenue, at ~1~{90'aue,;,, Junk 27,
1972.
The meeting was called to order by the manager who announced that the purpose of
the meeting was to receive, open and read aloud, bids on the sale of $2,100,000
General Obligation Improvement Bonds of 1972 for the City of Richfield.
Present: Wayne Burggraaff, city manager
Tom Moran,. city clerk
Gary Eide, administrative assistant
Robert Worthington, planning director
Representatives of T. G, Evensen & Associates, Inc,,
Donald Swenson and Donald Perlich.
The following bids were subm~.tted and read aloude
BIDDERS
BancNOTtTHWEST OF MINNEAPOLIS
Bank of The Commonwealth - Detroit
Merrill, Lynch, Pierce, Fenner & SmithO.N.Y.
Paine, Webber, Jackson & Curtis - N.Y.
Shearson, Hammill & Co, - N.Y.
Channer Newman Securities, Inc. - Chicago
The Milwaukee Company - Milwaukee
National City Bank o Minneapolis
HARRIS TRUST & SAVINGS BANK - Chicago
THE FIRST NATIONAL BANK OF CHICAGO'
First National Bank in Dallas
LaSalle National Bank - Chicago
RAIN; KALMAN & QUAIL - Minneapolis
Allison-Williams Company m Minneapolis
Atti~rican National Bank & Trust Co.-St.Pau1
Ir"irst National Bank-of Minneapolis
7."he First National Bank of Saint Paul
John Nuveen & Co., Inc. - Chicago
Piper, Jaffrey & Hopwood - Minneapolis
Shaughnessy & Company, Tnc. - St. Paul
RATE
1974/1977
1978/1980
1981/1982
1983/1985
1986
1987
1988
1989
1990/199.2
1993/1994
1974/1977
1978/1979
1980/1981
19 82
1983
1984
1985/1986
1987/1988
1989
1990/1994
1974/1976
1977/1978
1979/1980
1981/1982
1983/1984
1985/1986
1987/1988
1988/1990
1991/1992
1993/1994
- 4.00%
- 4.25
m 4.50
e 4.75
m 4.90
= 5.00
- 5.10
- 5020
- 5.25
- 5.40
= 4.00°l°
4.20
m 4.40
m 4°50
- 4°70
- 4.80
- 5.00
- s.lo
- 5.20
5.25
m 3.70%
4.00
- 4.30
- 4.50
- 4.70
- 4.90
® 5.10
m 5.2U
m 5.30
- 5.40
PRICE & TOTAL INTEREST
COST AND NET RATE
$2,082,150
4.98184
$1,133,618.75 NIC
$2,075,933
5.0164 %
$1,141,493.25 NIC
$2,073,708
5.0170
$1,141,629,50 NIC
1
Bid-Opening
Sale of Bonds-1972
BIDDERS
THE NORTHERN TRUST COMPANY - Chicago
White, Weld & Co. - N.Y.
Walston & Co°, Inc. .~ N.Y.
Blunt Ellis & Simmons - Chicago
Vankampen, Wauterlek & Brown., Inc. Chicago
Stern Brothers & Co. - Kansas City
Becker & Cownie, Inc, - Des Moines
Robert S, C. Peterson, Inc. a Mpls.
2 -
RATE
1974/1978 m 4.00%
1979/1980 - 4.30
1981 m 4.40
1982 0 4.50
1983/1984 - 4.75
1985 0 4.90
1986 - 5.00
1987 0 5.10
1988 m 5,20
1989/1994 m 5a25
June 27, 1972
PRICE & TOTAL INT.ER~ST
COST AND NET RATE
$2,075,01®
5.01870
$1,142,006.25 NIC
HIBBARD, O'CONNOR & WEEKS - Houston 1974/1985 - 4.75% $2,060,000
1986/1990 - 5.00 5.209761 %
1991/1994 - 5.50 $1,18.5,481,25 NIC
The manager announced that the bids would be tabulated and considered at a special
council meeting at 12030 p.m., June 27, 1972.
1
/" [?`~ 2_
Tom Moran City Clerk
NOTICE OF SALE
$2,100,000 General Obligation
Improvement Bonds of 1972
City `of Richfield, Minnesota
NOTICE IS HEREBY GIVEN 'Phat sealed bids will be received by the City of
Richfield, Minnesota, at the office of the City Manager at .the Richfield~City
Ha11, 6700 Portland Avenue, Richfield, Minnesota, until 11130 a,m,, CDST, on
Tuesday, June 27, 1972, for the.~purchase of $2,100,.000 General Obligation Im-
provement Bon~ds.,of 197.2. At that time all bids received on said bonds..11 be
opened and res. aloude The city council of-said city will meet at 12x30 p®m°
on said day for the purpose of considering such bids. ~ .
The bonds will be dated July 1, 1972; will bear interest payable
January 1, 1973 and each July 1 and January 1 thereafter and will mature serially
on January 1 in the years and amounts as follows.o
1974 $.65,000
I975i78 125,000
1979/81 110,000
1982/90 100,000
1991/92 90,000
1993 75.,000
1994 50,000
all bonds maturing in the years 1985 through 1994 being subject to redemption, in
inverse numerical order,, on January 1, 1984, and any interest payment date there-
after at par and accrued interest, Both principal and interest-will be made pay-
able at a suitable bank designated by the purchaser within 48 hours after the award
and acceptable to the city,. or otherwise at the selection of the city.
The borrower will furnish printed bonds in the denomination of $5,000 each,
or multiples thereof at purchaser's request with~.n 48 hours after award, and the
approving legal opinion of Messrso Howard, LeFe~v±~~e, Lefler, Hamilton and Pearson,.
Minneapolis, Minnesota, both without expense to'~purchaser. Delivery will be made
without expense to the purchaser anywhere in the continental United States within
forty days after the dq.te of sale, accompanied by customary final delivery papers,
including a certificate showing absence of litigations Payment shall be in immedi-
ately available funds, The text of the legal opinion will be printed on the back
of each bond and certified by an officer if requested by the purchaser°
Bids shall state one basic rate of interest-from date of issue to maturity
for all bonds having a common maturity date, Not more than ten such rates shall
be specified for the issue and the maturities. may be split not more than ten ways
for the purpose of designation of such rates, No rate for any bonds may exceed the
rate for any subsequently maturing bond. No supplemental or "B" coupons wi11._be
permitted A11 rates must be stated in integral multiples of five hundredths--of
one percent, The bid offering the lowest net interest cost (total interest from
date of issue to stated maturities, less any premium offered, plus any discount)
will be deemed the most favorable. No bid of less than $2,060,000 plus accrued
interest to date of delivery or providing for a total interest rate on any bond for
any period exceeding 7% will be considered, Oral auction bids will not be received.
2
All bids must be enclosed in a sealed envelope marked "Bid for $2,100,000
General Obligation Improvement Bonds of 1972" and delivered to the undersigned prior
to the above stated time. Each bid must be unconditional except as provided in
this notice and must be accompanied by a cashier's check, certified check or bank
draft payable to the order of the treasurer, in the amount of at least $42,000, to
be forfeited as liquidated damages in event the bid is accepted and the bidder fails
to comply therewith. Bidders are also asked to state total amount of interest and
average rate. The right to waive any informality, to reject any and all bids and
to ad3ourn the sale is resterved.
BY ORDER OF TIE CITY COUNCIL
Thomas J. Moran
City Finance Director
Additional information may be obtained from:
T. G. Evensen & Associates, Inc.
First National Bank Building
M3.nneapolis, Minnesota 55402
Tele. 612-336-1637
(Publish: )