06-27-1972 Special
CITE OF RICHFIELD
SPECIAL MEETING
June 27, 1972
Pursuant to due call and notice thereof, a special meeting of the City Council ®f
the City of Richfield, Minnesota, was duly held on June 27, 1972, commencing at 12:30
p.m.
Upon roll call the following members were present: Law, Anderson, Jacobsen, anc~
Kenealey. The following members were absent: Luettinger.
The mayor announced that the time had arrived for the consideration of bids on
1
1
$2,100,000 Improvement Bonds of 1972.
BIDDER
BancNORTHWEST OF MINNDAPOLIS
Bank of The Commonwealth ~ Detroit
Merrill Lynch,Pierce,Fenner & Smith-NY
Paine,Webber,Jackson & Curtis-NY
The Milwaukee Company - Milwaukee
Reynolds Securities - Chicago
National City Bank - Minneapolis
HARRIS TRUST & SAVINGS BANK-Chicago
THE FIRST NATIONAL BANK OF CHICAGO
First National Bank in Dallas
LaSalle National Bank - Chicago
DATN, KALMAN & QUAIL - Minneapolis
Allison-Williams Company - Mp1s.
American National Bank & Trust Co.1St.P.
First National Bank of Minneapolis
The First Natl. Bank of St. Paul
John Nuveen & Co., Tnc.- Chicago
Piper, Jaffrey & Hopwood - Minneapolis
Shaughnessy & Company, Tnc., St. Paul
RATE
1974/77-4.00%
1978/80-4.25%
1981/82-4.50%
1983/85-4.75%
1986 -4.90%
1987 -5.00%
1988 -5.10%
1989 -5.20%
1990/92-5.25%
1993/94-5.40%
1974/77-4.00%
1978/79-4.20%
1980/81-4.40%
1982 -4.50%
1983 -4.70%
1984 -4.80%
1985/86-5.00%
1987/88-5.10%
1989 -5.20%
1990/94-5.25%
1974/76-3.70%
1977/78-4.00%
1979/80-4.30%
1981 /82-4.50%
1983/84-4.70%
1985/86-4.90%
1987/88-5.10%
1989/9015.20%
1991/92-5.30%
1993/94-X5.40%
PRICE
$2,082,150.00
n
$2,075,933.00
$2,073,708.00
NET INTEREST
COS T
$1,133,618.75
4.9818%
$1,141,493.25
5.0164%
$1,141,629.50
5.0170%
Nlinute~ ~continued~ 0 2 -
BIDDER RATE
June 27, 1972
NFT INTEREST
PRICE COST
Td1E TOR RN TRUST COMPANY 6 Chicago 1974/78-4.00% $2,075,010.00 $1,142,006.25
White, Weld & Co. - N.Y. 1979/80-4.300 5.0187%
Blunt E11is & Simmons-Chicago 1981 -4.40%
Va pen, Wauterlek & Brown-Chicago 1982 -4.50%
Stern Brothers & Co, - Kansas City 1983/8464.75%
Becker & Cowrie, Inc. - Des Moines 1985 -4.90%
Robert S. C. Peterson, Inc, - Mp1s. 1986 -5,00%
1988 -5.20%
1989/94-5.25%
HIBBARD, 0°CONNOR & WEEKS -Houston 1974/85-4.75% $2,060,000.00 $1,185,481.25
1986/90-5.00% 5.2097%
1991/94$5.50%
The City Manager introduced our bond consultant, Donald Swenson of T. G, Evensen
and Associates, First National Bank Building, who explained the results of the bidding
process.
The City Manager recommended that the low bidder, BancNORTHWEST OF MINNEAPOLIS, be
awarded the sale of the $2,100,000 General Obligation Improvement Bonds of 1972, with
an average net rate of 4.98184% per annum and a total net interest cost of $1,133,618.75.
'Thereupon it was moved by Anderson,. seconded by Jacobsen, that the following reso~
lution be adopted:
RESOLUTION No, 4793
RESOLUTION AWARDING SALE AND FIXING THE FORM AND SPECIFICATIONS
FOR $2,100,000 IMPROVEMENT BONDS OF 1972, DIRECTING THEIR EXECU-
TION AND DELIVERY AND PROVIDING FOR THEIR PAYMENT
Upon roll call the following members voted in favor of the adoption of said reso-
lution: Law, Anderson, Jacobsen and Kenealey. No members of the council voted against the
same, whereupon the motion was declared carried and the resolution was adopted. This
resolution appears as Resolution No. 4793 in Resolution Book No. 31.
Meeting adjourned.
Date Appr ved; July 24 1972
Mayor
homes J J ~ ran City C1er~t~
• ~ ' GUt~ Manager