05-16-1973MINUTES OF THE
MAY 16, 1973 MEETING OF THE
CITY COUNCIL OF THE CITY OF RICHFIELD
HENNEPIN COUNTY, MINNESOTA
Pursuant to due call and notice thereof, a special meeting of the City Council of
the City of Richfield, Minnesota, was duly held on May 16, 1973, commencing at 12;00
o'clock noon,
Upon roll call the following members were present; Law, Kenealey and Luettinger.
The following members were absent; Anderson and Jacobsen.
The mayor announced that the time had arrived for the consideration of bids on
$6,300,000 General Obligation Improvement Bonds of 1973.
The clerk thereupon presented the following bids;
BI~DERS
$a:nc NORTHWEST
AIN, KALMAN & QUAIL, INC.
MITH, BARNEY & COMPANY, INC.
llison-Williams Company
erican National Bank
Merrill, Lynch, Pierce, Fenner & Smith,
Ntzveen & Company, Inc.
Paine, Webber, Jackson & Curtis, Inc.
Piper, Jaffray & Hopwood, Inc,
Reynolds Securities, Inc.,
National City Bank of Minneapolis
Prescott & Company
Dean Witter & Co,, Inc.
Blair A, Phillips Co°, Inc,
National Bank of Tulsa
RATE
1976/1979 - 4.30%
1980/1981 - 4.40
1982/1983 - 4.50
1984/1985 i 4.60
1986 = 4.75
Inca 1987/1988 - 4.80
1989/1990 4.90
1991/1995 - ~ 5.00
THE NORTHERN TRUST COMPANY AND ASSOCIATES
White, Weld & Co., Incorporated
Girard Bank
Walston & Co,, Inc„
Blunt Ellis & Simmons, Incorporated
Van Kampen, Wauterlek & Brown, Inc.
Stem Brothers & Co,
The Chicago Corporation
Becker & Cownie, Inc.
Robert S. C. Peterson, Inc,
FIRST NATIONAL BANK OF ST, PAUL
TRST NATIONAL BANK. OF MINNEAPOLIS
arleton D. Beh Company
1K~.11er: & .$chroec~er Mon~tcpa~.s
First National Bank & Trust, Oklahoma City
1976/1982 - 4.50%
1983/1984 - 4.60
1985 = 4.70
1986 ~ 475
1987/1988 ~ 4.80
1989/1990 - 4.90
1991/1993 - 5.00
1994/1995 - 5.10
1976/1980 - 4.40%
1981/1982 - 4.50
1983/1984 - 4.60
1985/1986 - 4.70
1987 = 4.80
1988 - 4,90
1989 - 4.95
1990/1995 = 5,00
PRICE
$6,228,589.50
$6,243,930
$6,216,550,50
NET INTEREST
.:COST & 1VET RATE
$3,650,760.50
4.879065
$3,671,482„50
4.90675 %
$3,687,562,00
4.9282 %
® 2 -
ids (continued)
BIDDERS
THE. FIRST NATIONAL BANK OF CHICAGO
HARRIS TRUST AND SAVINGS BANK
CONTINENTAL ILLINOIS NATIONAL BANK
and TRUST COMPANY OF CHICAGO
Halsey, Stuart & Co., Inc.
Firsf National Bank. in Dallas
White, Weld & Co., Incorporated
Hornblower & Weeks-Hemphill, Noyes, Inc.
Wilson White, Be1f, Lake, Rochlin & Co.
Van Kampen, Wauterlek & Brown, Tnc.
LaSalle National Bank
The Chicago Corporation
Lo.ewi & Co „ Incorporated
Robert W. Baird & Co., Incorporated
RATE
1976/1982 - 4x50%
1983/1984 - 4.60
1985 - 4.70
1986 - 4.75
1987 - 4.90
1988/1991 m 5.00
1992 - 5.10
1993/1995 - 5.20
PRICE
May 16, 1973
NET INTEREST
COSH & NET RATE
$6,254,757.01
$3,713,605.51
4.96305
Thereupon it was moved by Kenealey, seconded by Luettinger, that the report of such bids
be received and approved and that the following resolution be adopted;
RESOLUTION No, 4990
RESOLUTION AWARDING SALE AND FIXING THE FORM AND
SPECIFICATIONS FOR $6,300,000 GENERAL OBLIGATION `
IMPROVEMENT BONDS OF 1973,. DIRECTING-THEIR EXECUTION
AND DELIVERY AND PROVIDING FOR THEIR PAYMENT.
Upon roll call the following members voted in favor of the adoption of said resolution;
Law, Kenealey and Luettinger, No members of the council voted against the same, whereupon
the motion was declared carried and the resolution was adopted,
Alternate Council Re resentative in Transit Commission Selection Process
Motion by Luettinger, seconded by Kenealey, that the following resolution be adopted;
that it be spread in the resolution bock and that it be made a part of these minutes;
RESOLUTION No. 4991
RESOLUTION DESIGNATING ALTERNATE COUNCIL REPRESENTATIVE
TN TRANSIT COMMISSION SELECTION PROCESS,
Poll of votes; Ayes v Law, Kenealey and Luettinger. Noyes - None. Absent - Anderson and
Jacobsen. Carried.
0 3
May 16, ].973
Adjournment.
Motion by Kenealey, seconded by Zuettinger, that the meeting be adjourned.
A11 ayes o Carried, Time: 12020 P. M.
Date A.pproveda May 29, 1973
GC~a~/ Mayor
Thomas ,~'- ran City Clerk
. ~ Manager
1