05-14-1975 BidMINUTES OF THE MAY 14, 1975
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 14, 1975, commencing at
12:30 PM.
Upon roll call the following Members were present: Law, Anderson and Jacobsen.
The following members were absent; Ludeman, Luettinger.
The mayor announced that the time had arrived for the consideration of bids on
$4,600,000 General Obligation lmpravement-Bonds of 1975. The clerk thereupon pre-
sented the following bids:
BIDDERS
RATE
PRICE AND TOTAL
INTEREST COST
and NET RATE
BANCNORTHWEST - Chicago
Dain, Kalman & Quail, Inc.
Allison-Williams Co.
American National Bank, St. Paul
Carlton D. Beh Co.
'Cronin & Marcotte, Inc.
First National Bank, Minneapolis
First National Bank, St. Paul
Juran & Moody, Inc.
Merrill Lynch,Pierce,Fenner & Smithy lac.
John Nuveen & Co., Inc.
E. J. Prescott & Co.
White Weld & Co., Inc.
Caldwell Philips, Inc.
Moore, Juran & Co.
National City Bank, Minneapolis
THE NORTHERN TRUST COMPANY
White, Weld & Co., Inc.
Girard Bank
First Pennco Securitites Inc.
Van Kampen, Wauterlek & Browny inc.
Blunt Ellis & Simmons, Inc.
Stern Brothers & Co.
The Chicago Corporation
Becker & Cownie, Inc.
Robert S. C. Peterson, Inc.
First Mid-America, Inc.
Richfield Bank & Trust Co.
1978/1983 - 5.60%
1984 - 5.75%
1985/1986 - 6.00%
1987/1988 - 6.25%
1989/1990 - 6.50%
1991/1992 - 6.70%
1993/1994 - 6.90%
1995/1997 - 7.00%
1978/1988 - b.25%
1989 - 6.40%
1990 - 6.50%
1991 - 6.60%
1992 ~ 6.70%
1993 - 6.80%
1994/1995 - 6.90%
1996/1997 - 7.00%
$4,552,063.50
6.588896%
$3,712,842.75 NIC
$4,589,971.00
6.61662%
$3,728,467.75 NIC
Special Council Meeting -2- May 14, 1975
PRICE AND TOT
INTEREST COST
BIDDERS RATE and NET RATE
CONTINENTAL ILLINOIS NATIONAL BANK. 1978/1981 - 5.40%
AND TRUST COMPANY OF CHICAGO 1982/1983 - 5.70%
The First National Bank of Chicago 1984/1986 - 6.10%
Harris Trust & Savings Bank 1987 - 6.200
Halsey, Stuart & Co., Inc. 1988/1989 - 6.50%
First National Bank in Dallas 1990/1991 - 6.80%
Hornblower & Weeks-Hemphill, Noyes 1992 - 6.90%
La Salle National Bank 1993/1997 - 7.00%
United Missouri Bank, Kansas City
Robert W. Baird & Co., Inc.
$4,533,852.00
6.697796%
$3,774,208.00 NIC
Thereupon it was moved by Anderson, seconded by Jacobsen, that the report of
such bids be received and approved and that the following resolution be adopted:
RESOLUTION N0. 5365
RESOLUTION AWARDING SALE AND FIXING THE FORM AND
SPECIFICATIONS FOR $4,600,000 GENRRAL OBLIGATION
Il~Il'ROVEMENT BONDS OF 1975 , 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
resolution: Law, Anderson and Jacobsen. No members of the council voted against
the same, whereupon the motion was declared carried and the resolution was
adopted.
y?~e council entered into a discussion about a number of complaints from
residents living in construction areas where there were "No Parking" signs on
their side streets and they were concerned about not being able to park near
their homes.
Motion by Jacobsen, seconded by Anderson, that the following resolution be
adopted; that it be spread in the resolution book and that it be made a part of
these minutes:
Special Council Meeting
-3-
RESOLUTION N0. 5366
RESOLUTION RELATI1~fiG TO PARKING
RESTRICTIONS IlV AREAS WHERE
STREET IMPROVEMENT CONSTRUCTION
IS IN PROGRESS
May 14, 1975
Po11 of votes: Ayes - Anderson, Jacobsen, Law. Nayes - None. Absent - Ludeman,
Luettinger. This resolution appears as Resolution No. 5366 in Resolution Book
No. 37.
Adjournment
Motion by Jacobsen, seconded by Law, that the meeting be adjourned.
IJ
A11 ayes - Carried. Time: 12:45 PM
Date App ved: ~Y 27, 1975
~ Lo en L. Law y r
._~
Thomas J. Mor City Clerk
Wayne Burggraaff C~ y Ma r