07-27-1977 Special1
CITY OF RICHFIELD
SPECIAL COUNCIL MEETING
July 27, 1977
Pursuant to due call and notice thereof, a special meeting of the Council of
the City of Richfield, Minnesota, was duly held in the Council Chambers in the City
of Richfield, on Wednesday, July 27, 1977, commencing at 12:15 o'clock p.m.
The following members were present: Anderson, Jacobsen, Ludeman, Luettinger,
1
1
Law.
The Mayor announced that the meeting was convened for the consideration of
the bids which had been received for the purchase of $4,700,000 General Obligation
Redevelopment Bonds of 1977 and $4,500,000 General Obligation Improvement Bonds of
1977, as advertised for sale. The City Clerk-Treasurer presented affidavits
showing publication of notice of sale in the official newspaper and in Commercial
West, financial papers published in Minneapolis, Minnesota, which affidavits were
examined and found satisfactory and ordered placed on file.
The City Clerk-Treasurer presented a tabulation of the sealed bids which
had been received by him prior to the time specified in the notice of sale, which
bids had been opened and tabulated by him in the presence of the Gity Manager and
S
the financial advisors to the City. Such bids were as follows:.
BIDDERS
RATE
PRICE A1~D TOTAL
INTEREST COST
AND NET RATE
DAIN, KATMAN & QUAIL, INC., Minneapolis
1987 - 4.50%
1988 - 4.60%
1989 - 4.70%
1990 - 4.80°!°
1997: - 4.90%
1992 - 4.95%
1993/1997 - 5.0'0%
1980/1986 - 4.40%
$9,063,313.75
5.000544 °~
$6,334,938.75 NIG
Special Council Meeting Minutes
BIDDERS
C IT IBANK, N. A.
The First Boston Corporation
Donaldson Lufkin .& Jenrette Sec. Corp.
Bear Stearns & Co.
Erlich-Bober Co.
In Association With:
Morgan Guaranty Trust Co. of New York
Salomon Brothers
THE NORTHERN ZRUST COMPANY
Goldman, Sachs & Co.
Blyth Eastman Dillon & Co., Inc.
Drexel Burnham Lambert Inc.
Girard Bank
First Pennco Securities, Inc.
L. F. Rothschild, Unterberg, Towbin
Shearson Hayden Stone Inc.
National Central Bank in Lancaster
Wauterlek & Brown, Tnc.
Altgelt & Co., Incorporated
Blunt Ellis & Simmons, Incorporated
The Chicago Corporation
Commerce Bank of Kansas City N.A.
Stern Brothers & Co.
Becker & Cownie, Inc.
Robert S. C. Peterson, Inc.
First Mid-America, Inc.
Richfield Bank and Trust Co.
-2-
RA
1980/1987 - 4.40%
1980 - 4.50%
1989 - 4.607°
1990 - 4.75%
1991 - 4.80%
1992 - 5.00%
1993/1997 - 5.10%
1980 - 4.50%
1981/1989 - 4.70%
1990 - 4.80%
1991 - 4.90%
1992/1997 - 5.00%
FIRST NATIONAL BANK OF CHICAGO
The First National Bank of Chicago
Harris Trust and Savings Bank
Continental Illinois National Bank
and Trust Company of Chicago
Bache Halsey Stuart Tnc.
Smith Barney, Harris Upham & Co., Inc.
Chemical Bank
First National Bank in Dallas
Weeders & Co. Inc.
Mercantile Trust Company, N.A. St. Louis
Hornblower, Weeks, Noyes & Trask, Inc.
LaSalle National Bank
Kidder, Peabody & Co. Inc.
First Wisconsin National Bank of Milwaukee
Marine National Exchange Bank
Hutchinson, Shockey, Erley & Co.
William Blair & Company
Charmer Newman Securities Co.
Bacon, Whipple & Co.
1980/1987 -
1988 -
1989 -
1990 -
1991/1992 -
1993 -
1994 -
1995 -
1996 -
1997 -
4.50%
4.60%
4.70%
4.75%
4.90%
5.00%
5.10%
5.15%
5.20%
5.25%
July 27, 1977
PRICE AND TOTAL
INTEREST COST
AND NET RATE
$9,081,500.00
5.0353
$6,379,040.00 NIC
$9,063,201.05
5.036799
$6,380,868.95 NIC
$9,137,644.01
5.04488
$6,391,106.07 NIC
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Special Council Meeting Minutes -3- July 27, 1977
After due consideration of said bids, Councilmember Anderson introduced the
following resolution and .moved its adoption:
RESOLUTION N0. 5751
RESOLUTION AWARDING THE SALE OF $4,700,000
GENERAL OBLIGATION REDEVELOPMENT BONDS OF
1977 AND $4,500,000 GENERAL OBLIGATION
IlKPROVEMENT BONDS OF 1977
The motion for the foregoing resolution was duly seconded by Councilmember Jacobsen,
and upon vote being taken thereon, the following voted in favor: Anderson, Jacobsen,
Ludeman, Luettinger, Law. No members of the council voted against•the same, whereupon
said resolution was declared duly passed and adopted.
Whereupon, Councilmember Ludeman introduced the following resolution and
moved its adoption:
RESOLUTION N0. 5752
A RESOLUTION FIXING THE FORM AND SPECIFICATIONS
OF $4,700,000 c='H''n~'~AT• OBLIGATION REDEVELOPMENT
BONDS OF 1977; DIRECTING THEIR EXECUTION AND
DELIVERY; AND PROVIDING FOR THEIR PAYMENT
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember Luettinger, and upon vote being taken thereon, the following voted
in favor thereof: Anderson, Jacobsen, Ludeman, Luettinger, Law. No members of the
council voted against the same, whereupon said resolution was declared duly passed
and adopted.
Whereupon Councilmember Luettinger introduced the following resolution and
moved its adoption:
RESOLUTION N0. 5753
RESOLUTION FIXING THE FORM AND SPECIFICATIONS,
OF $4,500,000 GENERAL OBLIGATION IMPROVEMENT BONDS
OF 1977; DIRECTING THEIR EXECUTION AND DELIVERY,
AND PROVIDING FOR THEIR PAYMENT
~]
Special Council Meeting Minutes -4- July 27, 1977
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember Jacobsen, and upon vote being taken thereon, the following voted in
favor thereof: Anderson, Jacobsen, Ludeman, Luettinger, Law. No members of the
council voted against the same, whereupon said resolution was declared duly passed
and adopted. _
Councilman Anderson expressed the thanks of the council to the City Manager and
the City Attorney for their efforts with the rating agencies in obtaining an improved
bond rating. The City Attorney discussed the meeting with the rataLng agencies..
Motion by Luettinger, seconded by Jacobsen that the meeting adjourn.
All ayes - Carried. Time: 12:/+5 p.m.
Date Approved: August 8, 1977
Thomas 3. Mor City Clerk
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Wayne S. Burggra City pager