01-04-1977 SpecialCITY OF RICHFIELD
.Special Meeting
.~ January 4, 1978
Pursuant to due call and notice thereof, a special meeting of the Council
of the City of Richfield, Minnesota, was duly held in the City Ha11 in .the City
of Richfield, on Wednesday, 3anuary 4, 1978, commencing at 5:30 o'clock p.m.
The following members were present: A. P. Andersgn, E. E. Jacobsen,
I. D. Ludeman, V. L. Luettinger; and the following was absent: L. L. Law.
The Mayor Pro Tem announced that the meeting ~-~as convened for the
consideration of the bids which had been received for the purchase of
$6,450,000 General Obligation Refunding Bonds of 1978, as advertised for
sale. The City Clerk presented affidavits showing publication of notice of
sale in the official newspaper, Finance and Commerce, 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 presented the tabulation of bids which had been received
by him prior to the time specified in the notice of sale, which had been
opened and tabulated by him in the presence of the City Manager and repre-
sentatives of T. G. Evensen & Associates, Inc., financial advisors to the City.
Such bids are listed on attached sheet. Mr. Donald Perlich, representative of
T. G. Evensen & Associates, Inc., reviewed the tabulation of bids and recom-
mended acceptance of the low bid .of BANCNORTHWEST.
After due consideration of said bids, Councilman_Luettinger introduced
the following resolution and moved its adoption:
RESOLUTION N0. 5852
RESOLUTION AWARDING THE SALE OF $6,450,000
GENERAL OBLIGATION REFUNDING~BONDS OF 1978
Special Council Meeting ~ -2- January 4, 1978
The motion for the adoption of-the foregoing resolution was-duly seconded
by Councilman Jacobsen, and upon vote being oaken thereon, the following voted
in favor th.e~eof: Anderson, Jacobsen, Ludeman,.Luettinger; and the following
voted against: none; and the following was absent: Law, whereupon said
resolution was declared duly passed and adopted.
Claims and Pavrolls
Motion by Anderson, seconded by Luettinger that the following claims
and payrolls be approved:
RICHFIELD BANK & TRUST
Checks 30866/33318 $ 44,137.74
SUMMIT STATE BANK
Checks 35766/35769 $884,149.89
All ayes - Carried. Absent - Law.
Adjournment
Motion by 3acobsen, seconded by Luettinger that the meeting ajourn.
All ayes - Carried. Absent - Law. Time: 5:.45 p.m.
Date Approved: February 13, 1978
v , ~ ~~~
Thomas J. oran City Clerk
(j i ~ v
oren L. Law M yor
~~
Wa e.S. Burggra f Cit Manager
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ES' OF SALE
~NUARY 4, 1978
*** SUBSEQUENT TO AWARD & NOTICE OF SALE THE
1979 MATURITY WAS REDUCED BY $50,000
MOOllY'S - Aa
FDDERS ADDRESS RATE ,
~13CNORTHWE5T Minneapolis 5.50%-1979/82
,`iIN, KALMAN & QUAIL, INC. Minneapolis 5.25%-1983/84
"~LISON-WILLIAMS COMPANY Minneapolis 4.60%-1985
:~erican National Bank St. Paul 4.75%-19.86/88
;~~nk of Oklahoma, N.A. Tulsa 4.80%-1989
Bonin & Marcotte,. Inc. Minneapolis 4.90%-19.90
1_rst National•Bank of Minneapolis Minneapolis 5.00%-1991/92
~~e First National Bank of Saint St. Paul 5.10%-1993
:. F. Hutton ~ Denver 5.15%-1994
'errill Lynch, Pierce, Fenner & Smith, Inc. Minneapolis 5.20%-1995
ohn Nuveen & Co., Inc. Minneapolis 5.25%-1996
ipe~• Jaffray & Hopwood, Inc. Minneapolis 5.30%-1997
I''rescott,.A Division of Carleton
Beh Company Minneapolis
Co., Inc.
,. Novick & Minneapolis
.
eymolds Securities, Inc. Minneapolis
1sRRIS TRUST AND SAVINGS BANK
~ONTINENZ,AL ILLINOIS NATIONAL BANK
& TRUST CO.
'IiE FIRST i~ATIONAL BANK OF CHICAGO
(ACHE HALSEY STUART SHIELDS, INC.
~irst National Bank in Dallas
Teeden & Co., Inc.
ornblower & Weeks-He*nphill, Noyes, Inc.
~a Salle National Bank
;.adder, Peabody & Ca. , Inc.
Ia.rine National Exchange Banlc
Iutchinson, Shockey, Er1ey & Co.
dilliam Blair & Company .
;harmer Newman Securities Co.
tobert W. Baird & Co., Inc.
Jmited Missouri Bank of Kansas City, N.A.
'.oewi & Co. , Inc.
TanKampen Sauerman Inc.
1
T. ~. ~vc~s~~ ~ ~ssac~~ics, ~~c.
Mun~apal F1r~ance Calsultanls
First National E3ank 6urlding
Minneapolis, Minnesota 55402
612J336 1637
$6,500,000 GL'NERAL OBLIGATION RIaFUNDING-BONDS ,
OF .1978 ***
CITY OF RICII,FIL'LD, MINNESOTA
Afldrrrte of Plorlhwe~.t liancorpc,r,,l,r,r~
Chic~~go 5.50%-1979/84
4.50%-1985
Chicago 4.60%-1986
Chicago G.70%-1987
New York 4..75%-1988
Dallas .4.85%-1989
San Francis.c o4.95%--1990
New York 5..00%-1991
Chicago 5.05%-1992
New York 5.1.0%=L993
Milwaukee 5.15%-1994
Chicago 5.20%-1995
Chicago ~ 5.25%-1996/97
Chicago
Milwaukee
Kansas. City
Mllwaukee
Chicago
PREMIUM
Par
$223.00
NIC
$3,444,216.52
5.05849%
$3,456,053.25
5.0685%
ITIBANK, N.A. New. York 5.75%-1979/82 Par $3,484,000.00
'~lE FIRST B05TON CORPORATION- New York 5.20%-1983 5.x.106%
°JNALDSON, LUFKIN & JENRETTE 4.75%-1984/8$
SECURITIES CORP. New York 4.90%-1989
>r,AR, STEARNS & CO. •' New York 5.00%-1990
~.~YRLICH-BOBER & COMPANY, INC. New York •5.10%-1991/92 •
IN AS50CIATION WITH 5.20%--1993
URGAN GUARANTY TRUST COMPANY OF NEW YORK New York 5.25%-1994/97 ~•_
:.e~,LOMON BROTHERS New York
:~{E NORTHERN TRUST COMPANY Chicago 5.70%--1979/84 $1,583.90 $3,490,937.69
~:4ldman, Sachs & Co. 'New York ~ 4.75%-1985 5.11967%
'aythe Eastman Dillon & Co,, Inc. ~ New York 4.70%-1986/87
.`~rst Pennco Securities Inc. New York 4.8U%-19158
~'ceearson Hayden Stone, Inc.` New York 4.90%-1989
«i:uterlek & Brown, Inc.. Chicago 5.00%-1990/91 ~ ,.
:tie Chicago Corporation Chicago 5.10%-1992/93
.;ommerce Bank .of Kansas City, N.A. Kansas City 5.20%-1994 .. •
::tern Brothers & Co. ~ Kansas City. 5.25%-1995/97
;toolsey & Co., Inc a Oklahoma City
iecker & Cownie, Inc. Des Moines
i~obert S.C. Peterson, Inc. ~ Minneapolis
!'irst Mid America Inc. •. Chicago
Sears Bank Chicago
REOFFERING SCALE
Year Cou_~ Yield
1979 5.50 3.75
1980 5.50 3.90 •
1981 5.50 4.05
1982 5.50 4.20
1983 -5,25 4.30 -
1984 5.25 4.40
1985 4.60 4.50
1986 ~ 4.75 4.60
1987 4.75 4.70.
1988 4.75 4.75 ~ _
1989 4.80 4.80
• ~ 1990 4.90 4.90
1991 5.00 5.00
1992 5.00 5.00
1993 S.]0 5.10:
1994 5:15 5.15
1995 5.20 5.20
1996 5.25 5.25.
1997 5.30 5.30