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<br />1492
<br />
<br />May 28, 1974
<br />
<br />Pursuant to due call and notice thereof, a Special meeting o~
<br />the City Council of the City of Hastings, Dakota County, Minnesota, was duly
<br />held at the City Hall in said City on the 28th day of May, 1974, at 7:30
<br />o'clock P.M. for the purpose of opening and considering bids for and award-
<br />ing the sale of $395,000 Improvement Bonds of 1974, $940,000 General Obliga-
<br />tion Bonds and $145,000 General Obligation Parking Improvement Bonds of said
<br />City.
<br />
<br />r
<br />
<br />The following members were present: Councilmen Kramer, Driscoll,
<br />Fischer, Novak, Oconnor, Schnirring and Mayor
<br />Petersen.
<br />
<br />and the following were absent: Councilmen Collins and Hallberg.
<br />
<br />The Clerk presented affidavits showing publication of notice of
<br />call for bids on $395,000 Improvements Bonds of 1974 of the City, for which
<br />bids were to be received at this meeting, in accordance with the resolution
<br />adopted by the City Council on April 22, 1974. Said affidavits were examined
<br />found to comply with the provisions of Minnesota Statutes, Chapter 475, and
<br />were approved and ordered placed on file.
<br />
<br />The Council proceeded to receive and open bids for the sale of said
<br />bonds. The following bids were received:
<br />
<br />BIDDER
<br />
<br />First NatioI1/II.Bank of
<br />Saint Paul
<br />
<br />I
<br />
<br />Carleton D. Beh Company
<br />Des Moines, Iowa
<br />First National Bank of
<br />Minneapolis
<br />Paine, Webber, I,Jackson &
<br />Curtis, Inc
<br />
<br />Piper, Jaffray & Hopwood
<br />Allison-Williams Company
<br />Both of Minneapolis, Mn.
<br />BancNorthwest
<br />Chicago, Ill.
<br />Dain, Kalman & Quail, Inc.
<br />Minneapolis, Mn.
<br />
<br />American National Bank &
<br />Trust Company
<br />Juran & Moody, Inc.
<br />Both of Saint Paul, Mn.
<br />E. J. Prescott & Company
<br />Minneapolis, Mn.
<br />
<br />COUPONS
<br />
<br />PRICE
<br />
<br />NET INTEREST
<br />COST & RATE
<br />
<br />$128,105.00
<br />(5.35444%)
<br />
<br />5.00% 1976-80 $391,050.00
<br />5.10% 1981
<br />5.20% 1982
<br />5.25% 1983
<br />5.30% 1984
<br />5.40% 1985
<br />
<br />5.40% 1976-78 $390,753.75
<br />5.00% 1979-80
<br />5.10% 1981
<br />5.20% 1982
<br />5.25% 1983
<br />5.30% 1984
<br />5.40% 1985
<br />
<br />$129, 571. 25
<br />(5.4157%)
<br />
<br />5.00% 1976-80 $390,200.00
<br />5.10% 1981
<br />5.20% 1982
<br />5.30% 1983
<br />5.40% 1984
<br />5.50% 1985
<br />
<br />$129,925.00
<br />(5.4305%)
<br />
<br />The Council then proceeded to consider such bids~ After the bids
<br />had been considered and discussed, Councilman Schnirring introduced the
<br />following resolution and moved its adoption:
<br />
<br />RESOLUTION ACCEPTING BID ON SALE OF dfrl
<br />$395,000 IMPROVEMENT
<br />BONDS OF 1974
<br />AND PROVIDING FOR THEIR ISSUANCE
<br />
<br />BE IT RESOLVED by the Council of the City of Hastings, Minnesota
<br />as follows:
<br />
<br />1. That the bid of the First National Bank of Saint Paul to pur-
<br />chase $3~5,000 Improvement Bonds of 1974 of the City, in accordance with the
<br />notice of bond sale, at the rates of interest hereinafter set forth, and to
<br />pay therefor the sum of $391,050.00 is hereby found, determined and declared
<br />to be the most favorable bid received, and is hereby accepted and said bonds
<br />are hereby awarded to said bidder. The City Clerk is directed to retain the
<br />deposit of said bidder and to forthwith return the good faith checks or drafts
<br />to the unsuccessful bidders. Said bonds shall be payable as to principal
<br />and interest at The First National Bank of Saint Paul or any sucessor Paying
<br />
<br />Agent duly appointed by the City.
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