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<br />1500
<br />
<br />The Clerk presented affidavits showing publication of notice of
<br />call for bids on $940,000 General Obligation Bonds of 1974 of the City,
<br />for which bids were to be received at this meeting, in accordance with the
<br />resolution adopted by the City Council on April 22, 1974. Said affidavits
<br />were examined, found to comply with the provisions of Minnesota Statutes,
<br />Chapter 475, and were approved and ordered placed on file.
<br />
<br />The Council proceeded to receive and open bids for the sale of
<br />said bonds. The following bids were received:
<br />
<br />~
<br />
<br />BIDDER
<br />
<br />First National Bank of
<br />Saint Paul
<br />Saint Paul, Mn.
<br />Carleton D. Beh Co.
<br />Des Moines, Iowa
<br />First National Bank of
<br />~inneapolis, Mpls, Mn.
<br />Paine, Webber, Jackson
<br />& Curtis, Inc. New York
<br />Robert W. Baird Co. Inc.
<br />Milwaukee, Wise.
<br />First National Bank of
<br />Has tings, Mn.
<br />
<br />Piper, Jaffray &
<br />Hopwood, Inc.
<br />Allison-Williams Co.
<br />Both of Minneapolis, Mn
<br />BancNirthwest
<br />Chicago Ill.
<br />Dain, Kalman & Quail
<br />Inc. Mpls, Mn.
<br />Northwestern National
<br />Bank of Hastings
<br />Hastings, Mn.
<br />
<br />COUPONS
<br />
<br />PRICE
<br />
<br />NET INTEREST
<br />COST & RATE
<br />
<br />5.00% 1976-80
<br />5.10% 1981
<br />5.20% 1982
<br />5.25% 1983
<br />5.30% 1984
<br />5.40% 1985
<br />5.50% 1986
<br />5.60% 1987
<br />5.70% 1988
<br />5.80% 1989
<br />5.90% 1990
<br />6.00% 1991-95
<br />
<br />$925,007.00
<br />
<br />$685,888.00
<br />(5.88998%)
<br />
<br />5.00% 1976-80
<br />
<br />$925,000.42
<br />
<br />$685,894.58
<br />
<br />5.10% 1981
<br />5.20% 1982
<br />5.25% 1983
<br />5.30% 1984
<br />5.40% 1985
<br />5.50% 1986
<br />5.60% 1987
<br />5.70% 1988
<br />5.80% 1989
<br />5.90% 1990
<br />6.00% 1991-95
<br />
<br />(5.8900%)
<br />
<br />The Council then proceeded to consider such bids. After the bids
<br />had been considered and discussed, Councilman Novak introduced the follow-
<br />ing resolution and moved its adoption:
<br />
<br />RESOLUTION ACCEPTING BID ON SALE OF
<br />$940,000 GENERAL OBLIGATION
<br />BONDS OF 1974
<br />PROVIDING FOR THEIR ISSUANCE AND LEVYING
<br />A TAX FOR THE PAYMENr THEREOF
<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 St. Paul to pur-
<br />chase $940,000 General Obligation Bonds of 1974 of the City, in accordance
<br />with the notice of bond sale, at the rates of interest hereinafter set
<br />forth, and to p~y therefor the sum of $925,007.00 (plus a premium of -0-)
<br />is hereby found, determined and declared to be the most favorable bid re-
<br />ceived, and is hereby accepted and said bonds are hereby awarded to said
<br />bidder. The City Clerk is directed to retain the deposit of said bidder
<br />and to forthwith return the good faith checks or drafts to the unsuccess-
<br />ful bidders. Said bonds shall be payable as to principal and interest at
<br />The First National Bank of St. Paul or any successor Paying Agent duly
<br />appointed by the City.
<br />
<br />2. The $940,000 negotiable coupon general obligation bonds of the
<br />City shall be dated July 1, 1974 and shall be issued forthwith. Said bonds
<br />shall be 188 in number and numbered from 1 to 188, both inclusive, in the
<br />denomination of $5,000 each. Said bonds shall mature serially, lowest num-
<br />bers first, on January 1 in the years and amounts as follows:
<br />
<br />$40,000 in the year 1976;
<br />$20,000 in each of the years 1977 to 1979,
<br />both inclusive;
<br />
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