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- X51
<br />R~'SOI,UTION (Cont!d, )
<br />The bid was submitted by First National.Bank, Saint Paul, Minnesota and
<br />American National Bank, Saint Paul, Minnesota, as co-managers of a group including
<br />the following:
<br />Juran & Moody, Inc., St Paul, It2innesota
<br />Kalman & Company, Minneapolis, Minnesota
<br />John Nuveen & Company, Chicago, Illinois
<br />Allison-Williams Company, Minneapolis, Minnesota
<br />J. M. Dain & Company, Minneapolis, Minnesota
<br />Piper, Jaffray & Hopwood, Minneapolis, Minnesota
<br />E.J. Prescott & Company, Minneapolis, Minnesota
<br />Caldwell Phillips Company, St Paul, Minnesota
<br />Mannheimer-Egan, Inc., St Paul, Minnesota
<br />Shaughnessy & Company, St Paul, Minnesota
<br />Harold E. Wood & Company, St Faul, Minnesota
<br />The bid provided for an interest rate of lt.00~ per annum for bonds maturing January 1,
<br />1959 to January 1, 1965, inclusive; lt.50~ for bonds maturing January 1, 1966 to
<br />January 1, 1970, inclusive, and 1~.75~ per annum for bonds maturing January 1, 1971 to
<br />January 1, 1978, inclusive, plus 1.25 per annum by extra coupons on 810 bonds
<br />maturing from January 1, 1961 to January 1, 1978, inclusive, for the period from
<br />January 1, 1958 to January 1, 1961 consisting of extra coupons of X6.25 each, due
<br />7-1-58, 1-1-59, 7-1-59, 1 1-60, 7-1-60 and 1-1-61. There was no premium offered and
<br />the bid provided that principal and interest be paid at American National Bank,
<br />St Paul, Minnesota. Cashier's check of American National Bank in the amount of
<br />$18,000 was submitted. with the bid; and
<br />WHEREAS, it appears that the bid of the group represented by First
<br />National Bank, St Paul, Minnesota and American National Bank, St Paul, Minnesota,
<br />as co-managers, represents the lowest net interest rate and. is, therefore, best;
<br />NOW THEREFORE, BE IT RESOLVED by the Village Council of Falcon Heights,
<br />Minnesota:
<br />1. The bid of First National Bank, St Paul, Minnesota and American
<br />National Bank, St Paul, Minnesota, as co-managers, for the purchase of X900,000
<br />Sanitary Sewer System Improvement No. 1 bends authorized to be issued by Resolution
<br />of the Council on May 27, 195?, is hereby accepted and the Mayor and the Village
<br />Clerk are hereby authorized forthwith to endorse such acceptance on a copy of such
<br />bid and to return the same to said bidder. The good faith check furnished by the
<br />purchaser shall be retained pending delivery of the bonds and payment of the full
<br />purchase price thereof and the Clerk shall forthwith return the good faith checks of
<br />others.
<br />The motion for the adoption of the foregoing Resolution was duly seconded
<br />by Trustee Warkentien, and upon vote being taken thereon, the .following members voted
<br />in favor thereof: William R. Utecht, George J. Shavor, Harold C. Nilsen, Willis
<br />Warkentien and Clyde J. Stewart,
<br />and the following. voted against the same: None
<br />whereupon said Resolution was duly passed and adopted.
<br />Trustee Nilsen then introduced the following Resolution and moved its
<br />adoption:
<br />
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