|
i'11 idU x;'„~
<br />City Counc:i.:1
<br />;;e~~teraber 239 1~p1
<br />`S}zc: fi.rst bicl is From I~irst 3~lational F3~.nic o£ S,a,int Pa.ul an a syndicate
<br />i~rith the Pollo.~rin~ e ~11:1_Lson ~;~tillia.ms Co,,, Fslyth-~t~<~,stma.n9 Paine Ylebber9
<br />_Cnco9 ua,ine k3ostaorth9 lnc„ ts,( k', tnfutton9 1'9.~aFr9 J~..f'.f:r<zy & Fiopwood>
<br />Ya.r VaJ.ue of the bonds a.s i~~yOVOyUI~Oj ~'urchase i'rice is :~1,048,933a~0y
<br />Total SntFrest Cost is ~>3Z9,066,1~0; and [~et Interest :t?ate is bid at
<br />l0>34~0%0
<br />'I'k~e second bid is fr.orn 13~nk idox•thwest or Banco in a syradicate *~1ath
<br />Fl~nera.car~ iva'tiona:L }3anlc9 Crozlin ~ a~larcotte9 ]:nc,,, x'irst Zdatiorzal. of'
<br />l~iinnea~olis, i~ulLex~ ~~ ;;chroeder I4unicipals, [Koore ~: Jti.ra~a 8c CO,~
<br />i~~e.rr.z:1J. ~ynch9 S~i, ii, iQovicic9 and De~zn VditIt~e-r, k'ar Value of t;he boxzds
<br />is `yia,yObC~9OOOy :k'urch~se k'race .I.S yiJyOIj39OµO,00~ 2'ota,1. lni;ex•est Cost
<br />~-u ~S342,9io,009 and AVet Tnterest :~t~,te is bid at 10,7833%a
<br />l~ar, t~1~,tsoxi opened the three bi.ds t'or tlie :~3959000 gener.a]. obligation
<br />boz~ds o£ 19t11 cansi.st9.ng o£ ;~2?_5,000 gexieral oblz~;a,tion st~.tc aa.d
<br />street boz~.ds of ~.9f1:~ and ~~1709000 ~;enera.l obligation .revenu.e bonds
<br />of 19£lJ.a
<br />The first bid is fran First idata.onal .L;an:c of ;:;aint Pau1m i'ar Va1ue
<br />i~ ~v395~000, k'urchase k'.rice '~3F17,258, `Pota.l anterest Cos't is `.;3'~?94279
<br />a.nd iJet Interest I~te is bid at 1.~atSL~lF3;o,
<br />The second bid is froan lvarthwest Lank, Par Val.ue :1s a>3)5,0009 k'urckaasc
<br />~'rice as $387,25n9 `.CotaJ. Iaaterest Cost is ;~37099779 axzd l~e~~ Intere;,t
<br />ttate is bS.d Zt 11e7I5ii>A
<br />'~'he third l~id is £xorn i'iper J~affray~ ~ Hopwooc3, Yar ~ValuE is ~>395,OOOa
<br />k'urckxase t'rice is :¢3t~7~6~29 '~'otal iriterest Cos~; a.s tis376,652, and iVet
<br />Snterest ii~~:te is bid a.t 11,9762=%„
<br />,~ir. I~iatson sug~es ted tna t beFor. ~ Council take a,cta on on tkiese bids,,
<br />that he exari~.ixze l;he bids to ensure tYzat they ~r.e in pro~er orderm
<br />`Auger 7'r~e Oity Cler<z ;;ubrnitted Lo the Council a survey of ~he ~roperty
<br />1'roporty da.vasion that h.~,s bee~ re<zuested by Nlrs. Au~eco 7'he Glerk sta.ted ~that
<br />Uivision the survey contained the nE;cessa.r,y 1.ega~. descxiptapn that wa,s 1a.ckixig
<br />*,ti=hen i~ar.s, ~uger reclucste~l ~:his approvaa. at the Sep~exaber 99 1981
<br />~i0A11C1]_ 371CC`L'1X1£~o
<br />i~rrs, iVardirzi introduced the io1.:Lo~,~~in.g~ rosolut:ion. ~tincl anoved i..~t;; ado~~:,~.uz:;
<br />k~T+,u01.,U'k']ON NOo ~l.J.~(a'jF; ,, 1At's'}.Z.OV1'.i'v l~'.i~ A~t~,.i2 k"ctG1'~:~N':C~Y
<br />UlYl1`a_LUAV AS t'i~?':,JG,.id`,it`',ll
<br />`,kie Lr~.re~oirig resolui:iosx wa.s du:ly seconded b;y yt:c, I~'~he;,y~a
<br />Ayes (5) Nardizi~9 I~'aka<:ys t~orsberg9 Sc;alze9 Fla,xison,
<br />IVayes (0),
<br />Atesolutior1 declaxed a.dok~ted,
<br />~Ph1s resoLu6a.or~ ap~~ars 9.n ktesoliztion ~ook ldoa "79 I'age 32-6,
<br />Page ~2.~
<br />
|