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NO L iBER 17, 1975 PfIINUTES OF TIE PROCEEDINGS OF THE HUGO CITY COUNCIL, -," <br />TIME: 7:35 P.M. November 17, 1975 �' �I <br />PRESENT: Lease, Schletty and Smith at 7:30 P.M. <br />ABSENT: LaValle, Leroux <br />NOTICE OF SALE - $1559000 GENERAL OBLIGATION IMPROVEMENT BONDS <br />was first order of business. Clerk read notice of avertising <br />for bids as printed in the Forest Lake Times and Bond Buyers <br />Index. <br />Robert Ehlers, Jr. Opened bids as follows: <br />Bids opened: <br />Name Net Cost Net Interest Percentage <br />Piper, Jaffray & Hopwood, Inc. <br />Juran & Moody, Inc. <br />The First National Bank of St. Paul <br />$1559000 $67,831.88 6.3468 <br />It 69,335.62 6.4875 <br />If <br />73, 415.63 6.8692 <br />Dain, Kalman & Quail, Inc. If 69,375.00 6.4912 <br />Robert Ehlers reported he would check bids and refer back to Council <br />in a few minutes. <br />3.0 APPROVAL OF MINUTES <br />MOTION: Motion made and seconded that minutes change page 6 of <br />8, 6-1-2 change Title Ord. proposed Ord. delete No. <br />124, be approved as corrected. <br />MOTION CARRIED <br />4.0 APPROVAL OF CLAIMS <br />MOTION: Motion made and seconded that claims be paid from <br />1-21 on claim sheet. <br />MOTION CARRIED <br />MOTION: Motion made and seconded that claims for 22-26 <br />to be paid on payment of check from bonding company. <br />LOTION CARRIED <br />Robert Ehlers came back to Council with following information. <br />Lowest Bidder was Piper, Jaffray & Hopwood, Inc. <br />MOTION: Motion made by Lease seconded by Smith that <br />Resolution 1975-40 with bid of Piper, Jaffray <br />& Hopwood, Inc. for $155,000 Bond issue be <br />approved. <br />VOTING FOR: Lease, Smith and Schletty. <br />ABSENT: LaValle and Leroux <br />MOTION CARRTED <br />