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• " � M <br /> � SPECIAL ORONO COUNCIL MEETING HELD JUNE 2$ , 1976 Page 2 <br /> � NET INTEREST <br /> NAME OF BIDDER R.ATES YEARS COST & RATE PRICE <br /> � JUR.AN & MOODY, INC. 5. 50% 1977 84 1,122 ,485. 00 2,635, 000. 00 <br /> � American National Bank & Trust 5. 600 1985 <br /> St. Paul, Minnesota 5. 750 1986 5. 80320 <br /> � Marquette National Bank 5.90% 1987 <br /> Paine, Webber, Jackson & Curtis 6. 00o 1988/89 <br /> � E. J. Prescott & Co. 6. 100 1990 <br /> (Div. of Carleton D. Beh Co. ) 6.200 1991 <br /> � Miller & Schroeder Municipals, Inc. <br /> • Reynolds Securities Inc. <br /> Minneapolis, Minnesota <br /> � A representative of Ehlers & Associates, Inc. , <br /> � Phil Chenoweth, advised the City Council that if <br /> the bid of the lowest bidder were accepted, based on <br /> � preliminary calculations, the total interest cost <br /> savings as a result of the issuance of the bonds and <br /> � the refunding of the Improvement Bonds of 1974, <br /> • Improvement Bonds of 1970, Series A, and Improvement <br /> Bonds of 1970, Series B, thereby would be approximately <br /> • $164 ,000. The representatives of Ehlers & Associates, <br /> Inc. further advised the City Council that, on the <br /> + basis of preliminary calculations and estimates, the <br /> profit which it and The First National Bank of Saint <br /> � Paul would realize, under their commitment to provide <br /> for the sale to the City for deposit in the escrow <br /> � account to be maintained for the bonds to be refunded <br /> . securities of the type authorized by Section 475. 67, <br /> Subd. 8, Minnesota Statutes, in an amount sufficient <br /> � to satisfy all requirements of Section 475. 67 <br /> and the proposed arbitrage regulations under Section <br /> � 103 (d) of the Internal Revenue Code, is approximately <br /> $83,000, computed as follows: <br /> � <br /> Premiun over market required to <br /> � be paid by City on obligations <br /> • expected to be acquired for escrow <br /> fund by reason of arbitrage regu- <br /> � lations limiting yield thereon $83, 000 approximately <br /> � Less: Expenses of offering, <br /> including fees of escrow agent <br /> � and paying agents, bond counsel, <br /> accountants' fees, printing <br /> � expenses, publication costs and <br /> • other miscellaneous expenses $16 , 000 approximately <br /> TOTAL $67,000 approximately <br /> • <br /> • Massengale moved, Butler seconded, to adjourn ADJOURNMENT <br /> the meeting at 6:00 P.M. for dinner and reconvene <br /> � at 7: 30 P.M. Motion, Ayes (3) - Nays (0) . <br /> � <br /> � <br /> � <br /> � <br />