HomeMy WebLinkAbout11-12-1980 Council Minutes Special Meeting � � .
CITY OF ORONO
Special Meeting of the Orono Council, 7 :00 P .M.
Bond Sale for 1980-LS-1 & LS-2
November 12 , 1980
The Orono Council met on the above date with the
following members present: Mayor Van Nest, Council-
members Butler, Hannah, Hurr, and Paurus. Also
present: City Administrator Benson, City Planner �
Olson, City Finance Director Kuehn, City Attorney
Malkerson, and City Financial Consultant Chenowith.
The Mayor announced that the meeting was convened BOND SALE
for the purpose of receiving sealed bids for the
purchase of up to $1, 100 ,000 General Obligation
Improvement Bonds 'of 1980 , as advertised for sale .
The City Clerk presented affidavits showing publication
of the notices of sale in the official newspaper and
in Commercial West, which affidavits were examined
and found satisfactory and ordered placed on file.
The City Clerk then presented the sealed bids received
prior to 7 :00 P.M. pursuant to the notice of sale for
the General Obligation Improvement Bonds of 1980 .
These were opened and examined and found to be as follows:
Name of Bidder Net Interest Rates Purchase Price
Allison Williams Co. 8 . 22445270 $1,082 . 510 .00
Juran & Moody, Inc. 8 . 40034� $1 ,079 , 540 .00
First National Bank of 8 . 464$ $1,079 , 496 . 00
Minneapolis
Hurr moved, Butler seconded, to adopt Resolution RESOLUTION #1228
#1228 , A Resolution Awarding Sale Of $1, 100 , 000 Bond Sale Award
General Obligation Improvement Bonds Of 1980 Allison Williams Compa
Fixing The Form And Specifications Thereof,
Providing For Their Execution And Delivery And
Levying Taxes For Their Payment To Allison
Williams Company for $1, 082 , 510 .00 . Motion,
Ayes (5) - Nays (0) .
Butler moved, Mayor Van Nest seconded, that the ADJOURNMENT
meeting be adjourned at 7 : 20 P.M. Motion,
Ayes (5) - Nays (0) .
� � � �
�' , ; ��
_ r / „ i�� ``,.
Wi liam B. Van Nest, Mayor
�
Attest:
Walter . Benson, City Administrator
Y �
_,,^'�.-�re
� ���� `J �
B I D T A B U L A T I 0 N D
$1,100,000 General Obligation Improvement Bon � N�� � 7 �
City of Orono, Minnesota �
SALE: November i2, i9so �.. CITY OF ORON�
AWARD: ALLISON WILLIAMS COMPANY
MOODY'S RATING "A-1"
NET INTEREST COST
NAME OF BIDDER RATES YEARS & RATE PRICE
ALLISON WILLIAMS COMPANY 7.10% 1982 $760,761.88 $1,082,510.00
Piper, Jaffray & Hopwood, Inc. 7. 15% 1983
Dain Bosworth, Inc. 7.20% 1984-85 8.2244527%
Cronin & Marcotte, Inc. 7.25% 1986
BancNorthwest 7.40% 1987
Minneapolis, Minnesota 7,50% 1988
7,70% 1989
7.90% 1990
8.00% 1991-92
8.20% 1993
8�40% 1994
8.60% 1995
8. 75% 1996
JURAN & MOODY, INC. 7.20% 1982 $777,031.88 $1,079,540.00
American National Bank & Trust Company 7.30% 1983-85
Saint Paul , Minnesota 7e40% 1986 8.40034%
Marquette National Bank 7.50% 1987
Robert S. C. Peterson, Inc. 7.60% 1988
Minneapolis, Minnesota 7. 75% 1989
7.90% 1990
8.00% 1991
8.20% 1992
8.40% 1993
8.60% 1994
8.8U% 19y5
9.00% 1996
FIRST NATIONAL BANK OF MINNEAPOLIS 7.60% 1982-88 $782,969.63 $1,079,496.00
Minneapolis, Minnesota 7.80% 1989
First National Bank of Saint Paul 8.00% 1990 8.464%
Saint Paul , Minnesota 8. 10% 1991
Merrill Lynch White Weld Capital 8.25% 1992
Markets Group 8.40% 1993
Robert W. Baird & Co. , Inc. 8.60% 1994
M. H. Novick & Co. , Inc, 8.80% 1995
Minneapolis, P�innesota 9.00% 1996
EHLERS AND ASSOCIATES, INC.
507 Marquette Avenue
Minneapolis, Minnesota 55402
Telephone: (612) 339-8291