05-26-1987 BOMMINUTES
BID OPENING
TUESDAY, MAY 26, 1987
The bid opening was called to order by City Administrator Plotz at 2:00 P.M.
Present were: City Administrator Gary D. Plotz, Finance Director Kenneth B.
Merrill, Bond Consultant Bill Fahey, and Administrative Secretary Marilyn
Swanson.
The publication notice of bond sale for $5,975,000 General Obligation Waste-
water Treatment Bonds of 1987 was read. The following bids were opened:
TOTAL INTEREST NET INTEREST
COST RATE
Clayton Brown & Associates, Inc. $4,494,465.76 7.1397
Cronin & Company, Inc.
First Bank Minneapolis
Harris Trust & Savings Bank
Manufacturers Hanover Trust Company
4,659,455.75 7.4018
4,494,425.00 7.1396
4,543,175.75 7.2171
4,471,923.75 7.1039
Prudential-Bache Securities, Inc. 4,509,480.75 7.1635
The publication notice of bond sale for $1,200,000 General Obligation Improve-
ment Bonds of 1987 was read. The following bids were opened:
TOTAL INTEREST NET INTEREST
COST RATE
Clayton Brown & Associates, Inc.
Cronin & Company, Inc.
First Bank Minneapolis
Harris Trust & Savings Bank
Manufacturers Hanover Trust Company
Prudential-Bache Securities, Inc.
$556,117.50 6.70021
573,971.00 6.9153
550,100.00 6.6277
560,786.50 6.7564
551,970.25 6.6502
556,833.00 6.7088
The bids were referred to the bond consultant for review and recommendation to
the City Council meeting this evening.
There being no further business, the meeting adjourned at 2:15 P.M.