07-30-1974 CCMSPECIAL COUNCIL MEETING
JULY 30, 1974
Vice -Mayor Westlund called the meeting to order at the hour of
2:00 P.M. Members present were: Aldermen Lueneburg, Ackland
and Vice -Mayor Westlund, Alderman Haag arrived while the meeting)
was in session. Members absent were: Mayor Black. Also present
were: Administrative Assistant Moaley, City Attorney Schantzen,
City Engineer Priebe, and Financial Consultant, Robert Sanders
of Juran and Moody, Inc.
Meeting was called pursuant to notice and call of the City of
Hutchinson for the purpose of receiving bids for $865,000 General
Obligation Bonds. Vice -Mayor Westlund read the published notice
and call for bids and City Clerk Mealey, assisted by Robert
Sanders, Financial Consultant, of Juran & Moody, Inc. opened the
bids as follows:
PURCHASE EFFECTIVE COUPON INTEREST
BIDDER PRICE RATE RATE PREMIUM COST
First National Bank $856,955.50 6.06% 5.75% $ 8,044.50
-,f Minneapolis
111.r4 f.
National Bark:
$858,512.50
6.25%
\ 6.00`
$ 6087.50
Of _
Paul
�.. S,
Hart Company
$855,000.00
6.6153`
�25%
$10,000.00
t�ar.or;ort;west
$858,599.00
6.246%
6A\�
$ 6,401.00
\'\$10,726.00
Gain,
k:,-i1mall
85�,27�.00
5.913$
5,50$
Qudi=,
Inc,
r
All bids received were temporarily tabled until calculations
and a summarization could be obtained.
N
$157,57.00
$162J87.50
$172J97.50
fi162��"l,�n
$153, 51 . ori
SPECIAL COUNCIL MEETING - 2 - JULY 30, 1974
Mr. Rollis Balke, Route 4, Hutchinson, was present to request
that his assessment be reduced to the amount of
a regular sized lot. Mr. Balke's lot was 240' and could not be
subdivided. After discussion it was the concensus of the Council,
that the subject be tabled until the next Council meeting. It
was noted the Council would like to view his property regarding
the assessment before a final decision is made.
Vice -Mayor Westlund informed that at the last regular Council
meeting the subject of hiring a full time employee for the
Liquor Store Department was tabled. After reviewing the applica-
tions received, Vice -Mayor Westlund recommended that Charles
Nelson Be hired as a full time employee for the Liquor Store
Department effective August 1, 1974, at a salary of $508 per
month. Alderman Ackland so moved, Alderman Haag seconded the
motion and it carried.
After computing all bids received, Mr. Robert Sanders recommended
the bid of Dain, Kalman & Quail be accepted. After discussion,
Alderman Ackland introduced Resolution No. 5417 (Awarding Sale
of 1974 Improvement Bonds) and moved its adoption. Alderman
Haag seconded the motion and upon vote being taken, all members
voted "aye", whereupon said resolution was declared adopted.
(TEXT)
After discussion it was the concensus of the Council that the
sno-birds remaining from the last Advertisement for Sale be
discarded or given away according to established ordinance.
There being no further business to come before the Council, meeting
was declared adjourned at 3:06 P.M. on motion by Alderman Haag
seconded by Alderman Ackland and carried.
PURCHASE EFFECTIVE COUPON INTEREST
BIDDER PRICE RATE RATE PREMIUM COST
First National Bank $856,955.50 6.06% 5.75% $ 8,044.50 $157,257.00
of Minneapolis
First National Bank $858,512.50 6.25% 6.00% $ 6,487.50 $162,187.50
of St. Paul
A. S. Hart Company $855,000.00 6.6353% 6.25% $10,000.00 $172,187.50
BancNorthwest $858,599.00 6.246% 6.00% $ 6,401.00 $162,101.00
Dain, Kalman 8 $854,274.00 5.913% 5.50% $10,726.00 $153,451.00
Quail, Inc.