06-07-1979 CCMMINUTES
SPECIAL MEETING - HUTCHINSON CITY COUNCIL
THURSDAY, JUNE 7, 1979
The special meeting was called to order at 1:00 P.M. by Mayor Black. Those present
were: Administrative Assistant Plotz, City Engineer/Public Works Director Priebe, and
City Attorney Schantzen, in addition to Mayor Black. Absent: Aldermen Westlund, Peter-
son, Gruenhagen and Huntwork. Also present was Steven Mattson of Juran & Moody, Inc.
Mayor Black read Notice of Bond Sale for $1,050,000 Improvement Bonds of 1979, City of
Hutchinson, Minnesota. The bonds will be issued for the purpose of financing street,
curb and gutter, sanitary sewer and storm sewer improvements within the City. The fol-
lowing bids were opened and read:
Continental Ill. Nat'l.
Bank & Trust Co.
Bancnorthwest (Mpls.)
Northern Trust Co.
First Nat'l. Bank (Mpls.)
Dain, Kalman & Quail, Inc.
E. J. Prescott
PURCHASE TOTAL INTEREST
PRICE COST
NET INTEREST
RATE
$1,040,970.00
$408,030.00
5.5514%
1,039,605.00
409,395.00
5.570
1,043,600.00
397,630.00
5.40993
1,041,337.50
405,142.50
5.5121
1,040,025.00
404,197.50
5.49928
1,039,867.50
406,061.25
5.5246
The Chair referred the bids to the City Attorney and Mr. Steven Mattson for review and
recommendation and recessed the meeting until 2:00 P.M.
The reconvened meeting was called to order at 2:00 P.M. by Mayor Black, with Aldermen
Westlund and Huntwork also in attendance.
Mr. Steven Mattson of Juran & Moody reported he and City Attorney Schantzen had re-
viewed the bids on the 1979 Improvement Bonds. It was his recommendation to award
the bonds to Northern Trust Co.
After discussion, it was moved by Alderman Westlund, seconded by Alderman Huntwork,
to award the sale of 1979 Improvement Bonds to Northern Trust Co. in the amount of
$1,043,600.00 purchase price and return the certified checks to the unsuccessful bid-
ders. Motion carried unanimously.
Alderman Westlufid made the motion to waive reading and adopt Resolution No. 6344 entitled
Resolution Relating to $1,050,000 Improvement Bonds of 1979; Awarding the Sale Thereof.
Seconded by Alderman Huntwork, the motion unanimously carried.
It was moved by Alderman Westlund, seconded by Alderman Huntwork and unanimously carried,
to waive reading and adopt Resolution No. 6345 entitled Resolution Relating to $1,050,000
Improvement Bonds of 1979; Fixing the Form and Details, Providing for the Execution and
Council Minutes
June 7, 1979
and Delivery Thereof and the Security Therefor.
There being no further business to come before the Council, the meeting adjourned at
2:05 P.M.
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