06-30-1976 CCMMINUTES
SPECIAL MEETING - HUTCHINSON CITY COUNCIL
WEDNESDAY, JUNE 30, 1976
1. Mayor Black called the meeting to order at 4:30 P.M. Members
present were: Aldermen Haag, K. Peterson and B. Peterson Members
absent were: Alderman Westlund. Also present were: Administrative
Assistant Fleetham, City Engineer Priebe, City Attorney Schantzen,
and Financial Consultant Bob Sander of Juran and Moody, Inc.
2. Clerk -Treasurer Fleetham presented affidavits showing publication of
notice of sale of $1,515,000 Improvement Bonds of 1976 of the City
in the official newspaper and the Commercial West as required by law
and as directed by resolution of the Council, adopted May 25, 1976.
The affidavits were examined and found satisfactory and directed to
be filed in the office of the Clerk -Treasurer.
The Clerk -Treasurer then reported that 3 sealed bids had been received
at this office prior to the time of this meeting, pursuant to the
notice of sale, and the bids were then opened and publicly read and
considered, and the terms of each were determined to be as follows:
SEE ATTACHED
After some discussion, it was moved by Alderman Haag, seconded by
Alderman K. Peterson, to waive reading and adopt Resolution No.
5733, entitled, Resolution Providing for Issuance of $1,515,000
Improvement Bonds of 1976. Motion carried unanimously.
3. Discussion was held on the repair of the chimmey on the City Hall
Building. After discussion, it was moved by Alderman Haag, seconded
by Alderman B. Peterson, to authorize the firm of Miller, Miller,
and Mac to repair the chimmey at a cost not to exceed $1,900.
Motion carried unanimously.
4. Administrative Assistant Fleetham questioned the Council as to their
desire to reimburse the expenses of the persons interviewed for the
position of Director of Maintenance Services. It was the concensus
of the Council that there should be no reimbursement.
5. Discussion was held on a request made by Mr. Michael Bangs to use
Library Square for a religious event.on July 17th and 18th from
3:00-9:30 P.M.. After discussion, it was moved by Alderman B. Peterson
to allow the event. Motion carried unanimously.
6. There being no further business to come before the Council, the meeting
was declared adjourned at 5:20 P.M. on motion by Alderman Haag, seconded
by Alderman B. Peterson and carried unanimously.
BID TABULATION
1976 IMPROVEMENT BOND SALE
BIDDER
THE FIRST NATIONAL BANK OF
MINNEAPOLIS
The First National Bank of
St. Paul
Carleton D. Beh Co.
M. H. Novick & Co., Inc.
Citizens Bank & Trust Co.
of Hutchinson
BANCNORTHWEST
Cronin & Marcotte, Inc
White, Weld & Company, Inc.
Reynolds Securities, Inc.
National City Bank of
Minneapolis
DAIN, KALMAN & QUAIL, INC.
Allison -Williams Co.
American National Bank &
Trust Co.
Paine, Webber, Jackson &
Curtis, Inc.
Piper, Jaffray & Hopwood,
Inc.
INTEREST RATE NET INTEREST
COST
(RATE)
3.75% -
1977
4.00% -
1978
4.20% -
1979
4.40% -
1980
4.60% -
1981
4.80% -
1982
5.00% -
1983
5.10% -
1984
5.20% -
1985
5.30% -
1986
5.40% -
1987
PURCHASE
PRICE $1,499,850.00 $447,017.50
(5.09%)
3.90% -
1977
4.10% -
1978
4.25% -
1979
4.50% -
1980
4.70% -
1981
4.90% -
1982
5.00% -
1983
5.10% -
1984
5.25% -
1985
5.40% -
1986
5.50% -
1987
PURCHASE
PRICE $1,498,335.00 $453,900.00
(5.17%)
4.00% - 1977
4.15% - 1978
4.30% - 1979
4.50% - 1980
4.70% - 1981
4.90% - 1982
5.00% - 1983
5.15% - 1984
5.30% - 1985
5.50% - 1986
5.50% - 1987
PURCHASE PRICE $1,493,790.00 $461,070.00
(5.25%)