08-10-1982 BOMMINUTES
BID OPENING
TUESDAY, AUGUST 10, 1982
The bid opening was called to order by Vice -Mayor Gruenhagen at 2:00 P.M. Present
were: Alderman Ted Beatty and Vice -Mayor Kenneth Gruenhagen. Absent: Mayor James
G. DeMeyer, Alderman John Mlinar and Alderman Mike Carls. Also present: City Ad-
ministrator Gary D. Plotz, City Engineer Marlow V. Priebe, and City Accountant Ken-
neth B. Merrill.
Mr. Bill Fahey of Ehlers & Associates presented the following six bids for the
$490,000 Improvement Bonds of 1982 and $1,275,000 General Obligation Water Revenue
Bonds of 1982.
First National Bank of Mpls.
Merrill Lynch White Weld Capital
Markets Group
Cronin & Marcotte, Inc.
Bancnorthwest
The Northern Trust Company
Paine, Webber, Jackson & Curtis
NET INTEREST NET INTEREST
COST RATE
$2,066,575.10 10.8545%
2,124,176.25 11.157
2,048,236.88 10.7582
2,075,893.10 10.9035
2,113,659.36 11.1018
2,069,975.00 10.8724
Mr. Fahey reported that Moody's had given the City of Hutchinson an "A" rating.
There being no further business, the bids were referred to the City staff and con-
sultant for review. The meeting adjourned at 2:30 P.M.
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