HomeMy WebLinkAboutCity Council Resolution 1966-20946
W
EXTRACT OF MINU'T'ES OF SPECIAL MEETING OF THE
VILLAGE COUNCIL. OF THE VILLAGE OF P',.,yMOUTH
HENNEPIN COUNTY, MINNESOTA
Pursuant to due call and notice thereof, a special meeting,
of the Villa ;e Council of the Village of Plymouth, Minnesota, was
duly held at the Village Hall at 13800 State Highway No. 55 on
the 26th day of October, 1966, at 7:30 o'cloc" P. M., Central
Daylight Time.
The fallowing members were present: Nfiyor Staples, Trustees
O'Fallor,, Hunt, Hagen and Renner; aid the following members were
absent: None.
The Mayor announced that the Council would consider all bids
for the purchase of 81,310,000 public Improvement Bonds of 1::66
(Series B) as advertised for sale. The Clem -Administrator presented
affidavits showing publication of the notice of sale more than ten
days in advance of sale in the Minnetonka Herald, the official
newspaper, and in Commercial Best, a financial paper published in
Minneapolis, Minnesota, which affidavits were examined and found
to be satisfactory and ordered placed on file.
• The Cleric -Administrator presented the sealed bids which had
been delivered to him prior to the time specified in the notice of
sale and said bids were opened, examined and found to be as follows:
NAME OF BIDDER INTEREST RATES AMOUNT OF IIID
John Nuveen & Co. 4.10 l9f8-1969 $1,310,000
4.25% 1970-1974
4.30', 1975-1977 Total Interest
4.40% 1978-1983 $1,187,482.20
4.50% 1984-1996
Plus additional interest of Average Rate
1.50% on all bonds from 3/16/67 4—.-36UW
to 5/1/68
R -1-
4
VALUE OF BIDDER
Piper, Jaffray &
Hopwood
0
INTEREST FATES
4.20% 1968-1970
4.30% 1971-1976
4.40% 1977-1982
4.50, 1983-1'.96
Plus additional interest of
1.50% on all bonds from 1/25/67
to 5/1/68
Frances I. Dupont 4.20% 1968-1'..x70
& Co. 4.30, 1571-1974
4.40% 1975-197
4.50% 1980-1996
Pigs additional interest of
1.40% on all bonds from 12/1/66
to 5/1/68
AMOUNT OF BID
$1,310,000
Total Intierest
$1 , In,
Average Rate
45 Wk
`-
$1,310,000
Total Interest
Average Rate
4. Oil
After due consideration of said bide, Trustee Hagen introduced
Sthe following resolution and moved its adoption:
RESOLUTION NO. 66-
RESOLUTION AWARDING THE SALE OF $1,310,000
PUBLIC IMPROVEMENT BONDS ON 1966 (Series B)
BE IT RESOLVED By the Village Council of the Village of
Plymouth, Minnesota, as follows:
1. The bid of John Nuveen & Co., of Minneapolis, Minnesota,
to purchase $1,310,000 Public Improvement Bonds of 1966
(Series B) of the village described in the notice of sale thereof
in hereby found and determined to be the highest and best bid
received pursuant to duly advertised notice of sale and shall be
and hereby is accepted, said bid baying to purrhase bonds bearing
interest as follows:
Maturing Dates
. 1970-1974
1975-1977
1978-1983
1984--1996
All bonds on this issue
Interest Rates
4.25`(1
4.30%
4.40%
4. 50
1.50', from 3/16/67 to 5/1/68
The Village Treasurer is directed to retain the good faith check
of the successful bidder pending completion of the sale and
delivery of the 'bonds, and the Village Clerk -Administrator is
directed to return the chectm of the unsuccessful bidders forthwith.
The motion for the adoption of the foregoing resrliition was
seconded by Trustee Renner and upon vote being taken thereon, the
following voted is favor thereof: Mayor Staples, Trustees
O'Fallon, Hunt, Hagen and Renner, and the following members voted
against: None. Whereupon said resolution was declared duly
passed and adopted.