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Home My WebLink AboutCity Council Resolution 1991-465CITY OF PLYMOUTH Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Plymouth, Minnesota was held on the 19th day of August , 1991. The following members were present: Mayer rgman, Councilmembers Helliwell , and Ricker The following members were absent: Councilmembers Vasiliou and Zitur Mayor Beronan introduced the following Resolution and moved its adoption: RESOLUTION NO. 91- 465 RESOLUTION AWARDING BID PLYMOUTH BUSINESS CENTER 5TH ADDITION STREET AND UTILITY IMPROVEMENTS CITY PROJECT NO. 715 WHEREAS, pursuant to an advertisement for bi Center 5th Addition Street and Utilities, received, opened and tarulated according LO complying with the advertisement: Richard Knutson Northdale Construction Alexander Construction S.M. Hentges G.L. Contracting, Inc. ds for the improvement of Plymouth Business and all necessary appurtenances, bids were law, and the following bids were received $ 512,760.04 554,290.09 569,287.30 596,988.50 604,251.79 WHEREAS, it appears that Richard Knutson of Savage, MN is the lowest responsible bidder, comply -,'ng with the minimum specifications. NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA: 1. The Mayor and City Clerk are hereby authorized and directed to enter into the attached contract with Richard Knutson of Savage, MN in the name of the City of Plymouth for Plymouth Business Center 5th Addition Street and Utilities according to the plans and specifications therefore approved by the City Council and on file in the office of the City Clerk in the amount of the low bid of $512,760.04. 2. The City Clerk is hereby authorized and directed to return forthwith to all bidders the deposits made with their bids, except that the deposits of the successful bidder and the next lowest bidder shall be retained until a contract has been signed. The motion for the adoption of the foregoing Resolution was duly seconded by Councilmember Helliwell and upon vote being taken thereon, the following voted in favor thereof: Maynr RPrgman, Councilmembers Helliwell and Ricker The following voted against or abstained: None Whereupon the Resolution was declared duly passed and adopted. Extract of Minutes of Meeting of the City Council of the City of Plymouth, Hennepin County, Minnesota Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Plymouth, Minnesota, was duly held in the City Hall in said City on Monday, August 19, 1991, commencing at 7:00 P.M. The following members were present: Carole lIelliwell, Lloyd Ricker and Mayor Kim Bergman and the following were absent: Maria Vasiliou and Robert Zitur sss The Mayor announced that the next order of business was consideration of the bids which had been received for the purchase of the City's $4,900,000 General Obligation Improvement Bonds, Series 1991, as advertised for sale. The City Clerk presented affidavits showing publication of the notice of sale in the CIty's official newspaper and in Finance and Commerce, a financial paper published in Minneapolis, Minnesota, which affidavits were examined and found satisfactory and ordered placed on file. The City Clerk presented a tabulation of the bids which had been received In the manner specified In the Official Terms of Offering of the Bonds. The bids were as follows: See Bid Tabulation Attached. 1 16655 West Bluemound Road Suite 290 Brookfield, WI 53005-5935 (414) 782-8222 Fax: (A!4) 782-2904 SPRINGSTED PUBLIC FINANCE ADVISORS 85 East Seventh Place Suite 100 Saint Paul, MN 55101-2143 (612) 223-3000 Fax: (612) 223-3002 6800 College Boulevard Suite 600 Overland Park, KS 6621 1-1 533 (913) 345-8062 Fax: (913) 345-1770 2739 Second Avenue S.E. 222 South Ninth Street Cedar Rapids, IA 52403-1434 Suite 2825 Fax: (319) 3 363221 Minneapolis, MN 55402-3368 (612)333-2363 $4,900,000 CITY OF PLYMOUTH, MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991A (GLOBAL BOOK ENTRY ONLY) AWARD: CRONIN & COMPANY, INCORPORATED MILLER, JOHNSON & KUEHN, INC. SMITH BARNEY, HARRIS UPHAM & COMPANY INCORPORATED And Associate SALE: August 19, 1991 Moody's RaMV: Aai " Interest Trus Interest alder Rates 1996 Price Cost A Rate 1997 5.60% 1998 5.70% CRONIN & COMPANY, INCORPORATED 4.85% 1993 $4,881,402.50 $1,374,961.46 MILLER, JOHNSON & KUEHN, INC. 5.05% 1994 (5.6314%) SMITH BARNEY, HARRIS UPHAM & COMPANY 5.30% 1995 INCORPORATED 5.45% 1996 Northern Trust Securities, Inc. 5.55% 1997 5.60% 1998 5.70% 1999 5.85% 2000 5.95% 2001 6.05% 2002 FIRST WISCONSIN NATIONAL BANK OF 4.80% 1993 $4,863,740.00 $1,374,945.00 MILWAUKEE 5.00% 1994 (5.6435%) 5.15% 1995 5.30% 1996 5.45% 1997 5.60% 1998 5.70% 1999 5.80% 2000 5.90% 2001 6.00% 2002 (Continued) Bidder Interest Rates True Interest Price Cost & Rate RIFFiN, KUBIK, STEPHENS & THOMPSON, 4.80% 1993 $4,868,523.45 $1,381,416.13 INC. 5.00% 1994 (5.6675%) CLAYTON BROWN & ASSOCIATES, 5.25% 1995 1996 INCORPORATED 5.40% 1996 1996 KEMPER SECURITIES GROUP, INC. 5.50% 1997 5.50% 1997 5.70% 1998-1999 Marquette Bank Minneapolis, N.A. 5.60% 5.80% 2000 2000 Park Investment Corporation 5.90% 2001 1999 6.00% 6.00% 2002 5.80% PIPER, JAFFRAY & HOPWOOD, 4.80% 1993 $4,861,290.00 $1,382,618.75 INCORPORATED 5.00% 1994 (5.6776%) American National Bank Saint Paul 5.20% 1995 1996 Juran & Moody, Incorporated 5.35% 1996 5.65% Craig-Hallum, Incorporated 5.50% 1997 5.70% Marquette Bank Minneapolis, N.A. 5.60% 1998 2000 Park Investment Corporation 5.70% 1999 6.00% Peterson Financial Corporation 5.80% 2000 (Continued) 5.90% 2001 6.00% 2002 HARRIS TRUST AND SAVINGS BANK 4.65% 1993 $4,875,745.00 $1,388,730.42 LaSalle National Bank 5.00% 1994 (5.6905%) United Missouri Bank of Kansas City, N.A. 5.25% 1995 5.50% 1996 5.60% 1997 5.70% 1998 5.80% 1999 5.90% 2000 5.95% 2001 6.05% 2002 ROBERT W. BAIRD & COMPANY, 4.80% 1993 $4,854,920.00 $1,385,877.50 INCORPORATED 5.00% 1994 (5.6954%) RODMAN & RENSHAW, INC. 5.15% 1995 A. H. WILLIAMS & CO., INC. 5.30% 1996 First Tennessee Bank N.A., Memphis 5.50% 1997 5.65% 5.60% 1998 5.80% 5.70% 1999 5.90% 5.80% 2000 5.95% 5.90% 2001 6.00% 6.00% 2002 DAIN BOSWORTH INCORPORATED 4.85% 1993 $4,866,435.00 $1,392,882.71 5.10% 1994 (5.7157%) 5.25% 1995 5.40% 1996 5.55% 1997 5.65% 1998 5.80% 1999 5.90% 2000 5.95% 2001 6.00% 2002 (Continued) Interest True Interest Bidder Rates Price Cost do Rate 'ORWEST INVESTMENT SEERVICES, 4.80% 1993 $4,855,900.00 INCORPORATED 5.00% 1994 FBS INVESTMENT SERVICES, INC. 5.20% 1995 Dougherty, Dawkins, Strand & Bigelow, 5.35% 1996 Incorporated 5.50% 1997 John G. Kinnard & Company Incorporated 5.60% 1998 Moore, Juran and Company, Incorporated 5.75% 1999 Summit Investment Corporation 5.90% 2000 5.85% 6.00% 2001-2002 LEHMAN BROTHERS 5.00% 1993 $4,842,949.73 5.15% 1994 5.30% 1995 5.40% 1996 5.50% 1997 5.60% 1998 5.70% 1999 5.80% 2000 5.90% 2001 6.00% 2002 REOFFERING SCHEDULE OF THE PURCHASER Rate Year Yield 4.85% 1993 NRO 5.05% 1994 NRO 5.30% 1995 NRO 5.45% 1996 NRO 5.55% 1997 NRO 5.60% 1998 PAR 5.70% 1999 PAR 5.85% 2000 PAR 5.95% 2001 PAR 6.05% 2002 PAR $1,393,813.33 (5.7263%) $1,409,102.98 (5.8036%) BBI: 6.88 Average Maturity: 4.97 Years