HomeMy WebLinkAboutCity Council Minutes 07-12-1966 SpecialNl%. I'.. OF VILLAGE COUNCIL
BID OPENING FOR IMFR. BONDS
July 12, 1966
Pursuant to due call and notice thereof, a special meeting of
the Villafe Council of the Village of Plymouth, Minnesota, was
held at the Village Hall, 13300 State Highway #55, Plymouth,
Minnesota, on the 12th day of July, 1960, at 7:40 p.m.
The following members were present: Mayor Staples, Trustees
Fallon, Renner and Hagen.
The following members were absent: Trustee Hurt.
Also present: Attorney H. Lefler, Administrator Fsul Boog, Fiscal
Representatives A. Anderson and W. Dorrafield of
Juran and Noody.
The meeting was called to order by Mayor Staples
of receiving and considering sealed bids for the
3,000000.00 Public Improvement Bonds of 1966,
be general obligations of the Village*
for the purpose RR; OPENING OF BIDS
purchase of
The bonds will
Mr. A. Anderson notified the Council that there had been a report RF: STANDARD AND
that Standard and Poor had given the Village of Plymouth a rating POOR RATING
of "AP". If true, thio would be a tower rating than that even
by Moody, and this might be a factor influencing the bids to be
received. This rating report could not he verified.
he bids were opened and read by Mr. Anderson. They were as
follows:
k 1) John Nuveen and Company and Account Me..ibers.
4--3/4 per annum on bunds maturing Aug. 1, 1969 thru 1981.
4.60,:: per annum on bonds maturing Aug. 1, 1982 thru 1991.
M) per annum on bonda maturing Aug. 1, 1992 thru 1996.
Plus additional interest to be evidenced by extra coupons
on 2,410 bond, at the annual rate of one percent (1;L) for
the period 9-1-66 to 8-1-67. '
All bonds due 1))? through 1996 inclusive shall bear
interest at the rate of six percent (G;;) per annum
for each semi-annual coupon period from dated date to
that coupon period ending August 1, 103, and at the
rate of one percent (10)) aer annum for each nems -annual
coupon period ending August 2, 1983, to the respective
maturitiev.
computed total interest cost to be 316'00,7011.70 for a net
intoreat rate of 44,
4, 4h.
Piper, .1a,"fray & ;r•Opwood.
4 e 4 per annum on bondu maturinR Aug. 1, 1 6l 1 thru 1976.
4.i.?; pir annum on bonds naturinp, Aug. 1, 1 X77 thru 198`1.
per annum on bonds vituring Aup,. 1, lg9AB thru 1)96.
t LOU wfditional interact - o be ev.Ldenred by extra voupuns
on till 1%on,ia at thn annual rata of 1.20;u for the period
k'rtober 1, 1 aht+, tti Auga::t Is 1967. Hondo will bet iva:uad
in the der hmirtAtion of =511,006006
rmFutad tote: int"re at rn:t to hr S"0`18,90,00 for a net
RF: BID BY JOHN
NUWXN d: COMPANY
R^: 1I1) BY PIPF`1t,
Joh` OKAY, A HOPWOOD
d
1
Council",Nilnutes - July. 129 1966 f Page
Mayor Staples recessed tre meeting at 7:46 p:iri-,,,.,until tabulations
could be made on these bid;;. At 10:40 p.m., Mayo -'r -Staples
reconvened the, meeting.
Mayor Staples introduced the fo,k'lov1ng resolution and moved its
6doption: MOTION by Mayor Staple:,.,, second by Trustee -Renner,
to adopt RESOLUTION NO. 66-111, A'F OLuTim AWARDING THE SALE
OF $3,000,000.00 PUBLIC IMPROVEN M 1T- (DS OF 1966 to John Nuveen
8i Company contingent upon Standard & Per's rating report-. Upon
vote being taken thereon, the following-\Poted,in favor thereof:
Mayor Staples, Truoteea, O'Fallon, Renner a ald Halton; the following
voted against the came:`1, None; the following',were zbeent: Trustee
r Hunt. Whereupon, the motion was declared duly!:awed and adopted.
r
RESOLUP,ION 66-111
RF.: AWARD\,OF SALE
OF BONDS. TO:;,JOHN
KUVEEN & COMPANY }
Ayor Staples inti loduced the following resolution end' mcvsd. its RESOLUTION 66-112
aiortion: MOTION *oy Mayor Staples, second by Trust%e O'Fs'1lon, RE: FORM, SPECS.,
to adopt RESOLUTIOV N0. 66-11,?, A RL'SOLVrION FIXING' T tF FORM DIRECTING F.XECUPION9
AND SPEUiF4 CATIONS FOR $39000,000.00 PUBLIC 1MFrR0VE?*rM',,PONDS DELIVERY do PROVIDING
OF' 11661 DIi'ZCTING WEIR EXECUTION AND DELIVERY AND PkIOVIDING FOR PAYMENT OT` ,BONDS
FOR Vizvt PA':'MEgr contingent upon; Standard (r Poors rating)
report.; Upon vote ceing taken thereon, the following voted
in_favo thereof; Mayor Staples, Trustees G'Fallonall Renner,
and Hage: -i; the following voted againizt the si rno: None; 'the
fol.lowing.'vere absent: Trustee Hunt. Whereupon the motion
was d6clurod duly passed and adopted.
Upon motion oade and carried,
10:50 p.m.
the meeting was adjourned at
Attest:'
Paul E. Boog
Clerk -Administrator
Loring, M. ;staples-, Jr.
Mayor
1
Council",Nilnutes - July. 129 1966 f Page
Mayor Staples recessed tre meeting at 7:46 p:iri-,,,.,until tabulations
could be made on these bid;;. At 10:40 p.m., Mayo -'r -Staples
reconvened the, meeting.
Mayor Staples introduced the fo,k'lov1ng resolution and moved its
6doption: MOTION by Mayor Staple:,.,, second by Trustee -Renner,
to adopt RESOLUTION NO. 66-111, A'F OLuTim AWARDING THE SALE
OF $3,000,000.00 PUBLIC IMPROVEN M 1T- (DS OF 1966 to John Nuveen
8i Company contingent upon Standard & Per's rating report-. Upon
vote being taken thereon, the following-\Poted,in favor thereof:
Mayor Staples, Truoteea, O'Fallon, Renner a ald Halton; the following
voted against the came:`1, None; the following',were zbeent: Trustee
r Hunt. Whereupon, the motion was declared duly!:awed and adopted.
r
RESOLUP,ION 66-111
RF.: AWARD\,OF SALE
OF BONDS. TO:;,JOHN
KUVEEN & COMPANY }
Ayor Staples inti loduced the following resolution end' mcvsd. its RESOLUTION 66-112
aiortion: MOTION *oy Mayor Staples, second by Trust%e O'Fs'1lon, RE: FORM, SPECS.,
to adopt RESOLUTIOV N0. 66-11,?, A RL'SOLVrION FIXING' T tF FORM DIRECTING F.XECUPION9
AND SPEUiF4 CATIONS FOR $39000,000.00 PUBLIC 1MFrR0VE?*rM',,PONDS DELIVERY do PROVIDING
OF' 11661 DIi'ZCTING WEIR EXECUTION AND DELIVERY AND PkIOVIDING FOR PAYMENT OT` ,BONDS
FOR Vizvt PA':'MEgr contingent upon; Standard (r Poors rating)
report.; Upon vote ceing taken thereon, the following voted
in_favo thereof; Mayor Staples, Trustees G'Fallonall Renner,
and Hage: -i; the following voted againizt the si rno: None; 'the
fol.lowing.'vere absent: Trustee Hunt. Whereupon the motion
was d6clurod duly passed and adopted.
Upon motion oade and carried,
10:50 p.m.
the meeting was adjourned at
Attest:'
Paul E. Boog
Clerk -Administrator
Loring, M. ;staples-, Jr.
Mayor