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Home My WebLink AboutCity Council Minutes 10-26-1966 SpecialMINUTES OF SPECIAL MEETING OF VILLAGE COUNCIL OF TILLAGE OF PLYMOUTH, MINNESOTA October 26, 1966 Pursuant to due call and notice thereof, a special meeting of the Village Council of the Village of Plymouth, Minnesota, was held :.t the Village Hall on the 26th day of October, 1566, at 7:30 p.m. Present: Mayor Staplee, Trustees Renner, Hagen and Hunt, the Village Administrator and Attorney. Aboent: Trustee O'Fallon. 11 Mayor Sta,ples requested those present to rise for a moment of silent prayer. Mayor Staples announced that the Council would consider purchase of $1,310,000 Public Improvement Bonds of 196( advertised for sale. The Clerk -Administrator presentee. publication of the notice of sale more than ten days _u in the Minnetonka Herald, the official newspaper, and in West, a financial paper pubiished in Minneapolis, which examined and found to be satisfactory and ordered placed The Clerk -Administrator presented the sealed bids to him prior to the time specified in the notice opened, examined and round to be: as follows: 1) John Nuveen & Company 4.10% per annum on bonds 4.25% per annum on bonds 4.30% per annum on bonds 4.40% per annum on bonds 4.50 per annum on bonds Plus additional interest 3-16-57 to 5-1-68. Computed total interest rate of 4.5602%. all bids for the Series B) as Aff.davits showing a3veance of sale Cow,ierc ial affisiavi+s were on file. which had been delivered of sale and said bids were maturing 1968-1969. maturing 1970-1974• maturing 1975-1977• maturing 1978-1983. maturing 1984-1996. of 1.50` on all bonds from cost to be =1,1879482.20 for a net interest 2) Piper, Jaffray & Hopwood 4.20% per annum on 'bonds maturing 4.30% per annum on bonds maturing 4.40% per annum on bonds maturing 4.50% per annuva on bonds maturing Plus additional interest of 1.50% 1-25-67 to 5-148. 1968-1970• 1971-1976. 1977-1982. 1983-1996e on all bonds from Computed total interest cost to be =1,191600.00 for a net interest rate of 4.5756%- 13) Francis I. Dupont & Company 4.20% per annum on bonds maturing 4.30% per annum on bonds maturing 4.40% per annum on bonds maturing 4.507 per annum on bonds maturing Plus additional interest of 1.40 12-146 to 5-1-66. 1968-1970• 1971-1974. 1975-1979• 1980-.1996. on all bonds from Compt:ted total interest cotit to be =1,194,198.30 for a net interest rate of 4.586017x. RE: BID BY JOKK NUVEEN d COMPANY RE: BID BY PIPER, JAFFRAY & EOPWOOI RE: BID BY FRANC; I. DUPONT a COMPAh r 1 l Council Minutes - October 269 1966 - Page 2 The Mayor announced that the Council would consider all bids for the purchase of =210000.00 Municipal State -Aid Bonds as advertised for sale. The Clerk -Administrator presented thia sealed bide which had been delivered'to him prior to the timu specified in the notice of sale and said bids were opened, examined and found ':o be as f:illows: 1) American National Bank A Trust Compargr RE: BID BY 4.30% per annum on bondb maturing 1967-1981. AMERICAN HAV L. Plus additional interest of 1.20% on all bonds from BANK A TRUST CO. 1-147 to 11-1-67. Computed total interest cost to be $95,580.00 for a net interest rate of 4.425%- 2" John Nuveen A Company RE: BID BY JOHN 4.106 per annum fan bonds maturing 1967-1969• NUVEEN A CONPANT 4.25% per annum on bonds maturing 1470-1972. 4.40% per annum on bonds maturing; 1973--1981. Plus additional interest of 1.509E on all bonds from 3-147 to 11-1-57. Computed total interest cost to be =97051.50 for a not interest rate of 4.49311x• 3) Piper, Jaffray A Hopwoud 4.25% per annum on bonds maturing 19677 4.30% per annum on bonds maturing 1968-1970. 4.40% per annrim on bunds maturing 1971-1976. 4.509 per anniun on bo. -rads maturing 19774981. Pl-.e addi-;io:usl interest of 1.50% on all bonds from 3-1- 4 to i1 -L47. Computed total interest cost to be 898,422.50 fcr a net interest rate of 4.5566%. Attorney Lefler r:iparted on the condemnation proceedings for Witary k`SOLUTION 66-201 Sewer Projec% 66 -'LT. MOTION by Mayor Staples, second by Trustee Hagen, MITE. ATTORNEY to adopt RESOLUTIQN N0. 66408, A RESOLUTION AUTHORIZING THE VILLAGE TO ACQUIRE ATTORNEY TO ACQUI& EAS&'QNTS FOR SANITARY SLW PURPOSES. Notion passed EASEIMM by a four aye vote. Trustee O'Fallon absent. Trustee O'Fallon appeared at 7:45 p.m. Mayor Staples recessed the meeting at 7045 P -m• until tabulations could be made on the bids. At 8:25 p..m., Mayor Staples reconvened the meeting. Fiscal Agent James Olson reported on the tabulation of the bids and recommended awarding the bid on the 81,310000 issue to John Nuveen A Company, low bidAar with a bid of 41,187,482.20, net interest rate of 4.5602%. He recommended awarding the bid on the 4270,000 issue to the American National Bank A Trust Compu y, low bidder with a bid of i956809 net interest rate of 4.425 § MOTION by Trustee Hagen, second by Trustee Rdnner, to adopt RESOLUTION RESOLUTION 66-20 Noe 66409, A RESOLUTION AWARDING THE SALE OF 81i310,000 PUBLIC IMFROVME AWARD OF SALE OP YM BONDS OF 1966 (Series B) to John Nwreen d Company of Minneapolis, BONDS TO JOHN Minnesota. Motion passed by a five aye vote. NMTFN & COMPANY 1 0 0 l:ouncil minutes - October 26, 1966 - Page 3 110TION by Trustee Hagen, second by Trustee Renner, to adopt RESOLUTIGN N10. 664109 A RESOLLTION FIXING THE FORM AND SPECIFICATIONS FOR 1010,000 PUBLIC M'7ROV FBUW BONDS OF 1966 ( Series B) DIM;CTING THEIR MFZUTION AND DELIVEFY 1ND PROVIDING FOR THEIR PAYMENT. Nutzon passeit by a five afe vote. M(l."ION by kayor Stap7.ee, second by ITusteo Hunt, to adopt RESOLUTION N0. 664119 A RESOLUCION AWARDING THE SALE OF $2709000 MUNICIPAL STATE - AID BONDS to American National flank & Trust Company of St. Paul, Hinnesota. Motion passed by a five aye vote. MOTM, by Mayor Staplos, second by Trurtes Hunt, to adcr.pt RESOLUTION N0. 65--212, A RESOLUTI-ON FIXING TIM FORM AND SFECIPIi;ATIM VW $2709004) KUNIC'IPAL STATS41D B01D69 DIRECTINU THEIR EXECUTION AND DELIVERY AND PROVIDING FOR THET:2 :kYMENT. Notion passed by a five afire vote. y- Dise,:eeion ensued ril.F& ding the prolimii.ary engineering of, the Larch June Improvement Project. The contract calls for a starting date of October 20, 19669 an a completion date of July 1, 1967. The Admini- stra-:or wad directed, to check as this natter,. The purchase of Lots 141 15, and 16 on West Iiedioi%le bake Drive was discussed. The Administrator reported that it wou:.d bo cheaper to buy these lots than to serve them with sanitary sewer but the Village can nr%-t buy them until after the Park Bond Issue in voted on. It was brought up that poasibly this purchase could be financed out of the Sanitary Sever Fund, Attorney Lefler stated that he Mould not recommend this. Trustee Hagen reported on the progress being nada at obtaining matching Federal funds for park lands and the progress being made on tha forthe.%uming Park Bond Issue. FMOLUTION 664210 HE'a FM, Smse, EXE;UTION, DELIV. A Pllynm OF BW RESOLUTION 66-211 AW735 OF SALE ? BO.rDS TO AMERICAN NAT'L. BANK RESOLUTION 66-212 R& PURNI SPEM99 sxDCUPIGii, D.jLllr'. A PAM= OF BOQ1'I RE: LARCH LANE IMPROVEMW RE: PURCRk1E OF IPARKLANDSA1 PARK BOND ISSUE The Clerk-Adninistrator stated that he had been contactud by Robbinsdale School District No. 281, and that they would like the Council to set two possible dates for a dinner meeting to discuss various items concerning the VI.11epe and the School District. Trustee O'kallon suggested that the feeling of the Council is that any meeting should tako place after the December 6th :Tlection, probably the 8th of December, or the week beginning Decem,er 12th or the following week. Upon motion made and carried, the meeting was adjourned at 3145 p.m. A Loring Step 6, J'., Mayor Attest: w= Qardinier,. 5earete.ry