HomeMy WebLinkAboutCity Council Minutes 08-15-1967 SpecialMINUTES OF SPECIAL MEETING OF
VILLAGE COUNCIL OF
VILLAGE OF PLYMOUTH, MINNFSOTA
August 15, 1967
Pursuant to due call and notice thereof, a special meeting of the Village
Council of the Villar. of Plymouth, Minnesota, was hold at the Village Hall
on the 15th day of August, 1967, at 7:45 P -n-
Present: Acting Mayor O'Fallon, Councilman Duntley, Hagan and Hunt, the
Village Administrator and Attorney.
Absent: keyor Staples.
Acting Mayor O'Fallon announced that the Council would consider all bids
for the purchase of $100,000 Park Improvement Bonds and $220,000 Improve-
ment Bonds as advertised for sale. The Clerk -Administrator presented
the sealed 'yids which had bean dalivered to him prior to the time ep6ci-
fied in the notice of sale and said bids were opened, examined and found
to be as follows:
1) Piper, Jaffray & Hopwood RE: BID BY PIFER9
4.10 per annurr on bonds maturing 1969-1976. JAFMY & HOPWOOD
4.20 per annum on bonds maturing 1977-1982.
4.30% per annum on bonds maturing 1983-1986.
4.40% per annum on bonds maturing 1987-1988.
4.50 per annum on bonds maturing 1989-1997.
Plus additional interest of 1.40 on all bods from 9•-27-67 to
3-1-69.
Computed total interest cost to be $236,1.83.60 for a net interest
rate of 4.4901815%.
American National Bank & Trust Company RE: BSD BY
4 per annum on bonds maturing 1969-19'13. AXERICAN NATL.
4.30 per annum on bonds maturing 1974-19bla BANK & TRUST CO.
4.409 per annum on bonds maturing 1982-1986.
4.AA per annum on bonds maturing 1987-1989.
4.6C per annum in bonds maturing 1990-1997.
Plus additional interest of 1.309 on all bonds
from 10-1-67 to 3-1-69.
Computed total interest cost to be 3240,806.20 for a net interest
rate of 4-5780%-
3) John Nuveen & Company RF: BID BY JOHN
4% per annum on bonds maturing 1969-19'12. NUVEFS & COMPANY
4.10% pvr annum on fonds maturing 1971-1974s
4.20; per annum on bonds maturing 1979-1976.
4.30A per a. -mum on bonds maturing 197f-19806
4.4% per annum on bonds maturing 1981-1987.
4.5A per annum on bonds maturing 1988-1997.
Plus additional intere,;t of 1.30% on all bonds
from 10-1-67 'to 3-1-69.
Computed total interest cost to be $238,279.40 for a net interest
rate of 4.5300As I
1
Council Minutes - August 151 1967 , Pap 2 /°
4) Whita, Held and Company Rv: BID BY WHITE,
4.50% per annvan on bonds maturing 1969-1986. WELD do COMPANY
4.60% per annum on bonds maturing 1987-1997•
Plus additional :.nterest of 1.40A on all bonds fran
10-7-67 to 3-1-6k+.
Computed total interest cost to be $245,927.00 for a net interest
rate of 4.675%.
Acting kayor O'Fallon recessed the meeting at 7:55 p.me until tabulations
could be mads on the bids received. At 8:05 p.m., Acting Mayor O'Fallon
reconvened the meeting.
Fiucal Agent Jamee Olson reported on the tabulation of the bids and
stated that all bids were correctly computed. He recommended awarding
the bid to Piper, Jaffray & Hopwood, low bidder with a bid of $236,183.60,
net interest rate of 4.4901825%.
MOTION by Councilman Hagen, second by Councilman Hunt, to adopt RESOLUTION 67-131
RESOLUTION NO. 67-1319 A RESOLUTION AWARDING THE SALE OF $100,000 PARK AWARD OF SALE OF
DIPROVaiM BONDS to Piper, Jaffray & Hopwood. Motion passed by a four PARI{ BONDS TO
aye vote, Mayor Staples absent. PIFERj JAI!'FRAY &
HOPWOOD
MOTION by Councilman Hunt, second by Councilman Hagen, to adopt
RESOLUTION N0. 67-132, A RESOLUTION FIXING THE FODI AND SPECIFICATIONS RESOLUTION 67-132
FOR 9!00,000 PARK IkPROVEME i'T &,WDS ANi? DIRECTING THEIR FMLITICti RE: FORM, SPEC
AND DELIVERY AND PROVIDING FOR a 11EIR PADMT. Motion passed by a four ECECUrION, DELlVW,
aye vote. Mayor Staples absents
kOTION by Councilman Hagen, second by Councilman Hunt, to adopt RESOLUTION 67-133
RESOLMION N0. 67-133, A RESOLUTION AWARDING THE SkLE OF $220,000 AWARD OF SALE OF
IMPROV101ENT BONDS to Piper, Jaffray & Hopwood. Motion passed by a four IMPT. BONDS TO
aye vote. Mayor Staples absent. PIPER, JAFFRAY &
HOPWOOD
MOTION by Councilman Hunt, second by Councilman Hagen, to ado at
RFq.OLUrION Noe 67-114, A RESOLUTION FIXING THE kW, AND SPECIFICATIONS RESOLUTION 6'-1
FOR $220,000 IMPROVEF;ENT BONDS AND DIRECTING THEIR EXECUTION AND RE: FoRk, spt.08CS. ,
DELIVERY AND PROVIDING FOR THEIR PAD&ENT. Motion passed b a four EXECUTION llpy ,-ELIVER,_
aye vote. Mayor Staples absent. OF IMP14. 3C:NDS
kOTION by Councilman Dintley, second by Councilman Hagen, to authorize
the Acting T,ayor and Clerk -Administrator to sign the accooptance on the
bid form of Piper, Jaf.'ray & Hopwood and to direct tliv C ,brk-Administrator
to return the good faith checks to the unsuccessful hiaders. 1aotion
passed by a four. aye rote. kaycr Staples absent.
kISCELLANE01TS
The Administrator reported on thR specifications for .c 1917 Twtj 'Pon Dump
Truck,
uCi7.'IUN by Councilman Hunt, second by Councilman Hagen, to adept
k>NaJOLUTION NO. 67-135, A RESOLUT QN APPROVING SPECIFICATIONS AND ORDER-
IN11 ADVFJOISD,ENT FOR .6911, for the purchase of one 1967 mud+el two ton
iurap truck and ,getting the bid date for SeptcimbRr 7, 1967, at loiOct a.m.
i.n the Council 5hambers of the Village Hall. Motion passed by u four aye
vote. l+',ayor Staples absent.
Sharon Oirdi,nier, Secretary Ri hard J . fl' si on, sting M
RESOLUTION 61-M
ORDERING ADV. FOR
BIDS - 2 TON DUKP