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Home My WebLink About02-24-1964Record of Official Proceedings of the -Common Council of the City of Rochester, Minn., February 24, 1964 Minutes.of an adjourned regular meeting of the Common Council of the City of Rochester, Minnesota, held in the Council Chambers in the City Hall, in said City, on February 24, 1964. President Tingley called the meeting to order at 7:30 o'clock P. M. the following members being present: President Tingley, -Aldermen DeVries, Leonard, McCaleb, Thomas. Absent; Aldermen Bergstedt and Wilson. The City Clerk presented affidavits showing publication of notice of sale of $1,000,000 Improvement Bonds, Series G, to be dated as of Appil 1, 1964, in accordance with the resolution providing for such sale at this time and place, adopted January 20, 1964. Said affidavits were examined and found satisfactory and directed to be placed on file in the office of the City Clerk. The City Clerk then reported that seventeen sealed bids for the purchase of said bonds had been received at her office prior to the time of this meeting, which bids were thereupon:opened and publicly read and considered, and the highest and best bid of each bidder was found to be as follows: Net Name and Address of Manager Net Average Interest, Interest Rate 'of -Bidding Account Interest Cost 'or Rates Weeden`&-Company 2.769680 173,105.00 1966-67 3.50 Burns Corbett & Pickard 1968-69 2.50 & Company 1970-72 2.70 1973-75 2.80 Chemica•1 •Bank 'New York -T"rust 2.776112 173,507.00 1966 4.75 ` 1967-70 2.60 1971-72 2.70 1973-75 2.80 Phe 1p's Fenn & -Company Stone & Webster Securities 2.7769 173,555.00 1966-67 3.60 E. J. Prescott & Company 1968-71 2.60 1972-73 2.75 1974-75 2.80 Northern"Trust-Company 2.78393 173,996.00 1966 5.50 The Illinois Company -Chicago 1967-70 2.60 Robert Baird & Co. - Milwaukee 1971-73 2.70 Shaughnessy & Co. - St. Paul 1974-75 2.80 Commerce Trust -Company 2.80816 175,510.00 1966-67 3.50 1st Nat'l Bank -St. Louis 1968-69 2.60 American Fletcher National 1970-73 2.70 Bank -Indianapolis 1978-75 2.90 American National Bank of St. -Paul --- - 2.812 175,750.00 1966-69 2.50 1970 2.60 1971-72 2.70 1973-75 2.80 Halsey Stuart &-Co.'Incr. 2.8200 176,250.00 1966-67 3.75 Hornblower & Weeks 1968-69 2.50 Kenower,MacArthur & Co. 1970-71 2.70 Hutchinson,Sockey,Erley & Co. 1972-74 2.80 Mullaney, Wells & Co. 1975 2.90 White -Weld -&-Company 2.82945 176,840.67 1966-69 2.50 Eastman,Dillon,Union Sec. 1970 2.60 Blair & Co. Granberg,Marache,Inc. 1971 2.70 City National Bank-& Trust Co. 1972-73 2.75 1974-75 2.90 Premium 480.00 55.50 20.00 4.00 90.00 300.00 326.00 • LI 1 • 1 0 Record of Official Proceedings of the - Common Council j • of the City of Rochester, Minn., February 24, 1964 �AACQ 3 Continental Illinois National 2.83340 177,087.50 1966-67 3.50 150.00 Bank & Trust------------_. F. 1968 2.70 A. G. Becker &.Co. Inc. 1969 2.60 1970-71 2.50 1972 2.75 1973 2.80 1974-75 2.90 -First-National-Bank of Chicago 2.837392 177,337.00 1966-68 3.00 113.00 Dean Witter & Company 1969-72 2.75 The Milwaukee Company 1973 2.80 1974-75 2.90 Harriman'Ripley-&-Company,-Inc:- 2.839080 177,380.00 1966-68 3.00 70.00 Goldman,Sachs & Company 1969-72 2.75 Allison -Williams & Company 1973 2.80 • Piper, Jaffray & Hopwood 1974-75 2.90 Harris Trust=& Savings Bank 2.84016 177,510.00 1966-68 2.50 1969-71 2.70 1972-73 2.80 1974-75 2.90 Morgan Guaranty Trust Company -of 'New York --- 2.8449 177,811.00 1966- 3.00 51.50 1967-71 .2.75 1972-75 2.90 Blyth &,CompMi -Inc-. 2.85131 178,207.00 1966-69 2.50 943.00 J. M. Dain & Co. Inc. 1970-72 2.70 N.W. Bank of Minneapolis 1973-74 2.80 1975 2.90 Mercantile Trust -Company 2.8561 178,507.50 1966 3.75 5.00 National Bank of Commerce 1967 3.25 of Seattle 1968-72 2.75 Austin Tobin & Co. Inc. 1973 2.80 Carleton D. Beh Company 1974-75 2.90 1st National Bank of-St.Paul 2.86840 179,275.00 1966 2.25 1st National Bank of Mpls. 1967 2.40 Iowa -Des Moines National Bank 1968 2.50 Juran & Moody, Inc. 1969 2.60 Kalman & Company, Inc. 1970-71 2.70 1st National Bank of Rochester 1972 12.75 Olmsted County Bank & Trust Co. 1973 2.80 1974-75 2.90 National -Boulevard Bapk of Chicago 2.87025, 179,390.50 1966-68 3.00 Douglas Securities, Inc. 1969-71 2.75 1972-75 2.90 Upon motion by Leonard, second by DeVries, and all present voting in favor thereof, the three low bids (Weeden & Company; Checmical Bank New York Trust; and Phelps Fenn & Company) were referred to the Finance Officer and bond attorneys for tabulation and the City Clerk was instructed to return the certified checks of the other fourteen bidders. A short recess was declared at 8:05 P. M. President Tingley called the meeting to order.again at 8:30 P. M. with the following members being present: President Tingley, Alderman DeVries, Leonard, McCaleb, Thomas; Absent: Aldermen Bergstedt and Wilson. Alderman DeVries then introduced a resolution entitled "Resolution Awarding Sale of $1,000,000 Improvement Bonds, Series G". Alderman Leonard then moved adoption of the proposed resolution; Alderman DeVries duly seconded said motion and upon vote being taken thereon, the following Aldermen voted in favor thereof: DeVries, Leonard, McCaleb, Thomas, Tingley and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted and was signed by the President of the Common CouncilL, which was attested • III 138 Record of Official Proceedings of the 'Common Council of the City of Rochester, Minn., February 24. 1964 • CA•60713 by. the City Clerk. - - Alderman DeVries.then .introduced and Alderman Leonard moved adoption of a.proposed resolution entitled: "Resolution Authorizing and Directing the Issuance of $1,000,000 Improvement Bonds, Series G, Payable From .the Improvement Bond Account of .the Sinking Fund and Appropriating Special Assessments for -the Payment -Thereof". Alderman-•DeVries duly seconded said motion and upon vote being .taken thereon, the following.Aldermen voted in favor thereof: DeVries, Leonard, McCaleb, Thomas, Tingley; and the following voted against the -same: none;.whereupon said resolution was declared -duly passed and adopted -and was signed.by the President of the Common Council, which was attested by the City Clerk. The application for transfer of "on and dff " sale non -intoxicating liquor license from William Shea -to James -Gerald Vesey-was read and upon motion by DeVries, second by Leonard, and all present voting in favor thereof, the application was referred to the Public Safety Committee. iA motion was -then made by Leonard, second by-DeVries, and all present voted in favor thereof, that the -motion made at the -meeting of the Common Council on February 17, 1964 which reads as follows,' -be rescinded in its entirety: li "The recommendation of the Public Safety Committee stating that they had considered the application for transfer of "on and tiff" sale 3.2 beer license from Florence Pervin dba Jim & Joe's Highway Cafe, located at 301 17th Avenue S. V. to Donald Classen and recommending that the transfer be granted and approved was read. Upon motion by Wilson, second•by Bergstedt, and all present voting in favor thereof, the recommendation was approved j and the transfer granted." President Tingley declared the above motion carried and the motion made on February 17, 1964 was rescinded. (This was requested because financial arrangement could -not be made for the r requested transfer). r Upon motion by Thdmea, second by Leonard, and all present voting in favor thereof, the meeting was adjourned until 3:OO.o'clock P. M. on February 26, 1964. City Clerk 1 n 1 0 1 0