HomeMy WebLinkAbout09-11-1973Record of Official Proceedings of the Common Council
of the City of -Rochester, Minn., September 11, 1973 •
-FY=60252 --' -- _-_
Minutes of a meeting of the Common Council of the City of Rochester, Minnesota held in
Room 214 of the City Hall, in said City on September 11, 1973.
President Postier called the meeting to order at*12:00 noon the following members being
present: President Postier, Alderman Kamper, Larson, Ludowese, McNary and Powers. Absent:
Alderman Strain.
Bids for Issuance and Sale of $11150,000.00 General Obligation Recreation System Bonds and
$750,000.00 Gross Revenue Recreation System Bonds were received at 11:00 A.M. September 11, 1973 and are
as follows:
Net Interest
Net Int-
$750,000.00 Gross Revenue Bonds:
Amt.'Bid
dollar cost
erest Rate
E.J. Prescott 6 Co.; Mpls.
$739,275.00
$388,455.00
5.2886
Reynolds Securities, Inc., Mpls.
738,750.00
382,655.00
5.2097
Piper Jaffray & Hopwood, Roch.
736,650.00
396,850.00
5.4030.
$1,150,000.00 General Obligation
Bonds:
Harris Trust 6 Savings, Chicago
1,142,065.00.
417.110.00
4.7806
Bancnorthwest, Chicago
1,141,375.00
409,500.00
4.69341
Northern Trust, Chicago
1,143,369.00
414,006.00
4.74505
LaSalle National, Chicago
1,142,775.76
418,711.74
4.798989
Chemical.Bank, New York
1,138,851.00
420,324.00
4.817467
Continental Bank, Chicago
1,139,075.00
422,412.50
4.841404
First National Bank, St. Paul
1,141,030.00
410,320.00
4.7028
Hornblower, Weeks
1,140,800.00 .
422,287.49
.4.83997
First National Bank, Chicagoq
1,143,018.99
416,981.01
4..779152
Van Kampen Wauterleck & Brown,Inc. 1,140,914.99.
418,647.51
4.798252
Piper Jaffray Hopwood, Rochester
1,141,214.00
419,373.50
4.8.066
New American National Bank &
1,143,100.00
419,437.50
4.8073
Trust, St. Paul
Mayor Smekta stated that the excellent
representation of the bidders as far
as the figures are concerned, we are in a national
market..
We have a City with a good reputation. -
Upon motion by Larson,.second by
Powers to award
the bids to the
lowest bidders of
Reynolds Securities, Inc., Minneapolis - $138,750.00
Amt. of
Bid on the $750,000.00 Gross Revenue
and the low bid of Bancnorthwest, Chicago -
$1,143,375.00 Amt. of bid on the
$1,150,000.00 General
Obligation Bonds. All present voted in favor.
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Record of Official Proceedings of -the Common- Council
of the City of Rochester, Minn., ' September 11, 1973
537
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Alderman Kemper introduced and Alderman Kemper moved the adoption -of
a proposed resolution entitled:
RESOLUTION FIXING THE FORM AND DETAILS AND
PROVIDING FOR THE PAYMENT OF $1,150,000 GENERAL
OBLIGATION RECREATION SYSTEM BONDS
Alderman WNary duly seconded said motion, and upon vote being taken thereon, the
following Aldermen Voted in favor thereof: President Dick Postier, Aldermen Carol•Kamper,
Robert Larson,•Paul Ludowese, James Powers, 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.
Alderman Kemper then introduced and Alderman Kemper moved the adoption.of a proposed
resolution entitled:
RESOLUTION FIXING THE FORM AND DETAILS AND
PROVIDING FOR THE,PAYMENT OF $750,000 GROSS
REVENUE RECREATION SYSTEM BONDS
Alderman WNary duly seconded said motion, and upon vote being taken thereon, the
following Aldermen voted in favor thereof; President.Postier, Aldermen Kemper, Larson,
Ludowese, WNary, and Powers 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.
Request to reconsider the auctioneer license for Mr. Thomas_Stephenson of 490
Easton Road, Hersham, Pa., Upon motion by Ludowese, second by McNary to take this item off
the table with all voting in favor. After a discussion by the Council members, Mr. Andre,
City Administrator checked with other cities that Mr. Stephenson worked and they had.no
problems. Mr. Stephenson worked with this company 17 years and stated he had a good rating.
A motion to deny the license was made by Larson, second by Ludowese, and.upon roll.call
vote, President Postier, Alderman Larson, Ludowese voted aye, and Alderman tramper, McNary
and Powers voted nay. A motion was then made to approve the license by McNary, second
by Powers, with three nays.and three.ayes. The license was then denied. -`
Upon motion by McNary, second by Larson, the meeting -was adjourned until 7:30 p.m.,
September 17, 1973, and all present voted in favor.
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