The URL can be used to link to this page

Home My WebLink About1984-09-11 CC MIN Special Meeting• • STILLWATER CITY COUNCIL MINUTES SEPTEMBER 11, 1984 SPECIAL MEETING The meeting was called to order by Mayor Peterson. Present: Councilmembers Bodlovick, Farrell, Kimble, MacDonald and Mayor Peterson Absent: None Also Present: City Coordinator, Kriesel City Attorney, Magnuson City Engineer, Meister Financial Consultant, Langness 4:30 P. M. 1984 GENERAL OBLIGATION BONDS RON LANGNESS,Sprinsted, Inc. opened the followwing bids for the $4,850,000 General Obligation Bonds of 1984-A: NET INTEREST Bidder COUPONS PRICE COST & RATE THE FIRST NATIONAL BANK OF 7.60%7.40% 11987 $4,756,007.00 $4,604,566.33059 ST. PAUL 3%) AMERICAN NATIONAL BANK & TRUST 7.85% 1990 5% 1989 COMPANY OF SAINT PAUL 8.30%811991 DAIN BOSWORTH INCORPORATED MERRILL LYNCH CAPITAL MARKETS 8.50% 1992 0% 1993 FIRST NATIONAL BANK OF 1994 8. MINNEAPOLIS 8.90% NORWEST SECURITES 9.25%199610% 1995 PIPER, JAFFRAY & HOPW00D 9.40% 1997 INCORPORATED 9.50% 1998 Allison -Williams Company Blyth Eastman Paine Webber, Inc. 9.60% 1999 Cronin & Marcotte, Incorporated 9.70% 2000 E. F. Hutton & Company, Incorporated 9.80% 2001 Dougherty, Dawkins, Strand & Yost, Inc. 91990% 2002 0%% 2003-2005 Juran & Moody, Incorporated Moore, Juran and Company, Incorporated M. H. Novick & Company, Incorporated F & M Marquette National Bank Summit Investment Corporation John Nuveen & Company Miller & Schroeder Municipals, Inc. Miller Securities, Incorporated Dean Witter Reynolds, Incorporated Kidder, Peabody & Company, Incorporated Robert S. C. Peterson, Incorporated First National Bank of Stillwater Cosmopolitan State Bank THE NORTHERN TRUST COMPANY 9.20% 8.20% 1987-89 $4,756,100.00 $6,648,424.91 8.40% 1991 8.60% 1992 8.80% 1993 9.00% 1994 9.10% 1995 9.25% 1996 9.40% 1997 9.50% 1998 9.60% 1999 9.75% 2000 10.00% 2001-2005 CHEMICAL BANK 10.25%10.60% 1984 1993 $4,756,013.31 $6,6668,5771.668 9.60% 1995-1996 9.75% 1997 9.90% 1998 10.00% 1999 9.60% 2000-2005 0n motion of Councilmember Kimble, seconded by Councilmember MacDonald, a resolution was introduced UT$4HO,8R5I0ZI0N0G OBLIGATIOG NS AIMPROVEMENTR(BONDG S, HSE ERIESS 7984AETAILS (ReD lutionlNoG .F773R 64)E PAYMENT Ayes--Councilmembers Bodlovick, Farrell, MacDonald, Kimble and Mayor Peterson Nays --None • • • September 11, 1984 - continued taN 2. RON LANGNESS,opened the following one bid for the $600,000 General Obligation Bond•. 19e'B: BIDDER THE FIRST NATIONAL BANK OF SAINT PAUL AMERICAN NATIONAL BANK & TRUST COMPANY OF SAINT PAUL DAIN BOSWORTH, INCORPORATED MERRILL LYNCH CAPITAL MARKETS FIRST NATIONAL BANK OF MINNEAPOLIS NORWEST SECURITIES PIPER, JAFFRAY & HOPWOOD INCORPORATED Allison -Williams Company Blyth Eastman Paine Webber, Inc. Cronin & Marcotte, Incorporated E. F Hutton & Company, Incorporated Dougherty, Dawkins, Strand & Yost, Inc. Juran & Moody, Incorporated Moore, Juran and Company, Incorporated M. H. Novick & Company, Incorporated F & M Marquette National Bank Summit Investment Corporation John Nuveen & Company Miller & Schroeder Municipals, Inc. Miller Securities, Incorporated Dean Witter Reynolds, Incorporated NET INTEREST COUPONS PRICE COST & RATE 9.10% 1986-1995 $589,002.00 $329,043.00 (9.4146%) On motion of Councilmember Bodlovick, seconded by Councilmember Kimble, a resolution was introduced "AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $600,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 19848" (Resolution No. 7365) AYES--Councilmembers Bodlovick, Farrell, Kimble, MacDonald and Mayor Peterson NAYS --None 3. RON LANGNESS, opened the one bid for the $675,000 General Obligation Corporate Purpose Bonds of 1984: NET INTREST BIDDER COUPONS PRICE COST & RATE THE FIRST NATIONAL BANK OF 9.10% 1987-1995 $662,006.25 $465,143.75 Saint Paul 9.25% 1996 (9.3968%) AMERICAN NATIONAL BANK & TRUST COMPANY OF SAINT PAUL DAIN BOSWORTH INCORPORATED MERRILL LYNCH CAPITAL MARKETS FIRST NATIONAL BANK CF MINNEAPOLIS NORWEST SECURITIES PIPER, KAFFRAY & HOPWOOD INCORPORATED Allison.- Williams Company Blyth Eastman Paine Webber, Inc. Cronin & Marcotte, Incorporated E. F. Hutton & Company, Incorporated Dougherty, Dawkins. Strand & Yost, Inc. Juran & Moody, Incorporated Moore, Juran and Company, Incorporated M. H. Novick & Company, Incorporated F & M Marquette National Bank Summit Investment Corporation John Nuveen & Company Miller & Schroeder Municipals, Inc. Miller Securities, Incorporated Dean Witter Reynolds, Incorporated On motion of Councilmember Bodlovick, seconded by Councilmember MacDonald, a resolution was introduced, RELATING TO $675,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 1984; AUTHORIZING THE ISSUANCE, AWARDING THE SALE,PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT THEREOF" (Resolution No. 7366) AYES--Councilmembers Bodlovick, Farrell, Kimble, MacDonald and Mayor Peterson NAYS --None 4. CITY PROPERTY ON SUNNYSLOPE LANE City Engineer, Meister and City Coordinator, Kriesel asked the City Council for some direction regarding assessments against City property that would benefit from Local Improvement No. 203- Raddle's Hilltop Addition. MR. MEISTER told the Council that Lots 3, 4, 7 and 8 of the Rearrangement of Sunnyslope Addition were provided sewer and water services as well as street improvements. tat\ • SEPTEMBER II, 1984 - continued t were MR. KRIESEL explained oraPthe four lots in Sstion were tax forfeited properties acquired by the City for MR. KRIESEL also said thatthe City would have toreconvey the property to the State in order to make this land available to the public. The City could not sell the property outright. this property. MAYOR PETERSON asked why the City should consider selling or reconveying MR. KRIESEL said that thheCCiit did taxavel any use for this land for park purposes and it would be better to get the property s. which is already being used for the0value R EofOadding land torthe tax elots rolls, ahe felt that pthisnarea, purposes and although he recognized ponding, should at least remain as open space and asked the Council to consider this matter at a later meeting. LEAGUE OF MINNESOTA CITIES MUNICIPAL HAND BOOK COUNCILMEMBER FARRELL requested the City purchase Municipal Handbooks that are vailable from the League of Minnesota Cities for the members of the Council. Mk. FARRELL said that he had reviewed the City Clerk's handbook and thought that it contained a lot of information on issues City Councils have to deal with. On motion of Councilmember Kimble, seconded by Councilmember Farrell, the Council moved to purchaseseven League of Minnesota Cities Handbooks" at a cost of $50.00 per handbook. (all The meeting adjourned at 5:56 P. M. Attes Acting City Clerk