08-23-1977 CC MIN
Special Council Meeting
August 23, 1977 at 12:00 o'clock noon
The following members were present Mayor Lundberg, Councilllllm'lber Konop
and Toth.
City Financial Advisor Bob Milne was also in attendance.
The following bids were received:
$195,000 GellCil.ral Obligation Sanitary Sewer Bonds of 1977
E.J. Prescott
1st Nat'l Bank of St. Paul
M.H. Novick &,Co.
1st Nat'l. Ban1c~Qf Mpls.
Piper Jerfray. & Hopwood
Allison Williams Co.
192,825.75
192,367.50
192,309.00
191,880.00
191,880.00
192,240.75
82,454.25
83,697.50
'82,526.00
84,510.00
85,810.00
83,824.25
The appamJJ..1;; low bidder is E.J. Prescott.
$100,000 0.0. Grant Anticipation Bonds of 1977
Total Int. Cost
Marquette Nat'l. Bank 99,260.00 12,290.00
1st Hat.i. Bank of Mpls. 99,500.00 13,100.00
Piper, Ja.ffray & !fI1.pwood 99,280.00 12,720.00
Alisson Williams Co. 99,250.00 12,750.00
1st Nat'l. Bank of St. Paul 99,605.00 12,395.00
The ap~at.; low bidder ~sMarquette Nat'l. Bank.
4.9522%
5.026%
4.9565%
5.0756%
5.1538%
5.0344%
Average
4.0966%
4.3666%
4.24~
4.25%
4.1~
Interest Rate
3.85%
4.2~
4.~
4.00,(
4.~
)loved by CouncilmeJDber Konop and seconded by Councilmember Toth to
accept and award the lowest bidder as follows:
100,000 0.0. issue to Marquette Nat'l. Bank in the amount of $99,260.00
(average interest rate of 4.0966%).
195,000 0.0. issue to E.J. Prescott in the amount of $192,825.75
(average net interest rate of 4.952~)
based on final tabulation by Mr. Milne.
Motion unaminously carried by a vote of 3-0.
No further business the meeting adjourned at 12:30 p.m.
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