Loading...
HomeMy WebLinkAboutMay 31, 1972p. 119 OFFICIAL PROCEEDINGS Special Meeting May 31, 1972 The meeting was called to order at 7:30 p.m. Roll Call: Norberg, Jeska, Nawrocki - present. Heintz - absent. Lan d , Bonds. Robert Ehlers and Tom Hay, Bond Consultants, were present for the bid opening on sale of $965,000 General Obligation Bonds. Bids were opened and read allows as follows: Name Net Interest Cost Net Interest Rate John Nbveen & Co., Inc. Chicago, Illinois $228,570 4.0580% Bancnorthwest of Mpls.. Miller & Schroeder Municipals Minneapolis, Minn. $235,410 4.17949% Dain, Kalman & Quail, Inc. Allison-Williams Co. Piper, Jaffray, & Hopwood, Inc. Shearson, Hammill & Co., Inc. Minneapolis, Minn. $235,794.50 4.1863% First National Bank of St. Paul First Nat'l. Bank of Mpls., Merri 11 Lynch, Pierce, Fenner & Smith, Inc. Minneapolis, Minn. $234,493 4.1632% Juran & Moody, Inc. American National Bank & Trust Paine, Webber, Jackson & Curtis E. J. Prescott & Company St. Paul & Minneapolis, Minn. $237,091.85 4.2093% Continental Illinois National Bank & Turst Company Chicago, Illinois $233,149.50 4.13936% Motion by Jeska, seconded by Norberg, that the bids be turned over to the City Manager for tabulation and report back later in the meeting. Roll Call - All Ayes. Widths on Alley Pavings.. The City Engineer reported difficulties and hardship cases on alley paving projects. He said he would attempt to get 12' paving strip on the 14' right-of-ways, but if difficulties are encountered in the field, we may have to go to the 10' width. p. ]20 Bonds. Bob Ehlers reported the bids on bonds were checked and it was his recommendation to accept the bid of John Nuveen & Co., Inc. Motion by Jeska, seconded by Norberg to accept the form of the .resolution awarding the sale of bonds, and making it a part of the minutes, without reading it in full. Roll Call All Ayes. Resolution #72-33 awarding sale of $96~000 General Obligation Bonds was offered by Land, seconded by Norberg. BE IT RESOLVED by the City Council of the City of Columbia Heights, Minnesota, that the bid of John Nuveen & Co., Inc. in Minneapolis, Minnesota, and associates named therein, to purchase $965,000 general obligation bonds of the City comprising $455,000 Permanent Improvement Revolving Fund Bonds and $510,000 Garage Bonds, to be dated July l, 1972, and to be- issued in accordance with the published notice of sale therefor, at a price of $958,727.50 andaccrued interest, the bonds maturing in the various years shown below to bear basic intent from date of issue to maturity ~ the respective rates per annum shown opposite such years of maturity, as fol ows: Maturity Yeas Interest Rate 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 3 20~o 3 30% 3 50~o 3 70~o 3 80~o 3 90% 4 00% 4 10% 4 20% 4 30% is hereby found and ~clared to be the highest and best bid received pursuant to said notice of sale, and is hereby accepted. The Mayor and City Manager are authorized and directed to endorse an acceptance on said bid, and on a copy thereof, and to return such copy to the successful bidder. The good faith check of said bidder shall be retained by the City Treasurer pending completi.on and delivery of the bonds, and the good faith checks of other bidders shall be forthwith returned to them. Roll Call - All Ayes. It was reported resolution #72-34 authorizing issuance on form and details as outlined and presented in writing will be discussed at the next regular Council meeting. Recess was called at 8:05 p.m. BOARD OF REVIEW p. 121 The Board of Review meeting was called to order at 8:10 p.m. Present were Council members, sitting in as Board of Review, County Assessor Lester Schwartz, City Assessor John Larson, Deputy Assessor Mildred Carlson, and Assessor Trainee Bruce Pierce. A number of residents were also in attendance. County Assessor Schwartz and City Assessor Larson explained the purpose of the meeting. A general discussion was held on how the valueations were figured and many of the residents present raised questions. 47 individuals signed in to meet with the Board of Review. Their files were pulled from the Assessor's office and lengthy sessions were held individually with the Board of Review as time allowed. At 3:55 a.m. it was apparent that all residents would not have an opportunity to meet with the Board, so the meeting was recessed to a special meeting on Monday, June 5th wherein individuals whose cases were to receive additional attention or those who did not stay for the entire Board of Review meeting would be given a chance to come in and meet with the Board. The Council meeting reconvened at 3:55 a.m. K-Mart Highway Construction Plan. Dale Hamilton, Project Engineer for Suburban Engineering explained the proposed project. Motion by Jeska, seconded by Norberg that the City Manager be authorized to advertise for bids on local improvement project #7204, subject to approval of the Highway Department, bids to be opened at 11:00 a.m., Monday, June 19 with recommendation for award at a special meeting hereby called for Monday evening, June 19 at 8:00 p.m. Roll Call - All Ayes. Motion by Jeska, seconded by Norberg that the City Manager be authorized to advertise for bids on traffic sema-phore installation (project #7204), subject to approval of the Highway Department, bids to be opened at ll:O0 a.m. Monday, June 26, 1972 with award at the regular Council meeting at 8:00 p.m. that evening. Roll Call - All Ayes. Ordinance #787 Vacating Northerly 6' of 47th Avenue east of Central. A first reading was held on Ordinance #787 vacating the northerly six feet of 47th Avenue N.E. from the east line of Central Avenue N.E. a distance of 297.95 feet in an easterly direction. Motion by Jeska, seconded by Norberg to adjourn at 4:25 a.m. Roll Call - All Ayes. Bruce G. Nawrocki, Mayor S?~?r-et'ary.,.~. to the Council