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