City Council Resoltuion 1978-12EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
MONTICELLO, MINNESOTA
HELD: SEPTEMBER 25, 1978
Pursuant to due call and notice thereof, a recrular
meeting of the City Council of the City of Monticello, Wright
County, Minnesota, was duly held at the City Hall in said City
on the 25th day of September, 1978, at 7:30 P.M. for the
purpose of opening and considering bids for and awarding the
sale of $1,475,000 General Obligation Improvement Bonds of
1978 of said City.
The following members were present: Daniel Blonigen,
Arve Grimsmo, Gene Walters and Philip White
and the following were absent: Conrad Johnson
The Administrator presented affidavits showing
publication of dotice of call for bids on $1,475,000 General
Obligation Improvement Bonds of 1978 of the City, for which
bids were to be received at this meeting, in accordance with
the resolution adopted by the City Council on August 28, 1978.
Said affidavits were examined, found to comply with the
provisions of Minnesota Statutes, Chapter 475, and were
approved and ordered placed on file.
The Council proceeded to receive and open bids for
the sale of said bonds. The following bids were received:
Bidder Interest Rate Net Interest Cost
ATTACHED
iu
"INGb i W 1NC ATM MUNICIPAL CONSULTANTS
800 OSBORN BUILDING - SAINT PAUL, MINNESOTA 55102 - (612) 222--4241
$1'475,00-0-
CITY OF MONTICELLO, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1978
AWARD: THE FIRST NATIONAL BANK OF SAINT PAUL
Saint Paul, Minnesota
And Associates
SALE:
September 25, 1978
Moody's Rating: A
Net Interest
Bidder
Coupons
Price
Cost &.Rate
THE FIRST NATIONAL BANK
5.50% 1981-84
$194759000.00
$4451179.38
OF SAINT PAUL
5.10% 1985--86
(5.259%)
First National Bank of Minneapolis
5.15% 1987
Merrill Lynch, White Weld
5.20% 1988
Capital Markets Group
THE FIRST NATIONAL BANK
6.00% 1981-82
$11475,046.84
$4499480.04
OF CHICAGO
5.20% 1983-84
(5.310649%)
Wauterlek & Brown Inc.
5.10% 1985
LaSalle National Bank
5.20% 1986
Hutchinson, Shockey, Erley & Co.
5.25% 1987
Channer Newman Securities Co.
5.30% 1988
FAIN, KALMAN & QUAIL9 INC.
5.50% 1981-84
$194752691.95
$450,592.42
Bank of Oklahoma, N.A.
5.25% 1985-88
(5.3237%)
Piper, Jaffray, & Hopwood Inc.
BANCNORTHWEST
5.625% 1981-84
$1,4759000.00
$4519585.00
Cronin & Marcotte, Inc.
5.10% 1985
(5.3355%)
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