HomeMy WebLinkAboutSpecial City Council Minutes 05.25.1956s
Minutes of the City Council of Laurel
25 may 1956
.pursuant to due Ball and notice thereof a Special rneetin~ of the City ~oux~cil
of the City of Lau:~~~l, Tllont~na, was held at the ~%ounc l `'hambers in the City Fial1
of said amity on the 25th day of May, 19 6, at 7:~0 0~ clock P.I~S.
The f ~llov~ing ~tember~ were presen
~iornin~ Parker
P Roc~~ers Williams
Leuthold Freeburg
Scott
and the f ollov~a.n~; were absents Eber~viller
~rhe clerk presen~ed af~'idavits showing publication, as heretofore
directed by the ~ounoil, of r: otice of sale of X390,000.00 ~Ilater System ~tevenue Bonds
to be dated June 1, 19~~. laid af'f'idavits were examined and found sata.sfactory and
di~ecte~ to be placed nn file in bl~ office of she Clerk.
the IVfayor then announced that i:he m~stin~ was open f°or the presentation of bids
for the ~ourchase of said bonds pursuant to said not~Qe of sale. Good fa~~h checks
were presented by the followir~~; bidders, and the lowest net interest cosh stipulated
by each o~ paid bidders was ascertained to ~e as follows:
Name and address of bidder or
M€~.na~er of ~iddin~ l~acount Net Interest Cost
Piper, ~~aff'ray & Hopwood & Assoc.
1'he bidder offering the lowest net interest cost there presented a proposal :'or
the purchase of said bonds, at coupon rates and uv~th a premium calculated to result 3.n the net interest cost under tk~e terms of his bid, computed to the stated ~a~urity
dates of the bonds. maid proposal was examined and found satisfaotory and directed
to be plaQed on file in the of~'3.ce of the City clerk.
Alderman LeuLhold then introduced the following Resolution ar~d moved its adoption
RESOLU'T'ION No. 967
RESOLU':CICN A~UARDING ~A~E 0~' ~3g0,000.00 V~A'rER ;Y~`.PE~7 REVEN~U~; BONDS
BE IT RESOLVED by the ~it~ vouncil of the City of Laurel, T~Zontana, that not~.ce
h~~~Rg here~of'ore been duly published of Lhe sale of X390,000.00 ~'ater System Revenue
Bonds of ~~.id amity to ~~e dated as of June 1, 1~~6, and phis council having; ree~ived a considered all k;ias for tho purchase of said ~~onds presen~cd pursuant to said notice,
it is hereb;~r found and determined that the most favorable of such bids is that of
Piper, Jaffray ~ Hopwood., and ,~ssoc~ates of Minneapolis, Minnesota and associates
named therein, ~o purchase said bonds at a f:~rice of par and aocrued interost plus a
premium o.~ 100.00, the bonds maturing in the years set forth below Go bear interest
at the coupon rakes Leer annum set z'orth oppos3.~e said maturity years:
~'trity Years Interest Raises
1957 to lg6i Incl. 3
1962 to igbb Tnc 1. 3 3/4
19b7 to 1976 Incl. 4
which terms are equivalent to a net interest cost to the City of ,
computed to the stated maturi~Gy dates o~ 'the bonds as advertised; that the contract
for sale of said bonds is hereby awarded to said bidder, and the good faith cheok
furnished by said bidder shall be retained by c~.ty Treasurer pendiri~; del~.very of
the bonds and payment of the purchase ~~rice grid that the checks of other bidders
cihall be retarnecz to them f'or~hwith.
Fassec~ Y~ r the City ~ouricil and ~~~roved ~y Ghe Mayor of the City of Laurel,
T:~on Cana, this 25th day of May, 1956
Peter D . '~'ho~ns on, 141ayor
AT`I'~,5'T: 'Tillie Hohendorf
The motion for she act~tion of the f'ore~oin~ resolution was duly seconded by
Alderman Scott -and upo n vote being taken thoreon she f ollo~vin~, aldermen voted Aye t
Iiornin~, Ya~~er, Rodgers, Williams, Leuthold, Freeburg, Sc~tt~ and the followin.~
voted NO.: Nome, whereupon paid resolution was declared duly passed and adopted, and the ~~iayor approved and signed the sane, which w as attested by the ~it;,rk~lerk.
A ~ e~ ~
Alderman Sco tt then. introdu4i~ecz and moved the adoption of proposed
ORDINANCE N0. 501
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Minutes of the City Council of Laurel
z5 r~~a~r 1956
entitled: FLAN ORDIi~TAl~1CE R~LA'1'TNG `I'0 '1'~iE RECONST~.UCTION, IN~'RO~T~'~'~11TT, BET'I'EFiM~;NT
AND LX`~ENS30N OF i'HE '+~~`I'~ SY;~'PETVI OF' ~ H~; CI CY OF LAU~T~ PxESCRT13I1~G RATES, (~3ARGES
AND REN'P:~I~S .~'OH 'I'H:~; U:SE OF I'H:~ FAGILITIES 'THEREOF AND FOR CONNECTIONS `l~iEREWII'H,
CREA''I'I1VG 5=~'~;CIAL FU?`dDS AND ACCOU~V S FO~~ 'S'HE ADMINIS`PRA'I'ION OF L'Hr, PJIOiv~YS DERIVED
'.I'~IEi~.u~HROM, At~`J~i.~RIZI~s ~1V'L DIRECTII~dG 'I'Fi + I ~SUAT~CE kTdD St~L•E 0~' REVENUE BGNDS TQ PAY
'I'H~ COST OF ~.~~ID UND:C~'R`TAKI~IG, AND DEFINING PHL TERP~~S AND PiZA.NN~{:R OF PAYMENT C~' THE
BONDS ±~?~ri:) 'I'I~~ SECi°~i7ITY `l'HEt~ECF. ~t `'s~1:5.
Said ordinance was then .duly and publicly read at 1en~;th. The motion i'or the
adoption thereof was duly seconded ~t~ Alderman VjIilliarns, and upon vote being taken
thereof.; the following aldermen voted AYE:
Horning, ~ arker, ;dodgers, Williams, Leuthold, Freeburg, Scott
and the f ollowin~ voted N0; None
~~~+he~e 'upon said ordinance was declared duly passed and adopted and was approved and
signed by the Mayor which was attested by the City Clerk.
City clerk
A1~prov e d th i~ nth day of June , 1956 .
(I ~/~d~~ i ~Ia yor
ATTES'~
City Clerk
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