HomeMy WebLinkAboutSpecial City Council Minutes 08.24.1983Minutes of the City Council of Laurel
August 24, 1983
A Special meeting of the City Council of the City of Laurel, Montana,
was held in the Council Chambers and called to order by Mayor Albert Ehrlick
at 7:00 P.M., on Wednesday, August 24~ 1983.
COUNCIL MEMBERS PRESENT:
Lonnie Kellogg
Marvin Carter
Duane Behm
Fred Feuerbacher, III
Bill Brennan
Susan Carter
Rob Harris
Bob Gauthier
COUNCIL MEMBERS ABSENT: None
This being the time and place advertised for the bid opening of the
$725,000.00 Sewer System Revenue Bonds, the Clerk was instructed to open and
read any and all bids.
DAIN BOSWORTH INC.: Cashiers check for $14,500 attached.
Total Coupon interest from Sept. 1, 1983 to maturity .... 966,895.00
Less premium, if any ..................................... 00
Total Dollar interest cost ............ . .................. 966,895.00
Net Interest rate ........................................ 9.7175%
YELLOWSTONE BANK: Cashiers check for $14,500.00 attached.
Total Coupgn interest from Sept. !, 1983 to maturity ..... 990,590.00
Less premium, if any ..................................... 100.00
Total Dollar interest cost ............................... 990,490.00
Net Interest rate ........................................ 9.955%
PIPER,.iJAPPREY & HOPWOOD: Cashiers check for $14,500.00 attached.
Total Coupon interest from Sept. 1, 1983 to maturity...l~021,530.00
Less premium, if any .................................... 00
Total Dollar interest cost ............................. 1,021,530.00
Net Interest rate ...................................... 10.2666%
SHEARSON AMERICAN EXPRESS: Cashiers check for $14,500.00 attached.
Total Coupon interest from Sept. 1, 1983 to maturity...t,014,238.75
Less premium, if any ..................................... 00
Total Dollar interest cost ............................. 1,014,238.75
Net interest rate ...................................... 10.193354%
Kiddler Peabody: Cashiers check for $14,500.00 attached.
Total Coupon interest from Sept.1, 1983 to maturity...1,017,417.50
Less premium, if any ................................... 00
Total Dollar interest cost ............................ 1,017,417.50
Net Interest rate ..................................... 10,225%
Minutes of the City Council of Laurel Page2
RESOLUTION NO. 2018
RESOLUTION RELATING TO $275,000.00 SEWERAGE SYSTEM REVENUE BONDS,
SERIES 1983; AWARDING SALE TNEP~EOF AND APPROVING CERTAIN MATTERS
WITH RESPECT THERETO.
Motion by Alderman Kello~_that Resolution No. 2018 naming Dain Bosworth
as the successful low bidder be passed and adopted. Seconded by Alderwoman Sue
Carter. Motion carried.
RESOLUTION NO. 2019
A RESOLUTION DIRECTING THE CONSTRUCTION OF IMPROVEMENTS TO THE
MUNICIPAL SEWERAGE SYSTEM FORTHE3CITYqOF~LAURELi~ CREATING SPECIAL
FUNDS AND ACCOUNTS FOR THE ADMINISTRATION OF THE MONEYS DERIVED
THEREFROM, AUTHORIZING AND DIRECTING THE ISSUANCE OF REVENUE BONDS
TO PAY THE COSTS OF SAID UNDERTAKING AND DEFINING THE TERMS AND
MANNER OF PAYMENT OF THE BONDS AND THE SECURITY THERE¥OR.
Motion by Alderman Kello~ that Resolution No. 2019 be passed and
adopted. Seconded by Alderman Harris. Motion carried.
There being no further business to come before the Council at this
time, the meeting was adjourned at 7:20 P.M.
Sharon Herman, Deputy City Clerk
Approved by the Mayor and passed by the City Council of the City of
Laurel, Montana, this 6th day of September, 1983.
Albert Ehrlick~ Mayor
Donald L. Hackmann, City Clerk