HomeMy WebLinkAboutSpecial City Council Minutes 09.04.1997Minutes of the City Council of Laurel
September 4, 1997
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 Chuck Rodgers at 12:10
p.m., on September 4, 1997 for the specific purpose to sell to the highest and
best bidder for cash, water system revenue bonds of the city in the principle
amount of one million twenty thousand dollars {$1,020,000.00) for the purpose of
financing a portion of the costs of making improvements to the water system.
COUNCIL MEMBERS PRESENT:
Miles Walton
Bud Johnson
Gay Easton
Gary Temple
Donna Kilpatrick
William Staudinger
COUNCIL MEMBERS ABSENT: Dirk Kroll
Norman Orr
Three bids were received. Aaron Rudio, D.A. Davidson & Co., financial advisor
for the bond issue, distributed bid tally sheets.
Mr. Rudio explained that all the firms bidding have not provided a "good faith"
check with their bid. They have gotten set up with a company called Sure Bid,
which will guarantee the "good faith" amount until the successful purchaser has
wired the amount to the city tomorrow.
He said that after the bids are opened, he will take the apparent low and best
bid and call his office in Great Falls to verify the figures on the computer and
then go ahead and award the sale.
The bids were opened in the order they were received.
Name of Bidder
Total Dollar
Interest Cost
Less Premium
Plus Discount
Net Dollar
Interest Cost
New Interest Rate
D.A. Davidson
Dain Bosworth, Inc.
Juran & Moody
$625,606.33 $613,633.61 $640,093.33
-0- -0- -0-
15,300.00 11,617.80 15,810.00
625,251.41
5.034095%
640,906.33
5.16013%
655,903.33
5.2808%
Aaron Rudio called his office in Great Falls, and they verified the figures from
the Dain Bosworth, Inc. bid. The bid was within the parameters set and is an
excellent bid. As the financial advisor, D. A. Davidson, Inc. recommends to
accept the bid from Dain Bosworth, Inc. for the purchase of the bonds.
This would be done by executing the bid form they have submitted and by adopting
the resolution awarding the sale of the bonds.
Motion by Alderman Johnson to accept the bond bid from Dain Bosworth, Inc.,
seconded by Alderman Staudinger. Motion carried 6--0.
RESOLUTION NO. R97-48
RESOLUTION AUTHORIZING THE ISSUANCE OF $1,020,000 WATER
SYSTEM REVENUE BONDS, SERIES 1997, CITY OF LAUREL, MONTANA
FOR THE PURPOSE OF PAYING COSTS OF NECESSARY IMPROVEMENTS
TO THE WATER SYSTEM, INCLUDING THE EXTENSION, EXPANSION AND
REPAIR OF THE WATER SYSTEM AND ALL NECESSARY APPURTENANCES
THERETO; PRESCRIBING THE FORM OF BONDS; PROVIDING FOR THE
COLLECTION OF REVENUES FROM THE SYSTEM SUFFICIENT TO PAY DEBT
SERVICE, THE COSTS OF OPERATION AND MAINTENANCE OF THE SYSTEM
AND CERTAIN RESERVES THEREFOR; PROVIDING FOR THE PAYMENT OF
THE BONDS; PROVIDING FOR THE SEGREGATION AND DISTRIBUTION
OF THE REVENUES; AND PROVIDING FOR THE RIGHTS OF THE HOLDERS
OF THE BONDS IN ENFORCEMENT THEREOF.
Motion by Alderman Johnson that Resolution No. R97-48 be passed and
adopted, seconded by Alderwoman Kilpatrick. Motion carried 6--0.
Aaron Rudio, on behalf of D.A. Davidson & Co., thanked the city for allowing
them to be their financial advisor.
Minutes of the City Council of Laurel
Page 2
Council Heeting of September 4, 1997
The meeting was adjourned at 12:34 p.m.
Approved by the Mayor and passed
Montana,
Donald L. Hackmann, City Clerk
by the City
this 16th day of September, 1997.
Council of the City of Laurel,
ATTEST:
Donald L. Hackmann, City Clerk