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MINUTES OF THE SPECIAL MEETING
OF THE CITY COMMISSION
BOZEMAN, MONT ANA
NOVEMBER 18, 1982
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The Commission of the City of Bozeman met in special session in the Commission Room,
I Municipal Building, November 18,1982, at 11:00 a.m. Present were Mayor Stiff, Commissioner
Weaver, Commissioner Vant Hull, Commissioner Anderson, Commissioner Mathre, City Manager
Evans, Assistant Manager Barrick, City Attorney Planalp and Clerk of the Commission Sullivan.
The meeting was opened with the Pledge of Allegiance and a prayer by Commissioner
Mathre.
Signing of the Notice of the Special Meeting
The Mayor requested that each of the Commissioners sign the Notice of Special Commission
Meeting. Each Commissioner in turn signed the Notice.
Open bids for bond sale - $5 million Water System Revenue Bonds
The City Manager advised the Commission that, according to the affidavit of publication,
this was the time and place set for the $5 million Water System Revenue Bond issue.
The Mayor and City Manager outlined the procedure for conducting this bond sale and
stated that the amount of bonds to be sold would be the same as the advertised amount.
It was moved by Commissioner Weaver, seconded by Commissioner Vant Hull, that the
bids be opened for the sale of the $5 million Water System Revenue Bonds. T he mot ion
carried by the following Aye and No vote: those voting Aye being Commissioner Weaver,
Commissioner Vant Hull, Commissioner Anderson, Commissioner Mathre and Mayor Stiff; those
voting No, none.
The following bids were then opened and read:
I Net Interest MBIA Premium Total Interest Net I nterest Rate
Kirchner, Moore and Company,
Denver, Colorado $ 6, 197 , 1 00 $94,500 $ 6,291,600 9.80305%
Piper, Jaffray & Hopwood,
Inc. , $ 6,228,860 $94,500 $ 6,323,360 9.85253%
Boettcher and Company,
Denver, Colorado $ 6,306,085 $94,500 $ 6,400,585 9.9728%
Recess - 11:25 a.m.
It was moved by Commissioner Vant Hull, seconded by Commissioner Anderson, that
the Commission meeting be recessed until 12: 00 noon to provide the City Staff and bond
counsel an opportunity to review the bids submitted and to prepare a recommendation. The
motion carried by the following Aye and No vote: those voting Aye being Commissioner Vant
Hull, Commissioner Anderson, Commissioner Mathre, Commissioner Weaver and Mayor Stiff;
those voting No, none.
Reconvene - 12:00 noon
Mayor Stiff reconvened the Commission meeting at 12: 00 noon for the purpose of con-
ducting the sale of the bonds.
Sale of bonds
I Mr. Tuck Ganzenmuller, bond counsel from Boettcher and Company, stated that he and
Director of Finance Swan had verified each of the three bids received. He further noted that
the three bids received represented twenty separate companies, as several companies had
formed a group to submit a single bid. Mr. Ganzenmuller stated that Boettcher and Company
had anticipated that the interest rates may be as low as 10.5 percent for this bond issue.
Mr. Ganzenmuller stated that the low bid was submitted by Kirchner, Moore and Company,
Denver, Colorado, in the amount of 9.80305 percent. He noted that this bid includes seven
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separate firms. Mr. Ganzenmuller stated that this bid represents the lowest total interest
cost to the City; and recommended that, in accordance with the notice of sale of the bonds,
the bid be awarded to Kirchner, Moore and Company, Denver, Colorado.
City Attorney Planalp recommended that the Commission adopt Commission Resolution
No. 2437, entitled:
COMMISSION RESOLUTION NO. 2437
RESOLUTION RELATING TO $5,000,000.00 WATER SYSTEM REVENUE BONDS, I
SERIES 1982; AWARDING SALE THEREOF AND APPROVING CERTAIN
MATTERS WITH RESPECT THERETO.
It was moved by Commissioner Vant Hull, seconded by Commissioner Anderson, that
the Commission adopt Commission Resolution No. 2437, awarding the sale of the $5,000,000.00
Water System Revenue Bonds, Series 1982, to Kirchner I Moore and Company, Denver, Colorado,
at an interest rate of 9.80305 percent, with total interest payments to the City of
$6,291,600.00, including MBIA insurance premium. The motion carried by the following Aye
and No vote: those voting Aye being Commissioner Vant Hull, Commissioner Anderson,
Commissioner Mathre, Commissioner Weaver and Mayor Stiff; those voting No, none.
Adjournment - 12:05 p.m.
There being no further business to come before the Commission at this time, it was
moved by Commissioner Weaver, seconded by Commissioner Vant Hull, that the meeting be
adjou rned. The motion carried by the following Aye and No vote: those voting Aye being
Commissioner Weaver, Commissioner Vant Hull, Commissioner Anderson, Commissioner Mathre
and Mayor Stiff; those voting No, none.
ALFRED M. STIFF, Mayor
ATTEST:
Clerk of the Commission I
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