HomeMy WebLinkAbout1964-11-10
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Bozeman, Montana
10 November 1964
SPECIAL
MEETING
A special meeting of the City Commission of the City of BozemaIll Montanal was held at the City
Hall Building in the City of Bozemanl Montana I on TuesdaYI the lOth day o~ November, 19641 at 1:30
o'clock P.M.
The following members were present, Mayor MOrrowl Commissioner Sedivy, Commissioner Langohrl City
Manager Cuttingl Assistant City Attorney 0' Connell, Director of Finance Shadoan and the Aoting Clerk.
The stated purpose of the meeting was to reoeive bids for the purohase of $475,000.00 Municipal
Building Bonds of the City and in pre-bidding discussion it was agreed among all bidders that: the
bonds shall be serial bonds; 2) bidding to be in terms of Net Interest Amount; 3) printing and legal
costs to be paid by the suocessful bidder andJ 4) the delivery costs to be borne by the City of Bozeman.
The Mayor announced that this was the time and place for the receipt, opening and consideration
of bids for the purchase of $4751000.00 Municipal Building Bonds of the City. The Director of Fin-
anoe presented affidavits of publication of the notice of sale of the bonds in the Bozeman Daily
Chronicle and in the Daily Bond Buyer.
After opportunity had been given to all bidders to submit sealed and oral bidsl it was found
that the highest and best bids submitted by each bidder were the following:
NAME OF BIDDER
INT EREST RATES
PREMIUM
Poper Jaffry & Hopwood and Allison-
Williams &: Co. Ind. and Kalman and
Company, !na.
3.229374%
None.
J. M. Dain & Co, and Amerioan National,
St. Paull and Payne-Weber & Co. Inc.
3.229394%
3.4657 %
None.
Coughlin and CompanYI Inc.
None.
D. A. Davidson & Co., and
George K. Baum & Co., Inc.
%
3.644
None.
After consideration of said bidsl Commissioner Sedivy introduced the following resolution and
moved its adoption,:
RESOLUT ION NO. 1154
BE IT RESOLVED by the City Commission of the City of Bozemanl Montana, that the City has ad-
vertised in the manner required by law the sale of $475,000.00 Municipal Building Bonds dated July II
1964; that the highest and best bid received conforming to the terms of issuance of the bonds as
stated in the notice of sale is the bid of Piper Jaffry & Hopwood & Co., Inc., and Allison-Williams
& CO.I Inc., and Kalman and CompanYI Ino.1 of Minneapolis, Minnesotal and associatesl offering to
purchase bonds to be issued as serial bonds at a price of par or better, the bonds to bear interest
at a rate or rates such as to result in a total interest cost of $1621599.001 or a net average int-
erest rate of 3.229374% per annum; that said bid should be and hereby is acceptedl and the officers
of the City are hereby authorized to enter into a written contract with said bidder for the sale of
said bonds in accordance with the terms of said bid; and that the Clerk of the Commission shall keep
the good faith check submitted by the purchaser of the bonds, but shall return the good faith checks
of all other bidders forthwith.
Passed and adopted by the City Commission of the City of Bozeman~ Montana, this 10th day of
November 1964.
ATTEST:
1./ R. HARRY MORROW
Mayor
IsI HAROLD A FRYSLIE
Aoting Clerk of the City Commission
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Langohr,
and upon vote being taken thereon, the following voted Aye: Mayor Morrow~ Connnissioner Sedivy and Com-
missioner Langohr, and the following voted Noz None. Whereupon said resolution was declared duly
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passed by a majority of the whole number of members of the Commission, and the Mayor being present
affixed his signature thereto in approval thereof and the Clerk of the City Commission attested his
signature thereto.
Adjournment.
There being no further business to come before the City Commission at this time it was moved
by Commissioner Langohr, seoonded by Commissioner Sedivy tha.t the meeting adjourn and the motion
was carried by the following Aye and No vote: Voting Aye, Mayor Morrow, Commissioner Sedivy and
Commissioner Langohr; voting No; None.
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ATTEST;
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