HomeMy WebLinkAbout1962-10-16
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SPECIAL MEETING
I Bozeman, Montana
October 16, 1962
The Commission of the City of Bozeman met in special session in the Commis-
sion Room, City Hall Building, Tuesday, October 16th, 1962 at 2:00 o'clock p.m.
Present were Mayor Staudaher, Commissioner Sedivy, Commissioner Morrow, City
Manager Cutting, Ass't. City Manager Frysli,e, Director of Finance Shadoan, City
Attorney Berg and the Clerk.
Sale of Bonds -- Special Improvement District No. 424
The stated purpose of the meeting was to conduct the sale of bonds of
Special Improvement District No. 424. The affidavit of publication of notice
of sale of the bonds was presented.
City Officials and representatives of potential bidders on the bonds dis-
cussed the manner in which the sale should be conducted and it was moved by
Commissioner Sedivy, seconded by Commissioner Morrow, tha t the mee ting be
I recessed to provide time for these representatives to contact their bonding
companies for instructions. The motion was carried by the following Aye and
No vote: those voting Aye being Mayor Staudaher, Commissioner Sedivy and
Commissioner Morrow; those voting No" none.
The meeting was reconvened at 2:35 p.m., and it was moved by Commissioner
Morrow, seconded by Commissioner Sedivy, that the sale of the bonds of Special
Improvement District No. 424 be conducted strictly on a sealed bid basis. tllhe
motion was carried by the following Aye and No vote: those voting Aye being
Mayor Staudaher, Commissioner Morrow and Commissioner sedivy; those vo ting
No, none.
Opening of Bids
Following the recommendation of the City Manager, it was moved by Commis-
sioner Sedivy, seconded by Commissioner Morrow, that the sea~ed bids submitted
accruing to the City (Mtg .10/17 /62)
be opened and read, the lowest effective interest rateYbe ascertained, the total
amount of the bonds to be issued be $305,UUO.oo, and of that amount $llU,OUO.oO
be delivered on December I, 1962, and the remainder, $195,OUO.UO be delivered on
I June 1, 1963. The motion was carried by the following Aye and No vote: those
voting Aye being Mayor Staudaher, Commissioner Sedivy and Commissioner Morrow;
those voting No, none.
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160
The following sealed bids were opened and read: I
BIDDER INTEREST RA TE
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George K. Baum & Co., Denver, Colorado 4.45% ($225.00 Premium)
Southwick, Campbell, Waterman Co., 4.65% (14~ per $100 par
Seattle, Washington 4.20% value Premium)
Grande & Co., Seattle, Washington ($IU5.UO Premium)
Following the recommendation of the Director of Finance, concurred in by
the City Manager, it was moved by Commissioner Morrow, seconded by Commissioner
Sedi vy, that the bid of Grande & Co., Seattle, Washington, being the lowest and
best bid submitted, the sale of the bonds be awarded to Grande & Company,
Seattle, Washington, and the bid securities of the unsuccessful bidders be
returned. The motion was carried by the following Aye and No vote: those
voting Aye being Mayor staudaher, Commissioner Morrow and Commissioner
Sedivy; those voting No, none.
Adjournmen t
There being no further business to come before the Commission at this
time it was moved by Commissioner Sedivy, seconded by Commissioner Morrow, I
that the meeting adjourn. The motion was carried by the following Aye and
No vote: those voting Aye being Mayor Staudaher, Commissioner Sedivy and
Commissioner Morrow; those voting No, none.
_ ~If;/I~L
Ma yor
ATTEST :' (
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Clerk of the City omrnlssion
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