HomeMy WebLinkAbout1963-04-15
SPECIAL MEETING
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Bozeman, Montana
April 15, 1963
Pursuant to due call and notice thereof, a special meeting of the City
Commission of the City of Bozeman, Montana, was held at the City Hall in said
City on the 15th day of April, 1963, at 1:00 o'clock P.M.
The following Commissioners were present: R. Harry Morrow, Edmund P. Sedivy
and Mayor Fred M. Staudaher and the following were absent: none.
The Clerk of the City Commission presented affidavits showing publication
of notice of sale of $l,UiU,OOO Water System Refunding Revenue Bonds, Series B
of the City, written and oral bids for which were to be received at tnis time and
place, as directed by the Commission on March 27, 1963. Said affidavits were
examined and found satisfactory and directed to be placed on file in the office
of the Clerk.
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The Mayor then announced that the Commission was prepared to receive bids
for the purchase of said bonds, whereupon the following bidders qualified by
depositing security for their bids as set forth in 'the notice of sale, and pre-
sented their proposals in 'terms of dollar net interest cost to the City. After
all bidding had ceased, the most favorable proposal of each bidder was found to
be as follows:
Ne t In teres t Cos t
Name and Address of Bidder
or
Mana~er of Bidding Account
John Nuveen & Co.,
Chicago, Illinois
and
Stern Brotners & Co.,
Kansas City, Missouri
$339,999.00
340,2uO.OO
Haisey, Stuart & Co., Inc.,
Chioago, Illinois
Piper, Jaffray & Hopwood,
Minneapolis, Minnesota
The most favorable bid having been ascertained to be that of John Nuveen
342, 40U .uO
& Co., of Chicago, Illinois, and the associates named tnerein, said bidder there-
upon submitted a proposal setting forth coupon rates for the respective bonds
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and the premium to be paid therefor. Said proposal was examined and found to be
satisfactory and to result in the net interest oost specified in the bid.
Resolution No. 1072 was then presented entitled
A RESOLUTION OF THE CITY COMMISSION OF THE
CI'l'Y uF BOZEMAN, MONrI'ANA, AWARDING 'l'HE SALE
OF $1,U10,OOO WATER SYSTEM REFUNDING REVENUE
BONDS, SERIES B
It was moved by Sedivy, seconded by Morrow, that as recommended by the
City Manager this resolution be app~oved ana adopted, and the motion was carried
by the following Aye and No vote: those voting Aye being ail; those voting
No, none. The Mayor and the Clerk of the City Commission being present, each
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affixed his signature to the resolution, and the Clerk of tne City Commission
was directed to have it recorded in complete detail in the Book of Resolutions
kept as a permanent and official record by the City of Bozeman.
Ordinance No. 839 was then presented, entitled
AN ORDINANCE AUTHORIZING THE REDEMPTION AND REFUNDING
OF OUTSTANDING WATER SYSTEM RE\~NUE BONDS OF THE CITY
OF BOZEMAN, CREATING SPECIAL FUNDS AND ACCOUNTS FOR
PAYMENT OF THE OUTSTANDING BONDS AND REFUNDING BONDS
AND THE ADMINISTRATION OF WATER REVENUES, ESTABLISHING
COVENANTS OF THE CITY FOR THE SECURITY OF THE BONDS,
PRESCRIBING RATES AND CHARGES FOR THE USE AND AVAILABILITY
OF MtmICIPAL WATER SERVICE, AND RESCINDING ORDINANCE NO.
8Uu
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It was moved by Morrow, seconded by Sedivy, that as recommended by the
City Manager said ordinance be approved and adopted without being laid over for
second reading, and said motion was carried by not less than a two-thirds vote
of the members of the City Commission as fOLlows: those voting Aye being all;
those voting No, none. The Mayor and Clerk of the City Commission, being pre-
sent, each affixed his signature to the ordinance, and the Clerk of the City
Commission was directed to have it recorded in complete detail in the Book of
Ordinances kept as a permanent and official record by the City of Bozeman.
The Director of Finance presented to the City Commission a proposed form
of Notice of Redemption of the Water s.ystem Revenue Bonds, Series A, to be
refunded by the bonds authorized in said ordinance, which no'tice is required by
Section 4 of the ordinance to be given at or before the time of delivery of the
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refunding bonds.
It wa s moved by Sedivy, seconded by Morrow, tha t this form of No tice of
Redemption be approved, and that the Director of Finance be authorized to give
and publish tne same in the manner prOVided by ordinance No. euo, dated
August 2, .L9b7, authorlz1np: the Series A bonds which are not outstanding; to-wit,
by mailing such notice by registered mail to 'the holder of each of the Water
System Revenue Bonds, Series A, dated July L, 1957, who has requested his name
and address and the serial numbers of his bonds to be recorded by the Director
of Finance for the purpose of receiving such notice, and to KaLman & Company,
Inc., Minneapolis, Minnesota, and to the Harris Trust and Savings Bank, Chicago,
Illinois, and by causing the notice to be publiShed in one issue of the Bozeman
Daily ~hronicle, a daiLY newspaper publiShed at Bozeman, Montana, and 1n one
issue of The Bond Buyer, a daily financial newspaper pub1isned in New York Cl'ty,
New York. The motion was carried by 'the following Aye and No vote: those voting
Aye being all; those voting No, none.
It was moved by Morrow, seconded by Sedlvy, that as recommended by the
Ci ty Manager the Mayor he directed to Sign the contract for purChase of the
bonds with JOhn Nuveen & Co., and associates. The motion was carried by the
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following Aye and No vote: those Voting Aye being all; those vo'ting No, none.
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Adjo1Jrnment
There being no further business to come before tne Commission at this time
it was moved by commissioner Sedivy, seconded by Commissioner Morrow, that the
meeting adjourn. 'l'he motion was carried by the following Aye and No vote:
those voting Aye being Mayor Staudaher, Comrnlssioner Sedivy and Commissioner
Morrow; t~hose~vo~tin~g N~O' none)" 1lI?f1~_~~L/
ATTEST: - ~ '/ r /
er 0 e ~ y omm:i.ssion