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HomeMy WebLinkAbout1948-03-25 99 Boz aman, Mon tan a March 25th, 1948 The Commission of The City of Bozeman met in an adjourned session in the Commission Thursday morning Room, City Hall Bui1ding,/March 25th, 1948, at 9:00 o'clock A. M. Those being present were Mayor Sorenson, Commissioner Lowe, Commissioner Healy, City Attorney Lovelace, Ci ty Manager Henderson and the Clerk when the followin.g: proceeding s were had: Sale of Revenue Sewer Bonds I The proposition of Kalman & Company as submitted at the regular meet:ing March 24th, 1948 was taken up. At the request of the Cit'T Commission, Mr. D. E. Green of tl~e Commercial . . Na tional Bank and Mr. Brooke Hartman of the Gallatin Trust and Savings Banlr wer-e-'present -- - to hear and advise on the proposition. After further and detailed discussion, Mr. Aby revised his proposal as follows: Kalman & Company will purchase the entire $300,000.00 revenue bc)nd issue. They will pa y a 11 legal fees and other ex-pens es incurred by them in connection wi th the is sue. They wl11 pay for the print in g of the bon ds . Bonds will be in $1,000.00 denominations and will be dated April 1, 1948. Kalman & Company will pay all lnterest accrued on the bonds up to the date of delivery in Minneapolis, Minnesota. Bonds will bear interest, will mature, and will be callable as per the following Schedule: Amount of Bonds In teres t Ra te Maturity Date Date Callable $ 10,000.00 $ 2].% April 1, 1949 At Maturity 11,000.00 21~ Aprl1 1, 1950 At Maturi ty 11,000.00 21% April 1, 1951 At Ma tur ity 12,000.00 21"% April 1, 1952 At Maturity I 12,000.00 56,000.00 2%% Apri 1 1, 1953 At Maturity 13,000.00 2-7/8% April 1, 1954 At Ma tur i ty 13,000.00 2-7/8% April 1, 1955 At Maturity 14,000.00 2-7/8% Apri 1 1, 1956 At Maturity 14,000.00 2-7/8% April 1; 1957 At .Ma turi ty 15,000.00 69,000.00 2-7/8% April 1, 1958 At Ma tlJri ty 15,000.00 2-7/8% April 1, 1959 April 1, 1958 16,000.00 2-7/8% Apri 1 1, 1960 April 1, 1958 16,000.00 2-7/8% Apri 1 Ii 1961 April Ii 1958 17,000.00 2-7/8% Apri 1 1 i 1962 April Ii 1958 17,000.00 2-7/8% April 1, 1963 April 1, 1958 18,000.00 99,000.00 2-7/8% April 1, 1964 April 1, 1958 18iOOO.00 3tt April 1, 1965 April 1, 1956 19,000.00 31:% April 1, 1966 Apri 1 1, 1955 19,000.00 31% April 1, 1967 April 1, 1954 20,000.00 76,000.00 3+% April 1, 1968 April 1, 1953 $ 300,000.00 Bonds callable in advance of their maturity d9te shall be callable at par plus one years interest in advance. All phases of this proposal having been considered and Messers. Green and Hartman having advised that they believe it to be an entirely fair proposition; that the interest rates quoted are in accordance with present market quotations, and they consider this a I good deal for the Ci t~T of Bozeman, it was thereupon moved by Commissioner Healy, seconded by Commissioner Lowe tha t the proposal be accepted and tha t the Mayor and the Clerk of the Ci tv Commission be an thorized to sign a written agreement for the City with Kalman & COm- pany in accordna ce wi tb the terms herein set for th and the motion was carried by the fol- lowing Aye and No vote; those voting Aye being Mayor Sorens on, Commissioner Lowe and Com- mis sioner Healy; thos e voting No, non e. 100 Adjournment There being no further business to come before the Commission at this timc, it was moved by Com~issioner Healy, seconded by Commissioner Lowe tha t the meeting adjourn and the motion W9S carried by the following Aye and No vote; those voting Aye being Mayor Sorenson, Cornmi ssioner Lowe and Commis si oner Heal y; those voting No, non e . Attest: I otut~~~on (!~ L;~ra.v-vv/ - Mayor .. ". I I "