HomeMy WebLinkAbout1995-04-04 ccmSPEC
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MINUTES OF THE SPECIAL MEETING OF THE CITY COMMISSION
BOZEMAN, MONTANA
April 4, 1995
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. The Commission of the City of Bozeman met in special session in the Conference
Room, Municipal Building, April 4, 1995, at 12: 15 p.m. Present were Mayor Vincent,
Commissioner Youngman, Commissioner Stiff, Commissioner Stueck, City Manager Wysocki,
City Attorney Luwe and Clerk of the Commission Sullivan. Commissioner Frost was absent in
compliance with Section 7-3A322(2), M.C.A.
Sianing of Notice of SDecial Meeting
Each of the Commissioners, in turn, signed the Notice of Special Meeting.
Award bid for sale of bonds for $5 million general obliaation bond issue
Mr. Gene Huntington, financial advisor, announced that six bids were received,
. distributing a tabulation of those bids. He then forwarded his recommendation that the bid be
awarded to D.A. Davidson and Company in the true interest rate of 5.53389 percent.
Mr. Huntington noted that this is the first bond issue in Montana for which a surety
bond is acceptable under recent legislation; and four of the bidders took advantage of that
option. He noted that a 5.82-percent interest rate was used in calculating anticipated costs;'
and unrated bonds for the Belgrade School District sold at a 5.92-percent interest rate in
February. He also noted that a review of comparable sales, pulled from the wire yesterday,
revealed that a 5. 75-percent bid was the best bid received.
City Manager Wysocki reminded the Commission that during the information
campaign for the election, a 7 A-percent interest rate was used when calculating the costs to
. taxpayers. He noted that costs to the taxpayers will actually be lower because of the lower
Interest rate.
Administrative Services Director Gamradt noted that Mr. Huntington prepared the
preliminary official statement for this bond issue, as part of the duties to be completed under
his contract with the City. He further noted that the document was extremely well done, and
was the basis upon which the bidders responded.
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At the City Manager's request, Mr. Huntington reviewed the steps which must still
be taken for this bond issue. He noted that those steps include adoption of the bond
resolution, which is essentially the "owner's manual for the bonds", at the April 17 meeting.
The bond sale is scheduled to close on April 27, at which time the monies will be wired directly
. to the City's account.
The City Manager submitted Commission Resolution No. 3050, as approved by the
City Attorney, entitled:
COMMISSION RESOLUTION NO. 3050
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
MONTANA, RELATING TO $5,000,000 GENERAL OBLIGATION BONDS,
SERIES 1995; AWARDING THE SALE THEREOF AND APPROVING THE
OFFICIAL STATEMENT RELATING THERETO.
It was moved by Commissioner Stueck, seconded by Commissioner Youngman, that
the Commission adopt Commission Resolution No. 3050, awarding the bid for bonds for the
$5 million general obligation bond issue to D.A.Davidson and Company, Great Falls, Montana,
in accordance with their bid. The motion carried by the following Aye and No vote: those
. voting Aye being Commissioner Stueck, Commissioner Youngman, Commissioner Stiff and
Mayor Vincent; those voting No, none.
Adjournment - 12:25 p.m.
There being no further business to come before the Commission at this time, it was
moved by Commissioner Stueck, seconded by Commissioner Youngman, that the meeting be
adjourned. The motion carried by the following Aye and No vote: those voting Aye being
Commissioner Stueck, Commissioner Youngman, Commissioner Stiff and Mayor Vincent; those
voting No, none.
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INCENT, Mayor
ATTEST:
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ROBIN L. SULLIVAN
Clerk of the Commission
04-04-95 SPECIAL