HomeMy WebLinkAbout1971-11-23 Council Packet - Special MeetingKenai~ City Council
Special
Council
Meeting
November 23,
1971
Sale of G.O. Bonds
AGENDA
SPECIAL MEET lNG,
NOVEMBER 23,
KENAI CITY COUNCIL
'19 71, 12'00 NOON
A~
G~
G
ROLL CALL
NEW BUSINESS
·
· ~
Sale of $2,000,000
GoO.
Bonds
MINUTES KENAI CITY COUNCIL
SPECIAL MEET lNG
NOVEMBER 23, 1971
12'00 NOON - CITY MANAGER'S OFFICE
ROLL CALL'
Members present - Robert Bielefeld, James Hornaday,
Hugh blaione, Robert Norene and ~.'Iayor John Steinbeck.
Members absent - James Doyle and Tru McGrady
G' NEW BUSINESS
G - 1
Sale of $2~000,000 - G.O. Bonds
The City of Kenai received three bids on the sale of
$2,000,000 in G.O. Bonds. They are as follows'
FoSter & Marshall Inc. - Seattle and
Franklin National Bank of N.ew York
City- Co-managers
Interest
Rate
6.1383%
Bank of America
6.3747%
Pacific National Bank of Washington
6.550 %
The City M.anager related the Administration has
discussed these the last two hours.
Don Meyer stated he cann.ot for-ecast how the bond market
will go in the future, but the bid of 6.13% is in the
ball park and he personally feels it would be. wise to
-accept the bid.
._
Mr. 6lotfelty stated Ray Burr, Dan Whelan, Tom Haas and
Don Meyer recommend accepting the bid. However he is
not of the same opinion and would rather gamble for
-~/re-bidding in the summer.
Bielefeld mo-ked and Norene seconded to accept the low
bid of. Foster & Marshall Inc., Seattle and Franklin
National Bank of New York' City- Co-managers at an
interest rate of 6.1.383%
After much di'scussion on weighing the differences in
selling now and investing money in TCD's or waiting and
hoping for 'a better bond market, the motion was voted
on and passed 3-.2. Voting yes; Bieiefeld,. Norene and
Steinbeck. Voting no;' Hornaday and Malone.
MEET lNG ADJOUNRED 1'15 P.M.
RespectfUlly submitted,
Sharon Sterling, City 'Clerk
1973
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