HomeMy WebLinkAbout1971-11-23 Council Minutes - Special MeetingA G E N D A
SPECIAL MEETING, KENAI CITY COUNCIL
NOVEMBER 23, 1971, 12:00 NOON
A; ROLL CALL
G: NEW BUSINESS
G - 1 Sale of $2,000,000 - G.O. Bonds
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MINUTES KENAI CITY COUNCIL
SPECIAL MEETING
NOVEMBER 23, 1971
12:00 NOON - CITY MANAGER'S OFFICE
ROLL CALL: Members present - Robert Bielefeld, James Hornaday,
flugh Malone, Robert Norene and Mayor 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 Interest
Franklin National Bank of New York Rate
City - Co -managers 6.1383%
Bank of America 6.37470
Pacific National Bank of Washington 6.550 %
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The City Manager related the Administration has
discussed these the last two hours.
Don Meyer stated he cannot forecast 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. Glotfelty stated Ray Burt, Dan Whelan, Tom Haas and
Don Meyer recommend accepting the bid. However he is
not of the same opinion and would rather gamble for
f� re -bidding in the summer.
Bielefeld moved 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 6.1383%
After much discussion 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; Bielefeld, Norene and
Steinbeck. Voting no; Hornaday and Malone.
MEETING ADJOUNRED 1:15 P.M.
Res ectfully submitted,
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Sharon Sterling, City`Clerk