HomeMy WebLinkAbout1973-12-06 Minutes numberedINUTES OF ADJOURNED COUNCIL MEETING
DECEMBER 6 1973
1;00 P.M.
The Iowa City City Council met in adjourned session on the 5th
day
1973 at 1:00 P.M. in the CouncilChambers of th ..vic
Cc:1t�r.
>1'.nccrs present: Brandt, Czarnecki 'Y 1:10), depro,se, il..
so::, :itc. Absent: None. Mayor Brandt presiding.
inn Mayor announced that this was the time set, for publ: c
U�"Cing on the Issuance of $150,000 Bridge Bonds and $450,C00
Construction Bonds'. There being now ritten or oral
cu,jections- to the issuance of the; bonds, the Mayor declared thu
.c.a,:incj closed."
Mayor Brandt called for all sealed bids. Thesewere hcic:
u:,oponed and oral bids were called for. There being no oral
' bid Ron .!orene, representative of Paul Speer & Associates, an.,
/70
,
' Jo-, Pugh, Finance Director, opened the bids. Dir. Norcn� no:.c :
Y
the ne;v triple A rating on the bonds. The bids were as foilc..S:
150,000 Bridge Bonds
Ia. Des Mloines Nat' 1. Bank & Becker & Cownie, Inc.'
R. C. Dickenson & Co.
Shearson, Hammill & Co. , Inc.
Cont' Ill. Nat'l.. Bank & Tr. Co. of Chicago
The Northern Trust Company
i!arris-Trust & Savings Bank
Virchner, Moore & Company
5ai.r., Eaiman & Quail, Inc. & Shaw,' McDermott & Co.
LaSalle National Bank
rst National Bank of Chicago
I1erchants National Bank of Cedar Rapids, Iowa :.
C.;;rleton D. Beh Co.
1450,000 Street Construction Bonds
Des Moines Nat'l. Bank & Becker & Cownie, 1,c.
Dick & Co.
:.i.larson, Fiarmiill & Co., Inc.
Cont. I11. Nat'l:. Bank & Tr. Co. of Chicago
Northern Trust Company
i5�,rris Trust & Savings 13an c
`.•!oore G Cor ;p�i:y
0;ii.n, Walman & Quail, Inc. & Shaw, McDermott & Co.
;7ational Ban;--.
rst National', Ban! -of Chicago
; i 2 cch111ts Nat'l. Flank of Cedar Rapids,, Iowa ,
Carleton D. Beh Co.
The 'Mayor announced a ton minute recess for the tabula Lion
o;: the bids.
Phe 'meeting reconvened with Mr. vorene announcing, Lhc;t(.
of 'iMorcilants National Bank of Cedar''Rapids, Iowa, at 4..('
toi: both bond issues were correct, and he recommended accepta,na�
cite bids.
It %-.raS moved by Hickerson and seconded by White
i:h :>ol tion Directing the Sale of $150,000 Bridge ,3a1a„ c .ru
$450,000 SLreot Construction Bonds to Merchants Natior.<,l 11al),
r?: Cedar Rapids, Iowa, at 1.10%. Upon roll call Brandt,
:: iecki, deProsse, 'Hickerson and White voted ' aye' . M.otion
Coi`ried. It was moved by White ],and seconded by deProsse to
rc; ur the bid 'checks to the unsuccessful bidders. Motion',
carriecT.
The Mayor requested that the meeting be moved into the
COf}fi'_rence ROOiI
The Mayor announced that this was the time set for Public
L 7 on the Estimate of Levy for Bridge Bond Tax for the
City of',Iowa City. Finance Director Joe Pugh advised that the
�: levy for 1975 would be $90,375 and,nor 1976,$78,075.
I�fO
being no persons present to speak for or against the
e:.;timate'of levy, the Mayor declared the hearing closed. Tt
;zoved by Hickerson and seconded by deProsse to accpt
Rosolu'tion Providing for Issuance of $150,000 of Bridge Bof;<i:, ,
,•evying a Tax to Pay Said Bonds. Upon roll call Csarnc.r:;: i
Piickerson, White' and -Brandt voted ' aye' Motion
.
r.:n •:icd.
'ii;e Mayor announced that this was the ti.mc set for i'u',:p;c
;k .ring on the Estimate of Levy for Street Construction Bond
or the Citv of Iowa City. Finance Director Joe Pupa
;c . ,ed that the tax levy for 1975 was $121,].25; 1976, $9U,' 'i 5:
$152,300 and 1975; $156,150. There being no persons
r,snnt to speak for or. against the estimate of levy, the
1:1 Lj�„r; tine hoar ing closed. It was moved by White
.::-� sc:•to aaopt the 3esolut1o,:. P_ovru__::(for .., .. _. .,
c• :60,000 Street Construction Bonds and Levying a Tax to
,i 1Jonds. Upon roll call deProsse, Hickerson, Whit r . ,...
Cd-,ornac::i voted 'aye'. Motion carried.
C:ity 'tanager Ray Wells explained` the necessity for t110
17 I
�'o );:don of the Resolution Accepting the 1974 Officir.l .,�r•::. c
/
ct. Doputy Director of Public Works, George Bonnet(:,
i
Page 3 Adjourned meetirc;
December 6, 1973
exc )I.:ined the changing of the budgetary year by the Statc,
i.nq in deletion of the year 1975. It was moved by
l.i �tsoa, and seconded by NRiite to adopt the Resol ticn.
Upon roll call Hickerson, White, Brandt and Czarnecki votL2d
loyc�', deProsse'voted 'no'. motion carried 4/1.
The Council decided to hear the preliminary report on tlic
ur.1an. Rene,:ial proposal during informal session.'
It was moved by deProsse and seconded by Ilickerson 'cnat
ci:ej rocaeting adjourn to informal session'. motion carried.
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