11/16/83 SP City Council MinutesS P E C I A L M E E T I N G 147.
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LeRoy E. McDoweU : P:O: Box 1035
M1yor ZiP 59901-1035
Ttlephone {4o6i 755i457
THE CITY OF K A L I S P E L L, MONTANA
November 15, 1983
S P E C I A L M E E T I N G
TO THE HONORABLE BOARD OF COUNCILMEN
CITY OF KALISPELL, MONTANA
GENTLEMEN:
There will be a Special Meeting of the City Council.W6dnesday, November. 16, 1983
at 5:00 P. M. in the Council Chambers at City Hall for the following purpose.
BID OPENING: STREET LIGHT BASES AND CONDUCTORS
We, the undersigned, being all of the members of the City Council, do hereby
waive notice of the date and purpose of the Special Meeting, of the City Council
to be held Wi-_�edday November 16, 1983 at 5:00 P. M. in the Council Chambers at
City Hall andconsent to the transaction of the above and any other business
that may properly come before the City Council.
S
LeRo owe11, Mayo
ATTEST:
Marjor' Giermann, Clerk -Treasurer y
ayle J. Vi 1
•G 1
yne . Sa erud
OUT.OF TOWN
Howard G. Grainger
Paul R. Palmer
Mayor McDowell presided. Councilmen Vidal, Grainger
and Zauner absent.
All other
Councilmen`: were present.
.OPEN BIDS = Street Light Trenching and Bases
Contract
Firm
Security
Number
Bid
C. PoWell Electric
Cashier's Check
3640A
$24,7T3.28
Harp Lane Constructors Co.
Bid Bond
2420A
$18,480..00
Councilman Nystul moved to refer
the bids to the Finance Committee with.power
to act.
Seconded by Councilman.Saverud.
Motion carried.
„-'14$.
RESOLUTION #3504
Councilman Nystul"Moved 'to adopt Resolution"4"3 04 a,resolution authorizing the sale .
of bonds for StreetLight TrencLnc and :Bases. Seconded by Councilman Saverud.. Roll'
call vote. All voted -.aye:.:..
Finance"Director"Swanson presented theollowinc� proposals for our Repurchase` Agree-
ment for 'the next year
T6: FINANCE COMMITTEE
FROM: 'Bill Swa'nson;'Finance Director .
RE: Daily,Investment Bids
Please be advised "that 'the "f61lowing Banks. have subiftxtted:Bids fou our Daily
Investment, Program! all Bids ;are :for- a' Maturity Date of.One (1) Year.
FACED RA'�E.: DAILY RATE
NORWEST BANK” 9.30"%" 90% of Daily Fed Rate,
Est Interstate, Bank .. 8.50 7v i.point below fed rate
lst Security Bank 9.25 7v .1.4 Points below Fo-d 'Rate
Valley "Bank 9.02 7 63% of Daily` Fed RAte
'
Last year we were;. at a fixedrate of,: 4".375%. Also last year the average 'Dail,y _
Fed"Rate averaged out to 9.75%. 5inrme.-all banks bid i point below the Fe44.Rate
-
last year, we gained on our 'Investment Program by 'using a Fixed Rate. I -estimate
that the same will : hold true. agaiai tW. s " year.:`
The total Intierest:-Earned through, bdr Daily 'Re -Purchase Program last year amounted
to $107,582.35.
After discussion soff..anticipated increase..�;or decrease in interest rates for next
year..Counci`lman,Ny: ul moved'to"accept the fixed.rate of 9.3% proposed by Norwest
Bank. Agreemenf.;to°run through ll/,30%83. Seconded:by Councilman Saverud. Council-
man Palmer vo.t`eb nay,.' All. others' voted~:aye. Motion''.carried.
Councilman Palmer.mo.v,ed to adjourn:: Seconded byCouncilman Saverud. ;Carried..
Meeting adjourned at; 5.:'15 P. M:
Approved as.presented Aecernber . 1989
o McDowe
ATT.E$T. ;..
Marjorie' iermann,;Clerk,Treasurer
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