M I N U T E S O F THE REGULAR M E E T I N G
O F THE
B O A R D O F TRUSTEES
THE J U N I O R C O L L E G E DISTRICT O F
ST. L O U I S , ST. L O U I S C O U N T Y , M I S S O U R I
W E D N E S D A Y , O C T O B E R 5 , 1966 -
I 1:00 A . M .
Pursuant to recess t a k e n at its r e g u l a r m e e t i n g on M o n d a y , September 2 6 ,
1966,
rhe Board of Trustees of The J u n i o r C o l l e g e D i s t r i c t of St. L o u i s , St. Louis C o u n t y ,
M i s s o u r i , met on W e d n e s d a y , O c t o b e r 5 ,
1966, at 11:00 a . m . , at the C e n t r a l O f f i c e of
the D i s t r i c t , 7508 norsyth 3 i v d . , St. L o u i s , M i s s o u r i .
I.
GENERAL
FUNCTIONS
The Board President, M r .
Joseph G .
S t e w a r t , c a l l e d the m e e t i n g to order a t 11:02 c m .
The f o l l o w i n g members w e r e p r e s e n t :
Mrs.
Joseph C .
Bastian
Messrs.
Lester C.
Geil
Gerald V.
Boara member D o n a l d M .
Williamson
W i t t e , was not oresen* due to a business c o m m i t m e n t .
A l s o present were M r . J o h n Robertson, V i c e President for Business; M r s .
Jane C a l a i s , A " . , i ;:fe C o o r d i n a t o r , Business-Treasurer; M r .
Coordinator,
Trustees;
Physical F a c i l i t i e s ; M i .
L a w r e n c e F.
Mary
O'Neill,
Paul H . C o n n o l e , S e c r e t a r y of the Board of
M r s . Dolores B. T y g a r d , C o m m u n i t y Relations Assistant — a l l of The Junior
C o l l e g e District staff.
Messrs. Bruce E. W o o d r u f f of the f i r m of A r m s t r o n g ,
Kramer and V a u g h a r . , counsel ''or i ' i " D i s t r i c t ; Car i Trouern i c h t ,
Teasdale,
':•!., ana C a r l Trauc-i m c r . ' ,
Jr.,
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Welcome to Guests
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The Board President welcomed Mr.
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David Spitre-, reporter from the St. Louis Post-
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Dispctch, and representatives from the various inve;—ent firms bidding on the sale of junior
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college bonds.
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8
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BUSINESS A N D FINANCE
Bid Opening For Sale of $10,000, OS1' of Junior College District Bonds
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The Secretary reported to the Board tr.at, as previously directed b y the
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Hoard, he had mailed to all interested bar./.s, bond houses, and investment bankers
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in the State o f Missouri and elsewhere printed :opies o f a "Notice o f Bond S a l e "
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in relation to T e n Million Dollars ($10,000,00;;. (part of $'.7,200,000 authorized)
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Junior College Bonds o f The Junior College District of St. Louis, S t . Louis County,
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Missouri, as authorized at a special election held in said District on the loth day
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of November, 19&5, and the Secretary further retorted that to each copy of the afore-
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said "Notice o f Bond Sale" there was attached a. printed form of a Proposal for the
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Purchase of 510,000,000 Junior College Bonds c:~ said District.
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ther reported that, as previously directed by ~ze Board, the aforesaid "Notice o f
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bond Gale" was published one time in The Bond r_yer, a financial journal published
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The Secretary fur-
Tr.c Secretary farther reported thai, pursuant to tr.e aforesaid "Notice
o:' I/.r.d Sale," there were filed with him
'--••'li;.;..'.
} at
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c? before the hour of 11:00 A.M., Centra.:
';.--:•, .., Wednesday, the 5th day of Cr. :ber, i960,
eight
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)
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scaled prop;sals for the purchase of said bonis, and the Secretary then ann there
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presented sa^o. sealed proposals to the Board.
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the Secretary to proceed to cpen the aforesaid sealed bids ar.c to read Lhc sa.v.e alou..
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i;. tne presence and hearing of the board ana 0: ::.e bidders assembled.
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Thereupon, the President instructed
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M r . C c i Trauernicht, Sr., bond counsel for the District, then proceeded to open
the oforescic: olds, which ore summarized as follows:
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Names of Bicaers
For Bonds Bearing
Interest At the
Rate or R.jtes of
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L e h m a n Brot-.ers
Smith, Barney &
C o . , Inc.
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Amount
C f Bid
Net
Interest
Cost
Average
Interest
Cost
1968-71 5 - 3 / 4 %
1972
4-3 7 8%
1973-86 3 . 9 0 ° ,
$10,001,200.00
$4,510,388.13
3.9804%
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The Chase Vannattan
Bank, N . A . , Manager
and Associates
1968-71 5 . 9 0 %
1972
4.10%
1973-86 3.90%
SiO,000,551.00
S4,511,279.00
3.9811%
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Mercantile T-,st
Company Ncnonai
Association
1968-71 5 . 9 0 %
!972
4.25%
1973-86 3 . 9 0 %
SO, 000,077.00 S4,515,218.00
3.9846%
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The N o . t h e - Trust
Company
1968-71
1972
SIO,000,101.00
3.98565%
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The First National
Bank of Chicago
Harris Trus* and
Savings Bar,K
1968-71 5-3.• / 4%
1972
5%
1973-86 3 . 9 0 %
SiO,000,333.63 $ 4 , 5 2 5 , 6 9 2 . 0 0
3.993903%
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Continental Illinois
National Ben-, and
Trust Compcn,. of
1968-71 5 - 7 / 3 %
1972
5%
1973-86 3 . 9 0 -
$10,003,371.00
$4,528,149.94
3.99607%
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H c i s e / , St..--- &
1968-72 5%
i 10,003,300.00 $4,538,847.50
4.00551%
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Associates
1982-86 3 . 9 0 %
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The First %>-o-
1968-70 6%
5.90%
4.30%
$4,516,349.00
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$10,002,300.00 $4,582,525.00
4.044058%
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Following t h e r e a d i n g of t h e b i d s , t h e 3oard proceeded t o c o n s i d e r t h e
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r.aae for t h e purpose of d e t e r m i n i n g t h e b e s t and n e s t advantageous b i d s u b m i t t e d .
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'fnereupon,
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resolution:
Trustee Williomson
o f f e r e d and moved t h e adoption of t h e
H/..J^.'li$
($10,000,000) (?AKT C? $ " ' ' , 2 0 0 , 0 0 0 A~CZr~?.ZZ~£.D)
JUNIOR COLLEGE 30i.L3 OF ?:~Z JUNIOR COLLEGE DISTRICT
8^*9*1
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•HHSBS
SS*
ST
"
L0UIS
'
,ST
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following
CGU.TTY, MISSOURI, DATED
"*• * " - £ • / r
HX<- *" -*^V-""v
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WHEREAS, t h e b i d arid o f f e r of
Lehman Brofhe-s Smith. Barney & C o . , Inc.
. ,.
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f o r the purchase of Ten M i l l i o n D o l l a r s ($10,000,000) •[z&rt of $U7,2CO,000 a u t h o r i z e d ) J u n i o r College Bond3 of The J u n i o r C o l l e g e D i s t r i c t of. S t . L o u i s , S t . Louis
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County, M i s s o u r i , o e a r i n g i n t e r e s t as f o l l o w s :
•Sana
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Maturities
I n t e r e s t Rates
1968-1971
f-3/4%
1973-1986
2.90%
a t ar.j. for t n e p r i c e and sum of
Tr-n Million One Thousc-d Two Hundred Dollars
(S i 0 , 0 : 1,200.00
)
and
accruec
i n t e r e s t t o t h e d a t e of d e l i v e r y of s a i d b o n d s , a t a .-.£-. i n t e r e s t c o s t of
Four Million, Five Hundred Ten Thousand, Three Hundred and £. : ghty-£ight Dollars
{<• 4,510, 388. 13
) , and a t an average i n t e r e s t r a t e :;'
h i g h e s t '.;.: b e s t b i d ir^.de and o f f e r e d for cuid bonda;
3 . 9804
and Thirteen Cents
# , i : ; tr.-.-
•••MIMMMMIHHIIIIIIIJ^IIMIIUIIHIIHIIMIII HililllilMllHHHmiWtfii'iimill'IMMIiriVwl^ ''^•nrMh'Tfirf^J'-r^rTtt1tfm«rim
11" '" • •
"' '"'"'
•—->-—.—- •.. — ^,yh_,.ii_„^.,-^_>___y—_^_b_. *•_..._• i n
,
KOW, THEREFORE, BE IT 5SS0LVED by t h e 3oard of T r u s t e e s of The J u n i o r
C r l l e ^ e D i s t r i c t of S t . L o u i s , J--. Louis County, M i s s o u r i , t h a t t h e Ten M i l l i o n
D o l l a r s ($10,000,000) ( p a r t of i-" 7 ,200,000 a u t n o r i z e d ) J u n i o r C o l l e g e Bonds of
said
D i s t r i c t , dated November 1, _Co:. r e a r i n g i n t e r e s t as f o l l o w s :
Maturities
Interest
1968-1971
1972
1973-1986
5-3/4%
4-3/8%
3.90%
6.-.a 11 be and trie s a i d bonds a r e hereby awarded and s o l d t o
6T,,"V,
& Co.,
Rates
Le.irnan Brothers Crnif'.,
Inc.
,
at and for the p r i c e and sum of
($
Ten Viiiion Cne Thousand Two Hundred Dollars
- X) 1,200.00
) ajid a c c r u e d i n t e r e s t t o t h e d a t e
of d e l i v e r y of s a i d bonds, a t a ;.*c i n t e r e s t c o a t of Four Million, Five Hundred Ten Thousand
^
Three Hundred and Eighty-Eight Dolls- :nd Thirteen Cents
at an average i n t e r e s t r a t e of
-; - 930 4
($ 4 , 5 1 0 , 3 8 8 . 13
) , and
%; a l l i n a c c o r d a n c e w i t h t h e terms
of s a l e as c o n t a i n e d in t h e "Nct::-s of Bond S a l e " and i n t h e " P r o p o s a l for t h e
Purchase" of s a i d bonds.
3E IT FURTHER RES0LVEI: - _ a t t h e checks of a l l u n s u c c e s s f u l b i d d e r s
for
c a : c bonds f o r t h w i t h s h a l l be re*. _-aed t o them upon t h e i r r e s p e c t i v e r e c e i p t s
ir.^r^-
:Vr, and tr.ut the check of t h e r . : ^ e 3 s f u l b i d d e r s s h a l l be h e l d uncashed by t h e
T r e a s u r e r of s a i d D i s t r i c t , per.d.:^ d e l i v e r y of t h e s a i d bonds i n accordance with
tr.c tc-r_s of cu.c
v.-.d award.
'•'r. Lester C. Gei I
l u t i o n , and, t h e q u e s t i o n being p.:
seconded t h e n o t i o n to adopt t h e forc 0 _ _r.^
t o a r o l l c a l l v o t e , t h e r e s u l t was as
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follows:
•
tjMb.
Those v o H n g YES:
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M r s . Joseph C .
Mes^s.
Those v o t i n g N O :
Bastion
Lester C .
Geil
Joseph G .
Stewart
Gerald V.
Williamson
None
The n-orion h a v i n g r e c e i v e d the affi.-ma-i -e v o t e of a l l the members of the Board p r e s e n t ,
t i e Presice-- f of the 8oard d e c l a r e d tne m o t ! " c a r r i e d ana the r e s o l u t i o n a d o p t e d , this 5 t h
Say of O c ^ o c o r ,
1
1966.
D r . Ccsanc c r r i v e d at rhe m e e t i n g at i >:23 a . m . , after a t t e n d i n g a p r e v i o u s c o m m i t m e n t .
5.2
A c c e p t a n c e O f Bid For Printing
'.'ontage"
in a c c o - d a n c e w i t h Board a c t i o n taken cr irs September 2 6 , 1966 m e e t i n g , , the error i n
s o e c i f i c a t i o n s for p r i n t i n g of the " / V e n t a g e " r--~wspaper at the M e r a m e c Campus was c o r r e c t e d and
new bids were r e c e i v e d for said w o r k , in a c c o r a a n c e w i t h Board p o l i c y .
Mr.
Robertson, V i c e President for Business, requested the Board a c c e p t the b i d
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and
a w a r d an order to M i d - T o w n P r i n t i n g Compcr-y for the p r i n t i n g of the " M o n t a g e " newspaper
for a cost or $ 4 , 2 5 6 . 0 0 .
W h e r e _ „ o n , on m o t i o n by M r .
R u f f i n , seconded by M r .
W i l l i a m s o n , and w i t h the
aye v o t e o' ail members of the Boaid present, •' was
RESOLVED, Thar The J u n i o r C o l l e g e D i s v i c t a c c e p t the b i d and a w a r d an o i d e r
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to M i d - T o w n P r i n t i n g C o m p a n y for the p - H t i n g of t h e " M o n t a g e " newspaper for the
Merc.mec C o m m u n i t y C o l l e g e Campus o - ' me D i s t r i c t , for a t o t a l co^t of $ 4 , 2 5 6 . 0 0 .
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In acvo- dance w i t h
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Board a u t i i o r ! r a t i o n cr the last m e e t i n g of the B o a r d , M i . Poberf;----
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r e p o r t e d thcr aids had b e e n r e q u e s t e d for the c o n s t r u c t i o n of a sign for e a c h of the three
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campuses, e r a further t h a t these signs w i l l ce t a i n t e d a r c h i t e c t ' s renderings of the c o m p l e t e d
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the United States where a c:~prehensive junior college program of this magnitude is being
taught, especially as relate:: ro the technical education programs, and where such programs
have complete C i t y and C o . - t y support.
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The Board commended '.'-s. Tygard on her outstanding accomplishment in stimulating
NBC interest in the St. Lo~': Junior College District.
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5
ADJOURNMENT
Board President Stewar* -sked if rhere were any further business to come before the
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Board.
There was not, one .ccn motion by Mrs. Bastion, seconded by M r . Ruffin, and
w i t h the aye vote of all me-cc-rs of ihe Board present, at 10:50 p . m . this meeting
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was recessed until October 5. 1966 at 1 1:00 a . m . at the Central O f f i c e of the
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District.
Respectfully submitted,
Paul H. Connole
Secretary, Board of Trustees
The Junior College District of
St. Louis, St. Louis County, Missouri