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F.XTRAC1 OF / , , , 0 : J 0 ? OF JANUARY 17, S968
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M i N U l r . S 0>F . i E SPECIAL M E L T I N G
OF THE
B O M ' ' ) OF TRUSTEES
THE J U N I O R COLLEGE DISTRICT OF
ST. L O U I S . ST i.O'Ji:. C O U N T Y , MISSOURI
WEDNESDAY, J A N U / Y ' Y ! 7 , £?63_- ]l:G0 A _ . M .
In accordance wiiJi Section ! . • ' . - of the District boatd Policies and Administrative
Organization M a n u a l , a special irsoor iivj of the fro aid o? Trustees oi The Junior College
District of St. Louis, Sr. Louis C o u n t y , Missouri was held on Wednesday, January 17, 1968
at 11:00 A . M . at the Centra! O f f i c e or ;he D i s n i c t , 7508 Forsyth B l v d . , St. L o u i s , Missouri.
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GENERAL F U N C T I O N S
1.1
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Roll C a l l
The Bouid President, M r . Joseph G . Stewart, c a l l e d the meeting to order at
11:03 A . M .
The f o l l o w i n g members were present:
Me s sr s .
Le; U: r C . G e \ I
G u y S. Ruffin
Joseph G . Stewart
Donald M . Witre
Board Members Mrs. Joseph C. Bastion and M r . G e r a l d V . Williamson were
unable to be present at tins meeting.
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BUSINESS A N D FINANCE.
5.1
Acceptance of bids on Series " A " and Series " B" (or the sale of the total of
5 1 0 , 0 0 0 , 0 0 0 of general obligation bonds and awarding the sale of Series " A "
and Series " B" to the successful bidder.
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The Secretary reported to the Poard that, as previously directed by the
Board, he had mailed to all interested banka, bend houses, and investment bankers
in the State of Missouri and ^lscwhfre printed copies of a "Notice of Bond Sale"
in relation to Ten Million Dollars ($10,000,000),of an authorized issue of
$47,200,000,Junior College Bonus of The Junior College District of St. Louis, St.
Louis County, Missouri, as authorized at a special election held in said District
on the l6th iiay of November, l'X55> and the Secretary further reported that to each
copy of the aforesaid "Notice of Bond Sale" there was attached -a printed form of a
Proposal for the Purchase of Ten Million Dollars ($10,000,000), of an authorized
issue of $47,200,000, Junior- College Bonds of said District.
The Secretary further
reported that, as previously directed by the Board, the aforesaid "Notice of Bond
Sale" was published one (1) time in The Bond Buyer, a financial journal published
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in the City of New York, State of New York.
The Secretary further reported that, pursuant to the aforesaid "Notice
of Bond Sale", there were filed with hira, at or before the hour of 11:00 A. M.,
Central Standard Time, on Wednesday, the 17th day of January, 1968, one (l) sealed
proposal for the purchase of the Six Million, Seven Hundred Fifty-four Thousand
Dollars ($6,75'* >000) in principal amount of bonds of Series A offered pursuant to
the aforesaid Notice and eleven (ll) scaled proposals for the purchase of the Three
Million, Two Hundred Forty-six Thousand Dollars ($3,2*16,000) in principal amount of
bonds of Series )3 offered pursuant to the aforesaid Notice, and the Secretary then
and there presented said sealed proposals to the Board.
Thereupon, the President
instructed the Secretary to proceed to open the aforesaid sealed bids and to read the
sane aloud in the presence and hearing of the Board and of the bidders assembled.
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The Secretary then proceeded to open the aforesaid bids, vhich are
summarized as follows:
YOR THE BQTOS Ol> SERIES A
NAME OF BIDDER
PATE OB' INTEREST
U. S. Commissioner of Education,
Department of Health, Education.
and Welfare of the Governor/!; of
the United States of Amei-ica
%
A240UNT
OF BID
liET INTEREST COST
$6,75*4,000.00
$2,833,920.00
AMOUNT
OF BID
NET INTEREST COST
FOR THE BONDS OF SERIES B
FOR EOI.'DS BEARING
INTEREST AT THE
RATE OR RATES OF
NAME OF BIDDER
^ P
%
*'£
3.80$
3.90^
H
$3,2*46,650.00
$1,1+90,875.00
1969
1970
1971-1966
1987-1988
U.03377$
^
6$
kcf>
k.io# $3,2146,129.00
$1,1499,596.00
1909-1972
1973
197^-1979
1980-195'+
1985-1988
Average Interest Rate: 14,0628$
%
h-l/2.%
3.90$
4$
k.lOjf, $3,21*6,217.00
$1,510,393.00
The Chase Manhattan Bank
National Association
and Associates
1969-1973
197k
1975-1977
1973-1931
1982-1988
Average Interest Rate: 4.0103$
Harris Trust and Savings Bank
and Associates
Average Interest Rate:
The Northern Trust Company
and Associates
Bankers Trust Company
and Associates
I969-I97I
1972
1973-1979
1980-1965
1986-1988
Average Interest Rate: k.Oo36U6^
A^
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6$
%
3-90$
h%
k.10$ $3,2U6,353.8i
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$1,510,701.19
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FOR TIB BONDS 0? SS3IES 3 - (Continued)
FOR 30;.T;3 BEARING
;
KAME OF BIPDER
iirrKH.;sT AT TKS
AMOUNT
NET E<TER-
R/..T1: OR RATES 0?
OF BID
EST COST
Mercantile Trust Company
1969-1970
National Association
1971
Glore Forgan, Wra. R. Staats,
1972-1985
Incorporated
I986-I96S
Morgan Guaranty Trust Company
ox" New York and Associates
Average Interest Rate: U.0679%
6£
5-1/2$
h^
k.lOi, $3,2U6,277.00
The First Boston Corporation
I960-197I
Bank of America N. T. & S. A.
1972-1984
and Associates
1985-1936
Average Interest Rate: 4.0697$
5-1/2,?
k%
U.ioj $3,246,811.50
$1,512,933-50
Halsey, Stuart & Co. , Inc.
and Associates
1969-1970
1971
1972-1983
1984-1988
4.0838-6
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u.io.i $3,246,000.00
$1,518,195.00
1969-1972
1973-197I4.
1975-1978
1979-1935
1986-1988
Average Interest Rate: 4.09488^
6>
4-l/u,',
3.9C'.i
4<£
4.io* $3,246,161.98
$1,522,315.52
/|£
Average I n t e r e s t Rate:
United C a l i f o r n i a Bank
and A s s o c i a t e s
$1,512,308.00
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Smith, Earney & Co. ,
196y-1972 5-3/4>,
Incorporated
1973-1977 3-9>3&
Stifel, Nicolaus & Company
1978-1982
4£
Incorporated
1983-1988
4.10& $3,246,639.^6
and Associates
Average Interest Rate: It. 1009$
Continental Illinois National
I969-I.972 5-3/V?
Bank and Trust Company
1973
h-l/2i3
of Chicago
1974-1977 3 . 9 ^
and Associates
I978-I982
hi
1983-1988
4. 10% $3,246,000.00
Average Interest Rate: 4.11271%
Lehman Brothers
I969-I972
Phelps, Fenn & Co.
1973-1982
and Associates
1933-1938
Average Interest Rate: 4. 1231%
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$1,524,553-04
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$1,528,91*2.50
61,
4£
4.102 $3,246,227.22
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$1,532,817.76
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Following the reading of the bids, the Board proceeded to concider the
came for the purpose of determining the beet; and most advantageous bid submitted
for each of the two (2) Series offered.
Thereupon,
Mr. Lester Geil
offered
and moved the adoption of the following resolution:
RESOLUTION TO ACCEPT BID FOR SIX MILLION, SEVEN
HUNDRED FIFTY-FOUR THOUSAND DOLLARS ($6,7^,000)
(FART 0? .^7,200,000 AUTHORIZED) JUNIOR COLLEGE
BONDS, SERIES A, C? THE JUNIOR COLLEGE DISTRICT
OF ST. LOUIS, ST. LOUIS COUNTY, MISSOURI, DATED
FEBRUARY 1, 1968.
WHEREAS, the bid and offer of the U. S. Commissioner of Education, Department of Health, Education,and Welfare of the Government of the United States of
America, for the purchase of Six Million, Seven Hundred Fifty-four Thousand Dollars
($6,75^,000)
(part of $1+7,200,000 authorized) Junior College Bonds, Series A, of The
Junior College District of St. Louis, St. Louis County, Missouri, bearing interest at
the rate of three per centum (3$) per annum, at and for the price and sum of Six
JiLllion, Seven Hundred Fifty-four Thousand Dollars ($6,75^,000) and accrued interest
to the date of delivery of said bonds, at a net interest cost of Two Million, Eight
Hundred Thirty-three Thousand, Nine Hundred. Twenty Dollars ($2,833,920), and at an
average interest rate of yjo is the highest and best bid made and offered for said
bonds:
NOW, THEREFORE, BE IT RESOLVED by the Board of Trustees of The Junior
College District of St. Louis, St. Louis County, Missouri, that the Six Million,
Seven Hundred Fifty-four Thousand Dollars ($6,75**>000) (part of $'+7,200,000 authorized) Junior College Bonds, Series A, of said District, dated February 1, 1968, bearing interest at the rate of three per centum (3$) per annum, shall be and the said
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bonds are hereby avarded end cold to the U. S. Commissioner of Education, Department
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of Health, Education, and Welfare of the Government of the United States of America
,! A;
at and for the price and cum of Six Million, Seven Hundred Fifty-four Thousand Dollars (4.6.75-* ,000) and accrued interest to the date of delivery of said bonds, at a
net interest cost of Two Million, Eigne Hundred Thirty-three Thousand, Nine Hundred
Twenty Dollars ($2,833,920) , and at an average interest rate of 3/b; oil in accordance with the terms of sale as contained in the "Notice of Bond Sale" and in the
"Proporal for the Purchase" of caiu bonds.
Mr. Donald Wiitc
seconded the motion to adopt the foregoing resolu-
tion, and, the question being put to a roll call vote, the result was as follows:
Those voting YES:
^ p
Those voting NO:
Messrs. Lesf-er C. Geil
Guy S. Ruffin
Joseph G . Stewart"
Donald M . Wifte
None
The motion having received the affirmative vote of all the members of the
Board present, the President declared the motion carried and the resolution adopted,
this 17th day of January, 1968.
Thereupon,
Mr. Donald Witte
offered and moved the adoption of the
following resolution:
RESOLUTION TO ACCEPT BID FOR THREE MILLION, TOO
HUNDRED FORTY-SIX THOUSAND DOLLARS ($3,2^)6,000)
(PART OF $«47j200,000 AUTHORIZED) JUNIOR COLLEGE
BONDS, SERIES D, OF THE JUNIOR COLLEGE DISTRICT
OF ST. LOUIS, ST. LOUIS COUNTY, MISSOURI, DATED
FEBRUARY 1, 1966.
WHEREAS, the bid and offer of The Chase Manhattan Bank National Association
and Associates for the purchase of Three Million, Two Hundred Forty-six Thousand Dol-
,;
lars ($3,246,000) (part of $^7,200,000 authorized) Junior College Bonds, Series B, of
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The Junior College District of St. Louio, St. Loula County, Missouri, bearing interest
as follows:
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Maturities
Interest Rates
I' ,
1969-1973 .
%
197';
it'/j
197^-1977
197^-1931
3 . ^
3.90^,
1902-19&8
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ct and for the price and sum of Three Million, Two Hundred Forty-six Thousand, Six
Hundred Fifty Dollars (:>">3,2'f6,6[30) and accrued interest to the date of delivery of
said bonds, >•>.;, a net ^uteres L, cost of One Million, Tour Hundred Ninety Thousand,
Eight Hundrei Seventy-five Dollars ($1,^93,875), and at an average interest rate of
i».0103/b is the highest and beet bid made and offered for caid bonds:
11C"., THEREFORE, BE IT HKGOLVJiD by the Board of Trustees of The Junior
College District of St. Louis, St. Louis County, Missouri, that the Three Million,
Two liundred 7trty-six Thousand dollars (S3,2h6,000) (part of .$^7,200,000 authorised)
|^ft
Junior College Bonds, Series B, of said District, dated February .1, 1968, bearing
interest as follows:
Mi ouritin3
1969-1973
Interest Rate3
%
1975-1977
3 97<i--l°3l
5.3o;£
3.90%
k%
I9o2-190e
chali be a.^i the said bonds are hereby av.-arded and sold to The Chase Manhattan Bank
Rational Association and Acsocit'-tea at and for the price and aura of Three Million, Two
Hundred Forty-six Thousand, Six Hundred Fifty Dollars ($3,2^6,650) and accrued interest
to the date :jf delivery of said bonds, at a net interest cost of One Million, Four Hundred Ninety Tnousand, Eight Hundred Seventy-five Dollars ($l,J+90>875), &Rd at an average <.,.-_
interest rate of ^.0103^; all in accordance with the tenna of cale as contained in the
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"ifotice of Bond Sale" and in the "Proposal for the Purchase" of said bonds.
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BE IT FURTHER RESC17SD that tlae checks of all unsuccessful bidders for
said bonds forthwith shall "t: returned to them upon their respective receipts therefor and that the check of the successful bidders shall be held uncached by the
Treasurer of said District, pending delivery of the said bonds in accordance with
the terms of sale and award.
Mr. Guy Ruffir,
seconded the motion to adopt the foregoing reso-
lution, and, the question being put to a roll call vote, the result was as follows:
Those voting YES:
|A
Those voting NO:
Messrs#
Lester C.Geil
Guy S. Ruffin
Joseph G. Stev/art
Donald M . Wirre
None
The motion having received the affirmative vote of all the members of the
Board present, the Presider.: declared the motion carried and the resolution adopted,
this 17th day of January, lf63.
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A D J O U R N A L NT
Upon n o t i o n by M r . G e i l , seconded by M r . Ruffin, end with the unanimous
approval of a l l members of the Board present, this meeting v/as adjourned at
12:00 N o o n .
Respectfully submitted,
Paul H . Connole
Secretary, Board of Trustees
The Junior College District of
St. Louis, St. Louis C o u n t y , Missouri
.41
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JUNIOR
COLLEGE
DisiRici
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S T _ _ L O i . J l j , ST. _LOUI'J5_CHJMTY, IM'-.'.'-. '.C.i
5P f C I A ! M i . L N N G
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PC': i ! D CM • TRUST • . ',
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At C O D A
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G ENjYR A L ! U N C I ' I O C 0 _
1.1
C o l ! to Older
1 .2
Roil C a l l
1.3
Minutes
1 .4
W e l c o m e t o G L > . sts
1 .5
h e a r i n g o f C h O o " ' , c r v PeCti^no
^_r2^_j!oL
The PiesioYr.l i c c a m n o n d ; op 1 ; C V J ! O t h e t c d O w i i v . ] :
2.1
G e t ' ' u c u ' e d P< ..nine
•• F.-id L; •indc^o*': Pi .'/••
•-
••.'ici,.inij L.tuins
G i i i i e s , J o h n : . , J r . - u - a c h i n g In o n i -- LV.gi .-.<•...•. i n y - r PC'. - 1 . 2 l \ --'• - 1 / 2 2 , o 3
G o u l d , Jum.v; 7 . -• i i ' . c j j ' i i i t j I n t e r n - Low L n h i - .
•:>. ,ni - 'v'.C/. - 1 2 h ' - - ' - 1, 22 o 3
J o n e s , Chen .es J. - i e a c hi (••'.• m f on> - A.r; - FYC- - 1 2 i V ~ o - 1 . .!, ; J
T i i u c h e ; , R o U - i i A . - W.-.:china. I n l e i , , - Cn;C:^•>;! i .
- I'PCC - 1/2 Y - 3 - 1/22,. o o
G i e e r , M a r l i n I : . - Tee-China, I n t e r n - Engineei i n a - F V C C - i / 2 I V - 3 - 1 / 2 2 / 6 8
K u r t z , H a d l e y H . - ' [ . . a c h i n g ! : e m - D: aft i n / , - P Y C C - 5 2 , 0 0 0 . 0 0 - 1, 2 2 / 6 3
W e n c k e r , Russell i: . - T e a c h i n g I n t e r n - L n g i m e i i i . • - F V C C - 1 , 2 V - 5 - 1 / 2 2 . 6 3
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BUSINESS A N D F I N A N C E
The President recommends
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i,.;|..iovul o f t h e f o l l o w i n g :
A ' . c c p t c u K ' f d l b i d , o n ' A M ; ^ " A " a n d Seiies " I ' " t o : I lie s O e o f the l o i a l oi
':-10 ,O0U ,0b'0 o i i j c i i e i o ! o! I g a l i o n bonds a n d a w a r d :ig t h e sale or Seiies " A "
a n d Seiies "15" t o the s u c c s s i u ! b i d d e i .
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