HomeMy WebLinkAbout820420.tiff RESOLUTION
RE: THE MATTER OF INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR
PILLSBURY COMPANY
WHEREAS, the Board of County Commissioners of Weld County,
Colorado, pursuant to Colorado Statute and the Weld County Home
Rule Charter, is vested with the authority of administering the
affairs of Weld County, Colorado, and
WHEREAS, on the 21st day of April , 1982 , at the hour of
10 : 00 A. M. , the Board of County Commissioners conducted a public
hearing regarding this request and said hearing was continued
to May 12 , 1982 , at 10 : 00 A. M. , and
WHEREAS, the Board of County Commissioners did reconvene
said hearing on May 12 , 1982 , at 10 : 00 A. M. , and the applicant
was not present or represented, and
WHEREAS , the Director of Finance and Administrative Services
recommended either of the following two options :
1. Consider application now ;
2. Table indefinitely, and
WHEREAS, the Board of County Commissioners, after due
diligence, determined that said request should be denied due to
lack of sufficent information.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Com-
missioners of Weld County, Colorado, that the Industrial Development
Revenue Bond request submitted by Pillsbury Company be, and hereby
is, denied for the reason that the Board lacked sufficent information.
BE IT FURTHER RESOLVED by the Board that if the applicant
wishes to pursue the bond issue, at a future date, they may submit
a new application which will be processed accordingly.
The above and foregoing Resolution was , on motion duly made
and seconded, adopted by the following vote on the 12th day of
May, A. D. , 1982 . BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
Jo T.T. Martin, Chairman
�� EXCUSED
ATTEST: C uck Carlson, Pry o Tem
WELD COUNTY CLERK AND RECORDER Norman Carlson
AND CLERK TO THE OABD K/TJ(4- f„
�� ,11A 820420
D uty County C k ne K. S`tein�
OR11: J
c - ��--� ,�,
l,p
County Attorney W/Q7
C1rrl *107 DATE PRESENTED: MAY 17 , 1982
A public hearing was conducted on May 12 , , 1982 at
10 : 00 A.M, with the following present:
JOHN MARTIN CHAIRMAN
CHUCK CARLSON PRO TEM , EXCUSED
NORMAN CARLSON COMMISSIONER
BILL KIRBY COMMISSIONER
JUNE STEINMARK COMMISSIONER
Also present:
ACTING CLERK TO THE BOARD, JEANNETTE ORDWAY
==€fSSTSTANT COUNTY ATTORNEY, THOMAS O. DAVID
PLANNING DEPARTMENT REPRESENTATIVE, NO ONE
DIRECTOR OF FINANCE AND ADMINISTRATIVE SERVICES, DONALD WARDEN
The following business was transacted:
I hereby certify that pursuant to a notice dated April 5 , 1982 , duly
published in the Johnstown Breeze on April 8 , 1982 , a public hearing
was held on the request of Pillsbury Company for Weld County to issue
$3, 000 , 000 Industrial Development Revenue Bonds. On April 21,
1982 the Board of County Commissioners conducted said hearing. A
motion was unanimously made to continue this hearing to May 12 , 1982
at 10 : 00 A. M. Today the Board convened said hearing. The applicant
was not present or represented. Mr. Warden commented on his letter,
dated April 28, 1982 addressed to Gary Crabtree, George K. Baum & Company,
Inc. , 621 Seventeenth Street, Suite 2800 , Denver, Colorado 80293 .
The letter stated that due to the recent event of Wickes filing for
bankruptcy, the Board of County Commissioners would like to receive a
letter from Pillsbury directly indicating that they wish to proceed with
the Industrial Revenue Bond issue associated with the acquisition of
Wickes facilities in Weld County. Mr. Warden added that to date
he had not received a response from Mr. Crabtree, the bond counsel ,
or Pillsbury Company. Mr. Warden stated that the Board has two options
as follows : 1. consider application now or 2 . table indefinitely.
After discussion, Commissioner Kirby made a motion to deny this request
due to insufficent information. Commissioner Steinmark seconded the
motion and it carried unanimously. The meeting was adjourned at 10 : 15 A.M.
1 ) ; .
i' 1.--kii i. /1r1r��t;z:
IRMAN
BOARD OF COUNTY COMMISSIONERS
ATTEST:N-11,--, .(, .n . . ..41 .e,'w Kati'
WELD COUNTY CLERK AND RECORDER
AND
O
CLERK TO THE BO
(1-6-
eputy County Cler
DOC # 82-16
TAPE# 82-33
=IC ORDINANCE #107
A public hearing was conducted on April 21, , 1982 at
11:15 A.M. , with the following present:
JOHN MARTIN CHAIRMAN
CHUCK CARLSON PRO TEM, Excused
NORMAN CARLSON COMMISSIONER
BILL KIRBY COMMISSIONER
JUNE STEINMARK COMMISSIONER
Also present:
ACTING CLERK TO THE BOARD, JEANNETTE ORDWAY
-ASS-I-S-TAN-T- COUNTY ATTORNEY, THOMAS 0 DAVID
-P₹aiiii- N6r33EPA-RPS4ENT -REP-RESENTAIPIWE,
DIRECTOR OF FINANCE AND ADMINISTRATIVE SERVICES, DONALD WARDEN
The following business was transacted:
I hereby certify that pursuant to a notice dated April 5, 1982, duly
published April 8, 1982 in the Johnstown Breeze, a public hearing was held on the
request submitted by Pillsbury Company for industrial development revenue bonds.
Mr. Warden reviewed this request and added that it meets Weld County's requirements
pursuant to Ordinance #69 A. The Town of LaSalle has approved said request.
Mr. J. Gary Crabtree, vice president for George K. Baum & Company the bond counsel,
was present. Mr. Crabtree informed the Board that Pillsbury Company is in the
process of negotiating with the Wickes Corporation for the acquisition of a portion
of their operations and assets to include certain facilities located in Weld
County, Colorado. The principal facilities under consideration are the bean
packaging plant and related facilities located in LaSalle, Colorado and the
dry bean elevator, processing plant and related facilities located in Greeley,
Colorado. The Industrial Development Revenue Bond application is for $3,000,000
for the Weld County facilities. Of the $3,000,000 only a portion of this amount
would be utilized for the purchase of existing facilities and the balance would be
available for expansion and upgrading of present facilities. Such bonds, if
utilized, may, therefore, be issued in more than one series. The use of Industrial
Development Revenue Bonds to acquire existing operations from a company that may be
experiencing some financial difficulty was requested by Pillsbury Company. Mr.
Warden stated that the Greeley City Council has recommended that this request be
denied based upon insufficient information. The Council questioned the need for
the bonds since Pillsbury Company profits are so high. Mr. Crabtree stated that
he did not attend the session conducted by the Greeley City Council. Mr. Crabtree
questioned why a company would be penalized just because they are successful and
in good standing. After discussion, Commissioner Kirby made a motion to table
action on this matter until May 12, 1982 at 10:00 A. M. Commissioner N. Carlson
seconded the motion and it carried unanimously with all four Commissioners voting
yea.
• C IRMAN
a4 ..? ti BOARD OF COUNTY COMMISSIONERS
ATTEST:
WELD COUNTY CLERK AND RECORDER
AND CLERK TO THE BOARD
Y
puty County Cl k
DOCKET# 82-16
TAPE# 82-28
ttift Ordinance # 107
NOTICE
PUBLIC HEARING
INDUSTRIAL DEVELOPMENT REVENUE BONDS
FOR PILLSBURY COMPANY
Docket 82-16
NOTICE IS HEREBY GIVEN of a hearing before the Board of County Commissioners of
Weld County, Colorado, on the 21st day of April , 1982, at the hour of 10:00 A.M.
in the Weld County Commissioners hearing room, first floor, Weld County Centennial
Center, 915 10th Street, Greeley, Colorado, for the purpose of considering the
application from Pillsbury Company for Weld County to issue $3,000,000 in
Industrial Development Revenue Bonds. The proposed bond issue is to acquire Wickes
bean storage, packaging, and related facilities in Greeley and LaSalle, Colorado.
This procedure is in accordance with the 1967 County and Municipality Development
Revenue Bond Act, Section 29-3-101, et seq. , CRS 1973 as amended.
Copies of the application for Industrial Development Revenue Bonds are on file in
the Office of the Clerk to the Board of County Commissioners located on the 3rd
floor, Weld County Centennial Center, 915 10th Street, Greeley, Colorado, and may
be inspected during regular business hours.
Following the close of the public hearing, the Board of County Commissioners will
consider whether or not to proceed with the issuance of Industrial Development
Revenue Bonds.
All interested parties under the law will be afforded an opportunity to be heard
at said hearing.
This notice given and published by order of the Board of County Commissioners,
Weld County, Colorado.
DATED: April 5, 1982.
THE BOARD OF COUNTY COMMISSIONERS
BY: MARY ANN FEUERSTEIN
COUNTY CLERK AND RECORDER AND
CLERK TO THE BOARD OF COUNTY
COMMISSIONERS
BY: Jeannette Ordway, Deputy
PUBLISHED: April 8, 1982 in the Johnstown Breeze
AFFIDAVIT OF PUBLICATION
THE JOHNSTOWN BREEZE
STATE OF COLORADO
) ss
COUNTY OF WELD
I, Clyde Briggs, do solemnly swear that I
nail am publisher of The Johnstown Breeze;
that the same is a weekly newspaper
t NE-NEV N of a: printed, in whole or in part, and published
triter!erifted
in the County of Weld, State o£ Colorado,
tm haft of and has a general circulation therein: that
Cou r9 said newspaper has been published
-WNd COWS rSdy I continuously and uninterruptedly in said
Gtr Rt6for the County of Weld for a period of more than
fifty-two consecutive weeks prior to the
t' Yield Countyfirst publication of the annexed legal notice
Aoo In Industrialat or advertisement; that said newspaper has
Tee ttold Imo le to been admitted to the United States mails as
heBl�ii second-class matter under the provisions of
edo. the Act of March 3, 1879, or any
Kest` , 16°°wasa a amendments thereof, and that said
Bee newspaper is a weekly newspaper duly
lot . .'.100,' 1979. a qualified for publishing legal notices and
advertisements within the meaning of the
'°1 the aFtMoatton forOevelaws of the State of Colorado.
on the In Inethe Revenue That the annexed legal notice or adverbs e
the Iters
° °fpm ment was published in the regular and
Ben aYd ld County
Cwter, eta With entire issue ..f every number of said weekly
Cbgllpedo newspaper for the period of 1 consecu-
tive insertions; and that the first
F does
publication of said notice was n the issue of
the Bow t said newspaper dated y,: .. ., A.D. 19.V4
not to PrOoeed with and that the last publication of said notice
Reval
enue De was in the issue of said newspaper dated
, A.D 19
Alt earths under the In witness whereof I have hereunto set
led,, be afforded an
roed
whnrdatwe my hand this ../..y day of�...rr ,
A.D. 1942
This - 0M n end published
of Me Board of County
Weld County,'
4;45-,‘ . .,
DA 5;01982. Publisher
Ottti BOARD OF COUNTY
COMMISSIONERS
BY: MARY ANN Subscribed and sworn to before me, a
FEUEaSTEID Notary Public in and for the Cunt of
JIBCOCOUNTY CLERK AND y
ItDER AND CLERK We • Late of Colorado, this �i.A'day of
TO BOARD OF COUNTY +
COMMISSIONERS A.D. 19 c.,,,-.)
By: Jaapnette Ordway, Deputy -
)�
PUBLI • �111.2 In the . + ,
to Board `�J- t _ _ / Notary Public.
d
My , mm.ssion expires = • "1i }�"
4
S
/ �e 4a La/It �€s'ta TOWN HALL
QP. 17 LA SALLE.COLORADO 80645
♦% 119 MAIN P.O. BOX 7
1r-- 1;,,,om,.. • O PHONE: 303-284-6931 lillpQPORAIE�
VI CtIUM11 Ill. VIIIIEti
March 26, 1982 14 . - -
4 ) 14112
OREELEY• GDS
Weld County Board of Commissioners
PO Box 758
Greeley, Colorado 80632
Dear Commissioners:
The Town of LaSalle Board has been approached by Mr. Gary Crabtree, a
representative for George K. Baum & Company, concerning the issuance of
Industrial Revenue Bonds for the Pillsbury Company to aid Pillsbury in
their purchase of the Wickes Agriculture facilities in LaSalle and Greeley.
The Town Board expressed it's unanimous support of the issuance of Industrial
Revenue Bonds for the Pillsbury Company. However, they also felt, that since
the Town has no established procedural standards, the issuance of these Bonds
should be done at the County level.
Since Mr. Crabtree is scheduled to appear before your body, the Town wishes
to make their support known at this time.
Respectfully,
Bruce C. Kamada
Mayor
cc: Gary Crabtree
Don Warden
OFFICE OF FINANCE & ADMINISTRATION
PHONE (303) 356-4000 EXT.218
P.O.BOX 758
GREELEY,COLORADO 80632
yolk
COLORADO o 6Ni►
April 28, 1982 r: el, )
Gary Crabtree
11 MAY 12 7982
George K Baum & Company, Inc.
621 Seventeenth Street, Suite 2800 ��EY coto
Denver, CO 80293
Dear Gary:
Due to the recent event of Wickes filing for bankruptcy, the Board of County
Commissioners of Weld County would like to receive a letter from Pillsbury
directly indicating that they wish to proceed with the Industrial Revenue
Bond issue associated with the acquisition of Wickes facilities in Weld
County. The Board of County Commissioners is very hesitant to consider the
issuance of an inducement resolution without a specific letter from an of—
ficial in Pillsbury indicating to proceed. If Pillsbury is unwilling to
issue such a letter indicating that they wish to proceed with the consideration
of an inducement resolution, I would suggest that we suspend indefinitely
consideration of the inducement resolution until such time as Pillsbury formally
notifies Weld County, in writing, that they wish to proceed.
If you have any questions regarding this matter, please do not hesitate
to contact me at 356-4000, extension 218.
Very truly yours,
i , I/
II
J / I '.
Donald D. Warden, Director
Finance and Administration
DDW/ch
OFFICE OF FINANCE & ADMINISTRATION
PHONE 1303)356-4000 EXT.218
P.O. BOX 758
GREELEY,COLORADO 80632
O
•
COLORADO
May 12, 1982
Gary Crabtree
George K. Baum & Co. , Inc.
621 17th Street, Suite 2800
Denver, CO 80293
Dear Mr. Crabtree:
This is to advise you that, at the continuation of the Industrial Revenue Bond
hearing for Pillsbury on May 12, 1982, the Weld County Board of Commissioners
denied the application for Industrial Revenue Bonds for Pillsbury due to the
uncertainty of the transaction with Wickes and insufficient information concern-
ing the acquisition. Once the transaction between Wickes and Pillsbury is
clarified and Pillsbury wishes to proceed with consideration of an Inducement
Resolution for Industrial Revenue Bonds, a new application can be submitted
through the normal procedure specified in Ordinance 69-A.
If you have any questions in this matter, please do not hesitate to contact
me at 356-4000, extension 218.
V ry truly yours,
1 .cAll� I
W a/ ..
onalLjad D. Glarde , Director
Finance and Administration
cc: Board of County Commissioners
irk to the Board
City of Greeley
Town of LaSalle
•
APPLICATION TO WELD COUNTY, COLORADO
INDUSTRIAL DEVELOPMENT REVENUE BONDS
[The Pillsbury Company Project(s) )
Submitted for the
Pillsbury Company
by :
GEORGE K. BAUM & COMPANY
Suite 2800
(First National Bank Building)
621 Seventeenth Street
Denver, CO 80293
(303) 292-2332
APPLICATION TO WELD COUNTY, COLORADO
INDUSTRIAL DEVELOPMENT REVENUE BONDS
[The Pillsbury Company Project(s) )
TABLE OF CONTENTS
COVER LETTER - George K. Baum & Company
LEGAL OPINION LETTER - Kutak, Rock & Huie
MARKETING LETTER, FINANCIAL STATEMENT &
CORPORATE CLIENT LIST - George K. Baum & Company
LETTER - Town of Louisville , Colorado
II 1981 ANNUAL REPORT - The Pillsbury Company
(A copy of this report has been included along with
the Application and should be reviewed in its entirety
for a more complete understanding of the Company and
its financial status . Copies of certain pages of
this annual report have been included herein. )
Consolidated Statement of Earnings
Consolidated Balance Sheet
Consolidated Statement of Changes in
Financial Position
Ten Year Financial Information
Directors
Corporate Officers
III SUMMARY FINANCIAL REPORT FROM MOODY' S HANDBOOK
OF COMMON STOCKS, Winter Edition 1981-1982
STOCK RATING FROM STANDARD & POOR' S CORPORATION
STOCK GUIDE, March, 1982 Edition
BOND RATINGS FROM STANDARD & POOR' S CORPORATION
BOND GUIDE, February, 1982 Edition
IV DISCUSSION OF LIST OF ASSETS TO BE PURCHASED
DISCUSSION OF PROPOSED REPAYMENT SCHEDULE
FORM OF INDUCEMENT RESOLUTION
George K. Baum & Company
INVESTMENT BANKERS
MEMBER OF SUITE 2800
NEW YORK STOCK EXCHANGE, INC. 621 SEVENTEENTH STREET
MIDWEST STOCK EXCHANGE DENVER, COLORADO 80293
TELEPHONE (3031 292-2332
1303)S72-85IS
April 5, 1982
Mr. Don Warden
Director of Finance
Weld County
915 Tenth Street
Greeley , CO 80631
RE: Application to Weld County, Colorado
Industrial Development Revenue Bonds
The Pillsbury Company Project( s)
Dear Mr. Warden :
I have enclosed for your use five copies of the Application to
Weld County, Colorado for Industrial Development Revenue Bonds
for the Pillsbury Company Project (s) . I have also enclosed a
check in the amount of $500 .00 , made out to Weld County, to
defray the costs to the County of the County' s analysis of the
Application.
The Pillsbury Company is in the process of negotiating with the
Wickes Corporation for the acquisition of a portion of their
operations and assets to include certain facilities located in
Weld County , Colorado . Principal facilities under consideration
are the bean packaging plant and related facilities located in
La Salle , Colorado and the dry bean elevator, processing plant
and related facilities located in Greeley, Colorado.
The Industrial Development Revenue Bond Application is for
$3 , 000 ,000 for the Weld County facilities . Of the $3 , 000 ,000 ,
only a portion of this amount would be utilized for the purchase
of existing facilities and the balance would be available for
expansion and upgrading of present facilities . Such bonds , if
utilized, may, therefore, be issued in more than one series .
The use of Industrial Development Revenue Bonds to acquire
existing operations from a company that may be experiencing
some financial difficulty by a new and financially strong
company substantially improves the possibility of those oper-
ations continuing . The possibility of expansion of present
operations and/or facilities is additionally improved by the
Mr . Don Warden
Director of Finance
Weld County
April 5 , 1982
Page Two
proposed acquisition by the Pillsbury Company. The approval
of Industrial Development Revenue Bonds for these projects
would, therefore, seem to be consistent with the County ' s
policy and objective of encouraging projects that will
"mitigate the serious threat of unemployment and maintain a
balanced and stable economy".
If you have any questions or require any additional information,
please call . We will be happy to have a representative avail-
able to meet with the County, interested parties, and/or attend
a hearing on this Application. Thank you for your consideration
of and assistance on this matter.
Very truly yours,
GEORGE K: BAUM & COMPANY
/ /
t.:1/1.n
GA R RAMIE
ice r sident
Public & Corporate Finance
JGC/dwa
KUTAK ROCK 6L HUIE ATLANTA
EUGENE A.REIDY A PARTNERSHIP 1200 STANDARD FEDERAL
JOHN R.MORAN,JR..R C. INCLUDING PROFESSIONAL CORPORATIONS SAVINGS BUILDING
EUGENE L.HOHENSEE ATLANTA.GEORGIA 30303
KENNETH J.STUART 2400 ARCO TOWER 707 WW1 STREET (4041522 8700
DIRK W.deROOS•
JAMES D.ARUNDEL DENVER,COLORADO 80202 LOS ANGELES
WILLIAM C.GORHAM SUITE 1100
ROBERT J.AMRENXOL2 (303)534.1330 600 WILSHIRE BOULEVARD
ROBERT D.IRVIN LOS ANGELES,CALIFORNIA BOOM
GREGORY V.JOHNSON 1/4213,627 6330
FREDERICK T.BERHENKE April 6, 1982
KEVIN A.CUONEY• OMAHA
RANDALL W.PERKINS
THE OMAHA BUILDING
EE
CHARLES C.PARKER MAH165 F EBRA STREET
STEPHEN . OMA1402) SKA 65102
WARREN LUDLOWAR 346-600014021
A..HODSRA
THANE R.MODSON WASHINGTON
STONEY BARTON
1101 CONNECTICUT.C.200 6 W.
CYNTHIA F. DAWALD
WASHINGTON.D.C.20036
J. PETRIE
LO PY (202)528-2100
ANDREW J.PE
GARY A.ROFFE
•NOT ADMITTED IN COLORADO
Board of County Commissioners
of Weld County
Greeley, Colorado
Re: Weld County, Colorado--Pillsbury
Company Industrial Development
Revenue Bond Financing
Gentlemen:
We have been advised that Weld County, Colorado (the
"County") is contemplating the issuance of industrial develop-
ment revenue bonds pursuant to the provisions of the County
and Municipality Development Revenue Bond Act, Colorado Re-
vised Statutes 1973 Section 29-3-101 et seq. , as amended (the
"Act") . We have been advised that the bonds would be issued
in an aggregate principal amount of approximately $3, 000 , 000
for the purpose of financing the acquisition, construction
and equipping of one or more agricultural processing and
storage facilities for Pillsbury Company ("Pillsbury" ) . Upon
their issuance, the bonds will be limited obligations of the
County and, in compliance with the Act, will not constitute
or give rise to pecuniary liability of the County, or charge
against the general credit of taxing powers of the County.
The bonds will be payable exclusively from and secured by
a pledge of moneys to be derived by the County under a loan
agreement or other financing document to be entered into between
the County and Pillsbury.
Based upon our reading of the Act, the information which
we have been provided, we believe that the facility proposed
to be financed on behalf of Pillsbury is a facility which may
KUTAK ROCK & HUIE
Board of County Commissioners
of Weld County
April 6, 1982
Page two
be financed in compliance with the currently effective re-
quirements of the Act, as well as applicable provisions of
federal law. In addition, based on the information with
which we have been provided, we have reached a preliminary
determination that we would be willing to render an approving
legal opinion with respect to the bonds proposed to be
issued by the County, assuming final documents comply with
all applicable provisions of the Act and federal law.
If you have any further questions concerning the proposed
financing, please do not hesitate to contact us at the office
of the firm in Denver.
Your sincerely,
Gre�Y. /J nson
/ /
C/
kg
George K. Baum & Company
INVESTMENT BANKERS
MEMBER Or SUITE 2800
NEW YORK STOCK EXCHANGE.INC.
621 SEVENTEENTH STREET
MIDWEST STOCK EXCHANGE
DENVER, COLORADO 80293
April 5 , 1982 TELEPHONE 13031 292-2332
13031 572-9515
Mr . Don Warden
Director of Finance
Weld County
915 Tenth Street
Greeley, CO 80631
RE: Marketability of Proposed
Industrial Development Revenue Bonds
The Pillsbury Company/Weld County, Colorado Project(s)
Dear Mr . Warden:
George K. Baum & Company is working with the Pillsbury Company
to assist the Company in the financing of the acquisition and
possible expansion of certain facilities and operations of the
Wickes Corporation, to include facilities located in Weld
County, Colorado . The Pillsbury Company is a major corporation
with a 1981 year-end net worth in excess of seven hundred
million dollars . Fiscal 1981 sales for the Company were in
excess of three billion dollars and after tax earnings were some
one hundred nineteen million dollars for the same period.
George K. Baum & Company is a regional investment banking firm
with a net worth of approximately seven and one-half million
dollars . Our firm was started in 1928 and is a member firm of
the New York Stock Exchange . We have had a Colorado office for
some twenty years . We have a substantial degree of experience
in underwriting and marketing Industrial Development Revenue
Bonds throughout the country .
Due to the excellent reputation and strong financial position
of the Pillsbury Company and our extensive experience in mar-
keting Industrial Development Revenue Bonds , we feel quite
confident that we can successfully underwrite or place the
proposed financing with suitable investors .
I have included herein a copy of our financial statement and a
list of corporate clients for your review. If you require any
further information, please do not hesitate to call .
Very truly yours ,
GEORGE Y. BAUM & COMPANY
/
J"" RY RABTREE
;/Vice Rresident
Public & Corporate Finance JGC/dwa
To Our Friends and Clients:
George K. Baum&Company is committed to providing financial services of uncompromising quality.To achieve this goal,
we have assembled a group of professionals of exceptional competence, integrity and personal responsibility.
George K. Baum & Company is headquartered in Kansas City, Missouri and has offices in Denver, Colorado and Little
Rock, Arkansas as well as in Manhattan and Topeka, Kansas. Among the financial services we offer are the following:
1. executing purchases and sales of all types of securities in both listed and over-the-counter markets;
2. maintaining trading markets in certain municipal and corporate securities;
3. raising capital for corporations and municipalities through both public and private offerings;
4. originating and negotiating corporate mergers, acquisitions and divestitures;
5. appraising and evaluating securities of both private and public companies;
6. aiding individual investors with financial planning; and
7. creating and marketing investment opportunities in tax incentive investments to both corporations and individuals.
We at George K. Baum and Company look forward to 1982 as yet another year of opportunity and achievement. We
recognize the important contribution that close attention to the brokerage and financing needs of you,our friends and clients,
has made to our growth and success.We consider the expansion of our staff and of the investment opportunities we offer to be
an investment in the fine service we offer you -and in the rewarding future you offer us.
George K. Baum & Company
retained earnings may at times be restricted as to
Statement of Financial Condition payment of dividends.As of October 30,1981,the
Company's net capital was$5,569,986 compared
October 30, 1981 with minimum net capital required of$343,768 on
LIABILITIES AND the basis of a 15 to 1 ratio,and its net capital ratio
was.93 to 1.
ASSETS STOCKHOLDERS' INVESTMENT (4) STOCK PURCHASE AGREEMENT:
During fiscal 1980,the Company agreed to
Cash $ 1,483,152 Bank Notes Payable sell shares of its common stock to several em-
Receivable From (Note 2) $ 2,505,000 ployees subject to their continued employment.
Brokers and Dealers 1,056.613 As of October 30,1981,3,057 shares remain to be
Receivable From Customers 3,255,138 Payable to Brokers sold.
and Dealers 560,484 (5) LEASE COMMITMENTS:
Income Taxes Receivable 52,522 Future minimum lease payments required
Trading and Investment Payable to Customers under operating leases that have initial or re-
Securities(Note 1) (including $505,575 of maining terms in excess of one year as of October
U.S. Gov- free credit balances) 1,836,853 30, 1981,are as follows:
ernment $1,538,672 Fiscal Year Ending
Municipal and Trading Securities Sold Not 1982 $ 188,489
1
1983 174,521
corporate Yet Purchased(Note 1) 446,877 1984 190,225
bonds 3,134,074 1985 190.225
Corporate Accounts Payable And 1986 190,225
stocks 1,512,525 6,185,271 Accrued Liabilities 254,180 Later years 396,336
Exchange Memberships,at Deferred Income Taxes Total minimum
cost(market$274,000) 64,450 payments required $1,330.021
(Note 1) 204,000
Furniture, Fixtures and (6) OTHER COMMITMENTS:
Leasehold Improvements, Commitments And Contin- During fiscal 1978,the Company entered into
at cost, less accumulated gencies(Notes 5 and 6) two agreements to supply federal government
depreciation and securities totaling$6,706,000,par value,at fixed
amortization of$318,658 895,614 Stockholders' Investment prices in excess of par value for delivery on
Other Assets 286,627 (Notes 3 and 4) 7,471,993 specific future dates through 1992.Through Octo-
ber 30, 1981,the Company has made deliveries
$13,279,387 $13,279,387 totaling$1,591,000.
(1) ACCOUNTING POLICIES: Auditors'
(a)Recording of Securities Transactions—Securities transactions have been recorded in the Report
accounts on a settlement date basis for financial reporting and on a trade date basis for income tax
reporting purposes.Deferred taxes have been provided for the difference between the trade date and To the Board of Oireclors of
settlement date basis of accounting.
(b)Trading and Investment Securities—Investment securities are stated at estimated fair value George K. Baum& Company:
for accounting purposes and at cost for tax purposes. Deferred taxes have been provided on the
unrealized appreciation of these securities.Trading securities are stated at their quoted market value We have examined the statement of financial
for reporting and income tax purposes. condition of GEORGE K. BAUM & COMPANY (a
(c)Fiscal Year—The Company has previously adopted a 52-53 week fiscal year which ends on the Missouri corporation, formerly George K. Baum &
last Friday in October.The fiscal year ended October 30, 1981,was comprised of 52 weeks. Company Incorporated)as of October 30,1981.Our
(d)Name Change—During the fiscal year ended October 30. 1981,the Company changed its
name from George K.Baum&Company Incorporated to George K.Baum&Company. examination was made in accordance with generally
(2) SHORT-TERM BANK LOANS: accepted auditing standards and, accordingly, in-
The Company had an average daily loan balance of$3,600,000 during the year ended October 30, eluded such tests of the accounting records and such
1981,at a weighted average interest rate of 18%.Maximum outstanding borrowings during the year were other auditing procedures as we considered neces-
$15,600,000.Some of the borrowings were unsecured and others were secured with securities available to lnothe circumstances,
umst
the Company or borrowed under the Company's$10,000,000 bank line of credit which provides for loans at sary opinion,in the Circumst statement of financial condition
the bank's prime interest rate,secured by securities acceptable to the bank.Outstanding bank borrowings P
at October 30,1981,were secured by customer margin and other Company-owned securities and had an referred to above presents fairly the financial con-
average interest rate of 16%. dition of George K. Baum&Company as of October
(3) NET CAPITAL REQUIREMENTS: 30, 1981, in conformity with generally accepted
As a member organization of the New York Stock Exchange,Inc..the Company is subject to the net li
capital rule adopted by the Securities and Exchange Commission and administered by the Exchange.The accounting principles applied on a basis consistent
rule prohibits a member organization from engaging in securities transactions at a time when its"aggregate With that Of the preceding year.
indebtedness"exceeds 15 times its"net capital"as those terms are defined by the rule.The Exchange may
also require a member organization to reduce its business if its net capital ratio should exceed 12 to 1 and Kansas City. Missouri. ate_ CA- -,-..--a.G.
may prohibit a member organization from expanding its business if the ratio exceeds 10 to 1.Under this rule, November 30. 1981
CLIENTS SERVED BY GEORGE K. BAUM & COMPANY
A.B.CHANCE COMPANY(a wholly-owned GLOBE-UNION INC. (a wholly-owned PURITAN BENNETT CORPORATION
subsidiary of Emerson Electric Company) subsidiary of Johnson Controls Inc.) (two issues)
A.P.S., INC.(three issues) GREAT NORTHERN NEKOOSA R&H BUILDING CORPORATION
A-T-O INC.(for Rawlings Sporting Goods, CORPORATION(for Butler Paper RAVEN INDUSTRIES, INC.
a division) Company,a wholly-owned subsidiary) REGENCY ELECTRONICS, INC.(for IFR,
A-T-O PROPERTIES INC.(for A-T-O Inc., GUERDON INDUSTRIES Inc.,a wholly-owned subsidiary)
the parent corporation)(two issues) H.W.I. INDUSTRIES, INCORPORATED RETAIL GROCERS ASSOCIATION OF
ABEX CORPORATION(a wholly-owned HALLMARK CARDS, INC. GREATER KANSAS CITY, INC.(for
subsidiary of IC Products Company) HAVENS STEEL COMPANY(two issues) Coupon Redemption Center of Retail
ADLER'S INC. HERTER'S, INC.(two issues) Grocers Association of Greater Kansas
AIRCRAFT SPECIALTY PRODUCTS, INC. HESSE CORPORATION City, Inc.,a wholly-owned subsidiary)
AMERICAN AIR FILTER COMPANY, INC. HINCKLEY&SCHMITT RICKEL, INC.
(a wholly-owned subsidiary of 8550 HOLMES OFFICE BUILDING ROCKY MOUNTAIN PRESTRESS
Allis-Chalmers Corporation) HOSPITAL LINEN SERVICES, INC.(a ROPER CORPORATION (an affiliate of
AMERICAN CEMENT CORPORATION non-profit corporation) Sears, Roebuck and Company)(one
AMERICAN CYANAMID COMPANY INTERNATIONAL MULTIFOODS exempt issue;one taxable issue)
AMERICAN MULTI-CINEMA(a wholly- CORPORATION(two issues) ROWE FURNITURE COMPANY
owned subsidiary of Durwood, Inc.) INTERNATIONAL PAPER COMPANY (two issues)
ARCHER DANIELS MIDLAND COMPANY INTERSTATE BRANDS CORPORATION R.O. PRODUCTS, INC.
B(two MAINTENANCE MANAGEMENT,INC. DPFhIncorporated)l (threeowned (t rissues)of ST.
Pollution l Control
CORPORATION
BEATRICE FOODS CO.(for Waterloo IOWA BEEF PROCESSORS, INC. SAFEGUARD AUTOMOTIVE
Industries Inc.,a wholly-owned subsidiary) IT&T CONTINENTAL BAKING COMPANY CORPORATION
BENDIX CORPORATION (for Fram INC.(for Paniplus Company) SARGENT WELCH SCIENTIFIC COMPANY
Corporation,a wholly-owned subsidiary) JOHNS-MANVILLE CORPORATION SAUNDERS LEASING SYSTEMS, INC.
BETHANY MEDICAL CENTER KANE-MILLER CORP.(for International (as Sublessee of a project for Alden
BINNEY&SMITH INC. Bakerage of Kansas, Inc.,a wholly- Developers)
BLISS AND LAUGHLIN INDUSTRIES owned subsidiary) SEABOARD ALLIED MILLING CORPOR-
(two issues) KANSAS CITY POWER& LIGHT ATION (two issues)
BRANIFF INTERNATIONAL COMPANY Pollution Control Bonds THE SINGER COMPANY
CORPORATION KANSAS CITY SOUTHERN INDUSTRIES, SOS CONSOLIDATED INCORPORATED
BROADWAY SUPPLY COMPANY INC.(for Trans-Serv, Inc.,a wholly- (for Du-al Manufacturing Company,
BUTLER MANUFACTURING COMPANY owned subsidiary) a division)
C R INDUSTRIES OF KANSAS, INC.(a THE KANSAS CITY STAR COMPANY(for SOUTHWEST FOREST INDUSTRIES, INC.
subsidiary of C R Industries, Inc.) Flambeau Paper Company) (two issues)
CARGILL, INC.(four exempt issues;one K-B LITHO SUPPLY COMPANY SOUTHWEST PETRO-CHEM, INC.
taxable issue) KENNY'S TILE&FLOOR COVERING,INC. (two issues)
CERTAINTEED CORPORATION (nine KING RADIO CORPORATION SQUARE D COMPANY(two exempt
exempt issues;one taxable issue) (three issues) issues; two taxable issues)
CHROMALLOY AMERICAN CORPORA- KOCH SUPPLIES, INC. STANDARD MILLING COMPANY
TION(four issues) LEGGETT& PLATT, INC.(four issues) (two issues)
CHURCHILL TRUCK LINES(two issues) LINCOLN GRAIN, INC. STANDARD MOTOR PRODUCTS, INC.
- CIBA-GEIGY CORPORATION LISTER DIESELS INC.(for Witte Engine (two issues)
CLOW CORPORATION (two issues) Corporation) STAUFFER COMMUNICATIONS, INC.
COMMERCIAL WELDING COMPANY LITTON INDUSTRIES, INC. (for Examiner Publishing Co.,a wholly-
CONSOLIDATED FOODS CORPORA- MARION LABORATORIES, INC. owned subsidiary)
TION(for Fuller Brush Company,a THE MARMON GROUP, INC STEEL AND PIPE SUPPLY COMPANY,INC.
wholly-owned subsidiary)(one exempt MATHIAS KLEIN &SONS. INC. STONE CONTAINER CORPORATION
issue;one taxable issue) MBPXL CORPORATION (a wholly-owned STRETCH &SEW, INC.
CRAMER PRODUCTS, INC. subsidiary of Cargill, Inc.)(two issues) SUPERIOR INDUSTRIES, INTER-
CUTTER LABORATORIES, (NC.(for MENORAH MEDICAL CENTER NATIONAL, INC.
Haver-Lockhart Laboratories,a wholly- MICHELIN TIRE CORPORATION SWIFT&COMPANY
owned subsidiary) MID-AMERICA DAIRYMEN, INC. TEC, INCORPORATED(two issues)
DAIICHI SEIYAKU COMPANY(for Daitom, (four issues) TENSION ENVELOPE COMPANY
Inc.,a joint venture with North American MOBILE TRAVELER, INC. TEXAS INDUSTRIES, INC.
Philips Corporation) MONTGOMERY WARD&CO., INCOR- TRIANGLE INDUSTRIES, INC.
DAZEYPRODUCTS COMPANY PORATED(two issues) TRINITY LUTHERAN HOSPITAL
DEAN MACHINERY COMPANY NASH FINCH COMPANY (two issues)
DEKALB AGRESEARCH, INC. NATIONAL CAN CORPORATION U.S. RAILWAY MANUFACTURING
W.S. DICKEY CLAY MANUFACTURING (four issues) COMPANY
COMPANY(a wholly-owned subsidiary NEW IDRIA, INC.(three issues) UNITOG COMPANY(two issues)
of Hepworth Ceramic Holdings Limited) NORTH AMERICAN PHILIPS CORPOR- VALLEY INDUSTRIES, INC.
DIEMAKERS, INC.(two issues) ATION(for Thompson-Hayward VARLEN CORPORATION (two issues)
DOLGIN'S,INC.(a wholly-owned subsidiary Chemical Co..a wholly-owned subsidiary VERSATILE CORNAT CORPORATION
of Modern Merchandising, Inc.) of)(three exempt issues;one taxable (for Versatile Parts Inc.,a wholly-
DONALDSON COMPANY(three issues) issue) owned subsidiary)
DUCKWALL-ALCO STORES, INC. THE NORTHWESTERN NATIONAL LIFE WALLACE MURRAY CORPORATION
(three issues) INSURANCE COMPANY (two issues)
EMERSON ELECTRIC COMPANY O.A.COOPER COMPANY WASHINGTON INDUSTRIES, INC.
(two issues) OPELIKA MANUFACTURING WESTERN UNION CORPORATION(for
FACET ENTERPRISES, INC.(one exempt CORPORATION Western Union Realty Corporation,a
issue;one taxable issue) PAYLESS CASHWAYS, INC.(two issues) wholly-owned subsidiary)
__ FASCO INDUSTRIES, INC. PET, INCORPORATED(two exempt issues; WHEELING PITTSBURGH CORPORATION
FRAM CORPORATION(a wholly-owned one taxable issue) F.W.WOOLWORTH CO.
subsidiary of Bendix Corporation) PET INCORPORATED and FARMERS WULFSBERG ELECTRONICS, INC.
FRUEHAUF CORPORATION (for Kelsey- INVESTMENT COMPANY(joint venture) ZIMMER HOMES CORPORATION(for
Hayes Company,a wholly-owned PILLSBURY COMPANY Mobile Traveler, Inc.,a wholly-
subsidiary) PLASTIC ENTERPRISES CO., INC. owned subsidiary)
of�r Tsute 0.44 Sat o'taac4 r i € TOWN HALL
119 MAIN P.O.BOX 717 LA SALLE. COLORADO 80645
•
'p / PHONE: 303-284-6931
°R ,ccE°
•
March 26, 1982
Weld County Board of Commissioners
PO Box 758
Greeley, Colorado 80632
Dear Commissioners:
The Town of LaSalle Board has been approached by Mr. Gary Crabtree, a
representative for George K. Baum & Company, concerning the issuance of
Industrial Revenue Bonds for the Pillsbury Company to aid Pillsbury in
their purchase of the Wickes Agriculture facilities in LaSalle and Greeley.
The Town Board expressed it's unanimous support of the issuance of Industrial
Revenue Bonds for the Pillsbury Company. However, they also felt, that since
the Town has no established procedural standards, the issuance of these Bonds
should be done at the County level.
Since Mr. Crabtree is scheduled to appear before your body, the Town wishes
to make their support known at this time.
Respectfully,
Bruce C. Ramada
Mayor
cc: Gary Crabtree
Don Warden
The Pillsbury Company and Subsidiaries
Year ended May 31
Consolidated Statements of Earnings 1981 1980 1979
(In millions except per share amounts)
Net sales $3,301.7 $3,032.0 $2,166.0
Costs and expenses:
Cost of sales 2,387.5 2,181.7 1,538.2
Selling, general and administrative expenses 646.7 600.3 441.0
Interest expense, net (Note 7) 65.6 58.2 26.5
3,099.8 2,840.2 2,005.7
Earnings before taxes on income 201.9 191.8 160.3
Taxes on income (Note 10) 82.3 87.1 76.8
Net earnings $ 119.6 $ 104.7 $ 83.5
Average number of shares outstanding 20.1 20.1 18.1
Net earnings per share $ 5.95 $ 5.22 $ 4.62
See Summary of Significant Accounting Policies
and Notes to Consolidated Financial Statements.
•
'-9
The Pillsbury Company and Subsidiaries
May 31
Consolidated Balance Sheets 1981 1980
(In millions)
Assets
Current assets:
Cash (Note 5) $ 19.8 $ 15.9
Marketable securities, at cost (approximates market) 75.3 38.6
Receivables, less allowance for doubtful
accounts of $7.4 million and $7.3 million, respectively 343.3 348.7
Inventories (Note 3) 418.1 403.6
Advances on purchases 103.1 90.1
Prepaid expenses 30.3 41.9
Total current assets 989.9 938.8
Property, plant and equipment, net (Notes 4, 6 and 8):
Parent company and nonrestaurant subsidiaries 419.1 346.6
Restaurant subsidiaries 531.5 510.8
950.6 857.4
Net investment in direct financing leases (Note 9) 157.7 127.9
Intangibles 25.8 24.5
Investments and other assets 50.5 35.1
$2,174.5 $1,983.7
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable (Note 5) $ 22.5 $ 21.5
Current portion of long-term debt 26.7 30.3
Trade accounts payable 297.7 372.8
Advances on sales 113.8 54.4
Employee compensation 51.6 42.9
Taxes on income 57.1 74.2
Other liabilities 113.0 78.8
Total current liabilities 682.4 674.9
Long-term debt, noncurrent portion (Notes 6, 7 and 8):
Parent company and nonrestaurant subsidiaries 221.4 166.0
Restaurant subsidiaries (not guaranteed by The Pillsbury Company) 409.6 386.0
631.0 552.0
Deferred taxes on income 88.0 72.5
Other deferrals 20.7 14.6
Stockholders' equity (Notes 1,5, 6 and 11):
Preferred stock, without par value,
authorized 500,000 shares, no shares issued
Common stock, without par value,
authorized 40,000,000 shares, issued
20,088,752 shares and 20,048,234 shares, respectively 217.5 215.8
Accumulated earnings retained and used in the business 534.9 454.0
Common stock in treasury at cost,
1,790 shares and 3,605 shares, respectively — (.1)
Total stockholders' equity 752.4 669.7
$2,174.5 $1,983.7
-
See Summary of Significant Accounting Policies ---__—
and Nines to Consolidated Financial Statements.
30
The Pillsbury Company and Subsidiaries
Year ended May 31
Consolidated Statements of Changes in Financial Position 1981 1980 1979
4
(In millions)
Sources of working capital:
Operations:
Net earnings $119.6 $104.7 $ 83.5
Depreciation and amortization 91.7 80.3 56.7
Deferred taxes on income 15.5 (2.9) 12.3
Total from operations 226.8 182.1 152.5
Increase in long-term debt 98.3 79.3 154.8
Disposals of property, plant and equipment 30.6 16.7 13.1
Transfer of property to direct financing leases 36.4 47.6 35.1
Current maturities of direct financing leases 6.5 5.2 4.9
Issuance of common stock 2.1 15.7 81.8
Other, net 4.8 2.7 .5
405.5 349.3 442.7
Uses of working capital:
Additions to property, plant and equipment 226.5 254.1 230.2
Transfer of property to direct financing leases 36.4 47.6 35.1
Cash dividends 38.7 33.5 26.4
Current maturities and retirements of long-term debt 34.3 36.5 24.6
Noncurrent net assets of
purchased companies at time of acquisition 10.2 5.4 54.5
Change in investments and other assets, net 15.5 (9.8) .5
Purchase of treasury stock .3 .1 13.3
361.9 367.4 384.6
Increase (decrease) in working capital $ 43.6 $ (18.1) $ 58.1
Increase (decrease) in working capital by component:
Cash and marketable securities $ 40.6 $ 16.8 $ 1.0
Receivables (5.4) 74.3 37.5
Inventories 14.5 (2.0) 159.8
Other current assets 1.4 (56.9) 27.7
Notes payable and current portion of long-term debt 2.6 (11.4) (8.1)
Trade accounts payable 75.1 (83.8) (92.6)
Advances on sales (59.4) 79.1 (11.7)
Taxes on income 17.1 (24.6) (18.1)
Other current liabilities (42.9) (9.6) (37.4)
$ 43.6 $ (18.1) $ 58.1
See Summary of Significant Accounting Policies
and Notes to Consolidated Financial Statements.
of
Annual Growth Rate
10-Yr. 5-Yr. 1-Yr.
1971- 1976- 1980-
1981 1981 1981 Ten Year Financial Information 1981
or
Operations:
18% 18% 9% Net sales $3,301.7
18 13 5 Earnings from continuing businesses before taxes on income 201.9
20 18 14 Earnings from continuing businesses 119.6
26 21 14 Net earnings 119.6
3 4 — Average common shares outstanding 20.1
Per common share:
17 13 14 Earnings from continuing businesses $ 5.95
22 17 14 Net earnings 5.95
11 15 16 Cash dividends 1.93
18 18 14 Depreciation expense 89.4
16 16 10 Research and development expense 21.3
18 16 (4) Advertising expense 95.7
Changes in financial position:
• 19 25 Funds provided from operations $ 226.8
12 18 24 Additions to long-term debt 98.3
18 22 (11) Capital expenditures 226.5
18 24 16 Cash dividends 38.7
19 (2) (6) Retirements of long-term debt 34.3
Financial position:
19 14 5 Current assets $ 989.9
22 17 1 Current liabilities 682.4
13 10 17 Working capital 307.5
18 21 11 Property, plant and equipment 950.6
18 23 14 Long-term debt 631.0
16 16 12 Stockholders' equity 752.4
18 19 14 Invested capital and capitalization 1,492.1
19 18 10 Total assets 2,174.5
Statistics and ratios:
Current ratio 1.5
Pretax interest and rent coverage:
Parent and nonrestaurant subsidiaries 2.2
Restaurant subsidiaries 2.2
Pretax long-term interest coverage:
Parent and nonrestaurant subsidiaries 7.8
Restaurant subsidiaries 3.4
Gross margin to net sales 27.7%
Pretax earnings from continuing businesses to net sales 6.1%
Return on average equity 16.8%
Return on averge invested capital 18.3%
Dividends to net earnings 32.4%
Long-term debt to total capitalization:
Parent and nonrestaurant subsidiaries 30%
Restaurant subsidiaries 54%
Equity per common share $ 37.46
Market price of common stock — high 45'/s
— low 31'/4
Common stockholders 20,700
Employees: Restaurant subsidiaries 44,100
Pillsbury and other domestic subsidiaries 12,800
Foreign subsidiaries 3,100
Total 60,001'
'Information not available
Year ended May 31
1980 1979 1978 1977 1976 1975 1974 1973 1972
■
(Amounts in millions except per share, stockholders and employees)
;3,032.0 $2,166.0 $1,704.9 $1,521.5 $1,466.1 $1,347.5 $1,127.8 $798.5 $692.5
191.8 160.3 142.1 123.8 107.4 81.7 62.7 48.8 39.5
104.7 83.5 71.3 62.5 53.2 42.1 32.1 24.8 20.1
104.7 83.5 72.5 62.5 45.3 39.8 34.0 25.5 20.3
20.1 18.1 17.5 17.4 16.4 15.4 15.4 15.3 14.8
S 5.22 $ 4.62 $ 4.07 $ 3.59 $ 3.25 $ 2.73 $ 2.07 $ 1.62 $ 1.33
5.22 4.62 4.14 3.59 2.77 2.58 2.20 1.66 1.35
1.67 1.46 1.25 1.12 .975 .88 .805 .75 .72
78.4 55.2 44.4 40.4 38.9 32.5 25.7 22.5 19.7
19.4 17.3 14.5 14.3 10.3 7.4 6.6 6.1 5.6
99.9 69.6 52.4 49.2 45.8 31.0 31.5 24.5 20.1
182.1 $ 152.5 $ 129.5 $ 114.2 $ 93.1 $ 85.1 $ 72.4 • '
79.3 154.8 63.3 63.8 42.7 38.7 55.2 $ 35.7 $ 20.3
254.1 230.2 134.1 120.9 83.8 100.6 117.2 69.8 41.9
33.5 26.4 21.4 18.7 13.4 10.6 9.1 8.3 7.9
36.5 24.6 32.5 24.7 38.5 11.2 9.3 10.0 16.7
S 938.8 $ 906.6 $ 680.6 $ 624.9 $ 506.7 $ 377.7 $ 376.6 $280.2 $214.5
674.9 624.6 456.7 408.4 312.9 247.4 262.0 172.5 118.6
263.9 282.0 223.9 216.5 193.8 130.3 114.6 107.7 95.9
857.4 741.5 486.5 428.8 366.4 349.1 304.4 235.9 196.1
552.0 509.2 298.0 267.2 228.1 243.7 216.8 170.9 145.2
669.7 582.9 457.3 406.8 357.9 266.1 237.6 214.1 188.8
1,308.8 1,179.9 826.1 730.7 634.4 545.7 479.3 400.7 334.0
1,983.7 1,804.5 1,282.8 1,139.1 947.3 793.1 741.3 573.2 452.6
1.4 1.5 1.5 1.5 1.6 1.5 1.4 1.6 1.8
2.3 3.6 5.0 5.7 4.5 3.3 3.2 3.4 '
2.4 2.5 2.5 2.5 2.3 2.2 2.4 2.4
7.6 10.9 14.6 14.8 9.9 8.5 7.6 7.3 '
3.7 3.7 3.6 3.6 3.5 3.1 3.5 3.3 •
28.0% 29.0% 29.2% 29.2% 27.9% 23.6% 24.0% 27.1% 27.4%
6.3% 7.4% 8.3% 8.1% 7.3% 6.1% 5.5% 6.1% 5.7%
16.7% 16.0% 16.8% 16.4% 14.5% 15.8% 15.0% 12.8% 11.6%
19.2% 19.5% 22.1% 21.5% 19.2% 18.9% 18.6% 17.4%
32.0% 31.6% 30.0% 31.2% 29.2% 26.6% 26.4% 32.5% 37.3%
27% 31% 19% 20% 20% 31% 34% •
2 *
56% 57% 54% 56% 56% 61% 61% '
S 33.41 $ 29.76 $ 26.14 $ 23.25 $ 20.81 $ 17.27 $ 15.39 $13.84 $12.31
41'/4 473/4 41'/4 441/2 43% 31'/4 25'/2 271/2 28'/2
27'/2 32 3311 34% 31 153/4 173/4 20'/2 201/4
21,200 20,000 14,300 14,300 13,900 12,200 12,300 12,500 12,800
42,200 42,000 31,900 29,200 26,400 16,400 14,100 10,300 5,700
13,900 12,800 9,400 8,200 8,100 7,400 8,300 10,500 9,900
3,400 3,300 3,000 3,000 3,100 3,200 3,900 3,900 3,200
59,500 58,100 44,300 40,400 37,600 27,000 26,300 24,700 18,800
19
Directors
_.. _
l: , :
,
---:::L.17----+------ -----:„___..,: l
i
i
I ,
-R a 'H. \ +Ye ,p,f,
W. Michael Blumenthal, (left) Norman E. Brinker, (left) Robert C. Cosgrove, (left) Former
Chairman of the Board Chairman of the Board and Chief Chairman, Green Giant Company
and Chief Executive Officer, Executive Officer, Steak and Ale Willys H. Monroe, Senior Vice
Burroughs Corporation, Detroit Restaurants of America, Inc. President, Booz, Allen & Hamilton,
Caro E. Luhrs, M.D. and a Vice President of the company Inc., Chicago (Management
Physician Consultant, John C. Whitehead, Senior Partner, Consultants)
Washington, D.C. Goldman Sachs & Co., New York
(Investment Bankers)
19 , .t.
liPt .10,1 ci
-
,—, . : ' '1,4
or
. 41
\ ii : :: -:,
\NN.
George S. Pillsbury, 'left! President, lames W. McLamore, (left) John H. Perkins, (left) President,
Sargent Management Company, Chairman Emeritus, Continental Illinois National Bank
Minneapolis tin vestment Advisers) Burger King Corporation and Trust Company of Chicago
Donald R. Dwight, Executive Vice Peter G. Wray, Chairman of the Board, Leo H. Schoenhofen, Retired Chaim-di'
President and Director, Minneapolis Star The Vittorio Company, Phoenix of the Board and Chief Executive
and Tribune Company and President and (Ranching. Farming and Related Officer, Marcor, Inc., Chicago
Publisher, Star and Tribune Newspapers Activities) (Retail Merchandising and Packaging,
William H. Spoor, Chairman of the
Board and Chief Executive Officer
(Photograph on page 4I Philip W. Pillsbury
Winston Chairman Emeritus
R. Wallin
President and Chief Operating Officer Paul S. Gerot
(Photograph on page 4) Chairman Emeritus
•
Corporate Officers
Committees appointed by the Board of Directors Executive Office
William H. Spoor' Jerry W. Levin Executive Committee *Nominating
Chairman of the Board Vicc President,
Exercises authority of the Committee
Board of Directors and Chief Executive Officer Corporate Strategy
Reviews and recommends and Ac uisitions
between Board meetings, candidates for election Winston R. Wallin" 4
except as to certain to the Board of Directors President and Chief Louis P. Neeb
specified matters. evaluates performance of� Operating Officer Vice President of Pillsbury
William H. Spoor, key members of management and Chairman and Chief
Chairman and reviews nominees for Norman E. Brinker` Executive Officer,
corporate offices. Vice President of Pillsbury Burger King
Robert C. Cosgrove
Donald R. Dwight Leo H. Schoenhofen, and Chairman and Chief Robert H. Sayre
George S. Pillsbury Chairman Executive Officer, Vice President, Personnel
Winston R. Wallin W. Michael Blumenthal Steak Ale and Organization Planning
Finance Committee Robert C. Cosgrove Richard A. Coonrod Gerald W. Brower
Donald R. Dwight Executive Vice President Vice President, Tax
Reviews and makes Caro E. Luhrs, M.D. of Pillsbury and President, and Insurance,
recommendations James W. McLamore Agri-Products Group Assistant Treasurer and
regarding the company's Willys H. Monroe John M. Stafford Assistant Secretary
financial policies and John H. Perkins Executive Vice President Allan E. Fonfara
actions. George S. Pillsbury of Pillsbury and President, Vice President,
John C. Whitehead, John C. Whitehead Consumer Foods Group Accounting
Chairman Peter G. Wray g and Control
J. Y and Assistant Controller
Paul Kelse
W. Michael Blumenthal *Executive Senior Vice President Franklin C. Jesse, Jr.
_James W. McLamore Compensation and Controller Vice President and
John H. Perkins Committee Corporate
Reviews and recommends Edward C. Stringer George S. Pillsbury P Secretary
Leo H. Schoenhofen
Senior Vice President John E. Bohan
William H. Spoor compensation and benefit and General Counsel Assistant Treasurer
Winston R. Wallin programs for salaried Richard T. Crowder Frances I. Gamble
Peter G. Wray employees and determines Vice President and Assistant Treasurer
compensation of key
'Audit Committee officers and employees. Corporate Economist Thomas E. Murphy
Recommends the selection John H. Perkins, Gordon M. Donhowe Assistant Treasurer
of independent public Chairman Vice President and Douglas R. Schrank
accountants and reviews W. Michael Blumenthal Treasurer Assistant Controller
and recommends Willys H. Monroe
accounting and auditing Leo H. Schoenhofen *Member,
)olicies and practices. Public Board of Directors
ames W. McLamore,
Responsibilities
Chairman
Donald R. Dwight Committee
Caro E. Luhrs, M.D. Reviews policies and
ohn C. Whitehead programs to assure
'eter G. Wray consistency and
appropriateness from a
public interest and social Charitable Contributions Committee
Composed entirely responsibility viewpoint; of The Pillsbury Company
of non-employee and reviews and
Board members. recommends budget and William H. Spoor, Philip J. Lindau,
policies for the company's Chairman Vice President and
contributions program. Manager,
General
Caro E. Luhrs, M.D. Robert W. Bonine,
Vice President, Feed Ingredient
Chairperson Community Relations Merchandising
Norman E. Brinker Herman Cain,
C. Gerald L. Olson,
RobertCosgrove Vice President, Vice President,
Willys H. Monroe
Winston R. Wallin Corporate Systems Public Affairs
and Services Lynn M. Seifert,
Diana L. Doshan, Cash Manager
Director of Personnel, Edward C. Stringer,
Agri-Products Senior Vice President
and General Counsel
Lyle T. Walker,
General Auditor
1
•
I
•
I
PILLSBURY COMPANY
LISTED SYM. LIPS• SIPS. IND.OIV. REC.PRICE RANGE(19811 TLO.
NYSE PSY 83.4 104.4 52.24 39 46.35 5.7%
INVESTMENT GRADE. UP-GRADING OF PRODUCTS AND DIVERSIFICATION HAVE CONTRIBUTED
TO STEADIER EARNINGS GROWTH IN RECENT YEARS.
M� M CAPITALIZATION:(5/31/B11
10001 %1
Y T7 Long-Term Debt S 611,000 42.1
4° ..31_ - ---—� —•o Defer.Inc.Tar 88.000 AO
[TTmwO Corn.&Surp. 752.400 51.1
so --rood_—_ f _ so Tom' $1.471.400 1000
( Shs.(np)-20,086,962
40^— :74 , A a° INTERIM EARNINGS:
11 Ole.ill 8/31 11/30 2/21 S/ll
ry�rr.��JJJ'j� 101{ __ 30 197980 I 978-79 1.10
24 1/]5 0.99 LM
�Ay - a. lf ' 1 11 1980-81 143 1.93 1.08 1.11
A ‘fil' -y Y'y ..,.. " a° 1981-82 1.16 ... ... ...
1° IDr/ e+f -- w INTERIM DIVIDENDS:
Amf. Dee.
0 31194 9 D5OQ 1/691 I4/27 1/2/11 zoo
196 9967 x968 ill NA 1071 1072 Ml 1100 Mm 9M NN WO 1979 Nm 1991 19P2 ism 19611945 0 0.5OQ 3/3 4/27 5/I 5/11
LM9. 124 134 145 196 u7 157 193 252 275'273 358 40?4624M 570 1710.50Q 6/2 7/28 8/3 V31
0N.0540.580130 oua 018.66 ° 073 018 014 093 104 116 1. 1 1 0
.79 056() 9/15 10/27 11/2 11/31
BACKGROUND:
Pillsbury is a major U.S.packaged food manufacturer ing). 18% and 17% and restaurants, 48%and 45%.
as well as a major factor in the flour milling and restau- Foreign sales and operating income were 9%and 7%d
rant business.The sales and operating earnings contri- the total.As of 5/81,3,022 BURGER KING restaurants
butions for the year ended 3/31/81 were as follows: were in operation of which about 454 units were corn-
consumer foods,(including GREEN GIANT canned and pany operated. STEAK AND ALP.had units in 32 sum
frozen vegetables).37%and 38%;Agrigroup(includes and Canada and POPPIN FRESH operates in six stalN.
bakery and flour mixes, and commodity merchandis- Dividends have been paid since 1924.
RECENT DEVELOPMENTS:
For the three months ended 8/31/81, net income fell The decline in net income for the firs)quarter resulted
I2% to 525 million (51.16 per sh. vs. 51.43 per sh.). from poor results in the grain merchandising operaliom
Sales moved up 3% from the comparable period the or the agri-products group. The restaurant group re-
year before to 5741.5 million. Net income includes a corded strong sales and earnings gains.
53.7 million gain from the sale of Wilton Enterprises.
PROSPECTS:
The poor first quarter should not continue and an 4.m- fiscal 1981. Management is in the process of lest piw
provement is expected. The fall grain harvest should letting new menues at Burger King restaurants,includ
enable the grain merchandising business to show 4.m- ing chicken and seafood.Strong growth from the inlet
proved earnings. Restaurant operations should conlin- national markets should aid results,particularly in Us
uetoshowsl rung gains,w it earnings improving 20%over in America and Europe.
STATISTICS:
GROSS OPv Ill ON Nu WAR it ela4 SNARES EARN 011 Oil r/1 its
TEAR 11103 r40n1 EQUITY Porn CAP CAM AL slit PIA PER PAY MCI. 4Ns1 94110 VIII,
it INli MARGINS S 11.141 111.X1 15,11 1x1 5x1 f. 5
a
71 717.8 5.7 - m16.3 90.1 121.1 0,350 m1.57 0.72 46 29'.-22 16.4 2.1
72 1116.3 6.0 - n20.1 98.8 140.5 0,816 n1.93 0.73 38 28'1-2014 12.5 10
73 1,004.2 6.9 - 28.3 109.3 176.5 1.222 2.52 0.78 II 27'0.171/2 8.9 31
74 1.197.4 6.6 3.9 30.9 123.7 184.8 1.224 2.75 0.84 31 25M-15%4 7.5 4.1
75 1,420.0 7.9 4.4 41.6 183.9 183.5 6,109 2.73 0.93 34 435s.18 11.3 3.0
76 3460.8 8.9 4.9 57.8 201.3 258.6 6.110 3.58 1.04 29 4451-3334 10.8 2.7
77 1,704.9 9.0 5.6 b71.3 223.9 298.0 7,496 64.07 1.19 29 45 -15'1 9.8 30
78 2,166.0 8.6 4.3 83.3 242.0 509.2 9.584 4.62 1.38 29 471-333 8.8 3.1
79 3.032.0 8.2 5.6 104.0 263.9 552.0 0.045 5.22 1.57 Al 41'.-32 7.0 43
80 3,301.7 8.1 5.9 119.7 307.5 631.0 0,087 5.95 1.79 30 42'0.27'1 5.9 5.1
•Long'Term Price Score—Shorb Term Price Sore.See page 4.Adjusted for 2.for'1 31na t sphi II/15 a'Fiscal year ends 5/.11d
following year.b-From continuing operalmm.m{ac1.10.4 mill.(4c share special oledU1.mracl.)0.7 m111.(Sc a share)charge.
INCORPORATED; TRANSFER AGENT(S): OFFICERS:
Sept.25.1915-Delaware Firm Nauonal Hank of Minneapolis Chinn.&Chief Exec.Off.
W.II Spoor
PRINCIPAL OFFICE: Pres.&Chief Oar.OR.
608 2nd Avenue Soul h W.N.W athn
Minneapolis.MN 55402 REGISTRARt5): Vice Pres.&Trees.
Tel.:(612)330.4966 Fist Nalmnal Hank or Minneapolis G.M.D°nM1awe
ANNUAL MEETING: F.C lasv.lr.
Third Tuesday In Sept.
INSTITUTIONAL HOLDINGS:
NUMBER OF STOCKHOLDERS: No Mln'uePn.ns 198
20,7181 Stair'11.1.1 Ma
• DOJO /z.9•rf.JGS •
106 Phi-Pit STANDARD & POOR'S CORPORATION
I ash Carrot L. Term Debt laterite rime:Ear..
eta-1 descry Codes • Can Times Earn. Pr. iffy Assets bibs Date Debt % •
Ca fiances (In Italia) d 1978 1979 1980 End —Malin$— (Ali/5) Prop Period /980 1981
Individual Issue Statistic. SAP •Legality]—Redemption Provisions Price Range Mo. End
Eli ible ReFund —Cell Pnce Ow-
Esclunge Interest Qual-
IvBond a NN 1174 N Earl a t/ For Reg-si 0'6. Dnder.riler 1960.80 1981 1982 Salc Price
Cur,Yield
I Dales Rating I Form 1 a R l r Other s S.F. slat (MOS)Firm Year High Low High Low Hash Low or Bld Yield Mat.
.PIiff Ind Reflls 2030 fA BBB X R ✓V- - V 405% 100 .107.70 80.0 D9 95 117% 711 84 66 ' 69'. 67/ 66% 16.51 1695
.1,t&Rai%.2000 jD13 BBB X R VV- • V .... 100 .104,90 71.4 W7 10 107 53 58% 461 501, 48% 44. 16.06 16.94
.IH R Ref 71/41-001 $315 BOB X R VV- - V .... .... .1051. 80.0 MI 11 102 SI 61 44% 48 446 .461 15.99 16.11
-1sth Rd 93/4.2002 fA BBB % R VV- - V .. . .... .107.70 102 D9 '76 109/ 61 71 SA. 61 SM. .581 16.45 16.89
.lu!Ref 11-3/4}003 015 BBB X R VV. . V 1107.11 .... .107.47 75.0 M9 '77102% 56% 60 5051 53% 52 52% 16.51 16.99
.tut R.181.2004 1)15 BBB X R VV- - V .... .106.80 125 F} 141026 566 643 50 531 501 .521 16.1116.57
slot Berl:M.2005 s015 BBB X R • V. - V 1110 .. .1111 11X) SI '79 103 83 87% 69.. 734. 72 .731 16.95 17.07
•Ica A Ref91a 2006 Ms BBB X R ✓V• - V 405.47 .... 106.93 100 D9 '76 106% 601 684, 511/4 16 54 541 16.71 17.06
.Istl Rd Ihi1007 Maly BBB X R ✓✓• - V 1107.20 .... .10)1 75.0 M9 '77 10314 57 64 491 54 521 51% 16.83 17.09
3.lu g Ref 9 .21308 Ms Is BBB X R VV- - V •101.19 .... .108.88 100 M8 961 100.77 60 6531 51 58% 524. 34 16.90 17.10
.1st&Ref 111a2009 m515 BBB X R -113.28 .... .1115: ❑5 D9 '81 .... .... 109% 95 104 100 •101% 18.52 18.51
.1s&Ref 171s 2011 11 BBB X R 411176 .... .116.63 ❑5 D9 '81 1041 911 1001 95% .9935 17.65 1764
•Deb 146s'90 Ao15 BOB. % R - .._ °101.60 500 B9 10 110 94 106 86 94% 90 .91 15.52 16.14
.Deb 141.2009 Ao15 BOB- X R • - - 1100.90 .114.70 100 M9 '80 III% 48 102 12 90 15 .85 17.35 17.41
"Paiblelpai.Elm Pen 72a, 3.10 213 1.35 Dr WO LO 449 985 5➢.3 34.2 9 Ale S'9 230 2.20
SFDeb11.'95 Ms BBB X R • - - • - 100 101.90 194 SI '65 9911 3531 411 359. 37 35% 351 12.59 16.76
Mil.Sabeme.Hiner' 74 3.79 3.48 4.43 De U16 111 121 9-81 /0.l 47.5 9 Alo Sep 2.09 1.11
1,44%all ij A X CR - - VV. .... 100 100.70 4.00 D9 '37 10141 531 644. 584, 601 581. 59% 7.33 16.81
1,841.88 Mn A % CR - VV- 100.60 .101.40 4.00 D9 '58 97 491 581 511'. 5465 32% 53N 7.73 16.29
nil/,.Menu/.e . 69. 173 3.47 168 Dr 4113 3641 1914 9% .3483 90.0 9 Me Sep 164 3.76
.SFDab6%s'93 .015 A X R - - V. - 100 .101!. 504 LS '68 99 55 705, 54 No Sale .58 11.42 14.03
.SFDcb11a2004 ld A ' X R - - V. - 11104.95 11100 .105.94 130 15 '74 107 69 70 52 60 58% '541 15.07 ISO
.SF Deb 96.2003 1l113 A X R • • V- - 1'104.56111100 .101.756 150 L5 '71 103% 681 73k 38% 651 61 63 14.48 1190
Deb6s'99 'mN15 A X R - - V. - .... .... 100 200 C. BI .... .... 47% 46% 436 421 .43 13.95 15.50
Deb 6.2001 1115 A % 0. - - V. . .... 100 350 LS '81 .... .... 42.80 34 43 42% .4115 14.46 15.69
.Nos.Id$s 183 3d A X R - - V- - .... .... 100 50.0 15 '1,I 107 86v, 98 911 98 97% 98 9.03 13.19
Notes
.Nn1.85,14 Ms A % R - - V- - .... 116100 1011 G3 78 I00 811 91 81% 691 87% .89 9.72 15.00
.Ndn11s83 Hits A % R -.V- . _._. ,--. 1100 ISO 1.5 '75 107 78 861: 766. 141 III .131 10.13 13.17
.Notes9.55.'86 Id A % R - ✓- - 1!11%) 250 15 '79 101 79% 88% 7717 41 811 .84 11.37 14.67
.Neu.141.'1. mN13 A % R - - V- - .... .... '11IX1 115 G} 81 9937 88% 97 9015 .96 14.71 14.07
.Nores8481 Au A X 'R .- • V. - _.. .... 1400 ISO 371 '81 .... .... 01 949, 931 981 98% 14.20 15.52
•Nd.t5%.91 - 3315 A X R - - 2V. •Dr 1900 ISO LS '81 101 50i 100 9th 981 15.46 13.31 -
.PhillipsDeb 113.No N l5 7.96 IO.lJ Il./I1040 J'S1 705 2501 li/ 9 Ale Sep 579
.SF Deb PA.2001 M,I5 AA+ % R VVV.- 1'.... 11100 .106.213 250 F2 95 107 68% 78 58 64% 61 364% 13.81 14.44
.SP Deb 7la en) M3S 1,1+ % R - VVV- .00 4 7104.173 634 F3 ']I ii A 61 641 21 366 571 .A1 14.35 15.11
e SF D.6 3and Cu )J1, 1.16 1.93 V.
• Or 1.00 ]111 {l.l ).16 429 10 % AI 2.07
alley 11%.'97 (AlB011 AX R N/A . 117 15 12 .106.16 30.0 MS 17 35%19. 53'1 63 54 573. 541 .341 15.83 n.a
155.776, 4ab Deb 18 NR Ql.R AMA b IS.. . 11-// 111 111
las.% 105.9
Ola NR R . . . . ... .... ICU l5J Emil '711 984. 58 59 50 54 JIY. 54 ItlA} 23.61
P/Ibbpa D 6.p Q2L Q211 My JLJ 1332 971 1141 623 711
.SF Dan S1.86 ld A X C - - VVV .... 100 .1006 2.30 G2 61I 104 70 67 67 No Sale 66% 8.65 16.98
.SFDM111.'95 N A X R • • VV- 100 .103.938 15.9 Cl 70 1091 69% 71% 38 No Sale 596 14,74 16.21 '
m ....
.Nei.Halt No Sale 811 16.77 17.71
Ctarp /JO -4.e( J.VY J.I! Dr ICU 1.. 134 7-55 III a../ :II Ala Sep
(Nal J.)V S.nY
INa16.3 SF 117E 637.'Btl Ms A+ X R - - V. - {100% 100 101.51 1'5.40 El '6tl 104%. 6215 70% 623. 6511 64 64% 1044 16.08
•SF Deb 94.12. 11315 A+ X R • - V- - .. 100 100 410 B9 '7411071 66 96 88% 95.362 95.331 94% 10.04 16.37
Piney Boots.l.e 4/. 346 515 4.60 De 195 359 310 94% /5l 40.2
SF Deb 9.'95 013 A )( R - - VV. .... ._. .10405 394 F2 '70 III 71'1 74 , 635 65% 61% 6177 14.53 15.91
Pirn5age Platt Class' 19,Noe PPG ledustn'esire
SF Deb Shill fA A+ % R - VVVV .... 100 .101.41 56.2 Fl '66104% 56 58 30% 33% 56.'6 52% 10.7713.33
U.trw.F..,..h Earlannioa,,—S.e Page I.Ocher. 'Er 11.83. 1Fn 7.11.17. 1FI Oa n.84 'F,3.1.66. 'Fr 115.02 53/4 115413. 7F79.15.16. 51/4 7.111. 'Fr 4.15.01. 1514-15.90.
Come by PMl Elennc Cu. Subsid&di'.of Philadelphia Suburban Corp. "Fr 6.141/4 F,7.I5-a. 1'F,Lll-M9, nF 9.1.62. "Fr 11.1566. "Fr 4148. 1'Fr ILISI5. 1,Fr 1.1.82.
L%),6e.ewp Inc ^Due Mar 1I. "Inc,fr.511':6.140.5 3i8.11.1.79. 1'Fe 3.163 '9111 80 151 16'-90.
i roc, 2/377 i..14
174 PO-Pit STANDARD & POOR'S CORPORATION Yau��
L E OF I5 auk. I. Hall PRINCIPAL BUSINESS 1971.80 PRICT1911 1911 Saban W Fiala O•BM % P-C
C Ticket NAME OF ISSUE 1 %L Pv S4 1. Dn. Ra
I Sywhol (Can Met of PM. Mode) Meier Ran.- V.1. C.' (000) HIfl La. High Lo. High Ica. 104 High La. Let Yield as.
I PFE Pfizer.Inc NY,B,C,M,P,Ph A+ I11'9t 533 43325 Health carcegric:chem,mtls 538 219. 541 40 581 50 4024 381 331 55% 3.3 19
2 PD Phelps Dodge NY,B,C,M P Ph B 68 145 7456 2nd largest US copper prod'r 50% 171 411% 31'A 34 26 9998 321 26 261 3.0 10
3 PHH Hill Group NY,M A+ No 82 7022 M6ml.vs toco,;,,cct.rcloc 22 21 259. 171 23120 4159 221 20 2084 3.1 II
4 PB Phibro Cord NY,B M.Ph A— 1 204 15886 Intl mineral trading 641 6 55/ 221 26% 2314 15,60 261 231 2514 3.7 6
3 PE Philadelphia Elec. NY,B,C,M,P,PII B+ No 115 7056 Eke 8 gas:Phila/S.E.Penns 251 91 141 111 141 1314 4609 141/4 131 141 141 6
6 Pr 1 7.80%cm Pfd("1053''l'' NY(10).Ph BBB-100 3 32 Fuel:29%coa1,27%,nud<ar 106 47 551 45 49 45 91 49 46% 488 16.0 ..
7 Pr M 15.25%cm Pfd(° 1151'4) NY(1°),Ph BBB—.100 I 25 20%oil,4%hydro 19%intact 115 100 1051i 898 97 93 5 941 93 934 16.4
1 r%w& Philadelphia Net I N A— I 49 2125 Bank Mdg:Philo Niel Bank 521 191 34 261 311 291 1298 31 291 291. 10.4 4
9 PSC Phil.Suburban NY M,Ph B+ 507 36 564 Water service 101 8 9% 81 1599 91 81 9 13.3 7
10 MO Philip Morris NY,B,C,M,P,Ph A+ I 629 31130 Ggarettes,brcwg,so0 drinks 481 1113 551 43 501 451. 53060 491 45% 451 5.3
II PHI Philippine Long D Tel AS P NR 10 6 143"Fel service in Philippines 7% 11 5% 4 4/ 4 406 4% 4 4% .141 4
12 PHL Philips Indus NY,B,M.P. B 1Na 14 779 Mn,hm.rec',con'y hm comp 27 I% 17% 61 148 111 2298 131 11% 12 4.0 7
13 SI cm Cv Spl 14 15 PPor PhiliPhillips Petroleum(J7 NY,B,C,M,P,Ph,Tc A+ 1/4 637 77971 Domestic 10 9 1019 dinteg oil:them.e rrilr . 611 13 161/4 44 591 34 91/4 y 408 301 9111 914 8 91 381 301 321 6.1 6
16 PVH Phillips-Vas Heinen NY,M B I 9 159 Mrs and retails male apparel 261 31 17% 101 151131 358 15% 131 15 4.0 5
it Alec Phoenix Resonces" N NR I 13 577 Eaplor'n&prod's 11a3&oil 20 6'I, 441 161. 171 111 5622 151 121 521. ... 72
18 PX Phoenix Steel. AS C 104 3 161 Carbon plate:pipe&tubing 71 Ili 31 11/4 21 11/4 394 2 114 2 .. el
n 19 ruff Phone-A-Gm Sys N NR No I 44 Electrocardiogram lmrrp'n 21 1 11 % 1% 11 115 11 IN 111 ... 16
20 r.,o9 Phone-Mate N B— 104 ... .... Automatic phone answer 148 1 71. 38 414 31. 110 4% 31. 3%. ... 72
21 ?HOC Photo Control N B 84 1 IS Photo&flash eg4ie cast 41 V. 4 21 3/ 31. 203 31. 3% 31. 4
21 nett Photos Sevres N NR No .. Industdd laser equip 68 1 91 6/ 9% 7% 121 8% 711 714. ... 22
23 MOT Phono.ia CorpN NR p10�4 1 29 Optical&electron meth sys 3 I. 5 21 41. 31 169 45.. 31 317 1
24 ricc Piccadilly Cafeterias N NR o 13 399 Cafeterias in south&seven 141 61. 19 12 141/4 13% 867 14% 131 14a 3.4 10
25 rice Pic'.'Sa.e N B+ 8134 49 3735'Close ouimdse retail can 14 1 191 II 161 15% 2465 16N 15% 13%. ... 14
26 PIE Piedmont Aviation NY.M.Ph B+ 1 49 3231 Scheduled au tnnspon se 16/ 21 321 111 281 221 3594 28% 23% 271 1.0 6
27 nuAH Piedmont Mewl N 0— 504 3 60 HWg:insur.reinsurance 16 11/4 10% 41 81 6 425 8 6% 6%a 5.3 8
21 PNY Pldmat Nall Gas NY.M B+ 504 8 311 Natur.Ina datr.Carolina. 23 71 14 17 88t 161 191 II 16% 171 10.3 7
29 FIR Pee l Imports NY,M NR 1 2 !!moon specialty stores:RE 3084 1 4% 21 5% 4 1371 51 414 4% .. 4
30 PENA PleaE2eo Pr CI'A' N NR II I IO Electric vsmechsn7 energy .... .... 2% 'I. 2 I% tun 2 11 2a ... d
31 Pi�p&ert a NY M pp1)� ..+++ NNy 19 11410 0.0.00lRmttOnium fdraera 4 13' 4 l 1 4 le y7iq 4 32 f 9 S
Jas 1181 PlaefaaTCorp A JL— 12N 1 90Namurance:new wawa 9R 9A 9 9 Mk 277 935 Ili 9N. 4
33 Ma. Pl.benw'B'' N A I ❑ 1032 Securit investigation wet a 911/2 16 66 43 56 50 47 32% 50 50. 6.0 9
34 PNA PI...n Cry NY M At i01 164 12674 Natural Security.
Texas:oddest 33% 21 33% 21% 29% 21% 10114 77% 711 721 4.4 1
33 PIO Naar Electron ADR NY,B,M,Yh NR 11 930 High f stereo audio/Japan 191 2% 31% 161 16% 12% 624 15% 12% 131 2.0 16
36 moo Planer Group. N NR 104 2 32 Mutual fund underwriter,du 13% 3 22 111 23% 7014 501 23% 20% 20%a 2.2 II
37 n.. Planter HI-Br loll N A— 1 95 5559 Hybrid wed corn 401 101 321 36% 511 45% 2912 491 431 49%6 2.6 12
38 nos Plan.,561 Elect. N A— No II 617 Dui electronic components 181. 1% I7 10% 11% 101 1075 11% 10% II 1.a 1.6 10
39 PAE Plow Systems AS.Ph B— 104 2 75 Panehde:resule:craft kit 12 % 684 4 5% 4% 437 41 41 4% II
40 NH Piper,letre3 M B+ I 1 - t Regional secunu %es firm 27% 4 341 15% 30% 29 4 291 29% 298 94.5 ..
41 PBI Pitney Ban. NY,B.M Ph A 2 138 8846 Postage mien:mailing ay. 401 6% 351 22 26% 21% glee 26% 21% 241 6.6 6
43 Pr S3.12 cm Cr P.fCC('ee79).tg_ (J5. NR No 32 1111 coping Adicm{{ang ays 40% 24% 35 231 26% 23% 1669 26% D% 2564 8.3
43 rmM Mttah.reaN udn Page
AS,B.N A+ SO 9 451 16 7715 Btael k hiddg gen'I banking tl 40 3 Ye 60 22 23% Ili 281. 22% 27% 21/4 41 2490 16 30 14 241 251, 6.7 3
"To na p 1.
xipl2.Kale 10 17.. ToiJ085,male t0 101 io'955 "Nl oo.5# "Sttldsr olt f totem,Gimp. '4e:5lhard Ci3.10{rp �"6S4 30�12,'10"Estimate05119 11. __3 3 .
"Philips
t 54111.11.16"Fuc.l Dec.77&po Holding,'15;a I"MI
111/2 SM s 2 83;78 o 0`ct'l I "ti5a I7:80ue'Wass]1 0 77a,.oO 34,11I.plans r''Non corn.
•!Accurn on Pfd. "6'ADR representing 1 aM,par 50 86 yew 50 65;81.
"1110 stir 3 new concern.. "p1J 64;76. 1111 46.1/21. "ASO 10.77. "pf0 121_60.10,79. "Fr 7-1.84a<ale to 328 in 8.
PROPOSED REPAYMENT SCHEDULE
The final amount of the bond issue(s) and specific terms of
repayment for the proposed financings have not been determined
at this time . It is anticipated that the bond issue (s) will
be sold in one or more series . The maximum anticipated maturity
will not exceed twenty years and the issue (s) will utilize a
term maturity with or without a sinking fund. In the event
that it would prove to be more beneficial, a serial structure
may be considered. The maximum amount of the bond issues is
estimated at $3 ,000 , 000 .
ASSETS TO BE PURCHASED AND CONSTRUCTION PLANS
It is the intention of the Pillsbury Company to consider the
acquisition of some or all of the assets of the Wickes Corpor-
ation located in Greeley and La Salle , Colorado . The specific
projects involved are described below:
a) All or a portion of the facilities owned by the Wickes
Corporation in or around the City of Greeley , Colorado,
consisting primarily of an edible dry bean elevator and
processing plant, and related facilities , as well as any
renovation, expansion, modification and equipping thereof
by the Company.
b) All or a portion of the facilities owned by the Wickes
Corporation in or around the Town of La Salle, Colorado,
consisting primarily of a bean packaging facility and
related facilities , as well as any renovation, expansion,
modification and equipping thereof by the Company .
The specific plans for expansion of these facilities have not
been finally determined at this time . The Company, however,
feels that if the acquisition of the proposed facilities is
completed that there is a high probability that such facilities
will be upgraded and/or expanded.
RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF
WELD, COLORADO
WHEREAS, the County of Weld, State of Colorado (the
"Issuer") , a body politic and corporate and a political
subdivision of the State of Colorado, is authorized and em-
powered by the provisions of the County and Municipality De-
velopment Revenue Bond Act, Colorado Revised Statutes 1973
Section 29-3-101 et seq. , as amended (the "Act" ) , to finance
a project, as that term is defined in the Act, and to issue
its industrial revenue bonds for the purpose of paying the
cost of financing a project; and
WHEREAS, Pillsbury Company (the "Company") , has requested
the Issuer to issue and sell to George K. Baum (the "Purchaser")
its industrial revenue bonds pursuant to provisions of the Act
for the purpose of financing the acquisition, renovation, ex-
pansion, modification and equipping of a project, as more fully
described in Attachment A hereto, to be located within or
around the Town of La Salle, Colorado and a project, as more
fully described in Attachment B hereto, to be located within
or around the City of Greeley, Colorado (collectively the
"Projects" ) for the Company; and
WHEREAS, the Issuer wishes to declare its intention to
authorize one or more issues of its industrial revenue bonds
for the purpose of paying the costs of financing the Projects,
when so requested by the Company, upon such terms and conditions
as may be then agreed upon by the Issuer, the Company and the
Purchaser.
NOW, THEREFORE, be it resolved by the Board of County Com-
missioners of the Issuer that it does hereby declare its inten-
tion to authorize the issuance of one or more issues of indus-
trial revenue bonds of the Issuer and the sale thereof to the
Purchaser under and in accordance with the Act, in such an
amount necessary to pay the cost of the Projects as described
in Attachment A and B, presently estimated not to exceed
$3 , 000 , 000 , and upon such terms and conditions as may be
2
mutually agreed upon by the Issuer and the Company, the issuance
and sale of such bonds to be authorized by resolutions of the
Issuer at one or more subsequent regularly scheduled meetings
or special meetings to be held for such purpose.
Passed and approved this _ day of April, 1982 .
COUNTY OF WELD, COLORADO
Chairman, Board of County
Commissioners
County Clerk
ATTACHMENT A
All or a portion of the facilities owned by the Wickes
Corporation in or around the Town of LaSalle, Colorado consist-
ing primarily of. a bean packaging facility and related facili-
ties , as well as any renovation, expansion, modification and
equipping thereof by the Company.
ATTACHMENT B
All or a portion of the facilities owned by the Wickes
Corporation in or around the City of Greeley, Colorado, con-
sisting primarily of an edible dry bean elevator and processing
plant, and related facilities , as well as any renovation,
expansion, modification and equipping thereof by the Company.
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