HomeMy WebLinkAbout05/21/1975City Hall, Waterloo, Iowa
SPECIAL SESSION
May 21, 1975 - 12:00 NOON
The City Council of the City of Waterloo, Iowa, met in Special Session in the
City Council Chambers in the City Hall in said City at 12:00 o'clock Noon on
May 21, 1975, pursuant to the following call:
TO: CITY COUNCILMEN OF THE CITY OF WATERLOO, IOWA
You are hereby notified that a Special Meeting of the City Council
�f the City of Waterloo, Iowa, will be held at the Council Chambers
in the City Hall in the City of Waterloo, Iowa, at 12:00 o'clock
Noon on Wednesday, May 21, 1975 and that said Special Meeting is
being called for the purpose of sale and award of $574,000 Airport
Bonds and approving and authorizing the agreement of such sale and
award.
You are further notified that no other business except the above
will be transmitted at said Meeting.
Due, timely and legal
this 21st day of May,
ing Councilman of the
Mayor Rooff in the Chair.
Present:
Absent:
67799
service
1975 by
City of
(Signed) Leo P. Rooff, Mayor
of the above notice is hereby accepted
me, a duly elected, qualified and act -
Waterloo, Iowa.
(Signed)
(Signed)
(Signed)
(Signed)
(Signed)
(Signed)
(Signed)
Robert R. Wilharm, West -at -Large
Harold E. Getty,East-at-Large
Jack L. Roehr, First Ward
Robert E. Keller, Second Ward
Mary J. Lichty, Third Ward
Mary Berdell, Fourth Ward
Calvin H. Geiger, Fifth Ward
Councilmen Geiger, Getty, Lichty, Roehr and Wilharm.
Councilmen Berdell and Keller.
- Moved by Roehr, seconded by Lichty that the copies of the Call for
the Special Meeting of May 21, 1975 at 12:00 Noon, be received and
placed on file.
Motion carried.
67800 - The Mayor announced that this was the time and place for the opening
of bids for the sale of $574,000 Airport Bonds, the meeting was
thrown open for the receipt of bids for said bonds.
Moved by Wilharm, seconded by Roehr that the following sealed bids
be received, placed on file, but NOT OPENED, and sealed bidding
closed:
1. Carleton D. Beh Co., Des Moines, Iowa
2. Channer Newman Securities Co., Chicago, Illinois
3. Continental Illinois National Bank and Trust Company of Chicago,
Chicago, Illinois
4. Dain, Kalman & Quail, Inc. and Shaw, McDermott & Co., Davenport,
Iowa
5. The First National Bank of Chicago, Chicago, Illinois
6. Iowa -Des Moines National Bank and Becker & Cownie, Inc.,
Des Moines, Iowa
7. LaSalle National Bank and Associates, Chicago, Illinois
8. The Northern Trust Company and Waterloo Savings Bank,
Chicago, Illinois
9. First Mid-America Corp., Omaha, Nebraska
rO. First of Michigan Corp., Detroit, Michigan
11. Van Kampen, Wauterlek & Brown, Inc., Chicago, Illinois
Motion carried.
67801 - Open bids were then called for, and there was none, open bidding
was closed.
- 2 -
67802 - Moved by Wilharm, seconded by Getty that the proof of publication
of the Official Notice of Sale of $574,000 City of Waterloo, Iowa
Airport Bonds, be received and placed on file.
67803 -
Motion carried.
Moved by Geiger, seconded by Lichty that the Clerk
open all sealed bids, which were as follows:
NAME OF BIDDER AND ADDRESS
$574,000 AIRPORT BONDS
Carleton D. Beh Co.,
Des Moines, Iowa
AMOUNT OF
BID (70)
Channer Newman Securities Co.
Chicago, Illinois
Continental Illinois National Bank
and Trust Company of Chicago
Chicago, Illinois
Kalman & Quail, Inc. and
Shaw, McDermott & Co.
Davenport, Iowa
The First National Bank of Chicago
Chicago, Illinois
Iowa -Des Moines National Bank and
Becker & Cownie, Inc.
Des Moines, Iowa
LaSalle National Bank and
Peoples Bank & Trust Co.
Chicago, Illinois
The Northern Trust Company
Waterloo Savings Bank
Chicago, Illinois
First Mid America, Inc.
Omaha, Nebraska
The First of Michigan Corporation
Detroit, Michigan
Van Kampen Wauterlek & Brown, Inc.
Chicago, Illinois
Motion carried.
1978-1981 5.10
1982-1983 5.30
1978-1979 4.90
1980-1983 54
1978-1982 5.20
1983 5.30
1978-1982 5.20
1983 5.30
1978 5.40
1979-1981 5.10
1982-1983 5.40
1978 5.70
1979-1983 54
1978-1979 4.80
1980-1983 5.30
1978-1982 54
1983 5.40
1978-1981 5.10
1982-1983 5.20
1978-1980 4.85
1981-1983 5.20
1978 5.20
1979-1981 5
1982-1983 5.20
be instructed to
AMOUNT OF NET INTER -
PREMIUM EST '(%)
$1,444.75 5.1482
5.1824
350.02 5.213966
5.22483
218.98 5.25353
28.70 5.2801
55.46 5.201755
19.00 5.28665
5.14655
263.54 5.0699
5.106890
67804 - Moved by Wilharm, seconded by Roehr that the above bids be referred
to Paul D. Speer, Finance Consultant, for checking and report back
Motion carried.
67805 - Paul D. Speer, Finance Consultant, having checked the bids, reported
the bid of The First of Michigan Corporation, Detroit, Michigan, could
not be considered a legal bid as it did not comply with the terms in
the Notice of Sale in that the interest rates were not in a multiple
of one-quarter or one-tenth of one percent, and was concurred by
Philip J. Dorweiler, Bonding Attorney.
Moved by Getty, seconded by Wilharm that the bid of The First of
Michigan Corporation, Detroit, Michigan, be rejected as it did not
meet the bid specifications.
Motion carried.
May 21, 1975
- 3 -
67806 - The Mayor then announced the hest sealed bid was as follows:
Van Kampen, Wauterlek & Brown, Inc. of Chicago, Illinois, with a
net interest of 5.10697.
Moved by Getty, seconded by Lichty that the above bid be accepted
and Resolution No. 23915, a resolution directing sale of $574,000
Airport Bonds of Waterloo, Iowa, adopted.
On roll call, Geiger, Getty, Lichty, Roehr and Wilharm voted Aye.
Nay: None. Absent: Berdell and Keller. Mayor declared the reso-
lution adopted.
67807 - Moved by Wilharm, seconded by Geiger that the Clerk be instructed
to return the certified checks to the unsuccessful bidders.
Motion carried.
67808 Moved by Roehr, seconded by Lichty that Resolution No. 23916, a
resolution providing for the issuance of $574,000 Airport Bonds and
leving a tax to pay said bonds, be adopted.
On roll call, Geiger, Getty, Lichty, Roehr and Wilharm voted Aye.
Nay: None. Absent: Berdell and Keller. Whereupon the Mayor de-
clared said resolution duly adopted.
67809 - Moved by Geiger, seconded by Lichty that the Council adjourn.
Motion carried.
Katherine Gibbs,
City Clerk
May 21, 1975