HomeMy WebLinkAbout07/16/81_ July 16, 1981
The Council of the City of Waterloo, Iowa, met in Special Session at City Hall Council
Chambers, Waterloo, Iowa at 11:00 A.M., on July 16, 1981. Mayor Rooff in the Chair. On Roll
Call: Present: Getty, Penaluna, Roehr, Wilharm, Bowers. Absent: Burton, Dowie.
80821 - Moved by Roehr, seconded by Wilharm that the Copies of the Call for the Special Meeting
of July 16, 1981 at 11:00 A.M., be received and placed on file. Motion carried.
80822 - This being the time and place fixed in the published notice for the consideration of
proposals for the purchase of $4,360,000 Corporate Purpose Bonds, the Council proceeded
accordingly. The Mayor announced that the time had arrived for the receipt of bids for
said bonds.
Moved by Bowers, seconded by Penaluna that the following sealed bids be received,
placed on file, but NOT OPENED, and sealed bidding closed:
NAME OF BIDDER
1) Continental Illinois National Bank & Trust Company of Chicago
& First Wisconsin National Bark of Milwaukee & Associates
2) Harris Trust & Savings Bank & Iowa Des Moines National Bank &
Associates
3) The Northern Trust Company & Associates
4) Morgan Guaranty Trust Company of New York
Motion carried.
80823 - Open bids were then called for, and there were none.
Moved by Wilharm, seconded by Roehr that bidding be closed. Motion carried.
80824 - Moved by Bowers, seconded by Wilharm that proof of publication of notice of meeting for
the issuance of $4,360,000 Corporate Purpose Bonds as published in the Waterloo Courier
on June 25 and July 2, 1981 be received and placed on file. Motion carried.
80825 - Moved by Wilharm, seconded by Roehr that Clerk be instructed to open all sealed bids,
which were as follows:
Name of Bidder Net Interest (%)
Morgan Guaranty Trust Company of New York 9.34786
Continental Illinois National Bank & Trust Company of
Chicago & First Wisconsin National Bank of Milwaukee &
Associates 9.448329
The Northern Trust Company & Associates 9.28362
Harris Trust & Savings Bank & Iowa -Des Moines National Bank
& Associates 9.2663
and refer to Paul D. Speer, Finance Consultant. Motion carried.
Councilman Dowie now present.
80826 - Paul D. Speer, Finance Consultant, announced the best bid was Harris Trust & Savings
Bank and Iowa -Des Moines National Bank & Associates of Chicago, Illinois with a net
interest of 9.2663%. The results of the bids were incorporated in a resolution which
was introduced and caused to be read in full by Council Member Roehr, under the title
of Resolution providing for the sale and award of $2,530,000 Corporate Purpose Bonds
and approving and authorizing the agreement of such sale and award. After due
consideration it was moved by Roehr, seconded by Bowers that 'Resolution providing for
the sale and award of $4,360,000 Corporate Purpose Bonds and approving and authorizing
the agreement of such sale and award", be adopted. Ayes: Six. Absent: Burton.
Resolution adopted and upon approval by Mayor assigned No. 1981-371.
80827 - Moved by Bowers, seconded by Wilharm that the Clerk be instructed to return the
certified checks to the unsuccessful bidders. Motion carried.
80828 - Moved by Getty, seconded by Wilharm that the Council Adjourn. Motion carried.
Larry P. Burger
City Clerk