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HomeMy WebLinkAbout07/17/80July 17, 1980 The Council of City of Waterloo, Iowa, met in Special Session in the Council Chambers in City Hall at 11:00 A.M. on July 17, 1980 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 of Waterloo, Iowa, will be held at the Council Chambers in City of Waterloo, Iowa at 11:00 A.M. on Thursday, July 17, Special Meeting is being called for the purpose of sale of Purpose Bonds. Council of the City the City Hall in tie` 1980, and that said $2,530,000 Corporate You are further notified that no other business except the above wil be trans- mitted at said Meeting. (Signed) Leo P. Rooff, Mayor Due, timely and legal service of the above notice is hereby accepted this 14th day of July, 1980, by me, a duly elected, qualified and acting Councilman of the City of Waterloo, Iowa. (Signed) (Signed) (Signed) (Signed) (Signed) (Signed) (Signed) Delman Bowers, Fourth Ward James E. Burton, Fifth Ward Frank Dowie, Second Ward Harold E. Getty, at Large East Tom Penaluna, Third Ward Jack L. Roehr, First Ward Robert R. Wilharm, at Large Weast I, Michelle Temeyer, hereby certify that I have served the above notice on July 14, 1980, in the Council Chambers to all the Councilmen. (Signed) Michelle Temeyer Deputy City Clerk. Mayor Rooff, in the Chair. On roll call: Present: Wilharm, Roehr, Getty, Dowie, Bowers. Absent: Penaluna, Burton. 78807 - Moved by Wilharm, seconded by Dowie that the Copies of the Call for the Special Meeting of July 17, 1x80 at 11:00 A.M., be received and placed file. Motion carried. 78808 - Moved by Roehr, seconded by Bowers that proof of publication of notice of meeting for the issuance of $75,000 Corporate Purpose Bonds as pub- lished in the Waterloo Courier on July 7, 1980 be received and placed on file. Motion carried. This being the time and place for hearing on issuance of $75,000 Corporate Purpose Bonds, the Mayor called for written and oral objections and there were none. 78809 - Moved by Wilharm, seconded by Dowie that proof of publication of notice of meeting for the issuance of $2,455,000 Corporate Purpose Bonds as published in the Waterloo Courier on July 7, 1980 be received and placed on file. Motion carried. This being the time and place for hearing on issuance of $2,455,000 Cor- porate Purpose Bonds, the Mayor called for written and oral objections and -there were none. 78810 - The City Council investigated and found that notice of intention to take action at this meeting for the issuance of $75,000 Corporate Purpose Bonds of said City had heretofore been published in the 7th day of July 1980, in the "Waterloo Courier", a newspaper published and having a general cir- culation in said City, and that no oral or written objections of any kind had been filed or made to the issuance of any of said bonds and that no one had appeared responsive to said notice to make objection to such act- ion, and that notice of intention to take action at this meeting for the issuance of $2,455,000 Corporate Purpose Bonds of said City had hereto- fore been published on the 7th day of July, 1980 in the "Waterloo Courier" a newspaper published and having a general circulation in said City,and that no petition and no oral or written objection of any kind had been filed or made to the issuance of any of said bonds and that no one had appeared responsive to said notice to make objection to such action. Whereupon Council Member Dowie introduced and caused to be read the reso- lution shown below: Moved by Dowie, seconded by Bowers that "Resolution initiating proceed- ings for the issuance of $2,530,000 Corporate Purpose Bonds of the City of Waterloo, Iowa", be adopted. Ayes: Wilharm, Roehr, Dowie, Bowers. Absent: Penaluna Getty,Burton. Resolution adopted and upon approval by Mayor, assigned No. 27111. 78811 - This being the time and place fixed in the published notice for the con- sideration of proposals for the purchase of $2,530,000 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 Roehr, seconded by Bowers that following sealed bids be received, placed on file, but NCT OPENED, and sealed bidding closed: 1. BancNorthwest 2. Carleton D. Beh Co. 3. Continental Illinois National Bank & Trust Co. of Chicago & Assoc. 4. The First National Bank of Chicago and Merrill Lynch White Weld Capital Markets Group and Blyth Eastman Paine Webber, Inc. and Bache Halsey Stuart Shields, Inc. and Associates 5. Harris Trust and Savings Bank and Iowa -Des Moines National Bank and Associates 6. The Northern Trust Company and Associates 7. United California Bank Motion carried. 78812 - Open bids were then called for, and there were none. Moved by Bowers, seconded by Dowie that bidding be closed. Motion carried. COUNCILMAN GETTY NOW PRESENT. 78813 - Moved by Wilharm, seconded by Roehr that proof of publication of Official Notice of Sale of $2,530,000 Corporate Purpose Bonds as published in the Waterloo Courier on July 7 and 14 be received and placed on file. Motion carried. 78814 - Moved by Dowie, seconded by Wilharm that Clerk be instructed to open all sealed bids, which were as follows: NAME' OF BIDDER AND ADDRESS 1. BancNorthwest 2. Carleton D.Beh Co. 3. Continental Illinois National Bank and Trust Co. of Chicago and Associates 4. The First National Bank of Chicago and Merrill Lynch White Weld Capital Markets Group and Blyth Eastman Paine Webber, Inc. and' Bache Halsey Stuart Shields, Inc. and Associates 5. Harris Trust and Savings Bank and Iowa -Des Moines National Bank and Associates 6. The Northern Trust Company and Associates 7. United California Bank NET Motion carried. INTEREST (%) 6.009% 5.9299% 5.9852/ 5.9537% 6,0842% 5,9717/ 6,1121/ 78815 - Paul D. Speer, Finance Consultant, announced the best bid was Carleton D. Beh of Des Moines with a net interest of 5.9299%. The resiltlts of the bids were incorporated in a resolution which was introduced and caused to be read in full by Council Member Dowie, under the title of "Resolut- ion 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 July 14, k980 78815 - (continued) Moved by Dowie, seconded by Getty that "Resolution providing for the sale and award of $2,530,000 Corporate Purpose Bonds and approving and auth- orizing the agreement of such sale and award", be adopted. Ayes: Wil - harm, Roehr, Getty, Dowie, Bowers. Nays: None. Absent: Penaluna, Burton. Resolution adopted and upon approval by Mayor, assigned No. 27112. 78816 - Moved by Wilharm, seconded by Bowers that the Clerk be instructed to re- turn the certified checks to the unsuccessful bidders. Motion carried. 78817 - Moved by Getty, seconded by Bowers 1980 at 7:00 P.M. for the purposes $2,530,000 Corporate Purpose Bonds to buy same. Motion carried. July 17, 1980. that the Council adjourn to July 21, of providing for the issuance of and providing for the levy of taxes Larry P. Burger City Clerk By: Michelle Temeyer.