HomeMy WebLinkAbout07/19/84July 19, 1984
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 19,
1984. Mayor Bowers in the Chair. Roll call: Getty, Lichty,
Penaluna, Klinger, Seeber, Dowie, and Wright.
86145 - Moved by Klinger, seconded by Wright
that copies of the call of the Special Meeting of July 19, 1984 at
11:00 a.m. be received and placed on file.
Motion carried.
86146 - This being the time and place fixed in the published notice for the
consideration of proposals for the purchase of $8,000,000 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 Getty, seconded by Klinger
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 and Trust Company of Chicago
2. The Northern Trust Company
3. The First National Bank of Chicago
4. Morgan Guaranty Trust Company of New York
Motion carried.
86147 - Moved by Seeber, seconded by Wright
that proof of publication of notice of meeting for the issuance of
$8,000,000 Corporate Purpose Bonds as published in the Waterloo
Courier on July 1 and July 8, 1984 be received and placed on file.
Motion carried.
86148 - Moved by Getty, seconded by Klinger
that Clerk be instructed to open all sealed bids, which were as
follows:
Name of Bidder Net Interest
1. Continental Illinois National Bank and
Trust Company of Chicago 9.758507%
2. The Northern Trust Company 9.77793%
3. The First National Bank of Chicago 9.85835%
4. Morgan Guaranty Trust Company of
New York 9.95304%
Motion carried.
July 19, 1984
Page 2
86149 - Dick Pavia, Speer Financial, Inc. reported that the City's bond
rating of Al reflected a weak economic community, (Rath Packing
Company and Deere and Company), but that the financial management of
the City remains strong.
Mr. Pavia announced the best bid was Continental Illinois National
Bank and Trust Company of Chicago with a net interest of 9.758507%.
The results of the bids were incorporated in a resolution which was
introduced and caused to be read in full by Council Member Getty
under the title of "Resolution providing for the sale and award of
$8,000,000 Corporate Purpose Bonds and approving and authorizing the
agreement of such sale and award." After due consideration it was
Moved by Getty, seconded by Dowie
that "Resolution authorizing sale and award of $8,000,000 Corporate
Purpose Bonds and approving and authorizing the agreement of such
sale and award to Continental Illinois National Bank and Trust
Company of Chicago" be adopted. Ayes: Six. Nays: Lichty.
Resolution adopted and upon approval by Mayor assigned No. 1984-331.
Moved by Getty, seconded by Klinger
86150 - that the Clerk be instructed to return the certified checks to the
unsuccessful bidders.
Motion carried.
Moved by Dowie, seconded by Lichty
86151 - that the Council adjourn.
Motion carried.
Larry P. Burger
City Clerk/Auditor