HomeMy WebLinkAbout07/28/83July 28, 1983
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 28,
1983. Mayor Rooff in the Chair: Roll call: Getty, Penaluna,
Wilharm, Roehr, Dowie, Bowers. Absent: Burton.
84383 - Moved by Roehr, seconded by Wilharm
that the copies of the Call for the Special Meeting of July 28, 1983
be received and placed on file.
Motion carried.
The Mayor announced that the purpose of the meeting was to take bids
on the sale of General Obligation Bonds.
This being the time and place fixed in the published notice for the
consideration of proposals for the purchase of $5,330,000 Corporate
Bonds, the Council proceeded accordingly. The Mayor announced that
the time had arrived for the receipt of bids for said bonds.
84384 - Moved by Wilharm, seconded by Bowers
that the following sealed bids be received, placed on file, but NOT
OPENED and sealed bidding closed:
Motion carried.
84385 - Moved by Dowie, seconded by Wilharm
that proof of publication of notice of meeting for the issuance of
$5,330,000 Corporate Bonds as published in the Waterloo Courier on
July 21 and 25, 1983 be received and placed on file.
Motion carried.
84386 - Moved by Wilharm, seconded by Bowers
Clerk be instructed to open all bids, which were as follows:
Name of Bidder Net Interest Rate
First if1T sc`ons n National Bank of Milwaukee 8.179621%
First Interstate Bank of California 8.1321%
Morgan Guaranty Trust Company of New York 8.0042%
The Northern Trust Company 8.15274
Motion carried.
84387 - After review of the bids, Dick Pavia, of Speer Financial Consultant
recommended acceptance of the low bid.
Moved by Wilharm, seconded by Roehr
that "Resolution providing for the sale and award of $5,330,000
Corporate Revenue Bonds and approving and authorizing the agreement
of such sale and award to Morgan Guaranty Trust Co., of New York", be
adopted. Ayes: Six. Absent: Burton.
Resolution adopted and upon approval by Mayor assigned No. 1983-307.
84388 - Moved by Bowers, seconded by Roehr
that Clerk be instructed to return the certified checks to the
unsuccessful bidders.
Motion carried.
84389 - Moved by Roehr, seconded by Wilharm
that the Council adjourn.
Motion carried.
Larry P. Burger, City Clerk/Auditor