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July 15, 1982
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 15, 1982. Mayor Rooff in
the Chair. On Roll Call: Present: Getty, Roehr, Wilharm, Bowers, Burton,
Dowie. Absent: Penaluna.
82784 - Moved by Roehr, seconded by Wilharm
that the copies of the Call for the Special Meeting of July 15, 1982 at
11:00 a.m., 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 Corporate Purpose Bonds.
82785 - Open bids were then called for, and there were none.
Moved by Wilharm, seconded by Dowie
that bidding be closed.
Motion carrried.
82786 - This being the time and place fixed in the published notice for the
consideration of proposals for the purchase of $8,375,000 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 Wilharm, seconded by Dowie
that following sealed bids be received, placed on file, but NOT OPENED
and sealed bidding closed:
Name of Bidder
1. Continental Illinois National Bank & Trust Co. of Chicago
2. First National Bank of Chicago
3. Morgan Guaranty Trust Company of New York
4. Northern Trust Company of Chicago
Motion carried.
82787 - Moved by Burton, seconded by Wilharm
that proof of publication of notice of meeting for the issuance of
$8,375,000 Corporate Purpose Bonds as published in the Waterloo Courier
on July 1 and July 8, 1982 be received and placed on file.
Motion carried.
82788 - Moved by Wilharm, seconded by Getty
Clerk be instructed to open all sealed bids, which were as follows:
Name of Bidder Net Interest (%)
1. Continental Illinois National Bank 10.582198%
and Trust Co. of Chicago
2. First National Bank of Chicago 10.55255%
3. Morgan Guaranty Trust Co. of New York 10.6059%
4. Northern Trust Co. of Chicago 10.46851%
Motion carried.
July 15, 1982
Page 2
82789 - Dick Pavia, Finance Consultant, announced the best bid was: Northern
Trust Company of Chicago, with a net interest of 10.46851%.
The results of the bids were incorporated in a resolution which was
introduced and caused to be read in full by Council Member Wilharm,
under the title of Resolution providing for the sale and award of
$8,375,000 Corporate Purpose Bonds & approving & authorizing the
agreement of such sale and award", after due consideration it was
Moved by Wilharm, seconded by Roehr, that "Resolution providing for
the sale and award of $8,375,000 Corporate Purpose Bonds and approving
and authorizing the agreement of such sale and award", be adopted.
Resolution adopted and upon approval by Mayor Assigned No. 1982-
82790 - Moved by Wilharm, seconded by Getty
-
the Clerk be instructed to return the certified checks to the
unsuccessful bidder.
Motion carried.
82791 - Moved by Roehr, seconded by Wilharm
the Council adjourn.
Motion carried.
Michelle Temeyer
Deputy City Clerk