Loading...
HomeMy WebLinkAbout07/20/78July 20, 1978 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 20, 1978 pursuant to the follow- ing call: TO CITY COUNCILMEN OF THE CITY OF WATERLOO, IOWA: You are hereby notified that a Special Meeting of the City Council of the City of Waterl-oo, Iowa, will be held at the Council Chambers in the City Hall in the City of Waterloo, Iowa at 11:00 A.M. on Thursday, July 20, 1978, and that said Special Meeting is being called for the purpose of sale of $2,670,000 Corporate Purpose Bonds. You are further notified that no other business except the above will be transmitted at said Meeting. (Signed) Leo P. Rooff, Mayor Due, timely and legal service of the above notice is hereby accepted this 17th day of July, 1978, by me, a duly elected, qualified and acting Council- man of the City of Waterloo, Iowa. (Signed) Delman Bowers, Fourth Ward (Signed) Harold E. Getty, at Large East (Signed) James E. Burton, Fifth Ward (Signed) Jack L. Roehr, First Ward (Signed) Robert R. Wilharm, at Large West I, Officer Richard T. Knief, hereby certify that I have served the above notice on Councilman Hutchison by leaving a copy thereof at his place of residence. (Signed) Richard T. Knief Officer Serving Call I, Auxillary Officer Louis Melendy, hereby certify that I have served the above notice on Councilman Frank D. Dowie by leaving a copy thereof at his place of residence. (Signed) Louis Melend Officer Serving Call Mayor Rooff in the Chair. On roll call, Present: Bowers, Burton, Getty, Roehr, Wilharm. Absent: Dowie, Hutchison. 74677 - Moved by Roehr, seconded by Wilharm that the Copies of the Call for the Special Meeting of July 20, 1978 at 11:00 A.M., be received and placed on file. Motion carried. 74678 - This being the time and place fixed in the published notice for the consideration of proposals for the purchase of $2,670,000 Corporate Purpose Bonds, the Council proceeded accordingly. The Mayor announc- ed the meeting was thrown open for the receipt of,bids for said bonds. Moved by Bowers, seconded by Burton that following sealed bids be re- ceived, placed on file, but NOT OPENED, and sealed bidding closed: 1 - Carleton D. Beh Co. and Associates, Des Moines, Iowa 2 - Citebank, N. A. and Associates, New York, New York 3 - Continental Illinois National Bank and Trust Company of Chicago and First Wisconsin National Bank of Milwaukee, Joint Managers and Associates, Chicago, Illinois 4 - The First National Bank of Chicago and Associates, Chicago, Illinois 5 - Harris Trust and Savings Bank and Iowa -Des Moines National Bank, Joint Managers and Associates, Chicago, Illinois 6 - The Northern Trust Company and Associates, Chicago, Illinois 7 - John Nuveen & Co., Inc. and Associates, Chicago, Illinois Motion carried. - 2 - 74679 - Open bids were then called for, and there were none. Moved by Burton, seconded by Bowers that bidding be closed. Motion carried. 74680 - Moved by Wilharm, seconded by Roehr that proof of publication of Official Notice of Sale of $2,670,000 Corporate Purpose Bonds, be re- ceived and placed on file. Motion carried. 74681 - Moved by Wilharm, seconded by Roehr that Clerk be instructed to open all sealed bids, which were as follows: Name of Bidder and Address Net Interest (%) 1 - Carleton D. Beh Co. and Associates 5.00887 2 - Citebank, N. A. Associates 5.0671 3 - Continental Illinois National Bank and Trust Company of Chicago and First Wisconsin National Bank of Milwaukee, Joint Managers and Associates 5.08067 4 - The First National Bank of Chicago and Associates 5.07513 5 - Harris Trust and Savings Bank and Iowa -Des Moines National Bank - Joint Managers and Associates 5.0689 6 - The Northern Trust Company and Associates 5.04569 7 - John Nuveen & Co., Inc. and Associates 5.03821 Motion carried. 74682 - Moved by Burton, seconded by Bowers that the above bids be referred to Paul D. Speer, Finance Consultant, for checking and report back. Motion carried. 74683 - Paul D. Speer, Finance Consultant, announced the best bid was Carleton D. Beh Company of Des Moines, Iowa with a net interest of 5.00887%. The results of the bids were incorporated in a resolution which was introduced and caused to be read in full by Councilman Roehr, under the title of "Resolution providing for the sale and award of $2,670,000 Corporate Purpose Bonds and approving and authorizing the agreement of such sale and award". After due consideration, it was moved by Roehr, seconded by Getty that "Resolution providing for the sale and award of $2,670,000 Corporate Purpose Bonds and approving and authorizing the agreement of such sale and award", be adopted. Ayes: Five. Absent: Dowie, Hutchison. Resolution adopted and upon approval by Mayor, assigned No. 25862. 74684 - Moved by Getty, seconded by Bowers that the Clerk be instructed to return the certified checks to the unsuccessful bidders. Motion carried. 74685 - Moved by Bowers, seconded by Burton that the Council adjourn. Motion carried. Katherine Gibbs, City Clerk July 20, 1978