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HomeMy WebLinkAbout01/11/79January 11, 1979 The Council of City of Waterloo, Iowa, met in Special Session in the Council Chambers in City Hall at 1:00 P.M. on January 11, 1979 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 Council of the City of Waterloo, Iowa, will be held at the Council Chambers in the City Hall in the City of Waterloo, Iowa at 1:00 P.M. on Thursday, January 11, 1979, and that said Special Meeting is being called for the purpose of sale of $4,985,000 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 10th day of January, 1979, by me, a duly elected, qualified and acting Councilman of the City of Waterloo, Iowa. (Signed) Sally Hutchison, Third Ward (Signed) Harold E. Getty, at Large East Signed James E. Burton, Fifth Ward Signed Delman Bowers, Fourth Ward I, Officer J. 0. Stainbrook, hereby certify that I have served the above notice on Councilman Wilharm by leaving a copy thereof at his place of residence. (Signed) J. 0. Stainbrook 0 icer Serving Call I, Officer Michael O'Connor, hereby certify that I have served the above notice on Councilman Jack Roehr by leaving a copy thereof at his place of residence. (Signed) O'Connor Officer Serving Call I, Officer J. 0. Stainbrook, hereby certify that I have served the above notice on Councilman Dowie by leaving a copy thereof at his place of residence. (Signed) J. 0. Stainbrook Officer.Serving Call Mayor Rooff in the Chair. On roll call, Present: Bowers, Burton, Getty, Hutchison, Wilharm. Absent: Dowie,Roehr. 75620 - Moved by Wilharm, seconded by Getty that the Copies of the Call for the Special Meeting of January 11, 1979 at 1:00 P.M., be received and placed on file. Motion carried. 75621 - This being the time and place fixed in the published notice for the consideration of proposals for the purchase of $4,985,000 Corporate Purpose Bonds, the Council proceeded accordingly. The Mayor announced the meeting was thrown open for the receipt of bids for said bonds. Moved by Bowers, seconded by Burton that following sealed bids be received, placed on file, but NOT OPENED, and sealed bidding closed: 1 - Carleton D. Beh Co. 2 - The Chase Manhattan Bank, N.A. and Associates 3 - Citibank, N.A. and Weeden & Co., Inc. and United California Bank and W. H. Morton & Co., Inc. and First Pennco Securities, Inc. and Associates 2 - 4 - Continental Illinois National Bank and Trust Company of Chicago and First Wisconsin National Bank of Milwaukee and Associates 5 - The First National Bank of Chicago and Goldman, Sachs & Co. and:Merrill Lynch White Weld Capital Markets Group and .Associates 6 - Harris Trust and Savings Bank and Iowa -Des Moines National Bank and Associates 7 - Morgan Guaranty Trust Company of New York and Salomon Brothers and Bear, Stearns & Co. 8 - The Northern Trust Company of Chicago and Associates 9 - John Nuyeen & Co., Inc. and Associates Motion carried. 75622 - Open bids were then called for, and there were none. Moved by Bowers, seconded by Burton that bidding be closed. Motion carried. 75623 - Moved by Burton, seconded by Getty that proof of publication of Official Notice of Sale of $4,985,000 Corporate Purpose Bonds, be received and placed on file. Motion carried. 75624 - Moved by Wilharm, seconded by Getty that Clerk be instructed to open all sealed bids, which were as follows: Name of Bidder and Address Premium Net Interest M 1:- Carleton D. Beh Co. $ 119.64 5.4023% 2- The Chase Manhattan Bank, N.A. and Associates 552.00 5.5349 3- Citibank, N.A. and Weeden & Co., Inc. and United California Bank and W. H. Morton & Co., Inc. and First Pennco Securities, Inc. and Associates 255.00 5.4633 4- Continental Illinois National Bank and Trust Company of Chicago and First Wisconsin National Bank of Milwaukee and Associates 964.44 5.4376 5- The First National Bank of Chicago and Goldman, Sachs & Co. and Merrill Lynch White Weld Capital Markets Group and Associates 194.13 5.456118 6- Harris Trust and Savings Bank and Iowa -Des Moines National Bank and Associates 336.00 5.4536 7- Morgan Guaranty Trust Company of New York and Salomon Brothers and Bear, Stearns & Co. - 0 - 5.4727 8- The Northern Trust Company 101.00 5.39712 9- John Nuyeen & Co., Inc. and Associates 697.90 5.4864 Motion carried. 75625 - Moved by Getty, seconded by Wilharm that the above bids be referred to Paul D. Speer, Finance Consultant, for checking and report back. Motion carried. 75626 - Paul D. Speer, Finance Consultant, announced the best bid was The Northern Trust Company of Chicago, Illinois with a net interest of 5.39712%. The results of the bids were incorporated in a resolution which was introduced and caused to be read in full by Councilman Getty, under the title of "Resolution providing for the sale and award of $4,985,,000 Corporate Purpose Bonds and approving and authorizing the agreement of such sale and award.After due consideration, it was moved by January 11, 1979 "N - 3 - Getty, seconded by Bowem that "Resolution providing for the sale and award of $4985,000 Corporate Purpose Bonds and approving and authorizing the agreement of such sale and award", be adopted. Ayes: Bowers, Burton, Getty, Hutchison Wilharm. Absent: Dowie, Roehr. Resolution adopted and upon approval by Mayor, assigned No. 26147. 75627 - Moved by Wilharm, seconded by Getty that the Clerk be instructed to return the certified checks to the unsuccessful bidders. Motion carried. 75628 - The City Council reviewed the proceedings theretofore taken in connection with the issuance and sale of Corporate Purpose Bonds of said City in the aggregate amount of $4,985,000. Whereupon, Councilman Burton introduced and caused to be read Resolution No. 26148 entitled "A Resolution providing for the issuance of $4,985,000 Corporate Purpose Bonds and providing for the levy of taxes to pay the same". After due consideration, it was moved by Burton, seconded by Bowers that "A Resolution providing for the issuance of $4,985,000 Corporate Purpose Bonds and providing for the levy of taxes to pay the same", be adopted. Ayes: Bowers, Burton, Getty, Hutchison, Wilharm. Absent: Dowie, Roehr. Resolution adopted and upon approval by Mayor, assigned No. 26148. 75629 - Moved by Bowers, seconded by Getty that the Council adjourn. Motion carried. Katherine Gibbs, City Clerk January 11, 1979