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HomeMy WebLinkAboutMinutes-06/03/2010June 3, 2010 The City Clerk of the City of Waterloo, Iowa, met in the City Clerk's Office, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 10:00 a.m. on Thursday, June 3, 2010, to receive bids and refer the sale of $9,165,000 General Obligation Bonds, Series 2010A, to the best and most favorable bidder for cash, subject to approval of the City Council at 4:00 p.m. on the above date. The following persons were present at said meeting: Suzy Schares, City Clerk; Michelle Weidner, Chief Financial Officer; Larry Burger, Vice President of Speer Financial, Inc.; and David Jones, Ward 1 Council Member This being the time and place for the opening of bids for the sale of $9,165,000 General Obligation Bonds, Series 2010A, the City Clerk announced the following electronic bids were received: Name of Bidder True Interest Rate 1. BMO Capital Markets, Chicago, Illinois 4.1685% 2. Robert W. Baird & Co., Milwaukee, Wisconsin 4.2398% The best bid was determined to be as follows: BMO Capital Markets, Chicago, Illinois - 4.1685%. Whereupon all bids were referred to Speer Financial, Inc. and the meeting adjourned to 4:00 p.m. in the Council Chambers on June 3, 2010. June 3, 2010 The City Clerk of the City of Waterloo, Iowa, met in the City Clerk's Office, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 10:30 a.m. on Thursday, June 3, 2010, to receive bids and refer the sale of $4,820,000 General Obligation Refunding Bonds, Series 2010B, to the best and most favorable bidder for cash, subject to approval of the City Council at 4:00 p.m. on the above date. The following persons were present at said meeting: Suzy Schares, City Clerk; Michelle Weidner, Chief Financial Officer; Larry Burger, Vice President of Speer Financial, Inc.; and David Jones, Ward 1 Council Member This being the time and place for the opening of bids for the sale of $4,820,000 General Obligation Refunding Bonds, Series 2010B, the City Clerk announced the following electronic bids were received: Name of Bidder True Interest Rate 1. UMB Bank, n.a., Kansas City, Missouri 2.0315% 2. Robert W. Baird & Co., Milwaukee, Wisconsin 2.0659% 3. Wells Fargo Bank, Charlotte, North Carolina 2.0939% 4. BMO Capital Markets, Chicago, Illinois 2.0955% 5. Marshall & Ilsley, Milwaukee, Wisconsin 2.2519% 6. Morgan Keegan & Company, Inc., Memphis, Tennessee 2.2697% The best bid was determined to be as follows: UMB Bank, n.a., Kansas City, Missouri - 2.0315%. Whereupon all bids were referred to Speer Financial, Inc. and the meeting adjourned to 4:00 p.m. in the Council Chambers on June 3, 2010. June 3, 2010 The City Clerk of the City of Waterloo, Iowa, met in the City Clerk's Office, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 11:00 a.m. on Thursday, June 3, 2010, to receive bids and refer the sale of $2,335,000 General Obligation Bonds, Taxable Series 2010C, to the best and most favorable bidder for cash, subject to approval of the City Council at 4:00 p.m. on the above date. The following persons were present at said meeting: Suzy Schares, City Clerk; Michelle Weidner, Chief Financial Officer; Larry Burger, Vice President of Speer Financial, Inc.; and David Jones, Ward 1 Council Member This being the time and place for the opening of bids for the sale of $2,335,000 General Obligation Bonds, Taxable Series 2010C, the City Clerk announced the following electronic bids were received: June 3, 2010 Page 2 Name of Bidder True Interest Rate 1. D.A. Davidson & Co., Denver, Colorado 3.4816% 2. Northland Securities, Minneapolis, Minnesota 3.5203% 3. UMB Bank, n.a., Kansas City, Missouri 3.5372% 4. Cronin & Company, Minneapolis, Minnesota 3.5926% 5. Robert W. Baird & Co., Milwaukee, Wisconsin 3.6230% 6. BMO Capital Markets, Chicago, Illinois 3.6251% 7. Bankers' Bank, Madison, Wisconsin 3.6331% 8. Hutchinson Shockey Erley, Chicago, Illinois 3.7153% The best bid was determined to be as follows: D.A. Davidson & Co., Denver, Colorado - 3.4816%. Whereupon all bids were referred to Speer Financial, Inc. and the meeting adjourned to 4:00 p.m. in the Council Chambers on June 3, 2010. June 3, 2010 The Council of the City of Waterloo, Iowa, met in Special Session at City Hall Council Chambers, Waterloo, Iowa, at 4:00 p.m. on Thursday, June 3, 2010. Mayor Ernest G. Clark in the Chair. Roll Call: Cole, Jones, Greenwood, Welper. Absent: Getty, Schmitt, Hart. 134458 - Welper/Cole that the Agenda, as proposed, for the Special Session on Thursday, June 3, 2010, at 4:00 p.m., be accepted and approved. Ayes: Four. Absent: Getty, Schmitt, Hart. Motion carried. 134459 - Welper/Cole that copies of the Call for the Special Session on Thursday, June 3, 2010, be received and placed on file. Ayes: Four. Absent: Getty, Schmitt, Hart. Motion carried. Larry Berger, Speer Financial, Inc. reviewed the Moody's Bond Rating report. The City of Waterloo has been rated at Aa2. BOND SALE 134460 - Greenwood/Cole that proof of publication of notice of public hearing on Notice of Sale on consideration of the proposition of issuance of not to exceed $9,165,000 General Obligation Bonds, Series 2010A, as published in the Waterloo Courier on May 27, 2010, be received and placed on file. Ayes: Four. Absent: Getty, Schmitt, Hart. Motion carried. 134461 - Greenwood/Cole that "Resolution directing sale of $9,165,000 General Obligation Bonds, Series 2010A, to BMO Capital Markets, Chicago, Illinois for a true interest rate of 4.1685% percent", be adopted. Ayes: Four. Absent: Getty, Schmitt, Hart. Resolution adopted and upon approval by Mayor assigned No. 2010-422. 134462 - Greenwood/Cole that proof of publication of notice of public hearing on Notice of Sale on consideration of the proposition of issuance of not to exceed $4,820,000 General Obligation Refunding Bonds, Series 2010B, as published in the Waterloo Courier on May 27, 2010, be received and placed on file. Ayes: Four. Absent: Getty, Schmitt, Hart. Motion carried. • • • June 3, 2010 Page 3 134463 - Greenwood/Cole that "Resolution directing sale of $4,820,000 General Obligation Refunding Bonds, Series 2010B, to UMB Bank, n.a., Kansas City, Missouri for a true interest rate of 2.0315 percent", be adopted. Ayes: Four. Absent: Getty, Schmitt, Hart. Resolution adopted and upon approval by Mayor assigned No. 2010-423. 134464 - Greenwood/Cole that proof of publication of notice of public hearing on Notice of Sale on consideration of the proposition of issuance of not to exceed $2,335,000 General Obligation Bonds, Taxable Series 2010C, as published in the Waterloo Courier on May 27, 2010, be received and placed on file. Ayes: Four. Absent: Getty, Schmitt, Hart. Motion carried. 134465 - Greenwood/Cole that "Resolution directing sale of $2,335,000 General Obligation Bonds, Taxable Series 2010C, to D.A. Davidson & Co., Denver, Colorado for a true interest rate of 3.4816 percent", be adopted. Ayes: Four. Absent: Getty, Schmitt, Hart. Resolution adopted and upon approval by Mayor assigned No. 2010-424. ADJOURNMENT 134466 - Cole/Greenwood that the Council adjourn at 4:29 p.m. Ayes: Four. Absent: Getty, Schmitt, Hart. Motion carried. Suzy Schares City Clerk