HomeMy WebLinkAbout04.29.1992April 29, 1992
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 April 29, 1992. Mayor Albert C. Manning, Jr.
in the Chair. Roll Call: Dell, Buck, Wright, Brown. Absent: Fox, Angel, Budak.
99265 - Moved by Dell, seconded by Buck
that copies of the Call of the Special Session of April 29, 1992, at 11:00 a.m.,
be received and placed on file. Motion carried.
99266 - This being the time and placed fixed in the published notice for the consideration
of the proposal for the purpose of issuance of $5,950,000 Corporate Purpose General
Obligation Bonds, Series 1992, the Council proceeded accordingly. The Mayor
announced that the time had arrived for receipt of bids for said bonds.
Moved by Brown, seconded by Wright
that the following sealed bids be received, placed on file, but NOT OPENED and
sealed bidding closed:
Name of Bidder
1. Harris Trust and Savings Bank, Chicago, and Associates
2. Kemper Securities Group, Inc., Chicago, and Associates
3. Piper Jaffray, Inc., Minneapolis, and Associates
4. Dean Witter Reynolds Inc., Chicago, and Associates
Motion carried.
99267 - Moved by Dell, seconded by Buck
that proof of publication of notice of public meeting on the issuance of $5,950,000
Corporate Purpose General Obligation Bonds, as published in the Waterloo Courier
on April 22, 1992, be received and placed on file. Motion carried.
99268 - Moved by Brown, seconded by Buck
that the Clerk/Auditor be instructed to open all sealed bids which were as follows:
Name of Bidder Net Interest
1. Harris Trust and Savings Bank, Chicago, and Associates 5.9213%
2. Kemper Securities Group, Inc., Chicago, and Associates 5.83575%
3. Piper Jaffray, Inc., Minneapolis, and Associates 5.9642%
4. Dean Witter Reynolds Inc., Chicago, and Associates. 5.9726%
Motion carried.
99269 - Discussion was heard regarding the good rate that the City of Waterloo received
regarding the sale of $5,950,000 General Obligation Bonds.
Richard Pavia, President of Speer Financial, financial consultants for the City of
Waterloo, stated that this interest rate was approximately 84 basis points under
today's bond buyer predictions. Pavia stated that this bid was extremely good and
recommended to the Council that they accept the apparent low bid.
Questions were asked regarding the possibility of the City of Waterloo refunding
any past General Obligation Bonds to take advantage of the low interest rates.
Larry P. Burger, City Clerk/Auditor, stated that Speer Financial looks annually at
outstanding bonds and advises the City on the feasibility of refunding. Several
issues determine the ability for refunding, i.e., interest rate and cost of the
mechanics of the refunding issue. Burger continued that the City of Waterloo would
work with Speer Financial to review possible refunding issues.
April 29, 1992 Page 2
Moved by Dell, seconded by Brown
that "Resolution authorizing sale and award of $5,950,000 Corporate Purpose General
Obligation Bonds and authorizing the agreement of such sale and award to Kemper
Securities Group, Inc.", be adopted. Ayes: Four. Absent: Fox, Angel, Budak.
Resolution adopted and upon approval by Mayor assigned No. 1992-220.
99270 - Moved by Buck, seconded by Dell
that the Clerk be instructed to return the unsuccessful bids and checks. Motion
carried.
99271 - Moved by Brown, seconded by Buck
that the Council adjourn at 11:25 a.m. Motion carried.
Larry P. Burger
Clerk/Auditor