HomeMy WebLinkAbout11.21.1991November 21, 1991
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 November 21, 1991. Mayor Pro Tem Robert Brown
in the Chair. Roll Call: Fox, Angel, Buck, Budak, Brown. Absent: Dell, Wright.
98581 - Moved by Buck, seconded by Angel
that copies of the Call of the Special Session of November 21, 1991, at 11:00
a.m., be received and placed on file. Motion carried.
98582 - This being the time and place fixed in the published notice for the
consideration of the proposal for the purpose of $3,260,000 Sewer Revenue
Bonds, Series 1991A, the Council proceeded accordingly. The Mayor Pro Tem
announced that the time had arrived for receipt of said bonds.
Moved by Buck, seconded by Fox
that the following sealed bids be received, placed on file, but NOT OPENED and
sealed bidding closed:
Name of Bidder
1. Piper, Jaffrey & Hopwood, Inc., Minneapolis, Minnesota
2. Clayton Brown & Associates, Inc., Chicago, Illinois
3. Chiles Heider, Division of Lehman Brothers, Omaha, Nebraska
Motion carried.
98583 - Moved by Angel, seconded by Budak
that proof of publication of notice of public meeting on the issuance of
$3,260,000 Sewer Revenue Bonds, Series 1991A, as published in the Waterloo
Courier on November 15, 1991, be received and placed on file. Motion carried.
98584 - Moved by Fox, seconded by Angel
that the Clerk/Auditor be instructed to open all sealed bids which were as
follows:
Name of Bidder Net Interest
1. Piper, Jaffray & Hopwood, Inc., Minneapolis, Minnesota 6.7450%
2. Clayton Brown & Associates, Inc., Chicago, Illinois 6.6814%
3. Chiles Heider, Division of Lehman Brothers, Omaha, Nebraska 6.44320%
Motion carried.
98585 - Moved by Fox, seconded by Buck
that said bids be referred to Speer Financial, Inc. Motion carried.
98586 - Dick Pavia, Speer Financial, Inc., reported that the low bid of Chiles Heider
Division of Lehman Brothers, Inc. and Associates is a very competitive bid and
recommended that the bid be approved.
Moved by Buck, seconded by Angel
that "Resolution authorizing sale and award of $3,260,000 Sewer Revenue Bonds,
Series 1991A, and authorizing the agreement of such sale and award to Chiles
Heider Division of Lehman Brothers, Inc. and Associates", be adopted, subject
to verification of bidders' computations. Ayes: Five. Absent: Dell, Wright.
Resolution adopted and upon approval by Mayor Pro Tem assigned No. 1991-761.
November 21, 1991 Page 2
98587 - Moved by Buck, seconded by Budak
that the Clerk/Auditor be instructed to return the unsuccessful bids and
checks/bid bonds. Motion carried.
98588 - This being the time and place fixed in the published notice for the
consideration of the proposal for the purpose of $1,100,000 Sewer Revenue
Bonds, Series 1991B, the Council proceeded accordingly. The Mayor Pro Tem
announced that the time had arrived for receipt of bids for said bonds.
Moved by Fox, seconded by Angel
that the following sealed bids be received, placed on file, but NOT OPENED and
sealed bidding closed:
Name of Bidder
1. Piper, Jaffray & Hopwood, Inc., Minneapolis, Minnesota
2. Griffin, Kubik, Stephens & Thompson, Inc.
3. Kemper Securities Group, Inc., Chicago, Illinois
4. Chiles Heider, Division of Lehman Brothers, Omaha, Nebraska
5. Clayton Brown & Associates, Chicago, Illinois
Motion carried.
98589 - Moved by Buck, seconded by Fox
that proof of publication of notice of public meeting on the issuance of
$1,100,000 Sewer Revenue Bonds, Series 1991B, as published in the Waterloo
Courier on November 15, 1991, be received and placed on file. Motion carried.
98590 - Moved by Angel, seconded by Fox
that the Clerk/Auditor be instructed to open all sealed bids which were as
follows:
Name of Bidder Net Interest
1. Piper, Jaffray & Hopwood, Inc., Minneapolis, Minnesota 7%
2. Griffin, Kubik, Stephens & Thompson, Inc. 6.62639%
3. Kemper Securities Group, Inc., Chicago, Illinois 6.7346%
4. Chiles Heider, Division of Lehman Brothers, Omaha, Nebraska 6.8020%
5. Clayton Brown & Associates, Chicago, Illinois 6.5300%
Motion carried.
98591 - Moved by Fox, seconded by Buck
that said bids be referred to Speer Financial, Inc. Motion carried.
98592 - Dick Pavia, Speer Financial, Inc., reported that the low bid of Clayton Brown &
Associates, Inc. is a very competitive bid and recommended that the bid be
approved.
Moved by Budak, seconded by Angel
that "Resolution authorizing sale and award of $1,100,000 Sewer Revenue Bonds,
Series 1991B and authorizing the agreement of such sale and award to Clayton
Brown & Associates, Inc.", be adopted, subject to verification of bidders'
computations. Ayes: Five. Absent: Dell, Wright.
Resolution adopted and upon approval by Mayor Pro Tem assigned No. 1991-762.
November 21, 1991 Page 3
98593 - Moved by Buck, seconded by Angel
that the Clerk/Auditor be instructed to return the unsuccessful bids and
checks/bid bonds. Motion carried.
98594 - Dick Pavia, Speer Financial, Inc., reported that this issuance was split into
two separate offerings to reflect the different tax structures for the bond
holders. Mr. Pavia stated that the city did qualify for insurance from AMBAC
Insurance Company, resulting in an approximate savings to the city of $23,000.
He also noted that the bidderscan now submit bid bonds in addition to the
previously approved certified checks. Mr. Pavia also reported that the bond
repayment schedule is structured to coincide with previously issued bond
schedules and retirement. In recommending its schedule to the city, the annual
bond payments and required revenue to make these payments is considered. The
city is ultimately responsible for selection of the appropriate retirement
schedule. The relatively low interest rate accurately reflects the current
market at the current time.
Moved by Angel, seconded by Budak
that the Council adjourn at 11:30 a.m. Motion carried.
Larry P. Burger
City Clerk/Auditor