HomeMy WebLinkAboutMinutes-06/10/2003June 10, 2003
The City Clerk of the City of Waterloo, Iowa, met in Council Chambers, City Hall, 715
Mulberry Street, Waterloo, Iowa, at 12:00 noon on Tuesday, June 10, 2003, to open bids
and receive and refer the sale of $8,825,000.00 General Obligation Bonds, Series 2003A,
to the best and most favorable bidder for cash, subject to approval of the City Council
at 4:30 p.m. on the above date. The following persons were present at said meeting:
Larry Burger and Dan Forbes from Speer Financial, and Mayor Rooff.
This being the time and place for the opening of bids for the sale of $8,825,000.00
General Obligation Bonds, Series 2003A, the meeting was opened for receipt of bids for
the bonds. The following sealed bids were received, placed on file, but NOT OPENED and
sealed bidding closed:
1.
2.
3.
4.
5.
6.
7.
8.
Name of Bidder
Griffin, Kubik, Stephens & Thompson, Inc., Chicago, IL
Harris Trust & Savings Bank, Chicago, IL
Morgan Keegan & Company, Memphis, TN
Legg Mason Wood Walker, Minneapolis, MN
Paine Webber, Inc., Chicago, IL
Robert W. Baird & Co., Milwaukee, WI
William R. Hough & Co., St. Petersburg, FL
UMB Bank, n.a., Kansas City, MO
Whereupon the City Clerk declared the time for filing of sealed bids for the sale of
$8,825,000.00 General Obligation Bonds, Series 2003A, to be closed, and whereupon the
City Clerk declared the sealed bids be opened, which were as follows:
Name of Bidder
Griffin, Kubik, Stephens & Thompson, Inc., Chicago, IL
Harris Trust & Savings Bank, Chicago, IL
Morgan Keegan & Company, Memphis, TN
Legg Mason Wood Walker, Minneapolis, MN
Paine Webber, Inc., Chicago, IL
Robert W. Baird & Co., Milwaukee, WI
William R. Hough & Co., St. Petersburg, FL
UMB Bank, n.a., Kansas City, MO
True Interest Rate
2.6736%
2.6823%
2.7046%
2.7120%
2.7205%
2.7279%
2.7380%
2.7502%
Whereupon all bids were referred to Speer Financial, Inc. and the meeting adjourned to
4:30 p.m. in the City Hall Council Chambers on June 10, 2003.
June 10, 2003
The Council of the City of Waterloo, Iowa, met in Special Session at City Hall Council
Chambers, Waterloo, Iowa, at 4:30 p.m. on Tuesday, June 10, 2003. Mayor John R. Rooff in
the Chair. Roll Call: Kincaid, Welper, Clark, Hurley, Getty. Absent: Greenwood,
Jordan.
118364 - Welper/Getty
that the Agenda, as proposed, for the Special Session on Tuesday, June 10,
2003, at 4:30 p.m., be accepted and approved. Ayes: Five. Absent:
Greenwood, Jordan. Motion carried.
118365 - Getty/Hurley
that copies of the Call for the Special Session on June 10, 2003, be received
and placed on file. Ayes: Five. Absent: Greenwood, Jordan. Motion carried.
June 10, 2003 Page 2
BOND SALE
118366 - Hurley/Welper
that proof of publication of notice of public hearing on Notice of Sale on
consideration of the proposition of issuance of not to exceed $8,825,000.00
General Obligation Bonds, Taxable Series 2003A, as published in the Waterloo
Courier on May 29, 2003, be received and placed on file9. Ayes: Five.
Absent: Greenwood, Jordan. Motion carried.
118367 - Larry Burger, Vice President of Speer Financial, reported that today's sale
included on-line bidding at SpeerAuction. The city received eight bids with
seven bidding electronically, with 26 underwriters and banks interested in
today's bonds. Mr. Burger reported that Moody's Investors Service affirmed the
city's A2 rating for the $8.825 Million GO Bonds, Series 2003A and $870,000 GO
Bonds, Taxable Series 2003B. The city purchased insurance so that the bonds
would be bid on AAA rating. Moody's mentions the city's rapidly retiring debt,
and the city's increased cash balance. Mr. Burger stated it is important to
keep a strong cash balance for the rating process. Mr. Burger reviewed the
bids received, with Griffin, Kubik, Stephens & Thompson of Chicago, Illinois
the low bidder with a true interest rate of 2.6736 percent and $1,446,441 total
interest cost. Mr. Burger stated that $2.5 million was for refunding bonds and
reviewed the refunding bonds debt service. Mr. Burger reported that $148,036
was saved on refunding the bonds or 5.7 percent of the refund principal. Mr.
Burger stated that we did not extend the life of the bonds, with four years
remaining. Mr. Burger recommended that the council award the sale of bonds to
Griffin, Kubik, Stephens & Thompson, Inc. of Chicago, Illinois at 2.6736
percent true interest rate.
Getty/Kincaid
that "Resolution authorizing sale and award of $8,825,000.00 General Obligation
Bonds, Taxable Series 2003A, to Griffin, Kubik, Stephens & Thompson, Inc. of
Chicago, Illinois, for a true interest rate of 2.6736 percent", be adopted.
Ayes: Five. Absent: Greenwood, Jordan.
Resolution adopted and upon approval by Mayor assigned No. 2003-404.
118368 - Getty/Kincaid
that the City Clerk be instructed to return certified checks to unsuccessful
bidders. Ayes: Five. Absent: Greenwood, Jordan. Motion carried.
ADJOURNMENT
118369 - Getty/Clark
that the Council adjourn at 4:51
Jordan. Motion carried.
p.m.
Ayes: Five. Absent: Greenwood,
fc-k,„t
Nancy Eckert
City Clerk