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Home My WebLink About02/17/1999The City Clerk of the City of Waterloo, Iowa, met in Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 12:00 noon on Wednesday, February 17, 1999, to open bids and receive and refer the sale of $15,500,000 Essential Corporate Purpose General Obligation Refunding Bonds 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: Mayor John R. Rooff, City Clerk Nancy Eckert, Finance Manager Bruce Meisinger, Larry Burger and Dan Forbes, representing Speer Financial, Inc. This being the time and place for the opening of bids for the sale of $15,500,000 Essential Corporate Purpose General Obligation Refunding Bonds, 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: Name of Bidder 1. ABN AMRO, Inc., New York, New York 2. Harris Trust and Savings Bank & Associates, Chicago, Illinois 3. Piper Jaffray Inc., Minneapolis, Minnesota 4. Salomon Smith Barney, Chicago, Illinois Whereupon the City Clerk declared the time for filing of sealed bids to be closed, and whereupon the City Clerk declared the sealed bids be opened, which were as follows: Name of Bidder 1. ABN AMRO, Inc., New York, New York 2. Harris Trust and Savings Bank & Associates, Chicago, Illinois 3. Piper Jaffray Inc., Minneapolis, Minnesota 4. Salomon Smith Barney, Chicago, Illinois Net Interest 4.3088 % 4.3649 % 4.3606 % 4.34763 % Whereupon all bids were referred to the Council for action at the meeting to be held at 4:30 p.m. in the City Hall Council Chambers on February 17, 1999. The Council of the City of Waterloo, Iowa, met in Special Session at City Hall Chambers, Waterloo, Iowa, at 4:30 p.m. on Wednesday, February 17, 1999. Mayor Rooff in the Chair. Roll Call: Murphy, Jordan, Collier, Anders. Absent: Getty, Gronen. 111582 - Murphy/Collier 111583 Council John R. Krizek, that the Agenda, as proposed, for the Special Session on Wednesday, February 17, 1999, at 4:30 p.m., be accepted and approved. Ayes: Four. Absent: Getty, Krizek, Gronen. Motion carried. - Murphy/Jordan that copies of Call for the Special Session on Wednesday,. February 17, 1999 at 4:30 p.m., be received and placed on file. Ayes: Four. Absent: Getty, Krizek, Gronen. Motion carried. BOND SALE 111584 - Anders/Collier that proof of publication of Notice of Sale on the consideration of the proposition of issuance of not to exceed $15,500,000 Essential Corporate Purpose General Obligation Refunding Bonds, as published in the Waterloo Courier on February 9, 1999, be received and placed on file. Ayes: Four. Absent: Getty, Krizek, Gronen. Motion carried. 111585 - Jordan/Anders that "Resolution authorizing the sale and award of $14,455,000 Essential Corporate Purpose General Obligation Refunding Bonds to ABN AMRO, Inc. of New York, New York with net interest rate of 4.3088 percent", be adopted. Prior to a vote on the above motion, the following comments were heard. Larry Burger, Vice President of Speer Financial, Inc., publication of Notice of Sale was for the issuance of not to Essential Corporate Purpose Bonds, but we are only selling Burger recommended that the city accept the bid from ABN AMRO stated that the exceed $15,500,000 $14,455,000. 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