HomeMy WebLinkAbout07/15/1976July 15, 1976
The Council of City of Waterloo, Iowa, met in Special Adjourned Session in the
Council Chambers in City Hall at 11:00 A.M. on July 15, 1976, pursuant to the
following call:
TO: CITY COUNCILMEN OF THE CITY OF WATERLOO, IOWA
You are hereby notified that a Special Meeting of the City Council of the City
of Waterloo, Iowa, will be held at the Council Chambers in the City Hall in the
City of Waterloo, Iowa, at 11:00 o'clock A.M. on Thursday, July 15, 1976 and
that said Special Meeting is being called for the purpose of considering the
items of business as shown on the attached agenda.
You are further notified that no other business except the above will be trans-
mitted at said Meeting.
(Signed) Leo P. Rooff, Mayor
Due, timely and legal service of the above notice is hereby accepted this 13th day
of July, 1976, by me, a duly elected, qualified and acting Councilman of the City
of Waterloo, Iowa.
(Signed) Jack L. Roehr, First Ward
(Signed) Delman Bowers, Fourth Ward
(Signed) Calvin J. Geiger, Fifth Ward
I, Officer Gary E. Hartwig, hereby certify that I have served the above
notice on Councilman Harold E. Getty, East at Large, by leaving a copy
thereof at his place of residence.
(Signed) Gary E. Hartwig
Officer Serving Call
I, Officer Daniel R. Oliver, hereby certify that I have served the above
notice on Councilman Robert R. Wilharm, West at Large, by leaving a copy
thereof at his place of residence
(Signed) Daniel R. Oliver
Officer Serving Call
I, Officer Steve R. Nemmers, hereby certify that I served the above notice
on Councilman Frank Dowie, Second Ward, by leaving a copy thereof at his
place of residence.
(Signed) Steve R. Nemmers
Officer Serving Call
I, Officer Gary E. Hartwig, hereby certify that I served the above notice
on Councilman Mary J. Lichty, Third Ward, by leaving a copy thereof at
his place of residence.
(Signed) Gary E. Hartwig
Officer Serving Call
Mayor Rooff in the Chair. On roll call, Present: Bowers, Geiger, Getty, Lichty,
Roehr and Wilharm. Absent: Dowie.
70350 - Moved by Roehr, seconded by Lichty that the copies of the Call for the
Special Meeting of July 15, 1976 at 11:00 A.M., be received and placed
on file. Motion carried.
70351 - This being the time and place fixed in the published notice for the con-
sideration of proposals for the purchase of $2,500,000 Corporate Bonds,
the Council proceeded accordingly. The Mayor announced the meeting was
thrown open for the receipt of bids for said bonds.
Moved by Getty, seconded by Bowers that the following sealed bids be
received, placed on file, but NOT OPENED, and sealed bidding closed:
Bidder
Carleton D. Beh Co., Des Moines, Iowa
Continental Illinois National Bank and Trust Company of Chicago, Chicago,
Illinois
The First National Bank of Chicago, Chicago, Illinois
Harris Trust and Savings Bank and Iowa -Des Moines National Bank, Chicago,
Illinois
2
70351 (Continued)
The Northern Trust Company, Chicago, Illinois
Citibank, N.A. & Associates, New York, N.Y.
Kirchner, Moore and Company and Associates, Denver, Colorado
Motion carried.
70352 - Open bids were then called for, and there were none.
Moved by Wilharm, seconded by Lichty that bidding be closed. Motion car-
ried.
70353 - Moved by Getty, seconded by Lichty that the proof of publication of the
Official Notice of Sale of $2,500,000 Corporate Purpose Bonds, be received
and placed on file. Motion carried.
70354 - COUNCILMAN DOWIE NOW PRESENT
Moved by Geiger, seconded by Bowers that the Clerk be instructed to open
all sealed bids, which were as follows:
Amount of Amount of Net Interest
Name of Bidder and Address Bid (7C) Premium (%)
Carleton D. Beh Co., Des Moines, 1978-84 4.75 $739.50 4.89515
Iowa 1985-86 5.00
1987 5.10
Continental Illinois National Bank 1978-84 4.70 $111.50 4.824597
and Trust Company of Chicago, 1985 4.80
Chicago, Illinois 1986-87 5.00
The First National Bank of Chicago,1978-83 4.70 $110.97 4.899786
Chicago, Illinois 1984-85 4.90
1986-87 5.10
Harris Trust and Savings Bank
and Iowa -Des Moines, National Bank,1978-83 4.60 $1619.00 4.8179
Chicago, Illinois 1984-85 4.90
1986-87 5.00
The Northern Trust Company 1978-81 5.00 $19.00 4.90906
Chicago, Illinois 1982-84 4.75
1985 4.90
1986-87 5.00
Citibank, N.A. & Associates,
New Yor, N.Y.
1978 5.00 -0- 4.8605
1979 4.75
1980-81 5.00
1982 4.75
1983 4.60
1984-85 4.75
1986-87 5.00
Kirchner, Moore and Company 1978-80 5.00 -0- 4.917162
and Associates, Denver, Colorado 1981- 4.90
1982-84 4.80
1985 4.90
1986-87 5.00
Motion carried.
70355 Paul D. Speer, Finance Consultant, then announced the best sealed bid was
Harris Trust and Savings Bank and Iowa -Des Moines,National Bank of
Chicago, Illinois with a net interest of 4.8179%. The results of the bids
were incorporated in a resolution which was introduced and caused to be
read in full by Councilman Roehr, under the title of "Resolution providing
for the sale and award of $2,500,000 Corporate Purpose Bonds and approving
and authorizing the agreement of such sale and award". After due consid-
eration it was
Moved by Roehr, seconded by Lichty that "Resolution providing for the sale
and award of $2,500,000 Corporate Purpose Bonds and approving and author-
izing the agreement of such sale and award", be adopted. Ayes: Seven.
Resolution adopted and upon approval by Mayor, assigned No. 24657.
July 15, 1976
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70356 Moved by Dowie, seconded by Bowers that the Clerk be instructed to return
the certified checks to the unsuccessful bidders. Motion carried.
70357 Mayor Rooff commented the City received excellent bids and,once again,
shows the investors' trust and confidence in Waterloo's ability to pay
its debts.
Moved by Bowers, seconded by Getty that the Council adjourn. Motion
carried.
Katherine Gibbs,
City Clerk
July 15, 1976