HomeMy WebLinkAbout07/21/1977July 21, 1977
The Council of City of Waterloo, Iowa, met in Special Session in the Council
Chambers in City Hall at 11:00 A.M. on July 21, 1977, pursuant to the follow-
ing 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 A.M. on Thursday, July 21, 1977, and that
said Special Meeting is being called for the purpose of sale of $1,350,000
Corporate Purpose Bonds.
You are further notified that no other business except the above will be trans-
mitted at said Meeting.
(Signed) Leo P. Rooff, Mayor
City of Waterloo, Iowa
Due, timely and legal service of the above notice is hereby accepted this
18th day of July, 1977, by me, a duly elected, qualified and acting Councilman
of the City of Waterloo, Iowa.
Mayor Rooff in the Chair. On roll
Roehr, Wilharm. Absent: Geiger.
(Signed)
(Signed)
(Signed)
(Signed)
(Signed)
(Signed)
(Signed)
call, Present:
Harold E. Getty, East at Large
Mary J. Lichty, Third Ward
Jack L. Roehr, First Ward
Calvin J. Geiger, Fifth Ward
Robert R. Wilharm, West at Large
Delman Bowers, Fourth Ward
Frank Dowie, Second Ward
Bowers, Dowie, Getty, Lichty,
72527 - Moved by Wilharm, seconded by Bowers that the Copies of the Call for
the Special Meeting of July 21, 1977 at 11:00 A.M., be received and
placed on file. Motion carried.
72528 - This being the time and place fixed in the published notice for the
consideration of proposals for the purchase of $1,350,000 Corporate
Purpose Bonds, the Council proceeded accordingly. The Mayor announced
the meeting was thrown open for the receipt of bids for said bonds.
Moved by Dowie, seconded by Roehr that the following sealed bids be
received, placed on file, but NOT OPENED, and sealed bidding closed:
Carleton D. Beh Co., Des Moines, Iowa
Continental Illinois National Bank and Trust Company of Chicago,
Chicago, I11.
The First National Bank of Chicago, Chicago Illinois
Harris Trust and Savings Bank, Chicago, Illinois
The Northern Trust Company, Chicago, Illinois
Wauterlek & Brown, Inc., Chicago, Illinois
LaSalle National Bank and Peoples Bank and Trust Company, Chicago,
Illinois
Motion carried.
72529 - Open bids were then called for, and there were none.
Moved by Bowers, seconded by Lichty that bidding be closed. Motion
carried.
72530 - Moved by Getty, seconded by Wilharm that the proof of publication of
the Official Notice of Sale of $1,350,000 Corporate Purpose Bonds,
be received and placed on file. Motion carried.
72531 - Moved by Wilharm, seconded by Lichty that the Clerk be instructed to
open all sealed bids, which were as follows:
- 2
Name of Bidder and Address Net Interest (`/,)
Carleton D. Beh Co. and 4.3705
Mercantile Trust Co., Des Moines, Ia.
Continental Illinois National Bank and
Trust Company of Chicago,
Chicago, Illinois
The First National Bank of Chicago,
Chicago, Illinois
Harris Trust and Savings Bank,
Chicago, Illinois
The Northern Trust Company & Associates,
Chicago, Illinois
Wauterlek & Brown, Inc.,
Chicago, Illinois
LaSalle National Bank and
Peoples Bank and Trust Company,
Chicago, Illinois
Motion carried.
4.384642
4.287527
4.4135
4.34027
4.346984
4.345231
72532 - Moved by Wilharm, seconded by Getty that the above bids be referred
to Paul D. Speer, Finance Consultant, for checking and report back.
Motion carried.
72533 - Paul D, Speer, Finance Consultant, announced the best bid was The
First National Bank of Chicago of Chicago, Illinois with a net interest
of 4.287527%. The results of the bids were incorporated in a resolu-
tion which was introduced and caused to be read in full by Councilman
Roehr, under the title "Resolution providing for the sale and award
of $1,350,000 Corporate Purpose Bonds and approving and authorizing
the agreement of such sale and award". After due consideration it was
Moved by Roehr, seconded by Wilharm that "Resolution providing for
the sale and award of $1,350,000 Corporate Purpose Bonds and approv-
ing and authorizing the agreement of such sale and award", be adopted.
Ayes: Six. Absent: Geiger. Resolution adopted and upon approval
by Mayor, assigned No. 25282.
72534 - Moved by Dowie, seconded by Getty that the Clerk be instructed to
return the certified checks to the unsuccessful bidders. Motion car-
ried°
72535 - Moved by Roehr, seconded by Getty that the Council adjourn. Motion
carried.
Katherine Gibbs,
City Clerk
July 21, 1977