HomeMy WebLinkAbout1993-01-12 Resolution
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NOTICE OF BOND SALE
Time and Place of Sale: The sale of bonds 01 the City of
Iowa C"y.lowa, will be held at the office of tha Finance Dlractor
at 410 E, Washington Street, In tha City of Iowa City, Iowa (the
'Issue~) a112:00 o'clock P.M" on the 12th day 01 January,
1993.
Sealed Bids: Sealed bids will be recelyed at the office of the
Finance Director as slaled aboye, until the Finance Director
declares the time for the filing 01 sealed bids 10 be closed. The
bids will then be publicly opened at the aboye piece of sale and
thereafter rei erred for action to the meeting of the City Council
to be held on Tuesdsy, January 12, 1993, at 5:30 o'clock p.m.
Tha Bonds: The bonds to be offered are the following:
SEWER REVENUE BONDS
In the maximum amount of $38,000,000,
to be dated Fabruary 1, 1993 (the 'Bonds'),
Offlclat Statement: The Issuer has Issued an Official
Statement of Inlormallon pertaining to the Bonds to be offered,
Including a statement of the Terms of Offering and an Official
Bid Form, which Is Incorporated by reference as a part of this
notice. The Official Statement msy be obtained by request
addnissed to the Finance Director, Civic Center, 410 E.
Washington, Iowa City, Iowa 52240, Telephone: (319)358.5052.
or the City's Financial Consultant, Evensen Oodge, Inc" 222
South Ninth Street, Su"e 3Boo, Minneapolis, Minnesota 55402,
Telephone: (612)338.3535,
Terms of Offering: All bids shall be In conformity with and the
sale shall be In aocord with the Terms of Offering as set forth
In the Official Statement.
L9QaIOplnlon: The bonds will be sold subject to the opinion
01 Ahlers, Cooney, Dorweller, Haynie, Sm"h & Allbee, P.C.,
Attorneys of Des Moines, Iowa, as to the legality and their
opinion will be furnished together w"h the printed bonds w"hout
cost to the purchaser and all bids will be so conditioned.
Except to the extent necessary to Issue their opinion as to the
legality 01 the bonds, the attorneys will not examine or review or
express any opinion with respect to the accuracy or
completeness of documents, materials or statements made or
furnished In connection w"h the sale, Issuance or marketing 01
the bonds, The opinion will be printed on the back of the
bonds, .
Rights Reserved: The rlghlls reserved to I9ject any or all
bids, and to waive any Irregular"les as deemed to be In the best
Interests of the public,
By order of the City Council of the City of Iowa C"y, Iowa,
~A~-1~ ~ ~AAJ
City lerk of tho C"y of
Iowa C"y, Iowa
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EVENSEN DODGE INC
11'>';,\\(I'\l r()\~l'll:\o.,:J~
TO:
Members of the City Council
Iowa City, Iowa
David M. Dirks, Sr, Vice President
Evensen Dodge, Inc.
SUBJECl': $37,150,000 Sewer Revenue Bonds
Iowa City, Iowa
FROM:
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At 12:00 noon this date, January 12, 1993, the sealed bids tabulated below were received,
opened and reviewed, The bids reflect excellent response from the underwriting community
and are indicative of the current conditions in the tax-exempt market
Bidder Address !$) NIe
Lehman Brotbers New York $ 28.157 .213.61
$
Griff; n, Kub; k et a 1
Chicago
$ ~R,~fifi,~Rfi 75
$
$ 28.284.746,33
$
$ ~R,41~,'ifi1 11
$
$
$
$
Onnaldson et al
New York
First Chicago
Chicagn
(%) NIR
6.Mill. %
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fi..Mll. %
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6 JlIlla %
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fi nQR'i%
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We recommend award to: Lehman Brothers of New York City, NY,
Thank you for the op~ortunity to be of seIVice to your city. We are at your service
throughout the life of tms issue.
January 11, 1993
143061/1
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tow A CrrY SEWER 'REVENuE nONDS
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: CITY, OPlCI/A cm, IO\IA
" S!7,soa.OOOfMR REVENUE REFUNDINO .'/ $ERIn 1993,
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SOURCE' AIID USES OF FUWS
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i', ",'"""",., ":.TOTAL UsI_,CnUNIlB'
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(\li\,INCLlIiu BoHDINSURAllCIP,IMIIR4IGUAL'TO" $223;000. TO s!P~I,D"
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'NOTh TOTAL AII0PR!IINT ,VALUUAVINal IMCLUOI LotION RESERVE/UNO EARNINQ.,
, prepared b'/ Ivenlen Dodge, Ino;
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CITY 0/ IOWA CITY IOWA '
137,300,000 SIWER REVENue REFUNOINB SONlIS, EERIES 1993 '
8AU DATEr JAJllJAAY 12, 1m
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8AVINGI REPORT
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, " I I I . . .. PROPOSED DE8lIERVIC!' .. . I . II PRIOR LAllVE
DATI, PRINOIPALCOOllDN 'INmm, ,TOTAL' 0/1" SAVINOS , VIN08
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, ~ l~U 280,000.00 " ,.8000001:~::~:: '2,456,,33.752,605;675.00149,141.25 . 430'f89'Ol
,,' .,..",~"l:~ " J ,~"OOO.OO " .,80",00"",,00, 1:5:J~:=3.41',29J, " .75,' " ' 3,60,,675;00 " .' ",,,,' 0,'381.25" '.',,',., 60,,' 0 ",,'~70,,' ,',',. 2. "
ll::I 1,390,000.00 5'800000,'l:~:m::3,4n"S!.753,628,'75.00 t'3,49'~25,7!3. T.ni
," ~1I98 ,'I,46.l,000.005.800OOO 1,002,281.8&3;469,'63.17 ,3,618,975.00' 149.411.25.' 903, 72076
WII99 ',.,'.' 959,796.8& ,"', .",
7/1199 1,535,000.00 '.BIloooB .959,796,8& 3,454,593.75 3;6oi,'00,00 lia,9D6.ir 1,052, 79.01
11.110 915,281.88' ',,',',',' ...""','",, '.,',
. 7{11 0 ,'",6,25,000,."".,00, ,'", '.800000, ,'9f5,28I.S83,4",~.75' '3,",~7",25, 0, .00,'".' ,1',;686.25' 1,203, .26 "
',,' It fiT ,868,156.8& '.' ,
".11,11 1 ',7IS,ooo.00' 5.800000 .868,156.883,451,313.'/5, 3,603,300.00 .,151,986~~ 1,353,
llH ..' ,',8!Q,OOO:oo ,5.8'/5000;;~:~:53~4~,S43.n,~'616'650.00"9,806.25t,~0', ". ."',"
7'1115..',940,000.00' 5.87s000,764,665.63 3,469,331.25 '., 3,618,SOB.00149.4611:n 1,05,2Ml
If 114 " >.}07,678.11: "" ",':, ,.' , .'
7(.11 4 . 2,045.000.00 ',5.875000 '707,678.153,460.356.25' 3,611,~0.00 1'0.843.751,806, 70,26 ,
, II fI 5. ", '" "",647.606.25"".,';.,,,.',, ,., " ' ",",' '.
".', .,',',77,I,.,..1,1'I,:, "'2 2',.'2':,~000,ooo,.oOO:o" .."',,..', ~..88Z00ooo0, ',' ".,..~m,:'7~1,!:.~.,',:,',',,! 3',.jf.,'~?" ':,Oi~,61~,~~~00~4~'~r.'0:)~9~~,7,.~' ,:
. In. iI h' ...... 01W iI W' ItW rt.I ..<J,614,800.00';":',::':'152,36S._?f<2~;O.7; 76-.,i' :,.,."
""fl1I7,,", ",,:,: ' :' " :'.'516,300.00,".,,' .:,:,,: :,,<, .', "," ".,.";:,, ;0"", .'.:,:,',"
, 7/11 7: . z.440,OOO.OO 6.000000.. " ,116,300.00, 3,472,60B.OO, .,' 3;624,050.00 '.'.,.' ,,1";~SO.002,258. 26~".,
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7/,1/ 82,610,000.006.000000,. ,443;100.00", 3,496,200.00' 3,644;650;00;148,450,.00 2;406;6-'1" "
'11,1/9'"',",,';,,'''':''.,,,. '".;164,800.00, .'..'.;..: :",:', ;,,' ",..:..,' ,'", """ ,....
. ]miE~~~::f:~;j'~i!i,;limi~:zi~~~z' ;~,'1.!,,::, :,:,:.,:,."'1.....,.,;,1,:",.':,.,,',.;,, :,.',~.:":,.:",i,,..
111/12, "<':.'.' '.;, 99,4'0~OO: ", ' ,'",: " '.: :1'
,,71. llt2' I,SlS,OOO.OO 6.00??oo'. 99,450.00" 3,513;900.00,3,66',200.00: 151,300.00,:," 3',ODa,47MI,
.'- , " . .............. '" - '..".......... .............. .."........,.' ,.."........,,~...,.
( " 37,300;000.001~if)j3i22l.12 65,263,221. 12 68,170,362.'0' . " ',.., ''; ',I,. 'O,08'".'.~", 7",6, ~"',1,,.,'.'
AdCRUID :',;, ',"""'98,023.72 :.98,023,n",',,":,
1.37,300,000.00 , 27.865,197.40,,,,165,'97.4068,170,362.50 .' '3,008, 6.!t
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'A~nl\l'LIt.' .', 12.611647' '.
, HI C . ~ 6.ll4J.49U U.fng 98.'/500000
. ICIldINurlllC., .'.. '" ,
d.34Z207,_ ollTolll 0/' . AccrUed. CaP. lIit.). 223,000.00.
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. NOT Ii .CUIlI.lfVt Slvlnnm NIl oflht lnlll.l Trllllllr ArliuII 01
N alE I laYlngl, en 7/1193 tmludt AccrUld Int.restol ~,D23.72
Hat PIIIII1I Vtluc8aYfngl It I 5.98BOX' !qullI .1,838,089.83 or 4.92791 01 Par 01 Iht CUrrenl U.
or. '5.486a~ 01 Plr 01 lha prlar 'lflU
aro Nil. of lh'c Inlllel Tranelcr ~l 01 '3,311.41
H,O'T I I PrlltnlV.lul Slvlna.
pripmd Il'/ lvanaln OodGe, lno.
lUIIOATI/ 01~'2'lm.1 151"/'7
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, i TABUlATION OF BIDS
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i; SALE DATE: January 12,1992 $37,150,000 Sewer Revenue Bonds
City onawa City, Iowa
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, I, Due: July 1,1993 Bond Years: 465,890,278 Dated: Janua!)' 15, 1993
Splits: 20 Price: Not less than $36,685,625 Average Life: 12.54
F1 Rating: Moody's: A BBI: 6.17%
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: I"~ BIDDERS Address Year Rate Yield
" J"" DONALDSON, LUFKIN & New York City 1993
' ,
"Ii JENREITE 1994 Price
BEAR STEARNS & CO"INC. New York City 1995
.' I': DILLON READ & CO" INC. New York City 1996 36,686,208,75_
:, , . Cowen & Co. New York City 1997
L~ 1998
1999 tlli;
'. 'I 2000
, , 2001 28.284,746,33
h 2002
2003
:;~~ 2004 lliB
, I', 2005
\, .,
(, hi 2006 6.07118%
2007
;': I"'l 2008
,- i I 2009
'1,< 2010
i' 2011
:: ~'~ 2012
, ,
. b~
il,., BIDDERS Address Year Rate Yield
: I. FIRST CHICAGO CAPITAL New York City 1993
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,i,.,..i MARKETS 1994 ~
MERRILL LYNCH & CO. New York City 1995
;."1 . William Blair & Comfany New York City 1996 36.685.627.70
,- Oppenheimer & Co., ne. New York City 1997
Bane One Capital Co!Jl. New York City 1998
" , A.H. Williams & Co.lne. Philadelphia 1999 tlli;
R. Seelaus & Co., Ine. New York City 2000 28.412.563,31
Baird, Patrick & Co"lne. New York City 2001
2002
2003
2004 tilll.
i '-0 2005
2006 6,0985%
, 2007
2008
, - 2009
2010
201I
2012
222 Soutb Ninth Slre~ulte 3800 100 Court Avenue, Suite 215
MlnncapolIS! MN 55 Dcs MolnC3lA 50309
612/.l,!8;3S3 800/328-8200 51 /282-6138
FAX 612/.l38.7264 FAX515/282.<Ji 11
143068/1
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BIDDERS Addrcss Ycar Ratc Yield -
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GRIFFIN, KUBIK, STEPHENS Chicago 1993 ;" .
& THOMPSON, INC. 1994 1m
KEMPER SECURlTIES,INC. ChIcago 1995 -
1 '
CLAYTON BROWN & Chicago 1996 36.685.625,00 ,
ASSOCIATES, INC.. 1997 f....
PRUDENTIAL SECURlTIES,INC. ChIcago 1998
. Rodmao & Renshaw Chicago 1999 NIC -
,
Hutchinson, Shockey, Chicago 2000 I,:.
Erlcy . 2001 28.266,386,75
,
Robert W, Baird & Co. Ioc. Milwaukee 2002 ,
-'
2003 ; , "
2004 !:l!B I :
,":
2005 _I
2006 6.0671%
2007 i i
2008 k;
2009
2010 -
2011
2012 .-
,....,
BIDDERS Address Year Rate Yield ,
i.
....
LEHMAN BROTHERS' New York City 1993
FIRST BOSTON CORPORATION New York City 1994 Price ~' , "
GOLDMAN, SACHS & CO. New York City 1995 , '
DEAN W1TIER REYNOLDS INC. New York City 1996 36,685.625,00 -, ,
LAZARD FRERES New York City 1997 1
i
1998 t'-''';
1999 mg , I
11
2000 ,- ,
2001 28.157.213.61 I
2002 1"'1
2003 LI
2004 !:l!B ,.,1
2005
2006 6,04374% i'l
2007 i "
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2008
2009 i
2010
2011 -
2012
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222 South Ninth Slre~~~uile 3800
Mlnneapollsl MN 55<w~
61213~3S3) 800/328-8200
FAX 6121338.7264
, 143068/2
100 Court Avenue, Suite 215
Des MolnesJ IA 50309
51)/282-6138
FAX515/282.Q2S2
_.__._....,_....,.M.liI
ORIGINAL ISSUE REFUNDING ISSUE
JULY 29, 1986 JANUARY 12. 1993
SIZE $38,950,000 $37,300,000
NO, BIDDERS 5 4
B.B. INDEX 7.60 6.17
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NIR 7.891840% 6.04374
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IOWA CITY SEWER REVENUE BONDS
COMPARATIVE RESULTS OF SALE
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January 12
, 1993
The Finance Officer of Iowa City, Iowa, met in the Council
Chambers, civic Center, 410 E, Washington Street, Iowa city, Iowa,
at ~ o'clock P.M., on the above date, to open sealed bids
recervea-and to refer the sale of the bonds to the best and most
favorable bidder for cash, subject to approval by the City Council
at 5:30 o'clock ~.M. on the above date.
The following persons were present at said meeting:
Mnrian Karr, David Dirks, Cynthia Sheets,
Stephen Atkins and Donald J, Yueuis
Absent:
********
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This being the time and place for the opening of bids for the
sale of $ 37.300.000 Sewer Revenue Bonds, the meeting was opened
for the receIpt of bids for the bonds. '
Sealed bids were filed and listed in the minutes while
unopened, as follows:
Name & Address of Bidders:
Lehman Brothers, New York
Griffin, Kubik, Stephens & Thompson, Ine" Chicago
Donaldson, Lufkin, Jenrette, New York City
Frist Chicago Capital Markets, New York City
Whereupon the Finance Officer declared the time for filing of
sealed bids to be closed.
Whereupon, the Finance Officer declared the sealed bids be
opened. The sealed bids were opened and the best sealed bid was
as follows:
Name & Address of Bidder: I ehman Brothers of New York City,
Net Interest Rate: 6,04374%
Net Interest Cost: $28,157 ,213,61
Whereupon, all bids were referred to the Council for action
in accordance with the Notice of Sale.
-2-
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January 12
, 1993
The City Council of Iowa city, Iowa, met in Special
session, in the Council Chambers, Civic center, 410 E. Washington
street, Iowa City, Iowa, at 5:30 o'clock ~.M., on the above
date. There were present Mayor Courtnev , in the
chair, and the following named Council Members:
Ambrisco, Courtney, Horowitz, Kubby, Larson,
HcDonald, Novick
Absent: >,)nnp
* * * * * * *
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Ambrisco introduced the following Resolution
entitled "RESOLUTION DIRECTING SALE OF $ 37 .300.000 SEWER REVENUE
BONDS," and moved its adoption. Horowitz seconded
the motion to adopt. The roll was called and the vote was,
AYES: Courtnev, HorOldtz , Kubbv. Larson.
McDonald, Novick. Ambrisco
NAYS: None
Whereupon, the Mayor declared the fOllowing Resolution duly
adopted: RES, NO. 93-4
RESOLUTION DIRECTING SALE OF $ 37 .300.000
SEWER REVENUE BONDS
WHEREAS, pursuant to notice as required by law, bids have
been received at public sale for the bonds described as follows
and the best bid received is determined to be the following:
$ 37.300.000 SEWER REVENUE BONDS:
Bidder: I phmnn Rrnthers
of New York City,
the terms of said bid being:
Prirp nf ~36.685.625.00, Interest rates of 5.80; 5.875:and:6.00
oercent for 1993 through 2012 maturities, Net interest rate is
6.04374%,
, '
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF IOWA CITY, IOWA: '
Section 1. That the bid for the bonds as above set out is
hereby determined to be the best and most favorable bid received
and, said bonds are hereby awarded based on said bid.
Section 2. That the statement of information for bond
bidders and the form of contract for the sale of said bonds are
hereby approved and the Mayor and Clerk are authorized to execute
the same on behalf of the City.
Section 3. That the notice of the sale of the bonds hereto-
fore given and all acts of the Clerk done in furtherance of the
sale of said bonds are hereby ratified and approved.
-4-
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ATlonNEVSAT~AW OESt.lOINES,IOWA
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P1.SSED MD APPROVED, this /2 TI/. day of JCll\Wlr~
1993.
~
Mayor
ATTEST:
711~ .f ~
Clerk
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ATTonNEVIIATL.AW OUMOINES,IOWA
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9/91
CERTIFICATE
STATE OF IOWA
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COUNTY OF JOHNSON
I, the undersigned city Clerk of Iowa City, Iowa, do hereby
certify that attached is a true and complete copy of the portion
of the corporate records of said Municipality showing proceedings
of the Council, and the same is a true and complete copy of the
action taken by said Council with respect to said matter at the
meeting held on the date indicated in the attachment, which
proceedings remain in full force and effect, and have not been
amended or rescinded in any way; that meeting and all action
thereat was duly and publicly held in accordance with a notice of
meeting and tentative agenda, a copy of which was timely served on
each member of the Council and posted on a bulletin board or other
prominent place easily accessible to the public and clearly
designated for that purpose at the principal office of the Council
(a copy of the face sheet of said agenda being attached hereto)
pursuant to the local rules of the Council and the provisions of
Chapter 21, Code of Iowa, upon reasonable advance notice to the
public and media at least twenty-four hours prior to the com-
mencement of the meeting as required by said law and with members
of the public present in attendance; I further certify that the
individuals named therein were on the date thereof duly and
lawfully possessed of their respective city offices as indicated
therein, that no Council vacancy existed except as may be stated
in said proceedings, and that no controversy or litigation is
pending, prayed or threatened involving the incorporation,
organization, existence or boundaries of the city or the right of
the individuals named therein as officers to their respective
positions.
WITNESS my hand and the seal of said Municipality hereto
affixed this' 12th day of January , 1993.
JJ1e~ -/ -Ifw
City Clerk, Iowa city, Iowa
SEAL
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ORIGItW.
(This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body: The city Council of Iowa city, Iowa.
Date of Meeting:
Time of Meeting:
January 12 , 1993.
5:30 o'clock P.M.
Place of Meeting: Council Chambers, Civic Center, 410 E.
Washington street, Iowa city, Iowa.
PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned
governmental body will meet at the date, time and place above set
out. The tentative agenda for said meeting is as follows:
$ 38.000.000 Sewer Revenue Bonds.
- Resolution directing sale.
Such additional matters as are set forth on the addi-
tional 1 page(s) attached hereto.
(number)
This notice is given at the direction of the Mayor pursuant
to Chapter 21, Code of Iowa, and the local rules of said
governmental body.
~~ k idAA./
city lerk, Iowa city, Iowa
AT1om~tYS At lAW O[SMOltl[S, IOWA
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