HomeMy WebLinkAbout1978-08-09 Minutes numberedF
F1II,R0F 1LNED BY JORM MICROLAB
CEDAR RAPIUS AND ULS i,iUINL.,
COMPLETE DESCRIPTION OF COUNCIL ACTIVITIES
AUGUST 9, 1978
1:00 P.M.
Iowa City Council, adjourned session, 8/9/78, 1:00 P.M., at Civic
Center. Councilmembers present: Balmer, deProsse, Roberts, Vevera.
Absent: Erdahl, Neuhauser, Perret. Mayor Vevera presiding. Minutes
tape-recorded on Reel 78-21, Side 2, 20-110. Also present, bond con-
sultants from Paul Speer & Associates.
Mayor Vevera opened the meeting for the purpose of receipt of bids
for the sale of $2,250,000 General Obligation Bonds. Seven sealed bids
were received and not opened. There were no oral bids.
Net Interest
Sealed bids were opened as follows: Rate:
John Nuveen & Co., Inc. 4.849
Wauterlek & Brown, Inc. 4.8109
The Northern Trust Company and Assoc. 4.83054
I
The First National Bank of Chicago &
Assoc. 4.844179
Harris Trust & Savings Bank & Iowa -
Des Moines National Bank & Assoc. 4.79655
Continental Illinois National Bank
& Trust Co. of Chicago & Bache
Halsey Stuart Shields, Inc. & Assoc. 4.764722
United California Bank & Associates 4.833633
(S/
i
Consultant Paul Speer recommended acceptance of Continental Illinois
National Bank & Trust Co, of Chicago bid with net interest rate of
4.764722.
Moved by Balmer, seconded by deProsse, to adopt RES. N78-374, Bk. 50,
pp. 1007-1011, DIRECTING SALE OF $2,250,000 GENERAL OBLIGATION BONDS (FOR
AN ESSENTIAL CORPORATE PURPOSE), to Continental Illinois National Bank
& Trust Co. of Chicago. Affirmative roll call vote unanimous, 4/0,
45-/47Erdahl,
Perret & Neuhauser absent.
Moved by deProsse, seconded by Roberts, to return the checks to the
unsuccessful bidders. Motion carried unanimously.
Consultant Speer pointed out that the Moody's Rating Agency had again
given the City a triple 'A' (AAA) rating for this bond issue, and the
/6
City should be very proud of its rating.
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MILROiILMEU BY JORM MICROLAB CEUAR RAPIUS AND uLS Nbl:iLu, 'v'+111
Council Activities
'-gust 9, 1978
. Jge 2
Moved by Balmer, seconded by deProsse, to adjourn to executive
session to discuss litigation. Affirmative roll call vote unanimous,
4/0, Erdahl, Neuhauser, Perret absent, 1:15 P.M. /S1 7
RGBERT A. VEVERA, MAYOR
ATTEST:
BBIE STOLFUS, CITY CLERK
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JORM MICR+LAB,
CEDAR RAPIDS • US MOVIES