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Home My WebLink About1978-08-09 ResolutionMICROFILMED BY JORM MICROLAB CEDAR RAPIDS AND UES 11I;RIL), ;um, The meeting was called to order by Robert A. Vevera Mayor, and on roll call the following Council Members were present: Balmer, deProsse Roberts, Vevera Absent: Erdahl Neuhauser, Perrot The Mayor announced that this being the tirle and place for the opening of bids for the sale of $2,250,000 General Obligation Bonds, the meeting was thrown open for the receipt of bids for said bonds. The following sealed bids were received and not opened: Name Maa(Y;NXX of Bidders: Continental Illinois National Bank f, Trust Company of Chicago $ Bache Halsey Stuart Shields, Inc. & Associates The First National Bank of Chicago FI Associates Harris Trust $ Savings Bank and Iowa -Des Moines National Bank $ Associates The Northern Trust Company F, Associates John Nuveen f Co., Inc. United California Bank and Associates Wauterlek FI Brown, Inc. Open bids were then called for and the best open bid received was as follows: Name & Address of Bidder: NONE Net Interest Rate: Net Interest Cost: -2- AHLERS. GOONEY. DORWEILER. HAYNIE A SMITH. LAWYERS. DES MOINES. IOWA I41CROFILMED BY DORM MICR+LAB CFMR RAPIDS • DCS MOINES it j i 1 i j MICROFILMED BY JORM MICROLAB CEDAR RAPIDS AND UES 11I;RIL), ;um, The meeting was called to order by Robert A. Vevera Mayor, and on roll call the following Council Members were present: Balmer, deProsse Roberts, Vevera Absent: Erdahl Neuhauser, Perrot The Mayor announced that this being the tirle and place for the opening of bids for the sale of $2,250,000 General Obligation Bonds, the meeting was thrown open for the receipt of bids for said bonds. The following sealed bids were received and not opened: Name Maa(Y;NXX of Bidders: Continental Illinois National Bank f, Trust Company of Chicago $ Bache Halsey Stuart Shields, Inc. & Associates The First National Bank of Chicago FI Associates Harris Trust $ Savings Bank and Iowa -Des Moines National Bank $ Associates The Northern Trust Company F, Associates John Nuveen f Co., Inc. United California Bank and Associates Wauterlek FI Brown, Inc. Open bids were then called for and the best open bid received was as follows: Name & Address of Bidder: NONE Net Interest Rate: Net Interest Cost: -2- AHLERS. GOONEY. DORWEILER. HAYNIE A SMITH. LAWYERS. DES MOINES. IOWA I41CROFILMED BY DORM MICR+LAB CFMR RAPIDS • DCS MOINES MICR0FILt4ED BY JORM 141CROLAB CEDAR RAPIDS APID ULS 14U1NL:), :Ur- I Whereupon, the sealed bids were opened and the best sealed bid was as follows: Name IKX&adtyX0(X of Bidder: Continental Illinois National Bank f, Trust Company of Chicago Net interest Rate: 4.764722 Net Interest Cost: $773,671.72 i 1 1 Council Member Balmer introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF $2,250,000 GENERAL OBLIGATION BONDS (ESSENTIAL CORPORATE PURPOSE)", and moved its adoption. Council Member deProsse seconded the motion to adopt. The roll was called and the vote was, I AYES: Balmer, deProsse, Roberts, Vevera ; NAYS: None Whereupon, the Mayor declared the following Resolution duly adopted: RESOLUTION N 78-374 RESOLUTION DIRECTING SALE OF $2,250,000 GENERAL OBLIGATION BONDS (ESSENTIAL CORPORATE PURPOSE) i 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: $2,250,000 GENERAL OBLIGATION BONDS: Bidder:Continental Illinois National of Chicago an , rus ompany the terms of said bid being: As attached. _g_ AHLERS. GOONEY. DORWEILER. HAYNIE A SMITH. LAWYERS, DES MOINES, IOWA N ICROFILMED BY .� JORM MICR+LAB CEDAR RAPIDS - DES MOINES e® M M,IGROFILKD BY JORM MICROLAB CEDAR RAPIDS AND Uu ?10111u, :U;,,, ^ )1___..._._s_i':.]..Y'_Tit?'Hre''F2k:.•n+ �. rtS r.,l f, Ki.iLi _.:.�,..,_<:.ua:3�,.,,,.,nc•_L�.'..e_.....�.,::�:!�:W2zr:.:lr.<; ai''iL1.:t-ism-�:i OFFICIAL BID FORM City of lows City Civic Center Iowa City, Iowa August 9, 1978 Gentlemen: For ;2,250,000 General Obligation Bonds of the City of Iowa City, Iowa, described in the annexed Official Notice of Sale, which is made a part hereof, we will pay you the par value t reof plus accrued interest front September 1, 1978 to the date of delivery, plus a premium of $-? °�— for all of said bonds bearing interest at the following respective interest rates, each being a multiple of 1/4 or 1/10 of 1790. '''��' yyy MATURITIES—Jane 1�0 1987 / Z / ya $100,000 1980% $200,000 .. 1983 /� ' $-900,000 .............. e 100,000 .. .. 1981 200,000 ........... 1984910 300,000 .............. 1988 —% 150,000 _.......... 1982 1 7b 300,000 ............. 1985±170 %u 300,000 .............. 1989 Z 300,000 .............. 1996 Said bonds are to be executed and delivered to us in accordance with the terms of this bid accompa^ vied by the approving legal opinion of .Messrs. Ahlers, Cooney, Dorweiler, ilaynie & Smith, Des Moines, Iowa, which is to be printed oil the bonds. You are to pay for said legal opinion and printing the bonds. Unless we notify you to the contrary within 24 hours, CUSI1 numbers are to be printed on the bonds at our expense and we agree to accept the bonds at delivery with the CUSIP numbers as printed. As evidence of our good faith, we enclose herewith check to the order of the City Treasurer of Iowa City, Iowa, in the sun of $45,000 ill accordance with the Official Notice of Sale. We attach hereto the list of the members of our account on whose behalf this bid is made. Description of Check: Amount: $45,000 Name of Bank ContinentalIllinoisIIanknTutCompanf National City—Shcicago State Tllinoin Certified (Cashier's) Check No. 0148171 Dated August 2 1978 (For Use By City Only) The above check was returned and received for the above named Account Manager By 1lespectC(oUlubntnlitalie lillinoin National Bank all ne Name andel oat to f "Chica o Ac ount Ma r 1 Mr. Leali F.�Parr is ,Vice Prea dent .address 231 S, La Salle St. City Chicago State Illinois (SEE ATTACHED LIST OF IMERS) NOT A PART OF BID Our calculation of net interest rate from above is: Total Interest ................................ Less Premium ................................ $--20 7 0 Net Interest .................................... $ x� V. a Net Interest Rate .......................... 2 76 y N The foregoing bid was accepted and bonds sold August 9, 1978, and receipt is hereby acknowledged of the good faith check which is being held in necordance with the terms of the Official Notice of Sale. CITY OP IOWA CITY, IOWA Dirr tor, Department of Finance TABLE OF BOND YEARS h'rom September 1, 1978 (For Compnttotion Only. Not a Part of Bid.) Hand Yenta Nur hand fears Due June 1 Amount Annual Cumulative June 1 Amount Annual Cumulative 1 100,000 176.0 176.0 1986 .................. $ 300,000 70257o G,137.6 1980 .11_... _. .... Io0,00u 276.0 460.0 logo ...................... 300,000 2,326.0 7,102,6 1081..., .. ....._.._. 160,000 662.6 1,012.6 1087 ._......... .......... 300,000 2,626.0 10,087.6 1982..-.. .... 200,000 060.0 1,962.6 1988 ...................... 300,000 2,D26,0 18,012.6 1983 .... __.. ...,,.., '20U,000 ],160.0 3,112.6 1989 ...................... 300,000 3,226.0 --� 16,237.6 1984 ...................... $2,'260, 000 16,237.6 Avrrnge Life: 7.217 Years MICROFILMCD OY i JORM MICR+LAE CrOAR RAPIV, • OLS MOINLS 191CROFILMED BY JORM 141CROLAB CEDAR RAPIDS AND UES I4UII'E�, 4u— NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF IOWA CITY, IOWA: Section 1. That the bid for the bonds as above set out is hereby determinsaid bonds the ehereby awarded bst and Most vbased eon bid received and, said bid. Section 2. That the form of contract fandor the Clerklaref said bonds is hereby approved and the Mayor ized to execute the same on behalf of the hereby author City. 9 th day of August ur t PASSED AND APPROVED, �- 1978. Mayor ATTEST: Clerk -4- AHLERS. GOONEY. DOR W EILER. HAYNIE 6 SMITH. L4W PERS. DES MOINES. IOWA t- -•�:•� 41CROFILMED BY ' JORM MIC R+LAB CEDAR RAPIDS • DES MOINES 4 MILROHU ED BY JORM MICROLAB CEDAR RAPIDS AND OLS IdDifiL:,, J+.1+ The meeting was called to order by Mayor, and on roll call the following Council Members were present: Absent: x x x x x x x x The Mayor announced that this being the time and place for the opening of bids for the sale of $2,250,000 General Obligation Bonds, the meeting was thrown open for the receipt of bids for said bonds. The following sealed bids were received and not opened: Name &-4d rdre of Bidders: n (y� Open bids were then called for and the best open bid received was as follows: (� Name & Address of Bidder: Net Interest Rate: Net Interest Cost: —� -2- AHLERS. COONEY. DONWEILER. HAYNIE A SMITH. LAWYERS. DEB MOINES. IOWA MICRONI-14ED BY JORM MICR+LAE3 CEDAR RAPIDS • IIES MOIRES i j I 1 � i I MILROHU ED BY JORM MICROLAB CEDAR RAPIDS AND OLS IdDifiL:,, J+.1+ The meeting was called to order by Mayor, and on roll call the following Council Members were present: Absent: x x x x x x x x The Mayor announced that this being the time and place for the opening of bids for the sale of $2,250,000 General Obligation Bonds, the meeting was thrown open for the receipt of bids for said bonds. The following sealed bids were received and not opened: Name &-4d rdre of Bidders: n (y� Open bids were then called for and the best open bid received was as follows: (� Name & Address of Bidder: Net Interest Rate: Net Interest Cost: —� -2- AHLERS. COONEY. DONWEILER. HAYNIE A SMITH. LAWYERS. DEB MOINES. IOWA MICRONI-14ED BY JORM MICR+LAE3 CEDAR RAPIDS • IIES MOIRES , l4ICRUF1Li4ED BY JORM MICROLAB CEDAR RADIUS A14U UES HU1111-3, 1'J1111 .. Whereupon, the sealed bids were opened and the best sealed bid was as follows: 1/��-/}—L�(� w Name & Address of B'�`1derL Net Interest Rale: L4� -7(„ -77/7/ Cl/ Net Interest Cost: ') 3 , (% 1 , % Council Member introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF $2,250,000 GENERAL OBLIGATION BONDS (ESSENTIAL CORPORATE PURPOSE)", and moved its adoption. Council Member seconded the motion to adopt. The roll was called and the vote was, AYES: I NAYS: i Whereupon, the Mayor declared the following Resolution duly adopted: RESOLUTION DIRECTING SALE OF $2,250,000 GENERAL OBLIGATION BONDS (ESSENTIAL CORPORATE PURPOSE) 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: 2,25Q,,000 GENERAL OBLIGATION BONDS: Bidder: of the terms of said bid being: -3- AHLERS. COONEY. DORWCILCR. HAYNIE S SMITH. LAWYERS. DEB MOINES, IOWA 5....Yi,.. :41CROFIL14ED BY JORM MICR+LAE C[DAP PAPIDS • DFS F101NES 141CROFILi4ED BY JORM 141CROLAB • CEDAR RAPIDS AND DCS h1UiNL. , iul— NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF IOWA CITY, IOWA: Section 1. That the bid for the bonds as abo:?a set out is hereby determined to be the best and most favorable bid received and, said bonds are hereby awarded based on i said bid. Section 2. That the form of contract for the sale of -a� said bonds is hereby approved and the Mayor and Clerk are hereby authorized to execute the same on behalf of the City. PASSED AND APPROVED, this day of 1978. i i Mayor ATTEST: -4- AHLERS. COONEY. DORWEILER. HAYNIL' A SMITH. LAWYERS, DEB MOINES. IOWA '. MICRormmi:D BY i JORM MSCR+LAB CEDAR RAPIDS • nF5 ROINCS