HomeMy WebLinkAbout1980-08-06 Council minutesCOMPLETE DESCRIPTION OF COUNCIL ACTIVITIES
August 6, 1980
1:00 P.M.
Iowa City Council, adjourned session, 8/6/80, 1:00 P.M. at Civic
Center. Councilmembers present: Balmer, Erdahl, Lynch, Vevera. Absent:
Neuhauser, Perret, Roberts. Mayor Balmer presiding. Minutes tape-
recorded on Tape 80-15, Side 2, 1-88. Bond consultant Paul Speer from
Paul Speer and Associates, Chicago, present. Staffinembers present:
Berlin, Helling, Vitosh, Karr.
Mayor Balmer opened the meeting for the purpose of receipt of bids
for the sale of $2,570,000 general obligation bonds. Consultant Speer
advised that six sealed bids were received and not opened. Mayor Balmer
called for oral bids. There were none. Oral bidding was closed.
Sealed bids were opened and read as follows:
COMPANY ADDRESS
NETINT_ ER_ ESTE
BancNorthwest; Chicago
6.80%
Harris Trust and Savings Bank and Iowa -Des Moines
National Bank and Associates; Chicago
6.6093%
The First National Bank of Chicago and Dean
Witter Reynolds, Inc. and Associates; Chicago 6.57177%
United California Bank and Carleton D. Beh Co.
and Associates; Los Angeles
6.5861%
Continental Illinois National Bank and Trust
Company of Chicago and Bache Halsey Stuart Shields,
Inc. and Associates; Chicago
6.55617%
The Northern Trust Company and Merrill Lynch White
Weld Capital Markets Group and Goldman, Sachs & Co.
and Associates; Chicago
6.49361%
Consultant Paul Speer recommended award of the bid to The Northern
Trust Company and Merrill Lynch White Weld Capital Markets Group and
Goldman, Sachs & Co., and Associates at a net interest rate of 6.49361%.
Moved by Vevera, seconded by Lynch, to adopt RES. 80-326, Bk. 62, pp. 689-
694, DIRECTING SALE OF $2,570,000 GENERAL OBLIGATION BONDS to The Northern
Trust Company and Merrill Lynch White Weld Capital Markets Group and
Goldman, Sachs & Co. and Associates at a net interest rate of 6.49361%.
Affirmative roll call vote unanimous, 41O, Neuhauser, Perret, Roberts
absent.
Moved by Erdahl, seconded by Vevera, to return the checks of the
unsuccessful bidders. Motion carried unanimously, 4/0.
MICROFILMED BY
JORM MICR+LAB
CEDAR RAPIDS • DES MOINES
Council Activities
August 6, 1980
Page 2
Moved by Vevera, seconded by Lynch, to adjourn the meeting, 1:30 P.M.
Motion carried unanimously, 4/0.
JOHN BALMER, MAYOR
MARIAN K. KARR, DEPUTY CITY CLERK
MICROFILMED BY
JORM MICR+LA6
CEDAR RAPIDS • DES MOINES
i
,I
Council Activities
August 6, 1980
Page 2
Moved by Vevera, seconded by Lynch, to adjourn the meeting, 1:30 P.M.
Motion carried unanimously, 4/0.
JOHN BALMER, MAYOR
MARIAN K. KARR, DEPUTY CITY CLERK
MICROFILMED BY
JORM MICR+LA6
CEDAR RAPIDS • DES MOINES