HomeMy WebLinkAbout1979-04-17 Minutes numberedCOMPLETE DESCRIPTION OF COUNCIL ACTIVITIES
APRIL 17, 1979 1:00 P.M.
Iowa City Council, adjourned session, 4/17/79, 1:00 P.M. at Civic Center.
Councilmembers present: Balmer, Erdahl, Neuhauser, Roberts, Vevera. Absent:
deProsse, Perret. Mayor Vevera presiding. Minutes tape-recorded on Reel 79-9,
Side 2, 2260-2460. Bond consultants Paul Speer & Lawrence Rimmer from Paul
Speer & Associates, Chicago, were present. Staffinembers present: City Clerk
Abbie Stolfus.
Mayor Vevera opened the meeting for the purpose of receipt of bids for the
sale of $5,500,000 general obligation bonds. Consultant Speer advised that six
sealed bids were received and not opened. Mayor Vevera called for oral bids.
There were none. Oral bidding was closed.
Sealed bids were opened and read as follows:
Company Address Net Interest Rate
Continental Illinois National Bank and Trust
Company of Chicago and Bache Halsey Stuart
Shields, Inc. and Associates; Chicago 5.365698%
The First National Bank of Chicago and Dean
Witter Reynolds, Inc. and Associates; Chicago 5.4043%
Harris Trust and Savings Bank and Iowa -
Des Moines National Bank and Associates;
Chicago 5.4002%
Morgan Guaranty Trust Company of New York
and Salomon Brothers; New York 5.4098%
The Northern Trust Company and Merrill Lynch
White Weld Capital Markets Group and
Associates; Chicago 5.40656%
United California Bank & Carleton 0. Beh
Co. and Associates; Los Angeles 5.319828%
Consultant Paul Speer recommended award of the bid to United California
Bank, Carleton D. Beh Co. and Associates at a net interest rate of 5.319828%.
Moved by Neuhauser, seconded by Balmer, to adopt RES. 79-155, Bk. 55, pp. 543-
545, DIRECTING SALE OF $5,500,000 GENERAL OBLIGATION BONDS to United California
Bank, Carleton D. Beh Co. & Associates at a net interest rate of 5.319828%. '75.Z
Affirmative roll call vote unanimous, 5/0, deProsse & Perret absent,
Moved by Balmer, seconded by Neuhauser, to return the checks of the
unsuccessful bidders. Motion carried unanimously, 5/0.
Moved by Balmer, seconded by Neuhauser, to adjourn the meeting, 1:30 P.M.
Motion carried unanimously, 5/0.
ABBIE STOLFUS, CITY CLERK
ROBERT A VEVERA, MAYOR
MICROFILMED BY
JORM MICROLAB
CEDAR RAPIDS -DES MOIt1Es