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Home My WebLink About1979-04-17 ResolutionCouncil Member Neuhauser introduced the following Resolution entitled ''RESOLUTION DIRECTING SALE OF $5,500,000 GENERAL OBLIGATION BONDS," and moved its adoption. Council Member Balmer seconded the motion to adopt. The roll was called and the vote was, AYES: Balmer, Erdahl, Neuhauser, Roberts Vevera NAYS: None Whereupon, the Mayor declared the following Resolution duly adopted: RESOLUTION N0, 79-155 RESOLUTION DIRECTING SALE OF $5,500,000 GENERAL OBLIGATION 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: $5,500,000 GENERAL OBLIGATION BONDS: Bidder: United California Bank of _ Los Angeles the terms ofa said bid eing:o as attached NOW, THEREFORE, BE IT RESOLVED BY TIME 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. -3- AHLERS, COONEY, DOR W EILER. H AYNIE A SMITH. LAWYERS, DEE MOINES, IOWA MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES IIOIIIES OFFICIAL ]Ill) FORM ('il\ of luo:1 (:it%. (:icir CI'Idrr Iowa (:it%., lu\\n April 17, 197!1 cvI ldeoual: For $:, i(N),(11NI Cil\' of Llea (:i1), e•Lirll is rspo•ssly uuld., h. Ioa.l. r:,ullal (1LIi:;dinu Iloud,. 16',rlihrd in 161. anurs((()Ifirinl Nell ire Salr. .1 pull lrul. IIIIPI'rsl hUlll 1. PIN to !Ill. 11.11.• Ill of \ir wll pap Ihr p 1r \'nha• Ilu•II'lll Jill's a pn•nliuol of $ )0.0U .pins accnu:(1 :t rIw(I .1, InvIl, lul' hoods Ilr:bill.,In1,'ll',1 Inllu\Ys :IS (1;1('11:1 IIIIII111d1• of 1 •I of �„ I raw M.” 1. I";!I IFS—hon. I SDI111,11110 19\2 1.,'10 :11111,111111 1!11:) r ' ",11u III 5 I!I'\n J.20':. $iNN1,INNl r 1 1'14.) 5.110 J04u(!(I.,.o .90 SINLINIII 991 1.30'' „ ,. 500,01111 luso r J r••, :rU11,111N) 1!154 �..iP„„ J•30_a fi1N ANXI 1995 5.30 ''i ;tl l(I,fNNI \, 19.11 5, p oro Said bunds :o,: In Ill. rv'rulrd :unl ;iINI,INNI I902 dldii,ar ll In us in :Ir.•.InLmlr Mill Ihr imus of Illis bid ;II II,I'1Il'111), 11^,:II III II IIII III Ill ;\1111'1,, (•lull Iln• Irgni upiuiuo arrungl:"lird by the V'\', I)nl 11 rdl'I. IIII niv ii 11111111 \llulnr\'s, I)vs \I. illvs. 11111';1. )'oil :Irl' 11, fill' and Inr 171inlilrr. Ihr bmnls. bl be priWl'd uo Ihr Loink al our r\.p1,,,, pill, I'n1.'w er o.dily ton In 161• rnul r: a -c within 2d hours. (a!till' unulhrrs arc thio 2fc mors. :u14 isr a^,nm Io nrrl•pt (6r bond, at III- licrrp unulbrrs as priulcd. r1z ri'idrnrr of our hold Iai111. \ir :�'l11 µll' of Sall'. /\ list of Illi' III011llu'1, rmd.l„• Ile:. \villi clerk in Ihr snot of $1111-000 ill acrnrdaoor will )•onr Olfic•ial June 1 111 11111' :1, ronin IIII \1'1111.11. 111'11:111 11115 bid Is Illadc Is (IppPll(led III”I •1 I)a5rripliuu of Clarl.: AIllnIII)k $110.W0 Snow of Ilaok U141TED CALIFORNIA BA!\1K (:ilp IDS ANURLiS $!;,pI O . CNJNiJIA Cwlilird ((:ilshirr's') Cbrrk \'n.100907)I6 Dan•11 APRIL 1,7, 1979 ( Por I Ise fill Cirri ( )n111) Ally allow churl. lino n•Itil lwd ami 1,,,'i i'1 d Ill) ;III• .Ihovr omn, it Avi•ooW Nillin .-I I ly lirsprrllrll) snbnli0rd, UNITI•:D CAWrORNIA (SANK ) JOINT CAR1,ETON D. 131•:11 GO. I MANAGERS Na1O1' SI!;ARS 13ANIi & 'TRUST COMPANY--. I Ar'coonf Alnru,gcr ' Philip V. Mann, Vice President - Addil••;, 7d Wilshire 131v(l. W12-1 (11% Los Angeles ti1a11, Calif. 90017 '— —NOT A I'r1HT OP 1111)— "ll rale Ili l!km of ori iolrrrsl cast from abnv(. Toll lnl,•11,1 f 1 $ 2,365,666.67 ' I x;•! IIIII'n .I Cmf 'Si. 2365)106.67 , V 1111,11-.I Il:nr 5o .19020. The fuu•yuing bill aas al'" I'll 'i .0111 Loolk .111- lip, i1 17. 1!17!1, and Ivv,'fill is hrrl•by arknowl/•flgrd of Ihr .gond r, rhr(k which is 1 111x; in 11 iu .Ire. u, Lull.• %%,I 6 til' I. I IJ ;h1' OIli, d.\,.Inr ul ti.dr.lith "'I (IF If )%%(XIT. IOWA Finrnlr'r• Direc'lor MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES MOINES r\14.1, fib III1\U li 1!.' I raw M.” 1. I";!I .,/1.,11 ,•Ile (1.1 , I Onll. AW „ P.,,, ,,I Ind., I)ur June 1 Auunlul_ _.1'rar '" ..... Annual Cunud:aiiv Ilur Jum• 1 llund )'von _----_____ ...._..__ __... _.. _ Annnlnl Annual Cumulative I!IS2 $ SOII Upp ILIIJInn I.ilLld:n 14!;4 -- ----- '�---- I!Si3 JIIII,OINI 211i1J,b. I!IR'I S ..1111 IN1U 15II libfi 21,29 LDfi0 1!141 DIIII,INIII ::I I I In.; 1. Cia .if@,IHMI :,,Ill 1.667 !fi,:n3:17:1 1!015 :Iml,nnl' NIII ;IIII IJ 10'111 :NIII,INNI I.W.7 :11,1,75 .(XX) !lar aogonll 11. !I,Irr.Lnl' :. 1!19! 100.000 (;,011,61.6 37,0I6.O6(i 19.y; ?IIII nINI n IPI :II100re) Ii;i II.Or7 11. 158.333 LLL, IU',:dL11011 t,'L$IXI,IIW 11; ISB.JOJ h.l 0.1 MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES MOINES 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 notices of the sale of the bonds heretofore given and all acts of the Clerk done in furtherance of the sale of said bonds are hereby ratified and approved. PASS 1979. ED AND APPROVED, this 17th day of April Mayor ATTEST: nn tel% �ti Clerk -4- A HLERS. COONEY. DORWEILER. HAYNIE&SMITH. LAWYERS, DES MOINES. IOWA MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES 140111ES 51v i I'A t r. D. S r> t; a iz PAUL D. SPEER.Pn[,,uc N, ELWOOD BARCE [a ccm rv[ vKc aa[5i0[Ni THOMAS E. COUGHLAN PAUL D. (PETE) SPEER. JR. OGDEN KNIFFIN,JR. BRENDA N. WAIDZULIS LAWRENCE J. RIMMER wA'ENLOO,.I.A SO103 010.31.1NM1P The Honorable Mayor and City Council Civic Center Iowa City, Iowa 52240 Gentlemen: MUNICIPAL FINANCE CONSULTANTS AREA 312 • 346-08SO April 17, 1979 -V,/, 1/.i/eq G City, lona, General Obligation Bonds. There were oral bids ceived. There were sealed bids received. All bids l AREA 312 • 346-08SO April 17, 1979 MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES MOINES Bids were received today covering your $5,500,000 City of Iowa City, lona, General Obligation Bonds. There were oral bids ceived. There were sealed bids received. All bids re- are listed at the bottom of this letter in accordance with the attached signed bids. Upon examination, it is our opinion that the bid of l ceived, and it is further our op` iis the best bid re- nion that it io s favorable to the City and should be accepted. We therefore recommend that the bonds be so awarded at par plus a premium of $ plus accrued interest, being at a net interest rate of g, i Account Managers Net Interest o_`_ The Chase Manhattan Bank, N.A. ...................... �/----"-�• Continental Illinois National Bank and Trust Companyof � Chicago and Bache Halsey Stuart Shields, Inc. and Associates.......................... The First national Bank of Chicago and Dean Witter S.3� Reynolds, Inc. and Associates Harris Trust and Savings Bank 5.110'/3 and Iowa -Des Moines National Bank and Associates Morgan Guaranty Trust Company of New York and v \ I')p Salomon Brothers ............. The Northern Trust Company S.LiDgQ $ and Merrill Lynch White Weld q, Capital Markets Group and Associates .................... 5% J y!Y)United John Nuveen L Co. , Inc L E1_/ California Bank,nd ocIt es ........... �,319�a8% v 1 �r ........... g `I� ............ % RS.......... g Respectfully submitted, T, PAUL D. SPEER & Associates, Inc. PDS:mk ESTABLISHED 1954 An Affiliate of Duff and Phelps, Inc. President MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES MOINES 2'he Mayor ann0uncad that this beiny the time and place forthe opening of bids for the sale of $5,500,000 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 & Address of Bidders: Open bids wer len ca led for and the best open bid ' received was as follows: Name & Address of Bidder: Net Interest Rate: Net Interest Cost: i Whereupon, the sealed bids were opened and the best sealed bid was as follows: n�Name & Address of. Bird�er:� �IJe t T nrn � I- �'�"-u-t-Zh^- Net Interest cost: I LvGI l9� -z- ANLLHI. COUN"' U"'WI.II-I N, HAYNII AS -"H. LAWYLII6, Ofb MOINCS. IOWA MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES MOIRES ,r Council Member introduced the following Resolution entitled "RESOLUTION DIRECTING SALE OF $5,500,000 GENERAL OBLITATION BONDS," and moved its adoption. Council Member seconded the motion to adopt. The roll was called and the vote was, AYES: NAYS: Whereupon, the Mayor declared the following Resolution duly adopted: RESOLUTION DIRECTING SALE OF $5,500,000 GENERAL OBLIGATION 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: $5,500,000 GENERAL OBLIGATION BONDS: Bidder: of the terms of said bid being: NOW, THEREFORE, BE IT RESOLVED 11Y TIIE 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. Mc AMLL145. Goon EY. Dort. uu n. HAYe¢ n Smn H. Lew YErts, Dec MOINES. IOWA MICROFILMED BY JORM MICROLAB CEDAR RAPIDS•DES MORTES WN. IL .NL1 AN, 1 1979 L11 „ uLUNLu MI'!i 1 Vw N!i I:IIIINI ^u w•a. uuvWl nl., AHLERS, COONEY. DORWEILER, •cNNL n! n. .,, 1 NAYNtE & SMITH .. PlulwND M!I� LAWYERS JUNN 1, r. .Nly. ,l u. 920 LIOCHTY UUILUIN Li L. W. u(JbL11 ulUUt SIXTH AND CNAND NIC NwNO 11. PANTI ILNuy L, MUHpUN DES MOINES, IOWA 50309 I.wN CI w. CDI'INIC• April 0, 1.979 nwvm 1 . unuNu nl IIw NI W II I. I:NMwN ID WnN11 ry, II I. N......NN bis. Rosemary Vitosh Director of Finance Civic Center 410 E. Washington Street Iowa City, Iowa 52240 Re: Sale of Bonds - April 17th Dear Rosemary: The procedure for the sale date covering the reception of bids and award of the bonds to the lowest bidder and form of resolution awarding the bonds is enclosed. As you know the sealed bids for the bonds should be received and placed on file unopened, open bids should then be called for and received, if there are any, and the best open bid noted in the minutes. Thereafter the sealed bids are to be opened and the bonds will hen be awarded to the lowest bidder. If any questions arise athe time of the sale please do not hesitate to get in touch with me either at the office or at home. The notice of bond sale sets out the restrictions on the type of interest rates which may be bid, as well as the number I of rates. llp to three different interest- rates may be bid for tho issue and each interest rate musL be in a multiple of one- quarter or one-tenth of one percent. Each bidder is required to furnish a bid check. in the amount of $110,000. The check Of the successful bidder should be held uncashed by the City as security that the bidder will take the bonds as agreed upon when the same have been printed and are ready for delivery. In the event that anyone desires to bid orally for the bonds You should require that a bid check in the required amount be deposited prior to accepting any bids. Two extra copies of this procedure are enclosed to be completed as the original and certified to our office, together with a copy of each bid. N. MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES 1101NES I Ms. Rosemary Vitosh If any K1111/mkj Encl. -2- April G, 1979 IMPORTANT INFORMATION 1. The attached notice must be 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 body holding the meeting. If no such office exists the notice must be posted at the building in which the meeting is to be held. 2. If you do not now have a bulletin board designated as above mentioned, so designate one and establish a uniform policy of posting your notices of meeting and tentative agenda. 3. Notice and tentative agenda must be posted at least 24 hours prior to the commencement of the meeting: 4. Attach to the notice additional pages showing your additional agenda items. 5. The notice must be signed by the Clerk or Secretary of the governmental body. MICROFILMED BY JORM MICROLAB CEDAR RAPIDS•DES MOINES OFFICIAL NOTICE OF SALE $5,500,000 CITY OF IOWA CITY, IOWA General Obligation Bonds Sealed bids will be received until 1:00 P.M., Local Time, on the 17th day of April, 1979, at the office of the City Clerk in the Civic Center, Iowa City, Iowa, for the purchase of $5,500,000 General Obligation Bonds of the City of Iowa City, Iowa. Promptly thereafter open bids will be called for in the Council Chambers at the meeting of the City Council of said City to be then held in the Civic Center in said City. If no open bids are then made, such bidding will then be closed but if commenced, will be concluded not later than 1:30 P.M. on the date of sale. After the best open bid, if any, has been determined, the sealed bids will be publicly opened. All bids will then be referred to the City Council of said City and the bonds will be sold to the highest bidder for cash. Sealed bids will be fully protected and will remain sealed until open bidding has been concluded. Said bonds will be payable at the office of the City Treasurer and will be coupon bonds registrable as to principal only, will be dated May 1, 1979, be in the denomination of $5,000, bear interest payable December 1, 1979 and semiannually thereafter on the first days of June and December in each year, and mature serially on June 1 of each of the respective years as follows: MATURITIES - June 1 $500,000...1982 500,000 ... 1983 500,000 ... 1984 500,000...1985 $500,000...1986 500,000 ... 1987 500,000 ... 1988 $500,000...1989 500,000...1990 500,000 ... 1991 500,000 ... 1992 None of said bonds are optional for redemption prior to maturity. These bonds constitute general obligations of the City payable from taxes levied upon all the taxable property in the City without limitation as to rate or amount. Bidders shall specify the interest rate or rates which the respective bonds shall bear, not exceeding 7%, in multiples of one-quarter or one- tenth of one percent (1/4 or 1/10 of 1%), provided that only one rate shall be specified for a single maturity and not more than three (3) rates may be MICROFILMED BY JORM MICROLAB CEDAR RAPIDS•9ES 1101NES doing business in the United States, in favor of the City, in the amount of $110,000. The proceeds of said check will be forfeited as liquidated damages in case the bidder to whom said bonds are awarded should withdraw his bid or fail to complete his purchase in accordance with the terms thereof. Checks of unsuccessful bidders will be returned promptly and no interest will be allowed on any checks. The check of the successful bidder will otherwise be returned or applied on the purchase price at delivery at the option of the City. The City Council reserves the right to waive informalities in any bid, to reject any or all bids and to determine in its sole discretion the best bid. The City Council has authorized the preparation of an Official Statement containing pertinent information relative to the City. For copies of that Statement, the Official Notice of Sale and Official Bid Form, or for any additional information, any prospective purchaser is referred to the Municipal Finance Consultants to the City, Paul D. Speer & Associates, Inc., 55 East Monroe Street, Chicago, Illinois 60603. Telephone: Area 312-346-0858. By order of the City Council of the City of Iowa City, Iowa. /s/ABBIE STOLFUS CITY CLERK MICROFILMED BY JORM MICROLAB CEDAR RAP IDS -DES 1401 NES OFFICIAL NOTICE OF SALE $5,500,000 CITY OF IOWA CITY, IOWA General Obligation Bonds Sealed bids will be received until 1:00 P.M., Local Time, on the 17th day of April, 1979, at the office of the City Clerk in the Civic Center, Iowa City, Iowa, for the purchase of $5,500,000 General Obligation Bonds of the City of Iowa City, Iowa. Promptly thereafter open bids will be called for in the Council Chambers at the meeting of the City Council of said City'to be then held in the Civic Center in said City. If no open bids are then made, such bidding will then be closed but if comienced, will be concluded not later than 1:30 P.M. on the date of sale. After the best open bid, if any, has been determined, the sealed bids will be publicly opened. All bids will then be referred to the City Council of said City and the bonds will be sold to the highest bidder for cash. Sealed bids will be fully protected and will remain sealed until open bidding has been con- cluded. Said bonds will be payable at the office of the City Treasurer and will be coupon bonds registrable as to principal only, will be dated May 1, 1979, be in the denomination of $5,000, bear interest payable December 1, 1979 and semiannually thereafter on the first days of June and December in each year, and mature serially on June 1 of each of the respective years as follows: MATURITIES - June 1 $500,000 ........,. 1982 $500,000 .......... 1986 $500,000 .......... 1989 500,000 .......... 1983 500,000 .......... 1987 500,000 .......... 1990 500,000 .......... 1984 500,000 .......... 1988 500,000 .......... 1991 500,000 .......... 1985 500,000 .......... 1992 None of said bonds are optional for redemption prior to maturity. These bonds constitute general obligations of the City payable from taxes levied upon all the taxable property in the City without limitation as to rate or amount. Bidders shall specify the interest rate or rates which the respective bonds shall bear, not exceeding 73„ in multiples of one-quarter or one-tenth of one percent (1/4 or 1/10 of 1%), provided that only one rate shall be specified for a single maturity and not more than three (3) rates may be named. Repeating a pre- viously mentioned interest rate will not constitute an additional interest rate. The highest rate bid for the bonds shall not exceed the lowest rate by more than one percent (1%) per annum. Each installment of interest will be represented by a single coupon on each bond and no supplemental coupons will be permitted. All bids must be for all of the bonds, must be for not less than $5,500,000. plus accrued in- terest from May 1, 1979, to the date of delivery, must be made upon the Official Bid Form and delivered in a sealed envelope marked 'Bid for Bonds.!' The bonds will be awarded to the best bidder determined upon the basis of the lowest total interest cost at the rate or rates designated in his bid from May 1, 1979, to the respective maturity dates, after deducting any premium. The bonds will be delivered without expense to the purchaser in Des Moines, Iowa, or Chicago, Illinois, at any mutually agreeable bank or trust company, against full payment in immediately available cash or federal funds. The bonds are expected to be delivered within thirty days after the sale. Should delivery be de- layed beyond sixty days from date of sale for any reason without the fault of the issuer, or except failure of performance by the purchaser, the purchaser may with- draw his check and thereafter his interest in and liability for the bonds will cease. (When the bonds are ready for delivery, the issuer will give the successful bidder five working days notice of the delivery date and the issuer will expect payment in full on that date, otherwise reserving the right at its option to deter- mine that the bidder has failed to comply with the offer of purchase.) Said bonds will be sold subject to the approving opinion of Ahlers, Cooney, Dorweiler, Haynie L Smith, Attorneys of Des Moines, Iowa, as to the legality and their opinion will be furnished, together with the printed bonds, without cost to the purchaser and all bids will be so conditioned. Except to the extent nec- essary to issue their opinion as to the legality of the bonds, the attorneys will not examine or review or express any opinion with respect to the accuracy or com- pleteness of documents, materials or statements made or furnished in connection with the sale, issuance or marketing of the bonds. The opinion will be printed on the back of the bonds. MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES MOVIES All bids shall be accompanied by a certified check or cashier's check drawn upon a solvent bank doing business in the United States, in favor of the City, in the amount of $110,000. The proceeds of said check will be forfeited as liquidated damages in case the bidder to whom said bonds are awarded should with- draw his bid or fail to complete his purchase in accordance with the terms thereof. Checks of unsuccessful bidders will be returned promptly and no interest will be allowed on any checks. The check of the successful bidder will otherwise be re- turned or applied on the purchase price at delivery at the option of the City. The City Council reserves the right to waive informalities in any bid, to reject any or all bids and to determine in its sole discretion the best bid. The City Council has authorized the preparation of an Official Statement containirig pertinent information relative to the City. For copies of that State- ment, the Official Notice of Sale and Official Bid Form, or for any additional in- formation, any prospective purchaser is referred to the Municipal Finance Consul- tants to the City, Paul D. Speer E Associates, Inc., 55 East Monroe Street, Chicago, Illinois 60603• Telephone: Area 312 - 346-0858. By order of the City Council of the City of Iowa City, Iowa. /s/ ABBIE STOLFUS City Clerk MICROrILMED BY JORM MICROLAB CEDAR RAPIDS•DES MOINES (This PloLice to be posted) NOTICE•' AND CALL OF PUBLIC MEETING Governmental Body: The City Council of Iowa City, Iowa. Date of Meeting: April 17, 1979 Time of Meeting: 1:00 P.M. Place of Meeting: Council Chambers, Civic Center, 410 Fast 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: $5,500,000 General Obligation Bonds. - Resolution directing sale. Such additional matters as are set forth on the addi- tional L pages(s) attached hereto. (number) This notice is given at the direction of the Mayor pur- suant to Chapter 28A, Code of Iowa, and the local rules of said governmental body. City Clerk, Iowa ity, Iowa AMLCRS. COONEY, DOB W CILEn. HAYNIE A SM1714. LA W Y ERS, DES MOINES. IOWA N MICROFILMED BY JORM MICROLAB CEDAR RAPIDS -DES MOINES