The URL can be used to link to this page

Home My WebLink AboutResolution - 78-41 - Awarding Sale of $11,240,000 General Obligation Refunding Bonds - 02/21/1978 r .. • •/-J7 �I f�1 Member Osterholt then introduced the following resolu- tion and moved its adoption: RESOLUTION AWARDING SALE OF $11,240,000 GENERAL OBLIGATION REFUNDING BONDS BE IT RESOLVED by the Council of the City of Eden Prairie, Minnesota, that the most favorable bid for the purchase of $11,240,000 General Obligation Refunding Bonds of the City, dated March 1, 1978, received pursuant to and complying with the terms of the notice of sale heretofore duly published, is that of Continental Illinois National Bank and Trust Company , of Chicago 11 Illinois , and associates, to purchase said bonds at a price of $11,073, 848 and accrued interest, bonds maturing in the years set forth below to bear interest at the respective rates per annum set forth opposite such maturity years: Interest Interest Year Amount Rate Year Amount Rate 1980 $2-65,000 5. 00% 1992 $450, 000 5.20% 1981 250 , 000 5.00% 1993 500 ,000 5.20% 1982 300, 000 5.00% 1994 550,000 5.25% 1983 325,000 5.00% 1995 600 ,000 5.25% 1984 400,000 5. 00% 1996 650,000 5.25% 1985 400,000 5. 00% 1997 600,000 5.25% 1986 400,000 5. 00% 1998 650,000 5.25% • 1987 375, 000 5.10% 1999 650,000 5.25% 1988 375, 000 5.10% 2000 650,000 5.25% 1989 500, 000 5.10% 2001 650,000 5.25% 1990 500,000 5.20% 2002 700,000 5.25% 1991 500, 000 5.20 Principal and interest to be .payable at the main office of the Northwestern National Bank of Minneapolis , in Minneapolis , Minnesota . BE IT FURTHER RESOLVED that the bid shall be and is hereby accepted, and the Mayor and City Manager are authorized and directed to endorse such acceptance upon a copy thereof and return the same to said bidder; and that the check furnished by the successful bidder shall be retained pending delivery of the bonds and payment of .the purchase price, and the City Manager shall forthwith return the checks of other bidders. &r5: ay Attest: ina Director/Clerk The Finance Director/Clerk presented affidavits showing • publication in the official newspaper and in the Commercial West of notice of sale of $11,240,000 General Obligation Refunding Bonds of the City, consisting of $6,150,000 General Obligation Water and Sewer Refunding Bonds and $5,090, 000 General Obligation Refunding Improvement Bonds, bids for which were to be considered at this meeting as provided by resolution adopted February 21, 1978. The affidavits were examined, approved and ordered placed on file. The Finance Director/Clerk reported that 3 sealed bids for the purchase of the bonds had been received at this office from the following institutions at or before the time stated in the notice, that the bids were then opened and publicly read and con- sidered, and were all found to conform to the notice of sale and • to be accompanied by the required security, and that the purchase price, coupon rates and net interest cost under the terms Qf each bid were found to be as follows: x B I D T A' B U L A T I O N • $11,2402000 GENERAL OBLIGATION REFUNDING BONDS CITY OF EDEN PRAIRIE, MINNESOTA SALE: TUESDAY, MARCH 14, 1978 AWARD CONTINENTAL ILLINOIS NATIONAL BANK $ TRUST COMPANY OF CHICAGO, ILLINOIS THE FIRST NATIONAL BANK OF CHICAGO, ILLINOIS & ASSOCIATES MOODY'S RATING: "A" " NET INTEREST COST NAME OF BIDDER RATES. YEARS & RATE PRICE CONTINENTAL ILLINOIS NATIONAL BANK AND 5.00% 1980/86 $8,732,977.00 $11,073,848.00 TRUST COMPANY OF CHICAGO 5.10% 1987/89 THE FIRST NATIONAL BANK OF CHICAGO 5.20% 1990/93 5.313430% B1yth Eastman Dillon & Co. , Inc. 5.25% 1994/2002 A. G. Becker & Co. Weeden $ Company LaSalle National Bank Wauterlek & Brown, Inc. Ch' ago, Illinois SOW First National Bank of Miami .Miami, Florida L. F. Rothschild, Unterberg, Towbin New York, New York Bank of Oklahoma, NA Tulsa, Oklahoma UMIC, Inc. Memphis, Tennessee The Chicago Corporation National Boulevard Bank of Chicago Chicago, Illinois Loewi & Company, Inc.- Milwaukee, Wisconsin VanKampen Sauerman Inc. Chicago, Illinois CITIBANK, NA 4.50% 1980/82 $8,733,709.03 $11,072,186.80 FIRST BOSTON CORPORATION 4.60% 1983/85 MA=VS & WRIGHT, INC. 4.75% 1986 5.313875% New York, New York 4.80% 1987/88 4.90% 1989 5.00% 1990/91 5.10% 1992/93 • 5.20% 1994 5.25% 1995 5.30% 1996/97 5.40% 1998/2002 (continued on following page) �F Bid'Tabulation Page 2 . $11 240,000 General Obligation Refunding Bonds Ci-#3f Eden Prairie, -Minnesota .Sale: March 14, 1978 NET INTEREST COST NAME OF BIDDER RATES YEARS & RATE PRICE BANC NORTHWEST 4.40% 1980/83 $828265-139.91 $11,126,293.01 Minneapolis, Minnesota 4.50% 1984 BACHE HALSEY STUART SHIELDS INC. 4.600 1985 5.37011% THE NORTHERN TRUST COMPANY 4.70% 1986 Chicago, Illinois 4.75% 1987 American National Bank & Trust Co. 4.80% 1988 St. Paul, Minnesota 4.90% 1989 Kidder, Peabody $ Co. , Inc. 5.00% 1990/91 Chicago, Illinois 5.10% 1992 Merrill Lynch, Pierce, Fenner F 5.20% 1993 Smith, Inc. 5.25% 1994 Paine, Webber, Jackson & Curtis, Inc. 5.30% 1995 White, Weld & Company, Inc. 5.40% 1996/97 E. J. Prescott & Company 5.50% 1998/99 (Div. of Carleton D. Beh Co.) 5.60% 2000/02 Miller & Schroeder Municipals, Inc. Dean Witter Reynolds Inc. M apolis, Minnesota IN ASSOCIATION WITH: PIPER, JAFFRAY & HOPWOOD INC. First National Bank of Minneapolis Minneapolis, Minnesota First National Bank of Saint Paul. St. Paul, Minnesota John Nuveen & Company, Inc. Chicago, Illinois Craig Hallum, Inc. Minneapolis, Minnesota EHLERS AND ASSOCIATES, INC. Financial Specialists First National-Soo Line Concourse 507 Marquette Avenue Minneapolis, Minnesota 55402 Telephone: (612) 339-8291 •