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HomeMy WebLinkAboutRESOLUTIONS-1988-042-R-88Resolution Number 42-R-88 RESOLUTION confirming sale Of $1,000,000 Water Revenue Bonds, Series 1988, of the City of Evanston, Cook County, Illinois. WHEREAS the City of Evanston, Cook County, Illinois, (the "City") is authorized to issue $1,000,000 Water Revenue Bonds, Series 1988 (the "Bonds"), in accordance with the pro- visions of Ordinance Number 60-0-88 passed by the City Council (the "City Council") of the City on August 22 , 1988, which ordi- nance is now or will be at closing on the Bonds in full force and effect; and WHEREAS the City has advertised for bids for the Bonds; and WHEREAS bids therefor have been received and tabulated as indicated on Exhibit A attached hereto and made a part hereof by this reference, and it is hereby determined that the bid (the • '.'Bid" ) of Cronin & Co. Inc. (the "Purchaser") attached hereto as Exhibit B and made a part hereof by this reference, conforms to all terms of the official notice of sale for the Bonds and is the best bid for the Bonds, and the Purchaser has agreed to accept delivery of the Bonds bearing the rates of interest as hereinafter set forth; NOW THEREFORE Be It Resolved by the City Council of the City of Evanston, Cook County, Illinois, as follows: Section 1. Execution and Rates The Bonds as defined in the preambles to , this resolu- tion shall be executed by the officials of the City in the manner and form as provided for in and by the ordinancesoauthorizing, and the Bonds shall bear interest at the rates for the years as set forth in the Bid. Section 2. Acceptance of Bid The City Manager is hereby authorized and directed to execute.and accept the Bid. • Section 3. Delivery of Bonds The officials of the City be and are hereby ordered and directed to have the Bonds prepared for delivery to the Purchaser thereof, and to execute the Bonds bearing the rates of interest specified herein. Upon execution thereof, the Bonds shall be deposited with the City Comptroller and be by the Comptroller delivered to the Purchaser, upon receipt of the purchase price therefor, being a price of $ 1,000,000 plus accrued interest, in accordance with the terms of the Bid as hereby authorized to be accepted by the City. Section 4. Conflicts of Interest It is hereby found and declared that no person holding any office of the City, either by election or appointment, is in any manner interested, either directly or indirectly, in his or her own name or in the name of any other person, association, trust or corporation, in the contract so confirmed in this reso- lution to said purchaser for the purchase and sale of the Bonds. Section 5. Effective Date • This resolution shall be in full force and -effect immediately upon its passage. Approved: September 13 , 1988. Mayor Ayes:- Aldermen Rainey, Larson, Feldman, Warshaw, Juliar, Drummer, Davis, Brady, Raden, Morton. Summers. Wold. and Blayenns Nays: None Absent: Aldermen Collens. Rudv. Paden. Korshak. nnri NalGnn Recorded In City Records: September 19 , 1988. Attest: L:� i City C erk • • EXHIBIT A To Resolution Confirming Sale Here insert tabulation of bids. Name of Bidder Bid Cronin & Co. Inc. ................................................ 6.92586% Clayton Brown & Associates, Inc., Chicago ........................ 6.9979 John Nuveen & Company Inc., Chicago ............................. 6.99978 Griffin, Kubik, Stephens & Thompson, Inc., Chicago ............... 7.023487 Smith Barney, Harris Upham & Company, Inc., New York and Dean Witter Reynolds, Inc., New York, Jointly .............. 7.1324 Bernardi Securities Inc., Chicago ............................... 7.15395 Hutchinson, Shockey, Erley & Company, Chicago ................... 7.1855115 • is • EXHIBIT B To Resolution Confirming Sale Here insert copy of Bid as accepted OFFICIAL BID FORM City of Evanston Civic Center Evanston, Illinois r Ladies and Gentlemen: For your S1.000,000 City of Evanston, Illinois, Water Revenue Bonds, Series 1988, as described in the Official Notice of Sale. which is expressly made a part hereof by reference, we will pay you par plus a premium of S _C:�' plus accrued interest from October 1, 1988 to the date of delivery. The bonds are to bear Interest at the following respective rates (each a multiple of 1/4 or Y,o of 1 °a) for bonds of each designated maturity. MATURITIES —January 1 S25.000 1990 S t0 % S150,000 ..... 1994 1•Do % S 50,000 ..... 1998 (OAS % ...... 25.000 ...... 1991 S 10 % 50,000 ..... 1995 OC) '6 50,000 ..... 1999 •`� % 25,000 ...... 1992 150,000 ..... 1996 is b0 io 75,000 ..... 2000 Sa_°1°Jo 25,000 ...... 1993 `� ' O % 50,000 ..... 1997 t0.1 O % 325,000 ..... 2001 1, 20 % As evidence of our good faith we enclose herewith our (cashier's) (certified) check in the sum of S20,000 in accordance with your Official Notice of Sale. Unless we notify you to the contrary within 24 hours of the bid opening, CUSIP numbers are to be applied for and printed on the bonds at our expense, and we agree to accept the Bonds at delivery with the CUSIP numbers as printed. NOT A PART OF BID Our calculation of interest cost from above is: Total Interest ................... 4(r,00 4 \8.'1S Less Premium .................. 4 Net Interest Cost ................ SV-0 Net Interest Rate ............... lo.g;25glo % Return of our bid deposit check is acknowledged. By Date Respectfully submitted, Name Account Manager By Address3 City State Telephone' \,l AAA n Zip (A list of the members of our account on whose behalf this bid is made is attached hereto.) ACCEPTANCE CLAUSE The foregoing bid was accepted and the Bonds sold by resolution of the City Council of the City of Evanston. Illinois, on September 13, 1988 and receipt is hereby acknowledged of the good faith check which is being held in accordance with the terms of the Official Notice of Sale. CITY OF EVANSTON, ILLINOIS Joel M. Asprooth City Manager TABLE OF BOND YEARS —FROM OCTOBER 1, 1988 (For Computation Purposes Only. Not Part of Bid.) Maturities Bond Years Maturities Bond Years Year January 1 Annual Cumulative Year January 1 Annual Cumulative 1990 S 25.000 3125 31.25 1996................. S 150.000 1.087.50 2462.50 ................. 1991................. 25.000 56.25 87.50 1997................. 50,000 41250 2,875.00 1992................. 25.000 8125 168.75 1998................. 50.000 462.50 3.33750 1993 25,000 10625 275,00 _ 19" ................. %000 51250 3,850.00 ................. 1994................. 150,000 787.50 1.062.50 2000................. 75.000 843.75 4,693.75 1995................. 50,000 312.50 1,375.00 2001................. 325.000 3,981.25 8,675.00 51,000.000 8.675.00 Average Life: 8.6750 years.