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Home My WebLink AboutRESOLUTIONS-1990-053-R-90auserl/illtvm/724864-c/2/092490 • Resolution Number 53-R-90 RESOLUTION confirming sale of not to exceed $15, 570, 000- �,orporate Purpose Bonds, Series 1990, of the City of Evanston, Cook County, Illinois. WHEREAS the City of Evanston, Cook County, Illinois, (the "City") is authorized to issue not to exceed $15,570,000 Corporate Purpose Bonds, Series 1990 (the "Bonds"), in accordance with the provisions of Ordinance Number 98-0-90 heretofore passed by the City Council (the "City Council") of the City on September 24, 1990, which ordinance (the "Bond Ordinance") 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 (based upon an assumed $15,135,000) 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 The First National Bank of Chicago, Chicago, Illinois (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 set forth in the Bid and at the aggregate pur- chase price (the "Price") of $14,983,890.15 (for $15,135,000, subject to proration and adjustment) plus accrued interest on the Bonds to the date of delivery; 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 ordinance so authorizing, 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 in the Bid. 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 Price therefor.; all in accordance with the terms of the Bid as hereby authorized to be accepted by the City. 0 Section 4. Adjustment of Principal Amounts In accordance with the provisions of the Bond Ordi-- nance, the Comptroller may adjust the amount of Bonds (and pro- rate the Price) to be delivered in any maturity so as to accomp- lish the purposes as set forth in the Bond Ordinance. -2- Section 5. 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 6. Effective Date This resolution shall be in full force and effect immediately upon its passage. Approved: September 2_7 1990. • Mayor Ayes: Lanyon. Feldman. Warshaw. Rnriv. Tid i sr. Paden- Davis,, Rrariv. Fcr b,, Wold. Nelson. Wollin. Collens. Rainev. Nays: None Absent: Korshak. Drummer. Morton. Washineton Recorded In City Records: Attest: t City Clerk r September 280, 1990.- -3- Name of Bidder EXHIBIT A To Resolution Confirming Sale L Here insert tabulation of bids. See attached Bid 7 • f " $15,135,000 • CITY OF EVANSTON Cook County, Illinois CORPORATE PURPOSE BONDS, SERIES 1990 Date of Sale: Monday, September 24, 1990 Investment Rating: Moody's Investors Service ... Aaa B:l a Discount \-Interest Rate Interest The Northern Trust Co pang, Chicago, Manag Piper, Jaf ray & Ho ood, Inc., Mp s. Robert" Baird & Co.,' Inc., M. ukee Bank On Milwaukee an . \klahoma, Tulsa Bern rdicurities, Inc. C icago Da; Bosh, �nc., Mpls. A G. Edwar s Sons, Inc , St. Louis First Wisc. dtl. Bank o Mi aukee Dougherty, a ins, St nd & st, Is. Prescott, all Turban, Clevel d Ruan Se rities orp Des Moines Howe, arnes & Jo rzon, Inc., C c o Hamil on Tnvestmen s, Chicago M s�irow & Co., Chic go ` 1Rro Brothers; Eva ton Raft sberger,' Hughes Co , IndpIs. -- liAssociation wi -- LaSalle National Bank i Boatmen's Natl. Bank f St. Louis / United N,issouri Bank o Kansas City Van KampTe er-Ei2,it, ...a.. , Ll.ie Li, :1 First Chicago Capital Markets, Chicago, T Nuveen & Co., Inc., Chicago curities Corp. of Iowa, Cedar Rapids Kirchner, Moore & Co., Denver Prudential-Bache Capital Funding, NY, Shearson Lehman Hutton, Inc., NY, PaineWebber, s NY, Smith Barney,.Harris Upham & Co., Inc., 61,3p, and Dean Witter Reynolds, Inc., NY, - . Joint Managers ............................... 1`61-19q y B.ZS 7, I Z36Gy Iy4S -7,Yo s�r�n4�7 1557 �cn� beis lco:,-aDio 7.0,5 Joe, I-oY �y �55f L.'tS l95Sr �70 Isgy d.ts� ?ova G •So ?ail 7,cD 20o y 7. , a Zpa3 7,�f loo, 7,zf 2ooc-o7 _),30 s ? S( % 12.s45,,XF.SoLi Kemper Capital Markets, Chicago, ��ti-r0 7,yp Clayton Brown & Assoc., Inc., Chicago, and Griffin, Kubik, Stephens & Thompson, Inc., Chicago, Joint Managers ......................` IS1,3$� I451 �.Sd 7,621�/,, 15Sin5j q.co sa ��fSE;1SS� 'r' 14`4 °'� ° My� LV / 'Harris Trust_& Savings Bank, Chicago, Merrill Lynch Capital Markets, New York, Bear, Stearns & Co., Inc., New York, and Kidder, Peabody & Co., Inc., New York, Joint Managers ............................... 15/12tv.10 Pgl 7}0 7��1Zyr Hutchinson, Shockey, Erley & Co., Chicago IS5 9r,y0 r wm..Blair & Co., Chicago i555 7� _ Glickenhaus & Co., New York )L Gabriele, Hueglin & Cashman, Inc., New York Rodman & Renshaw, Inc., Chicago 1%7 4,&0 Wachovia Bank & Trust Co., Winston-Salem 199 �,70 American Natl. Bank & Trust Co., Chicago The Chicago Corp., Chicago 1555 bfi� Columbian Securities, Inc., Chicago 6.10_ Dougherty, Dawkins, Strand & Yost, Mpls. %t 7, Dp A. G. Edwards & Sons, Inc., St. Louis First _ 03 7 0Z of Michigan Corp., Detroit First St. Louis Securities, St. Louis �wY-b6 7 20 Howe, Barnes & Johnson, Inc., Chicago 2607_to 7,?,� McDonald & Co., Cleveland Tucker, Anthony & R.L. Day, New York Douglas & Co., New York �5_013LS,67 i� ay �.YO%. 72-3"%-7 j 159 G.So s I ZS?vbS7.-7L 7 co 7•00� 7.as 2aoz 7,rp 2er., 5 -7, K ., 2-0a7 735� r LJ 0 EXHIBIT B To Resolution Confirming Sale Here insert copy of Bid as accepted See attached • REVISED OFFICIAL BID FORM September 24. 1990 City of Evanston Civic Center Evanston, Illinois Ladies and Gentlemen: For your S15,135,000 City o1 Evanston, Illinois, Corporate Purpose Bonds, Series 1990, as de ribed in it the Official Notice of Sale, which is expressly made a part hereof by reference, we will pay you S (which amount is not less than $14,983,650). plus accrued interest from October 1, 1990 to the date of delivery. The bonds are to bear interest at the following respective rates (each a multiple of 11. or'tx of 1%) for bonds of each designated maturity (ascending rates as noted in the Official Notice of Sale). Z� MATURITIES --December I* S 45.000 .... 1991 ° /° $ 910,000 .... 1998% $1,090.000 .... 2004 7. e o % 180,000 .... 1992 % 935,000 .... 1999 % 1,195,000 .... 2005 �% 180,000.... 1993 % 1,015,000.... 200012:.? °% 1,270,000.... 2006 251/6 780,000 .... 1994 2 % 900,000 .... 2001 b•_'7!r 4/61,380,000 .... 2007 •125 6/6770.000 .... 1995 ' 0 % 965.000 .... 2002 _Z- -CD% 405,000 .... 2008 Z rzd" %825,000 .... t996. ° 1,040,000 .... 2003 ZLED % 175,000 .... 2009 213J - % 885,000 .... 1997 7 % 190,000 .... 2010 1,/zd %. 'The City reserves the right to increase or decrease the amount of each maturity by up to $25,000 and consequently the issue amount by $500,000. ;. . As evidence of our good faith we enclose herewith our (cashier's)(zion W) check in the sum of $302,700 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 Respectfully submitted, . Our calculation of interest cost from above is: _ Name First Chicago Capital Markets, Inc. Total Interest ............. S '2l-Z 3T • bL Account Manager By L� y ", /Plus isl IGy .85 Discount ............... $ _T Address'.One First National Plaza NetInterest Cost ......... : a )�72,39j.,+;f- 47 City Chicago Sfat,, Illinois Net Interest Rate.......... r ' �Z �O6 °% Telephony 12-732-8330 Zin 60670-0463 Return of our bid deposit check is acknowledged By Data (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 bonds sold by resolution of the City Council of the City of Evanston, Illinois, on September 24, 1990 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. Maturity Doe.1 Amount 1991 .... S 45.000 1992 .... 18D.ODO 1993 .... 180.000 1994 .... 780,000 1995 .... 770.000 1996 .... 825.000 1997 .... 685.0D0 1998 .... 910.000 CITY OF EVANSTON, ILLINOIS TABLE OF BOND YEARS —FROM OCTOBER 1, 1990 (For Computation Purposes Only, Not Pon of Bid.) Bond Years Annual Cumulative 52.5000 62.5000 390.0000 442.5000 $70.0000 1,012.5D00 3,250.0000 4.262.50D0 3.978.3333 8.240.8333 5,087.5000 13,328.3333 6.342.5000 12.670.8333 7.431.6667 27,102.50D0 City Manager Maturity Bond Years Dee.1 Amount Annual Cumulative 2001 .... S 900,000 10,050.0000 56.042.5000 - 2002 .... 965,000 11.740.9333 67,783.3333 2003 .... 1.040.000 13.693.3334 81,476.6667 2004 .... 1.090,000 15,441.6666 96,9t8.3333 - - 2005 .. 1,195.000 18,124.1667 115.042.5000 2006 .... 1.270.000 20.531.6667 135,574,1667 2007 .... 1.3B0,000 23,690 0000 159,264.1667 2D08 . a0a nnn 7197 ennn .ce aa+ *.r. •