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Home My WebLink AboutRESOLUTIONS-1992-031-R-92Resolution Number 31-R-92 RESOLUTION confirming sale of $36,240.000 Corporate Purpose Bonds, Series 1992, of the City of Evanston, Cook County, Illinois. WHEREAS the City of Evanston, Cook County, Illinois, (the "City") is authorized to issue $36,240,000 Corporate Purpose Bonds, Series 1992 (the "Bonds"), in accordance with the provisions of Ordinance Number 28-0-92 heretofore passed by the City Council (the "City Council") of the City on April 27 1992, 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 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 _Goldman. Sachs & Co. & Associates (the "Underwriters") 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 lowest cost and best bid for the Bonds, and the Underwriters have agreed to accept delivery of the Bonds bearing the rates of interest set forth in the Bid and at the aggregate purchase price (the "Price") of 35,986,320.00 $ 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 Resolution 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. • 21215.01.05 742866/4j10/92/TVM Section 2. Acceptance of Bid. The City Manager is hereby authorized and directed to execute and accept the Bid. Section 3. Deliver,: of Bonds. The officials of the City be and are hereby ordered and directed to have the Bonds prepared for delivery to the Underwriters, 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 Finance Director and be by the Finance Director delivered to the Underwriters , upon receipt of the Price therefor, all in accordance with the terms of the Bid as hereby authorized to be accepted by the City. Section 4. Conf7icts 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 resolution to • the Underwriters for the purchase and sale of the Bonds. 41 • Section 5. Effective Date. This resolution shall be in full force and immediately upon its passage and approval. Approved: April 28 , 1992. Mayor Ayes: Aldermen Nelson, W011in, Engelman. Rainey. Lanyon Feldman Fiske Newman, Paden, Drummer, Davis. Brady, Esch Heydemann, Washington, Kent, Moran Nays: None Absent:__Uderman Warshaw Recorded In City Records: Aori130 , 1992. • Arrest - City Clerk -3- • • Name of Bidder EXHIBIT A To Resolution Confirming Sale Here insert tabulation of bids. See attached M. EXHIBIT A Bidders First Chicago Capital Markets, Chicago, Chemical Bank, NY, Joint Managers . . . . . . .. . . . . . . . . . Griffin, Kubik, Stephens & Thompson, Inc., Chicago; Clayton Brown & Assoc., Inc., Chicago; Kemper Capital Markets, Chicago; Robert W. Baird & Co., Inc., Milwaukee; Rodman and Renshaw, Inc., Chicago; Hutchinson, Shockey, Erley & Co., Chicago and Raffensberger, Hughes & Co., Inc., Indianapolis, Joint Managers . . . . . . . . . . . . Harris Trust & Savings Bank, Chicago; Kidder, Peabody & Co., Inc., New York and Glickenhaus & Co., New York, Co Managers in Association with LaSalle National Bank Manager and Associate . . . . . . . . . . . . . . . . . Lehman Bros., Inc., NY; Prudential Securities, Inc., NY; Smith Barney, Harris Upham & Co., Inc., NY; Dean Witter Reynolds, Inc., NY and Paine Webber, NY, Oppenheimer Inc., Joint Managers . . . . . . . . . . . . . Bear, Stearns & Co., Inc., NY; J.P. Morgan Securities, Inc., NY, Morgan Stanley & Co., Inc., NY and D. L. J. Co. Inc. Joint Managers . . . . . . . . . . . . . . . . . . . The First Boston Corporation, NY . . . . . . . . . . . Goldman, Sachs & Co. & Associates . . . . . . . . . . . . . . • Net Interest Rate 6.1912 6.1757 6.2695 6.1723 6.180 6.2605 6.136043 0 • EXHIBIT B To Resolution Confirming Sale Here insert copy of Bid as accepted See attached • REVISED t: :., :` .!'..: != 3..•. .¢•a' ' 'OFFICIAL BID FORM :.,,. City of Evanston April 27. 1992 CMc Center Evansu n, Illinois Ladies and Gentlemen: a '• For your $36,240,000 City of Evanston, Illinois, Corporate Purpose Bonds, Series 1gg�,�d�nbed in the ficial Notice of Sale, which is expressly made a part hereof by reference, we will pay you $ 3 S 9 X [o . �� v • o°� (which amount is not less than $35.986.320). plus accrued interest from May 1, 1992 to the date bf delivery. The bonds are to bear interest at the following respective rates (each a multiple of 1/8 or 1120 of 1%) for Bonds of each designated maturity (ascending rates as noted in the Official Notice of Sale). MATURITIES — December 1 $1,400,000........ 1993 $1,970,000........ 2000L�% $1,610.000........ 2006 -%% 1,740,000........1994 % 2,075,000........2001 -. r % 1,700,000........2007 % 1,850,000........1995 % 2,190,000........2002 % 1,685,000........2008 % 1.940,000........ i W % 1,555,000........ 2003 ' % 1,795,000........ 2009 2.055.000........1997 % 1,430.000........2004 % 1.900,000........ 2010 1,780,000........ 1998..% 1.515,000........ 2005 % Z030,000........ 2011&L 1,665,000........1999 c % 2,155,000........ 2012fe % As evidence of our good faith we endow herewith our (cashieesxceMed) check in the sum of $724,800 In acoord ante 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 ............. $ 11 94 3.,.3 Aae&-Premtom/Plus Discount. $ agAr-112Q Respectfully snub/miffed, /f Name!C/JC !111t� SG s LO Account Manager By J vP Net Interest Cost .......... $ 3, �3 Address �.� --y' 24Q4q Net Interest Rate .......... -3�yg4 City � 7IAX State Zip/OOW Return of our bid deposit check is acknowledged. Telephonea19dZ /-,,5e�2fax �i11402 �O/os By Date (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 April 27, 1992 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 City Manager TABLE OF BOND YEARS —FROM MAY 1, 1992 (For Comp notlon Purposes Only. Not Part of aid.) Maturity Band Years Maturity Bond Years Due Due Dee.1 Amount Annual cumulative Dec.1 Amount Annual cumutatNe 1993 ......... $1 400 000 2.216.6667 2,216.6667 2003 ........... S /,555.000 18.012.0834 137,551.6667 1994 ......... 1:740:000 4,495.0000 6,711.6667 2004........... 1,430,000 17.994.1666 155.545.8333 INS ......... 1,850,000 6,629.1666 13,340.83,93 2005........... 1,515,000 20,578.7500 176,124.5833 1996 ......... 1,940,000 8,891.6667 22.232.5000 2006........... 1.610.000 23.479.1667 199,603.7500 1997 ......... 2.055,000 11,473.7500 33,708.2500 2007........... 1,700,000 26,491.6667 226.095.4167 1998 ......... 1.780.000 11,718.3333 45.424.5833 2008........... 1,685,000 27,942.9166 254,038.3333 1999 ......... 1865000 14,142.9167 59.567.5000 2009........... 1.795.000 31,562.0634 285.600.4167 2000 ........ 1:970:000 16,909.1667 76,476.6667 2010........... 1.900.000 35,308.3333 320.908.7500 2001 ......... 2,075,000 19,685.4166 96,362.0833 2011 ........... 2,030.000 39.754.1667 360.662.9167 2002 ......... 2.190,000 23.177.Soo0 119,539.5833 2012........... 2,155,000 44.357.0833 405,020.0000 S36,240,000 405,020.0000 Average Life: 11.1760 years • 0