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Home My WebLink About06/29/1981 - Special Minutes City Council MINUTES SPECIAL CITY COUNCIL MEETING MONDAY, JUNE 29, 1981 7:30 P.M. COUNCIL MEMBERS PRESENT: COUNCIL MEMBERS ABSENT: STAFF PRESENT: Mayor Halter, Councilmen Dozier, Ringer, Prause Councilmen Runnels, Boughton City Manager Bardell, Assistant City Manager/Finance Director VanDever, City Engineer Ash, City Secretary/Tax Assessor- Collector Schroeder, City Attorney Denton VISITORS PRESENT: See guest register A~enda Item No. 1 - Receipt and openin~ of bids on $1,500,000 of General Obligation Bonds and $3,000,000 of Revenue Bonds. Mayor Halter announced the closing of bids on bonds. Financial Advisor, David Fetzer, of Moroney, Beissner & Co., opened and read the following submitted bids: On the $1.5 million General Obligation Bonds, Alternate 1 (Five Year Option), First City National Bank of Houston, et al bid a Net Interest Cost of $716,371.88 with an effective interest rate of 9.0967%. Republic Bank of Dallas, et al bid a Net Interest Cost of $717,461.25 with an effective interest rate of 9.11061%. Raushcer Pierce Refsnes, Inc., Mgr. et al bid a Net Interest Cost of $720,661.88 with an effective interest rate of 9.1515%. Cowen & Company Rowles, Winston Div., et al bid a Net Interest Cost of $722,587.50 with an effective interest rate of 9.1757%. Cullen Bank of Houston, et al bid a Net Interest Cost of $731,887.50 with an effective interest rate of 9.29381%. For alternate 2 (Non-Optional) on the same $1.5 million General Obligation Bonds, Rotan Mosle, Inc. etal bid a Net Interest Cost of $723,675.00 with an effective interest rate of 9.1895%. First National Bank in Dallas, et al bid a Net Interest Cost of $724,950.00 with an effective interest cost of 9.2059%. Cullen Bank of Houston, et al bid a Net Interest Cost of $728,371.88 with an effective interest rate of 9.249167%. Alternate 1 (Five Year Option) for the 83.0 million in Revenue Bonds included bids from Rauscher Pierce Refsnes, Inc. et al bidding a Net Interest Cost of $1,465,468.50 with an effective interest rate of 9.304562%. MINUTES SPECIAL CITY COUNCIL MEETING MONDAY, JUNE 29, 1981 7:30 P.M. PAGE 2 First Boston Corporation bid a Net Interest Cost of $1,490,734.50 with an effective interest cost of 9.4649%. Dean Witter Reynolds, Inc. et al bid a Net Interest Cost of $1,499,137.50 with an effective interest rate of 9.518333%. Cowen and Company Rowles Winston Div., et al bid a Net Interest Cost of $1,502,625.00 with an effective interest rate of 9.5404%. For alternate 2 (Non-Optional) on the $3.0 million Revenue Bonds~ First Boston Corporation bid a Net Interest Cost of $1,490,734.50 with an effective interest rate of 9.4649%. Rotan Mosle, Inc. et al bid a Net Interest Cost of $1,492,050.00 with an effective interest rate of 9.4733%. Dean Witter Reynolds, Inc. et al bid a Net Interest Cost of $1,493,700.00 with an effective interest rate of 9.48381%. Mr. Dick Richards, Baker & Botts, presented the proposed Ordinance No. 1306 and No. 1307 for the General Obligation and Revenue Bonds providing details of the bond sale authorized in the April 4, 1981 election. Agenda Item No. 2 - Award of contract for sale of $1,500,00 of General Obligation Bonds and $3,000,000 of Revenue Bonds. Councilman Ringer moved to accept First City National Bank of Houston, et alts bid with net interest cost of $716,371.88 and an effective interest rate of 9.0967% for General Obligation Bonds upon the recommendation of the financial advisors. Councilman Jones seconded the motion which passed unanimously. This created Ordinance No. 1306. Councilman Ringer moved to accept Rauscher Pierce Refsnes, Inc. etal's bid with a net interest cost of $1,465,468.50 for Revenue Bonds with an effective interest rate of 9.304562%. Councilman Prause seconded the motion which passed unanimously. This created Ordinance No. 1307. Agenda Item No. 3 - Adjourn. Mayor Halter adjourned the meeting. ATTEST: /'Glenn Schroeder, City Secretary APPRO~~~~ Gary '~a~-~r~ May~~'- ' - Bond Bidder Buyer Index: 10.74% TABULATION OF BIDS Received June 29, 1981 on $3,000, 000 CITY OF COLLEGE STATION, Utility System Revenue Bonds, Series ALTERNATE I (Five Year Option) Rauscher Pierce Refsnes, Inc. Mgr. Underwood, Neuhaus & Co., Inc. Crews S Associates Schneider, Bernet S Hickman TEXAS 1981 Maturities Coupons 1982 8.50% 1983-1 984 10.50% 1985 10.35% 1986 8.70% 1987 8.85% 1988 9.00% 1989 9.10% 1990 9.25% 1 991 9.40% Interest Cost GIC- $1,465,537.50 Prem - 69.00 NIC - $1,465,468.50 Effect iv e Int. Rate 9.304562% .-irst Boston Corporation 1982-1985 10.75% 1986 9.30% 1987 9.00% 1988 9.10% 1989-1991 9.25% GIC- $1,490,737.50 Prem - 3.00 NIC- $1,490,734.50 9.4649% Dean Witter Reynolds, Inc. 1982-1985 10.80% Jt. Mgr. 1986 8.80% Drexel Burnham Lambert, 1987 9.00% Inc., Jt. Mgr. 1988 9.10% Thomson McKinnon Securities, 1989 9.25% Inc. 1990 9.40% Westcap Corporation 1991 9.60% GIC- $1,499,137.50 Prem - - 0- NIC- $1,499,137.50 9.518333% Cowen $ Company Rowles Winston Div., Mgr. M.E. Allison & Co., Inc. A.G. Becket Inc. Alex Brown S Sons Donaldson, Lufkin Jenrette, Inc. A.G. Edwards & Sons, Inc. -;reef Moreland Fosdick Shepherd, Inc. E.F. Hutton S Co., Inc. 1982-1985 10.80% 1986 8.80% 1987 9.00% 1988 9.15% 1989 9.30% 1990 9.45% 1991 9.60% GIC - $1,502,625.00 Prem - -0- NIC- $1,502,625.00 9.5404% First Boston Corporation ALTERNATE I! - (Non-Optional) 1982-1985 10.75% 1986 9.30% 1987 9.00% 1988 9.10% 1989-1991 9.25% GIC- $1,490,737.50 Prem - 3.00 NIC- $1,490,734.50 9.4649% .otan Mosle, Inc., Mgr. Kidder Peabody & Co., Inc. Merrill Lynch White Weld Shearson Loeb Rhoades, Inc. 1982-1984 10.75% 1985 10.20% 1986 8.75% 1987 9.00% 1988 9.10% 1989 9.30% 1990 9.40% 1991 9.60% GIC- $1,492,050.00 Prem - -0- NIC- $1,492,050.00 9.4733% (OVER) Bidder ALTERNATE II (Non-Optional) Continued Maturities Coupons Dean Witter Reynolds, Inc., 1982-1985 Jt. Mgr. 1986 Drexel Burnham Lambert, Inc. 1987 Jr. Mgr. 1988 Thomson McKinnon Securities, 1989 I nc. 1990 Westcap Corporation 1991 10.75% 8.80% 9.00% 9.10% 9.20% 9.40% 9.50% Interest Cost C;IC- $1,493, 700.00 Prem - -0- NIC-$1,493,700.00 .Effective Int. Rate 9.48381% .-oney, Beissner & Co., Inc. .ancial Advisors to City of College Station, Texas June 30, 1981 TABULATION oF BIDS' Received June 29, 1981 on $1,500,000 CITY OF COLLEGE STATION, TEXAS Ceneral Obligation Bonds, Series 1981 Bond Buyer Index: 10.74% Bidder First City National Bank of Houston, Manager Allied Bank of Texas E.F. Hutton & Co., Inc. AL'TERNATE I (Five Year Option) Maturities Coupons 1982-1984 10.75% 1985 8. 875% 1 986-1987 8.75% 1 988 8.85% 1989-1991 9.00% Interest Cost GIC - $716, 371.88 P rem- - 0- NIC - $716,371.88 Effective Int. Rate 9.0967% Republic Bank Dallas, N.A. Manager =irst National Bank, Fort Worth Smith Barney, Harris Upham & Co., Inc. 1982-1984 10.50% 1985 9.40% 1986 8.50% 1987 8.60% 1988 8.80% 1989 8.90% 1990 9.10% 1991 9.25% GIC - $71 7,581.25 Prem- 120.00 NIC- $717,461.25 9.11061% Rauscher Pierce Refsnes, Inc., Mgr. The Fort Worth National Bank Underwood, Neuhaus & Co., Inc. 1 982 8.25% 1 983-1 984 10.25% 1985 10.125% 1 986 8.60% 1987 8.70% 1 988 8.85% 1 989 9.00% 1 990 9.10% 1 991 9.25% GIC - $720,684.38 Prem- 22.50 NIC - $720,661.88 9.1 512% Cowen & Company Rowles, Winston Div., Mgr. Alex Brown & Sons M.E. Allison & Co., Inc. Greet Moreland Fosdick Shepherd, Inc. Mercantile National Bank at Dallas 1982-1985 10.25% 1986 8.45% 1987 8.60% 1988 8.80% 1989 9. O0% 1990 9.15% 1991 9.30% GIC - $722,587.50 Prem- -0- NIC - $722,587.50 9.1757% ullen Bank- Houston, Mgr. Oean Witter Reynolds, Inc., Jt. Mgr. Capital National - Houston 1982-1985 10.50% 1986 8.60% 1987 8.80% 1988 8.90% 1989 9.00% 1990 9.20% 1991 9.40% GIC - $731,887.50 P r em - - 0- NIC - $731,887.50 9.29381% ALTERNATE II- (Non Optional) Rotan Mosle, Inc. Kidder Peabody & Co., Inc. Merrill Lynch White Weld hearson Loeb Rhoades, Inc. 1982-1984 10.50% 1985 9.50% 1986 8.50% 1987 8.70% 1988 8.80% 1989 9.00% 1990 9.20% 1991 9.40% GIC - $723,675.00 Prem- -0- NIC - $723,675.00 9.1895% (OVER) Bidder First National Bank in Dallas, Mgr. Texas Commerce Bank,N.A. ALTERNATE I! (Non-Optional) Continued Maturities 1 982-1 984 1985 1986 1987 1988 1989 1990 1991 Coupons 10.60% 9.70% 8.60% 8.75% 8.90% 9.00% 9.10% 9.30% Interest Cost GIC - $724,968.00 Prem- 18.00 NIC - $724,950.00 Effective Int. Rate 9.2059% Cullen Bank - Houston, Mgr. Dean Witter Reynolds, Inc. Jt. Manager 1982-1984 1985 1986 1 987 1988 1 989 1990 1991 10.50% 9.875% 8.60% 8.80% 8.90% 9.00% 9.20% 9.40% GIC - $728,371.88 P rem- - 0- NIC - $728, 371.88 9.249167% {oroney, Beissner & Co., Inc. =inancial Advisors to City of College Station, Texas lune 30, 1981 GUEST REGISTER SPECIAL CITY COUNCIL MEETING Monday, June 29, 1981 7:30 P.M. PLEASE SIGN BELOW: ® 18. 19. Se 20. 21. 22. 23. 24. Se 25. m 26. 10. 27. 11. 28. 12. 29. 13. 30. 14. 31. 15. 16. 32. 33. 17. 34.