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12/17/1980 - City Council Special J i MEMO TO: HONORABLE MAYOR AND CITY COUNCILMEMBERS FROM: CITY ADMINISTRATOR HEDGES DATE: DECEMBER 17, 1980 SUBJECT: BIDS FOR $31650,000 G.O. IMPROVEMENT BOND SALE Three ( 3 ) bids were received at noon today for the $3 ,650,000 G.O. Improvement Bond Sale. A low bidder was Bancnorthwest, Chicago, at a net interest rate of 9. 2661%. The City has expended funds in the amount of $2,284,196 to date for payment to contractors for various projects included in this bond issue. It is the position of the Director of Finance that this bond sale should be approved due to cash flow constraints to the various funds caused by expenditures to date. The City' s fiscal consultant, Mr. Ernie Clark of Miller & Schroeder Municipals, feels there will be relatively little relief, if any, to the municipal bond index during the next two to three months . According to Mr. Clark, investment of the bond proceeds will equal at least the equivalent of 3/4 of a percent interest drop within a two month period. In other words , the City could wait for appro- ximately two months, hoping that the municipal bond index will be lowered to at least 8. 5% at which time the City would be no better off than they are today because of the ability to invest the bond proceeds . It is my recommendation, based on discussions with the Director of Finance and the fiscal consultant and a review of the current construction funds , that the City approve the low bidder, Bancnorth- west of Chicago, for the sale of $3 ,650,000 G.O. Improvement Bonds . City ministrator Attached is a copy of the bid sheet per the 12 :00 noon sale. j To►jFree Minnesota(800)862-6002 Toll Free Other States(800)328-6122 i Miller & Schroeder Municipals, Inc. 170 Northwestern Financial Center,7900 Xerxes Avenue South,Minneapolis,Minnesota 55431 •(612)831-1500 December 17, 1980 RESULTS OF SALE - DECEMBER 17, 1980 12 O'CLOCK NOON RE: $3,650,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1980, SERIES B4OF EAGAN, MINNESOTA RATINGS; STANDARD & POOR'S CORPORATION -- A MOODY'S INVESTORS SERVICE, INC. - A BIDDERS RATES PRICE N.I.C. BancNorthwest 8.90%-1982/89 $3,613,500.00 9.2661% First Bank Minneapolis 9.00%-1990 ($2,124,275.00) Cronin & Marcotte, Inc. 9.10%-1991 Merrill Lynch White Weld Capital 9.25%-1992 Markets Group 9.40%-1993 Robert W. Baird & Co.., Inc. 9.50%--1994 Dean Witter Reynolds, Inc. 9.60%t1995 Dougherty Dawkins Strand & Ekstrom, Inc. 9-700-1996 Moore Juran & Company, Inc. M. H. Novick & Company, Inc. Robert S. C. Peterson, Inc. In Association With: Dain Bosc•?orth, Inc. First National Bank of St. Paul Allison-Williams Company American National Bank and Trust Company of St. Paul Piper, Jaffray & Hopwood, Inc. Juran &Moody, Inc. Headquarters:Minneapolis,Minnesota•Branch Offices:Solana Beach,California•Northbrook,Illinois•St.Paul,Minnesota•Naples,Florida Member of the Securities Investor Protection Corporation BIDDERS RATES PRICE N.I.C. Continental Illinois National Bank 9.15%-1982/83 $3,613,520.00 9.561581% and Trust Company of Chicago 9.20%-1984/90 ($2,191,992.47) The First National Bank of Chicago 9.35%-1991 Harris Trust and Savings Bank 9.50%-1992 A. G. Becker, Inc. 9.70%-1993 Channer Newman Securities, Co. 9.90%-1994 Marquette National Bank 10.00%-1995/96 The Northern Trust Company 9.30%-1982/91 $3,615,882.50 9.57881% Bache Halsey Stuart Shields, Inc. 9.40%-1992 ($2,195,942.50) Goldman, Sachs & Co. 9.55%-1993 E. F. Hutton & Company, Inc. 9.70%-1994 Marine National Exchange Bank 9.85%-1995 10.00%-1996 .o .o .o C1 g w H �+ O �n O In f 'Ls r• ... C+ a w �o O rt ::s I I Ul I S I Wrt 10 IN I° I 00 SI o H. liT. N �' o N N n 0p G G G G G G G G o v, rt N O I W r+ 10 1°w 10"rar• m ° I I I O IOo I I I w o ~ G eC e+ ffl ffl rt `S 0 04 04 04 04 04 04 04 04 M °C n >v P� N (] ° �O O �D �O �O �O �D �D f✓ W H. (D w 0 00 v, �` •• In O C G C C C C C C rt ft + 00 (D N N r{ In ti I J I I I I In �• 04 04 04 oR o4 04 04 04 °� M r• 0 w wC�. A� L vo C+ y n ON N £' I a` I�c n I�� I w I� N I� 0 td `�-° Imo 10N° � a' o N •• ti' ti' �' ti�..r' ror W rt rt N C G C C G G G C i.7 Ul "X v e+ O E In v O (D (D �D �O "b0 0 f'1' W p �. En I C G G G G G C C C e+ "C3 r M !v C+ S� 531rC CD e+ I I I I I I I I Q. sv C+ m C G G G G G G C e+ I I I I I I I I