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Home My WebLink About96-306 Resolution No. 96-306 RESOLUTION AUTHORIZING INVITATIONS FOR SEALED BIDS FOR $21, 640,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 1996A BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that Speer Financial, Inc. be and is hereby authorized to solicit sealed bids for $21,640, 000 General Obligation Corporate Purpose Bonds, Series 1996A, for the objects and purposes described in Exhibit A, a copy of which is attached hereto and made a part hereof by reference. s/ Kevin Kelly Kevin Kelly, Mayor Presented: October 23, 1996 Adopted: October 23, 1996 Vote: Yeas 6 Nays 1 Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk I EXHIBIT A 1996A BOND SALE PROJECTS General Capital: Kimball/Route 31 Corridor $ 5,080, 000 Water Capital: ital: Riverside Water Treatment Plant Expansion $16 ,560, 000 Total 1996A General Obligation Bond Issue $21,640,000 SPEER FINANCIAL, INC. PUBLIC FINANCE CONSULTANTS SINCE 1954 ELWOOD BARCE RICHARD A.PAVIA KEVIN W.McCANNA DAVID F.PHI LLIPS LARRY P.BURGER DANIEL D.FORBES CHAIRMAN EMERMJS CHAIRMAN EMEIMS PRESIDENT SR.VICE PRESDENT VICE PRESIDENT VICE PRESIDENT December 4 , 1996 The Honorable Kevin Kelly and Members of the City Council City of Elgin 150 Dexter Court Elgin, Illinois 60120 Dear Mayor Kelly and City Council Members: Bids were received today for the $21, 640, 000 General Obligation Corporate Purpose Bonds, Series 1996A. There were 4 bids received which are listed at the bottom of this letter in accordance with the signed bids. Upon examination, it is our opinion that the bid of Dain Bosworth Inc. , Chicago, Illinois, is the best bid received, and it is further our opinion that the bid is favorable to the City and should be accepted. We therefore recommend that the Bonds be awarded to that bidder at a price of $21, 532 , 117 .45, plus accrued interest, being at a net interest rate of 5. 3448% . Net Account Managers Interest Rate Dain Bosworth Inc. , Chicago . . . . . . . . . . . 5.3448% A.G. Edwards & Sons, Inc. , St. Louis . . . . . . 5.4358% Harris Trust and Savings Bank, Chicago . . . . . 5.4396% Prudential Securities Incorporated, Chicago . . . 5. 3838% Respectfully submitted, Kevin W. McCanna President KWM/mob Enclosure SUITE 3435.55 EAST MONROE STREET•CHICAGO,ILLINOIS 60603•(312)346-3700•FAX(312)346-8833 SUITE 500.531 COMMERCIAL STREET•WATERLOO,IOWA 50701•(319)291-2077•FAX(319)291-6787 SPEER FINANCIAL, INC. PUBLIC FINANCE CONSULTANTS SINCE 1954 SUITE 3435 • 55 EAST MONROE STREET•CHICAGO, ILLINOIS 60603 • (312)346-3700• FAX (312)346-8833 Investment Rating: Moody's Investors Service. . .Aa $21,640,000 CITY OF ELGIN Kane and Cook Counties, Illinois General Obligation Corporate Purpose Bonds, Series 1996A Date of Sale: December 4, 1996 Average Life: 12.501 Years Bond Buyer Index: 5.54 (Based on TIC) Bidders* Price Maturities Rates Interest Dain Bosworth Inc. , Chicago; 99.50% 1998-2001 7.125% 5.3448% Griffin, Kubik, Stephens & Thompson, Inc. ; and 2002 7.00% $14,369,193 First Chicago Capital Markets, Joint Managers 2003-2005 5.125% 2006-2014 5.20% 2015-2016** 5.25% Prudential Securities Incorporated, Chicago; 99.50% 1998-2002 6.80% 5.3838% First of America Securities, Inc. ; 2003-2005 4.80% $14,516,939 ABN AMRO Securities USA, Inc. ; 2006 4.90% PaineWebber Incorporated; 2007 5.00% Oppenheimer & Co. , Inc. ; 2008 5.10% Dean Witter Reynolds Inc. ; and 2009 5.15% Bear, Stearns & Co. , Inc. , Joint Managers 2010 5.25% 2011 5.30% 2012 5.375% 2013-2015** 5.40% 2016 5.40% A.G. Edwards & Sons, Inc. , St. Louis, and 99.50% 1998-2000 6.50% 5.4358% EVEREN Securities Inc. , Joint Managers 2001 6.25% $14,701,641 2002 4.55% 2003 4.60% 2004 4.70% 2005 4.80% 2006 4.90% 2007 5.00% 2008 5.10% 2009 5.20% 2010 5.25% 2011 5.30% 2012 5.35% 2013-2016** 5.60% Harris Trust and Savings Bank, Chicago, Manager 99.50% 1998 6.70% 5.4396% American National Bank and Trust of Chicago 1999-2001 6.90% $14,673,086 Banc One Capital Corporation 2002 6.85% Bernardi Securities, Inc. 2003-2006 4.90% Boatmen's National Bank of St. Louis 2007 4.95% Corby North Bridge Securities 2008 5.05% Cronin & Co. , Inc. 2009 5.15% Douglas & Co. , Municipals, Inc. 2010 5.25% Gruntal & Co. , Inc. 2011 5.375% Howe, Barnes Investments, Inc. 2012 5.40% Interstate/Johnson Lane Corporation 2013 5.45% Isaak Bond Investments, Inc. 2014 5.50% Josephthal, Lyon & Ross, Inc. 2015-2016** 5.50% Mesirow Financial Inc. Northern Trust Securities, Inc. Old Kent Bank Securities Corporation of Iowa R. Seelaus & Company Southwest Securities, Inc. U.M.B. Bank, N.A. Wachovia Bank of North Carolina A.H. Williams & Company, Members *Syndicate information is provided by the underwriter. The information contained in this report is the most current available. **At the option of the bidder, these maturities were aggregated into a term bond. CITY OF ELGIN, KANE AND COOK COUNTIES, ILLINOIS $21,640,000 General Obligation Corporate Purpose, Series 1996A **FINAL** DEBT SERVICE SCHEDULE DATE PRINCIPAL COUPON INTEREST TOTAL P+I FISCAL TOTAL 12/15/1996 - 1/01/1997 - - 7/01/1997 - - 641,252.11 641,252.11 - 1/01/1998 295,000.00 7.125% 588,905.00 883,905.00 1,525,157.11 7/01/1998 - - 578,395.63 578,395.63 1/01/1999 575,000.00 7.125% 578,395.63 1,153,395.63 1,731,791.26 7/01/1999 - - 557,911.25 557,911.25 - 1/01/2000 680,000.00 7.125% 557,911.25 1,237,911.25 1,795,822.50 7/01/2000 - - 533,686.25 533,686.25 1/01/2001 740,000.00 7.125% 533,686.25 1,273,686.25 1,807,372.50 7/01/2001 - - 507,323.75 507,323.75 1/01/2002 450,000.00 7.000% 507,323.75 957,323.75 1,464,647.50 7/01/2002 - - 491,573.75 491,573.75 1/01/2003 610,000.00 5.125% 491,573.75 1,101,573.75 1,593,147.50 7/01/2003 - - 475,942.50 475,942.50 1/01/2004 820,000.00 5.125% 475,942.50 1,295,942.50 1,771,885.00 7/01/2004 - - 454,930.00 454,930.00 1/01/2005 980,000.00 5.125% 454,930.00 1,434,930.00 1,889,860.00 7/01/2005 - - 429,817.50 429,817.50 1/01/2006 990,000.00 5.200% 429,817.50 1,419,817.50 1,849,635.00 7/01/2006 - - 404,077.50 404,077.50 - 1/01/2007 1,150,000.00 5.200% 404,077.50 1,554,077.50 1,958,155.00 7/01/2007 - 374,177.50 374,177.50 1/01/2008 1,175,000.00 5.200% 374,177.50 1,549,177.50 1,923,355.00 7/01/2008 - - 343,627.50 343,627.50 - 1/01/2009 1,285,000.00 5.200% 343,627.50 1,628,627.50 1,972,255.00 7/01/2009 - 310,217.50 310,217.50 - 1/01/2010 1,300,000.00 5.200% 310,217.50 1,610,217.50 1,920,435.00 7/01/2010 - 276,417.50 276,417.50 - 1/01/2011 1,370,000.00 5.200% 276,417.50 1,646,417.50 1,922,835.00 7/01/2011 - - 240,797.50 240,797.50 - 1/01/2012 1,480,000.00 5.200% 240,797.50 1,720,797.50 1,961,595.00 7/01/2012 - - 202,317.50 202,317.50 1/01/2013 1,610,000.00 5.200% 202,317.50 1,812,317.50 2,014,635.00 7/01/2013 - 160,457.50 160,457.50 1/01/2014 1,820,000.00 5.200% 160,457.50 1,980,457.50 2,140,915.00 7/01/2014 - - 113,137.50 113,137.50 - 1/01/2015 1,995,000.00 5.250% 113,137.50 2,108,137.50 2,221,275.00 7/01/2015 - 60,768.75 60,768.75 1/01/2016 2,315,000.00 5.250% 60,768.75 2,375,768.75 2,436,537.50 TOTAL 21,640,000.00 - 14,261,310.87 35,901,310.87 YIELD STATISTICS Bond Year Dollars................................. $270,526.78 Average Life...................................... 12.501 Years Average Coupon.................................... 5.2716818% Net Interest Cost (NIC)........................... 5.3115605% True Interest Cost (TIC).......................... 5.3448204% Bond Yield for Arbitrage Purposes................. 5.2870991% All Inclusive Cost (AIC).......................... 5.3448204% IRS FORM 8038 Net Interest Cost................................. 5.2716818% Weighted Average Maturity......................... 12.501 Years Speer Financial, Inc. 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