The URL can be used to link to this page

Home My WebLink AboutT2-87B TELEPHONE 312/695-6500 rgttn 4 150 DEXTER COURT ELGIN, ILLINOIS 60120-5555 9gTrn Fos June 15 , 1987 Lorraine Sava Kane County Clerk 719 S. Batavia Avenue Geneva, Ill. 60134 Dear Lorraine: Enclosed please find certified copy of Ordinance T1-87, which was passed by the Elgin City Council On June 9, 1987. Please file this ordinance and return the Certificate of Filing to me. elw Thank you for your cooperation in this matter. Very truly yours, Marie Yearman City Clerk ellw R.V. NORENE & Associates, Inc. May 25, 1989 City of Elgin City Hall 150 Dexter Court Elgin, IL 60120 Ladies and Gentlemen: Bids were received today covering $3,240,000 General Obligation Bonds, Series 1989. There were nine bids received which are listed at the bottom of this letter in accordance with the attached signed bids. Upon examination, it is our opinion that the bid of Northern Trust Company, Chicago is the best bid received, and it is further our opinion that it is favorable to the City and should be accepted. We therefore z recommend that the bonds be awarded to that bidder at par less of discount z of $26,270.00 plus accrued interest being at a net interest rate of 6.583%. D � r Net Interest Account Managers Rate The Northern Trust Company, Chicago, Manager and Associates . . 6.583% 0 First Chicago Capital Markets, Inc. , Chicago 6.593493% ?� Blunt, Ellis & Loewi, Inc. , Chicago, Clayton Brown & Associates, Inc. , Chicago and Griffin, Kubik, Stephens & a Thompson, Inc. , Chicago, Joint Managers and Associate 6.5947% o Harris Trust and Savings Bank, Chicago and Bear, Stearns & a Co. , Inc. , New York, Co-Managers and Associates 6.6049% c z Hutchinson, Shockey, Erley & Co., Chicago 6.6094331% First Wisconsin National Bank of Milwaukee 6.6286% Shearson Lehman Hutton, Inc. , New York, Prudential-Bache Capital Funding, New York, Dean Witter Reynolds, Inc. , New York and Smith Barney, Harris Upham & Co. , Inc. , New York, Joint Managers 6.6758% John Nuveen & Co. , Inc. , Chicago 6.6795% Trust Company Bank, Atlanta, GA 6.7391% Respectfully submitted, Pl4QVI41. President R. V. Norene & Associates, Inc. RVN/mb eft (. Lake & Waukegan Office Center, Suite 215 • 1701 Lake Avenue•Glenview, IL 60025.312-998-9848 OFFICIAL BID FORM May 25, 1989 City of Elgin City Hall Elgin, Illinois Ladies and Gentlemen: For your$3,240,000 City of Elgin, Illinois, General Obligation Bonds, Series 1989, described in the Official Notice of Sale, which is expressly made a part hereof by reference, we will pay you $3, .t3,13n.o-o. (which amount is not less than $3,207,600) plus accrued interest from June 1, 1989 to the date of delivery. The bonds are to bear interest at the following respective ascending rates (each a multiple of'/.or'1,0 of 1%) for bonds of each designated maturity. MATURITIES—January 1 $ 190;000 1992 (r.4t 200,000 1993 t).4 6% 200,000 1994 % 1,650,000 1995 fn. ct% 1,000,000 1996 te.S1)% As evidence of our good faith we enclose herewith our (cashier's)(certified) check in the sum of$64,800 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 t" 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: Nam: her Total Interest $I,1S3,�l b$• • / e " pager By ®� uksieereaturn/Plus Discount $ ato,a,"0, '0 • 1 F. Rimkus Bgon. Investment Officer 41' Net Interest Cost $ ' `1 , Address 50 S. La3cdle SL. Net Interest Rate tc•SE$ % City Chicago State IL • Telephone 444-3708 Zip 60675 Return of our bid deposit check is acknowledged. R.V. NORENE &Associates, Inc. $3,240,000 CITY OF ELGIN Kane and Cook Counties, Illinois GENERAL OBLIGATION BONDS, SERIES 1989 Date of Sale: Thursday, May 25, 1989 Investment Rating: Moody's Investors Service . . . Aa Net Bidders Discount Interest Rate Interest The Northern Trust Company, Chicago, Manager . . $26,270.00 1992-95 6.40% 6.583% Mercantile Bank N.A. , St. Louis 1996 6.50% ($1,179,733.33) Robert W. Baird & Co., Inc. , Milwaukee Cronin & Co. , Inc. , Minneapolis The Exchange National Bank, Chicago The Illinois Company, Chicago Shawmut Bank, N.A., Boston First Chicago Capital Markets, Inc. , Chicago .. $16,754.00 1992-96 6.50% 6.593493% ($1,181,554.00) Blunt, Ellis & Loewi, Inc., Chicago, Clayton Brown & Associates, Inc. , Chicago and Griffin, Kubik, Stephens & Thompson, Inc. , Chicago, Joint Managers $16,987.20 1992-96 6.50% 6.5947% First National Bank of Elgin, Elgin, IL ($1,181,787.20) Im darris Trust and Savings Bank, Chicago and Bear, Stearns & Co., Inc., New York, Co-Managers $30,148.20 1992-95 6.40% 6.6049% Bernardi Securities, Inc. , Chicago 1996 6.50% ($1,183,611.53) The Chicago Corp. , Chicago Prescott, Ball & Turben, Inc. , Cleveland Securities Corp. of Iowa, Cedar Rapids Unibanctrust Co., Chicago Hutchinson, Shockey, Erley & Co., Chicago $32,400.00 1992 6.25% 6.6094331% 1993 6.30% ($1,184,410.42) 1994-95 6.40% 1996 6.50% First Wisconsin National Bank of Milwaukee $23,057.10 1992-96 6.50% 6.6286% ($1,187,857.10) Shearson Lehman Hutton, Inc. , New York, Pru- dential-Bache Capital Funding, New York, Dean Witter Reynolds, Inc. , New York and Smith Barney, Harris Upham & Co., Inc. , New York, Joint Managers $13,591.75 1992-96 6.60% 6.6758% ($1,196,311.75) John Nuveen & Co., Inc. , Chicago $14,260.00 1992-96 6.60% 6.6795% tow ($1,196,980.00) Trust Company Bank, Atlanta, GA $27,063.20 1992-94 6.50% 6.7391% 1995-96 6.60% ($1,207,659.03) , The Northern Trust Company Bond Department ='` CURB MUNICIPAL YIELDS Market Information as of: Aaa A-1 A Baa-i May 18, 1989 1990 6. 40 6.50 6. 60 6.70 6.90 1991 6.40 6.50 6. 60 6.70 6.95 FED FUNDS WEEKLY AVERAGE 1992 6`10 6.45 6.55 6.65 6.75 7.00 199317.4O 6.50 6.55 6.65 6.75 7.00 9.75% 19946,46/6.50 6.60 6.70 6.80 7.00 19956.45 6.55 6.65 6.75 6. 85 7.05 TNT PRIME RATE 19964a 6.60 6.70 6. 80 6.90 7.10 1997 6.65 6.75 6.85 6.95 7.15 11.50% 1998 6.70 6.80 6.90 7.00 7.20 1999 6.70 6.80 6.90 7.00 7. 25 2000 6.75 6. 85 6. 95 7. 05 7. 30 DISCOUNT RATE 2001 6.80 6.90 7. 00 7.10 7. 35 2002 6.85 6. 95 7.05 7.15 7. 40 7.00% 2003 6.90 7.00 7. 10 7. 20 7. 45 2004 6.95 7.00 7.10 7. 20 7.45 2005 7.00 7.05 7.15 7. 25 7.50 TAXABLE YIELDS 2006 7.05 7. 10 7. 20 7. 30 7. 50 ow 2007 7.05 7.10 7. 20 7. 30 7. 50 U.S. Fed 2008 7.10 7.15 7. 25 7. 30 7. 55 Treas Agency 2009 7.10 7.15 7.25 7. 35 7. 55 2 yr 9.00 9.30 4 yr 8.90 9.20 2014 7. 15 7.20 7. 30 7. 35 7. 60 10 yr 8.79 9.10 2019 7.20 7.25 7. 35 7. 40 7.60 30 yr 8.80 ---- SHORT-TERM YIELDS 3 mo 6 mo 9 mo 12 mo Treasury Bills 8. 68 8. 88 8.87 8.94 Secondary CDs 9.45 9.45 ---- ---- EuroDollars 9.62 9.62 9. 62 9.62 TAX-EXEMPT INFORMATION 54_S THIS WEEK LAST WEEK YEARS HIGH YEARS LOW Bond Buyer 11 7. 08 7. 27 7.62 7.08 Bond Buyer 20 7.0 7. 18 7. 36 7.72 7.18 Blue List 992MM 1,024MM 1,415MM 897MM Visible Supply 1,495MM 1,687MM 2,990MM 822MM TREASURY & AGENCY FINANCING Monday: Auction - $13.6B 3 & 6 Month Treasury Bills Tuesday: Auction - $8.75B 2 Yr. Treasury Notes Wednesday: Auction - $7. 50B 5 Yr. Treasury Notes Wednesday: Announce - FFCB Prices June Financing, Expect 3 Mo. , 6 Mo. , & 1 Yr. The NorthernTrust Company Chicago:50 South LaSalle Street,Chicago,Illinois 60675;telephone(312)630-6000 New York:One World Trade Center,New York,New York 10048;telephone(212)938-3000 R.V. NORENE &Associates, Inc. $3,240,000 CITY OF ELGIN .Kane and Cook Counties, Illinois GENERAL OBLIGATION BONDS, SERIES 1989 Date of Sale: Thursday, May 25, 1989 Investment Rating: Moody's Investors Service . . . Aa Discount: $26,270.00 Net Interest (Incl. Discount) : $1,179,733.33 Net Interest Rate: 6.583% Bond Purchaser: Northern Trust Company, Chicago, IL Bond Registrar/Paying Agent: American National Bank & Trust Co. of Chicago, Chicago, IL Bond Counsel: Carlson and Hug, Chicago, IL Financial Advisor: R. V. Norene & Associates, Inc. , Glenview, IL City of Elgin - *3,240,000 General Obligation Bonds, Series 1989 Interest start dates 06/01/89 First interest payments 01/01/91 0 DEBT SERVICE SCHEDULE PERIOD ANNUAL LEVY ENDING PRINCIPAL RATE INTEREST TOTAL YEAR 1 01/01/91 0.00 329,903.33 329,903.33 1989 2 01/01/92 190,000.00 6.400 208,360.00 398,360.00 1990 3 01/01/93 200,000.00 6.400 196,200.00 396,200.00 1991 4 01/01/94 200,000.00 6.400 183,400.00 383,400.00 1992 5 01/01/95 1,630,000.00 6.400 170,600.00 1,820,600.00 1993 • 6 01/01/96 1,000,000.00 6.500 63,000.00 1,066,000.00 1994 TOTAL 3,240,000.00 1, 133,463.33 4,393,463.33 City of Elgin - *3,240,000 Q.O. Bonds, Series 1989, Semiannual Payments r