T2-87B 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