HomeMy WebLinkAboutMinutes - 12/15/1993 - City Council SPECIAL MEETING
DECEMBER 15, 1993
In the absence of Mayor Cuda, Mayor Pro Tem William J. Bolger called
a Special Meeting of the City Council to order at 6:00 P.M. in the
Council Room of the McHenry Municipal Center. The following Aldermen
were present: Baird, Lawson, Bates, Locke, Bolger. Absent: None. City
Staff in attendance: City Clerk Gilpin, City Administrator Peterson.
Harold Warren of Warren Associates, municipal finance consultant for
the City, reported on the sale of $5,300,000 for the refunding of City of
McHenry Waterworks and Sewerage Revenue Refunding Bonds, Series 1993,
dated December 1, 1993. Five bids were received. Eighteen financial
institutions were involved in the bidding.
Mayor Cuda arrived at 6:03 P.M.
Mr. Warren read the tabulation of the bids to the Council.
The low bid was submitted by Griffin, Kubik, Stephens & Thompson,
Inc. , Clayton Brown and Associates, Inc. , Kemper Securities, Inc. , and
McHenry State Bank at a net interest cost of 4.4008 percent. The
interest rate for each maturity is shown on the Bid Form attached hereto.
Motion by Bolger, seconded by Baird, to accept the low bid of
Griffin, Kubik, Stephens, Thompson, Inc. , Clayton Brown & Associates,
Inc. , Kemper Securities, Inc. , and McHenry State Bank, at a net interest
cost of 4.4008 percent, and to authorize the Mayor and City Clerk to sign
the necessary papers.
Voting Aye: Bolger, Locke, Bates, Lawson, Baird.
Voting Nay: None.
Absent: None.
Motion carried.
Motion by Bolger, seconded by Lawson, to pass an ordinance
authorizing the issuance of $5,300,000 Waterworks and Sewerage Revenue
Refunding Bonds, Series 1993 of the City of McHenry, Illinois, and
authorizing the Mayor and City Clerk to execute all the necessary papers.
Voting Aye: Bolger, Locke, Bates, Lawson, Baird.
Voting Nay: None.
Absent: None.
Motion carried.
It was noted that the 1993 Escrow Deposit Agreement was approved as
part of the ordinance, and that the Mayor and City Clerk were thereby
authorized and directed to execute and deliver the 1993 Escrow Deposit
Agreement on behalf of the City.
Under the Escrow Agreement, the bond proceeds and $836,774.81 of cash
of the City is to be deposited with the American National Bank and Trust
Company of Chicago and used to pay for the purchase of U.S. Treasury
Securities at the market price required for the maturities, yields and
denominations entered on December 15, 1993 and to be paid at the closing
on Jamuary 5, 1994. The escrow agent is to apply these funds to the
payment of the Series 1986 and Series 1988 bonds being refunded.
ADJOURNMENT
Motion by Bates, seconded by Locke, to adjourn.
Voting Aye: Bolger, Locke, Bates, Lawson, Baird.
Voting Nay: None.
Absent: None.
Motion carried.
The meeting adjourned at 6:40 P.M.
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CITY CLERK ` MAYOR