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COUNCIL MINUTES JUNE 24, 2002
<br />City Finance Director Rolek advised City staff recommends the City Council approve, in separate
<br />actions, Resolutions No. 02-60 and No. 02-61, Awarding the Sale of $645,000 G.O. Improvement
<br />Bonds, Series 2002A, and $2,110,000 Taxable G.O. Improvement Bonds, Series 2002B, respectively.
<br />City Finance Director Rolek invited Jerry Shannon, Vice President of Springsted, Inc., to present his
<br />recommendation on this matter.
<br />Mr. Shannon indicated bids were received and tabulated today on for the sale of the G.O.
<br />Improvement Bonds, Series 2002A. He presented the bid tabulation for the $645,000 2002A series
<br />bonds as follows:
<br />Bidder Price Net Interest Cost True Interest Rate
<br />Cronin & Company Incorporated $643,541.95 $1 ! • 26.80 3.5298%
<br />United Bankers' Bank $639,195.00 $10 94. 3.5481%
<br />Bernardi Securities, Incorporated $637,002.00 .'3 5, 3.42 4.1293
<br />Mr. Shannon recommended the award of the $645,00 . . provement Bonds, Series 2002A to
<br />Cronin & Company, Incorporated.
<br />Mr. Shannon presented the bid tabulation for 1 1 00 2002B series bonds as follows:
<br />Bidder is Net Interest Cost True Interest Rate
<br />Bernardi Securities, Incorporated .086,864.95 $718,239.63 5.2453%
<br />United Bankers' Bank $2,088,900.00 $718,819.79 5.2503%
<br />Cronin & Company Incorpor ' $2,102,236.05 $726,017.08 5,2879%
<br />Salomon Smith Barney
<br />UBS Painewebber Incorporated
<br />Morgan Stanley, Morgan Stanley DW Inc.
<br />Citizens Bank
<br />U.S. Bancorp Piper Jaffray, Inc.
<br />$2,093,584.20 $732,286.63 5.3321%
<br />Miller Johnson Steichen Kinnard, Inc. $2,088,900.00 $762,618.96 5.5743%
<br />Mr. Shannon recommended the award of the $2,110,000 G.O. Improvement Bonds, Series 2002B to
<br />Bernardi Securities, Incorporated.
<br />Mr. Shannon noted the City's Charter includes a provision regarding three different areas of the City,
<br />in which if improvements are generated and there are residential properties within those areas, they
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