HomeMy WebLinkAboutCOUNCIL MINUTES 1993-08-23 SPECIAL 2781 3
MINUTES OF THE TWO HUNDRED TWENTY-SEVENTH SPECIAL MEETING
ibrOF THE COUNCIL OF THE CITY OF LIVONIA
Pursuant to the provisions of Section 8, Chapter 14 of the City
Charter, the above meeting was held August 23, 1993, at the City Hall,
33000 Civic Center Drive, Livonia, Michigan, and was called to order by the
President of the Council at 7:49 p.m. Roll was called with the following
result: Present: Dale A. Jurcisin, Fernon P. Feenstra, Sean P. Kavanagh,
Ron Ochala, and Gerald Taylor. Absent: Michael P. McGee and Laura M. Toy
(vacation) .
Elected and appointed officials present: Robert D. Bennett,
Mayor; Harry Tatigian, City Attorney; Robert R Bishop, City Treasurer; and
James Andres, Chief Accountant.
No one spoke during the audience communication portion at the
beginning of the meeting.
Lop On a motion by Feenstra, seconded by Jurcisin, and unanimously
adopted, it was:
#689-93 WHEREAS, August 23, 1993, at 4:00 o' clock p.m. , Eastern
Daylight Time, has been set as the date and time for opening bids
for the purchase of the Issuer's $5,000,000 Water Supply and
Wastewater System Revenue Bonds, Series 1993;
AND WHEREAS, said bids have been publicly opened and read;
AND WHEREAS, the following bids have been received:
Average Net
Interest Interest Interest
pidder Maturity Rate Discount Rate Cost
Dean Witter 1993-2000 6.75% $49,840.00 5.2956% $3,847,701 .46
Reynolds Inc. 2001 5.875
2002 4.45
2003 4.60
2004 4.75
2005 4 90
lbw 2006
5.00
2007
5.10
2008-2012 5.20
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Average Net
Interest Interest Interest
Bidder Maturity Rate Discount Rate Cost
Kemper
Securities 1993-95 7.40% $49,396.50 5.30099% $3,851 ,615.25
1996-2001 7.50
2002-2008 5.00
2009 5.10
2010-2012 5.125
Griffin
Kubik 1993-1995 7.50% $50,000.00 5 .3076% $3,856,458.33
1996-2001 7.60
2002-2012 5.10
Hutchinson,
Shockey, 1993-2001 7 0% $36,747.50 5 .3351% $3,876,455.83
Erley & Co. 2002 4.50
2003 4.60
2004 4.80
2005 4.90
2006 5.00
2007-2009 5.125
2010-2012 5 25
NBD Bank,
N A. 1993-2000 7.70% $50,000 00 5.3728% $3,903,858.33
2001-2012 5.20%
McDonald &
Co. 1993-1999 6.50 $50,000.00 5.385% $3,912,710.42
2000 5.75
2001 4.40
2002 4.50
2003 4.60
2004 4.70
2005 4.80
2006 4.90
2007 5 00
2008 5 10
2009 5 .20
2010-2012 5.40
AND WHEREAS, the bid of Dean Witter Reynolds, Inc. has been
determined to produce the lowest interest cost to the Issuer.
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The bid of Dean Witter Reynolds, Inc. , as above stated, be
and the same is hereby accepted.
ift• 2. Checks of the unsuccessful bidders be returned to each
bidder's representative or by registered mail.
2781 5
3. The Issuer hereby covenants that, to the extent permitted by
imm law, it shall take all actions within its control necessary
to maintain the exclusion of the interest on the Bonds from
adjusted gross income for general federal income tax
purposes under the Internal Revenue Code of 1986, as amended
(the "Code"), including but not limited to, actions relating
to the rebate of arbitrage earnings, if applicable, and the
expenditure and investment of Bond proceeds and moneys
deemed to be Bond proceeds.
4. All resolutions and parts of resolutions insofar as they
conflict with the provisions of this resolution be and the
same hereby are rescinded.
No one from the audience wished to speak during the audience
communication portion at the end of the meeting
On a motion by Ochala, seconded by Jurcisin, and unanimously
adopted, this 227th Special Meeting of the Council of the City of Livonia
was duly adjourned at 7:55 p.m. , August 23, 1993.
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Jo- v
McCotter, City Clerk
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