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HomeMy WebLinkAboutRES.04-08-1966.Calling for Bids to Improve Airport . � The City Council took up for consideration the matter of callin� for bids on the airport improvement bonds of the City of Cape Giraxdeau, as authorized at an election held in said City on the 28th day of December, 1965. After a discussion of the subject, Councilman �scher offered and moved the a.doption of the follow- ing resolution: RESOLUTION TO DIRECT SALE OF BONDS BE IT RESOLVED by the City Council of the City of Cape Girardeau, Missouri, that the Eight Hundred Eighty Thousand Dollars ($880,000) Airport Improvement Bond.s of said City authorized at the special election held in the City of Cape Girardeau on the 28th da.y of December, 1965, be offered for sale to the highest bidder therefor on the E� day of A�ril , 1966. BE IT FURTHER RESOLVED that said bonds be sold on sealed bids to be filed with the City Clerk of said City. at the City Hall, Cape Girardeau, Niissouri, at or before the hour of �:30 o'clock P.M., Central Standard Time, on the aforesaid date; each bid to be accompanied by a certified (or cashier's) check on some solvent bank or trust company in the amr�unt of Seventeen Thousand, Six Hundred Dollars ($17,600) to evidence the good 2'aith of the bidder, the Council reserving the right to reject any or all bids submitted. BE IT FURTHER RESOLVED that bidders for said bonds be requested to designate in their bids the price they will pay for bonds bearing interest at a rate or rates, but not more than five different rates, likewise to be designated in their bids; pro- vided, however, that all bonds of the sa.me maturity shall bear interest at one and the same rate, which shall be a whole multiple of one-eighth of one per centum (1�8 of 1�) or one-tenth of one per centum (1�10 of 1°�). The difference between the highest rate bid and the lowest rate bid shall not exceed two per centum (2°f,), and no bid apecifying supplemental interest coupons will be considered. BE IT FURTHER RESOLVED that in determining the best bid submitted, the Coun- cil will take into consideration the lowest net interest cost to the City, in dollars. BE IT FURTHER RESOLVED that the City Clerk be and she is hereby authorized a.nd directed to give notice of the sale of said bonds by mailing to all interested t � A. 1 - 2 - ' banks and bond houses and investment bankers in the State of Missouri or elsewhere, a notice in substantially the following form: NOTICE OF BOI�ID SALE $880,000 AIRPORT II�ROVEMENT BONDS CI3'Y OF CAP'E GIRARDEAU, CAPE GIRARDEAU COUNTY, MISSOURI Sealed proposals will be received by the City Council of the City of Cape Girardeau, Cape Girardeau County, Missouri, at the City Hall in said City until the hour of 7:30 o'clock P. M. , Cen- tral Standard Time, on We�dnesday , the bth day of April , ' • �966, at which time said bids will be publicly opened for the pur- chase, at not less than pax and accrued interest, of the above bonds of said City. Said bonds are to bear date of March l, 1.966, are to be of the denom- ination oP One Thousand Dollars ($1,000) or Five Thousand Dollars ($5,000), to be designated by the purchaser thereof, and shall bear interest at a rate or rates to be determined pursuant to sale of said bonds, payable March 1, 1967, and semi-anaually thereafter on Sept- ember 1 and March 1 in each year. Both prineipal of and interest on said bonds will be payable at a bank or trust company to be desi�nated by the purchaser, subject to approval by the City Council, and said bonds shall mature serially, without option of prior payment, on March 1 in each of the years as follows: $ 5,000 in 1g67 and 1968 $25,000 in �969 through 1973 $30,000 �n ig74 through 1976 $35,00o in 1977 and 1g78 $65,000 in 1979 a.nd 1g80 $70,000 in 1981 and 1982 $75,000 in 1983 and 1984 $80,000 in 1985 $85,000 in 1g86 Bidders are requested to designate in their bids the price they will pay for bonds bearing interest at a rate or rates, but not more than five different rates, likewise to be designated in their bids; pro= vided, however, that all bonds of the same ma.turity shall bear inter- est at one and the same rate, which shall be a whole multiple of one- eighth of one per centum (1�8 of 1°�) or one-tenth of one per centum (1�10 of l�O). The difference between the highest rate bid and the lowest rate bid shall not exceed two per centum (2�O), and no bid speci- fying supplemental interest coupons will be considered. Proposals should be addressed to the City Council and should be filed with the City Clerk on or prior to the date and hour hereinabove named. Each bid must be accompanied by a certified (or cashier's) check, pay- able to the City of Cape Girardeau, Missouri, in the amount of Seventeen Thousand, Six Hun�dred Dollaxs ($17,600), to evidence the good faith oP the bidder. . � � , � _ 3 _ Proposals tendered by mail should be addressed to the City Council, City Hall, Cape Giraxdeau, Missouri, and should be plainly msxked "PROPOS�AL FOR BONDS." The City Council reserves the right to re�ect any or all bids, and all bids must be made on the form supplied by the undersigned. These bonds were authorized at an election held on December 28, 1965, and are being issued to provide funds for the purpose of equipping and improving the municipal airport of said City. These bonds are offered subject to the unqualified approva.l of the legal- ity thereof by the law firm of Chaxles and Trauernicht of St. Louis, Mis- souri. The City will pay legal fees and will pay for the printing of the bonds, including the printing thereon of the legal opinion, if de- sired by the purchaser, and the registration thereof by the State Audi- tor of Missouri. Delivery of the bonds will be made to the purchaser within forty-five days after the date of sale, in the City of Cape Girar- deau, Missouri, without cost to the purchaser. Delivery elaewhere will be made at the expense of the purchaser. In the opinion of Counsel, the above-described bonds will be general obligations of the City of Cape Girardeau, payable from ad valorem taxes which may be levied, without limit as to rate or amount, upon all taxable, tangible property within said City. By order of the City Council, this l�th day of M , 1966. 7I y � . U , i City Clerk o the City of Cape Girardeau, Missouri BE IT FiJRTHER RESOI,VED that the City Clerk shall attach to each copy of the aforesaid notice a financial statement showing the assesed valuation of taxable property within the City, the amount of outstanding indebtedness, the popula�ion of the City, a compaxative statement of tax collections during the past three years, and such other information as prospective bidders may desire. BE IT FURTHER RESOLVED that the bidding Porm to be used in bidding Por the aforesaid bonds shall be substantially as follows: » E r 4 � � � PROPOSAL FOR THE PURCHASE OF $880,000 AIRPORT IMPROVEMENT BONDB OF THE CITY OF CAPE GIRARDEAU, CAPE GIRARDEAU COUNTY, MISSOURI • Dated March l, 1966 , 1966 To the City Council of the City of Cape Giraxdeau, Missouri. Gentlemen: For Eight Hundred Eighty Thousand Dollaxs ($880,000), par va.lue, Air- port Improvement Bonds of the City of Cape Girardeau, Missouri, bearing interest at the rate or rates specified below, we will pay you and accrued interest to the date of delivery of said bonds to us. The said bonds shall bear interest as follows: Maturities In�erest Rates (Limit 6�O) It is hereby represented that the gross interest cost, computed upon the above specified rate or rates of interest, will be $ , that the net interest cost (deducting premium, if any) will be $ , and that the average interest rate will be �O. It is understood and agreed by the undersi�ned that if there be any dis- crepa.ncy as between the actual interest cost or average interest rate computed upon the rate or rates of interest above specified and the in- terest cost or avera.�e interest rate figures hereinabove set forth, the interest rate or rates above specified and the actual interest cost or average interest rate computed upon said ra te or rates shall prevail. Subject to your approval, the said bonds shall be payable as to princi- pal and interest at a place to be designated by the undersigned within forty-eight (�+8) hours after the acceptance of this bid. Likewise, with- in forty-eight (�+8) hours after the acceptance of this bid the under- signed shall designate which of said bonds, if any, shall be of the de- nomination of $1,000 and which of said bonds, if any, shall be of the denomination of $5,000. A11 of the designations made pursuant to this paxagraph shall be in writing addressed to the City Clerk. This proposal is subject to all of the terms and conditions of the Notice of Sale, a copy of which is hereto annexed and made a part hereof. A certified (or cashier's) check in the amount of Seventeen Thousand, Six Hundred Dollars ($17,600), payable to the City of Cape Girardeau, � � - 5 - Missouri, accompanies this proposal as evidence of good faith, and said check shall be returned to the undersigned if this bid be not accepted, or if the City should fail to deliver said bonds to the undersigned in accordance with the terms of this bid; otherwise said check shall be � held by the City and shall be applied as and when the bonds axe deliv- . ered and paid for under the terms of this bid, as paxt payment there- for, or be applied as and for liquidated damages in the event that the undersigned fails to take up and pay for said bonds. This bid is for immediate acceptance. (Note: No addition to or alteration in this proposal is to be made, and any erasure may cause a rejection of the bid. Bids must be filed with the City Clerk of the City of Cape Girardeau, Missouri, sealed, at or prior to the hour of o'clock M. , Central Standard Time, on , the da.y of , 1966.) ACCEP'�ANCE The above proposal accepted by resolution of the City Council of the City of Cape Girardeau, Missouri, and receipt of the within-mentioned check is hereby acknowledged, this d.a.y of , 1966. � Mayor of the City of Cape Girardeau, Missouri Attest: City Clerk �S�) BE IT FURTI�R RESOLVED that the City Clerk shall attach a copy of the afore- said bidding form to each copy of the aforesaid notice, to the end that each bid filed may be accompanied by the form of notice of sale wherein the details of the issue are set forth; a.nd that the City Clerk shall cause the Poregoing Notice of Bond Sale to be published one (1) time in The Bond Buyer of New York not less than fifteen (15) days prior to the da.te of the bond sale. Passed, approv�d and adopt�d this 15th day of March, 1966. ��� � Mayor Atteat• c � Q-u-r�C-�-� C ty Clerk. � i r t - 6 - Councilman Pierc� seconded the motion to adopt the for�going resolution, and, the question being put to a roll call vote, the result was as fol- lows: Councilmen voting YES: Councilmen voting N0: The motion having received the affirmative vote of all the Councilmen pres- ent, the Mayor declared the mption carried and the resolution adopted, thia 1� day of March , 1966• . 1 Thereupon, the City Clerk reported to the City Council that, pursua.nt to a resolution adopted by the Council on the 15th day of Nia.rch, �966, she did ma.il to all interested banks, bond houses, and investment bankers in the State of Missouri and elsewhere printed copies of a "Notice of Bond Sale" in relation to Eight Hundxed Eighty Thousand Dollaxs ($880,000) Airport Improvement Bonds of the City of Cape Girardeau, authorized at a special election held on the 28th day of December, 1965, and the City Clerk flzrther reported that to each copy of the aforesaid "Notice of Bond Sale" there was attached a printed form of a "Proposal for the Purchase of $880,000 Airport Improvement Bonds of the City of Cape Girardeau, Cape Girardeau County, Missouri," and a "Fina.ncial Statement" of the City, all as directed by the aforesaid resolution adopted by this Council on the 15th day of March, 19b6. The Clerk flarther reported that the "Notice of Bond Sale" was published in The Bond Buyer on the �;� day of Nlarch , 1966, as directed by the aforesaid resolution. The City Clerk further reported that, pursuant to the aforesaid "Notice of Bond Sale," there were filed with her, at or prior to the hour of 7:30 o'clock P.M., Central Standaxd Time, on this 6th day of April, 1966, �telve ( 12 ) sealed proposals for the purchase of said bonds, and the City Clerk then and there� presented said sealed proposals to the Council. Whereupon, the Mayor instructed the City Clerk to proceed to open the said P sealed bids and to read the same aloud in the presence and hearing of the Council a.nd of the bidders assembled. Thereupon, the City Clerk proceeded to open the aforesaid bids, which are su�nnarized as follows: FOR BOI�IDS BEARING INTEREST AT THE AMOUNT NET INTER- NAME OF BIDDER RATE OR RATES OF OF BID EST COST Stif el, Nicolaus & Co.Inc. 1967 to 1969,inc. 4�-� John Nuveen & Co. 1970 to 19'l6,inc. 4 � � 1977 to 1986,inc. �-� �880,000.00 �l�28,575.00 g.G.Edwards & Sons Dempsey Tegeler & Co. 1967 to 1981,inc. 3/3/4� E.F. Hutton & Co. 19�2 to 1986,inc. 3.70� Smith, Moore & Co. 880,0�.3.00 447,455.00 Reinho�t & Gardner 196? to 19Esq,inc. 5� g.F. Stepp Investments, Ino. 1970 3 3/4� Estep,5haffer & Plaok, Inc. 1971 to 1976,inc. 4� 1977 to 1978 -inc. 3� 1979 to 19g6,inc. 3.60� 8g0,000.00 438,5.�:5.00 Halsey,Stuert & Co. Inc. • and Associates 1967 to 1971,inc, 5� 1972 4� �g0,132.� /;47-,175.00 1973 to 1986,inc. 3 5/8� . t Mercantile 3`ruat Company NA & �ssociates 1R67 to 1973,inc. 4� 1974 3.8?5� 1975 to 1982,inc. 3.60� 1983 to 1986,inc. 3.70� �880,022.00 l,1,1,965.00 Continental Illinois National Bank and Trust Co. of Chicago 1967 to 1971,i.ne. 4 3/4� 1972 ��� 1973 to 1977,inc. I978 to 1986,inc. 3.70� 880,005.00 l+4b,317.50 First National Bank of i�iemphis 1967 to 1g73,�nc. 5� 1974 to 1980,inc. 19�1 to 1983,ino. 3.60� 1984 to 1986,ine, 3.70� 880,000.00 [�43�060.00 The Northern Trust Company 1967 to 1971,inc. 5� The Boat,men's �Tationel Bank 1972 to 1983���. 3.�� in S-t. Louis 198�. to 1986,inc. 3.70� 8$0,103.00 /+l�.Z,880.00 Harris Trust and Savings 1967 to 1971,inc. 5� Bank, Chioago 1972 to 1986 inc. 3.60� 880,549.00 437,310.00 G.H.Walker & Co. St.Louis First National Bank 3n 1967 to 1971,inc. 3.�70� St. Louis 1972 to 19??,ino. 197� to 19g6�inc. 3.70;� 880,000.30 41�1,8g5.00 Cc�mmsrce Trust Company 196? to 1970,i.nc. 5�'� 1971 to 1973,inc. 4.20� 1974 to 1976,inc. 3�� 1977 to 1980,inc. 3.b0� 1981 to 1986,inc. 3.70� 880,0�8.00 1,1�6,415.00 First j�ationa7. Bank of Chicago A.G.Becker & Co. Inc. 1967 to 1971,inc. 4�� 1972 to 198b,3ne. 3.'70� 880,351.00 1,1+.7,1,1�.5.00 . t - 2 - , Follo��ring the reading of the bids, the Council proceeded to consider the same for the purpose of determining which was the best and most advantageous bid submitted, whereupon, Councilman Pierce offered and moved the adoption of the following resolution: RESOLUTIOPl TO ACCEPT B1-D r OR BOI`1DS Wf�iEREAS� the bid �.nd offer oi John N�e1vPPn 8s Go_ Ine_� �"or the purchase of Eight Hundred Eighty Thousand Dollaxs ($880,000) Airport Tslprovement Bonds of the City of Cape Girardeau, Missouri, bearing interest as follows: ?�.�.t�rities �2�tes of Interest 1967 to 19b9, incl. 4-�� 1970 to 1976,inc1. 4� 1977 to 19gb, incl. 3�� at and for tne price and sum Of �g�.� Hi�nArar3 8 F.i ahtv _Thrn�Rut�r3 Ancl inn doliars �� ggQ,�0.00 ) and accrued interest to date of delivery, and at a net interest cost of Four Hundred Ztaentv ei�ht ThoU.sand Five Hundred and Sevent� five dollars ��1,28,,,,575.00 ) is the highest and best bid made a:.d oifered for said bonds; NOW, THER.��..FORE, BE IT RESOLVED by the Council of tne City �_' �wpe Girardeau, Missouri, that the Ei�ht Hundred Eighty Tnousand Dollars (YF380,000) ._ '� - 3 - par value, of bonds of said City, dated March l, 1966, authorized at a special election held on the 28th day of December, 1q65, bearin� interest as follows: Ma.turities Rates of Interest 1967 to 19b9, incl. �+�� 1970 to 1976, incl. 4� 1977 to 1986, incl. 3�� shall be and the said bonds are he-re��r ai•�ar�:�d and. sold to .Tohn Ni�vaan & r.�� Inc. , w� a.:u fo-r the price and sum oi �%ight Hundred EigY:ty Thousand and no/100 dollars (� 880,000.00 ) and accrued interest to the date of delivery oi saio. bonds, ar:d a;. �;. ::et interest cost of Four Hundred T�enty-eight Thousand Five Hundred Seventy Five & no/100(`� 428,,,�75.00 )� all in accordance with the terr:is ol s�,_l_� as :.:,� �o-rth �.nd containec: �:� the "Notice of Bond Sale" and in the "rroposal lor �ne �cnase o� �080,0�0 Ai�^�o,t Iznp-rovement Bonds of th�=. City of Cape Gira�deau, Ca�e Gi'rardeau County, i�iissou-ri", as prescribed in that certain resolution adopted bJ �he Co�ncil on t:ze i5tn day o� l✓:�,-rch, �966. BE IT FURTI�R RESOLVED tn�,t �he c:.ec'.�s of a,11 ur.successiu:� �'_cde-rs for said bonds shall iorthwith be returneu to t:ler:�, upor. �che;_r -res�ect�ve receipts there- for, 2nd that the check of the successiul 'oidders shall 'oe 'r.eld uncashed by the Treasurer of t'r,e City, pending deliver�r of t.�� saia boizds ir acco-rd�r_ce �aitr. the terms of sale and award. Cour.cilman Logan seconded the motion to aaop� tne fore- going resolution, and, the guestion be�ng put to a roll calZ vote, �h� result t-ras as iollows; Nayor vo;,ec� Counci]snan Fischer vo'c4d Aye Councilman Logan votea Aye Councilman � Bishop voted Aye Councilman Pierce voted Aye The tnotion having received the affirmative vo�e of all tne :�e:r,be.�s o� thE� Acting �Council present, the�Ma.yor declaxed the motion carried and the resolution adopted, tnis 6th day of April, 1g66. � � -k- -� -� � � a�- � �- �- a c �� ' I � c ng I�iayo-r -L���, a-zi�-f—� City Cl'erk 4 STATE OF MISSOURI ) ) ss. COUNTY OF CAPE GIRARDEAU ) I, VERNA L. LANDIS, City C1erk within and for tne City of Cape Girardeau, Cape Girardeau County, Missouri, do hereby certify tr.a� tne fore�oin� pages consti- tute a true 2.nd correct copy oi the proceedings had by the City Council at a meeting thereof held on the 6th, day of April, 1966, insoia-r as the same relate to the sale a.nd at�rard of $880,000 Airport Improverr�ent Bonds aut:�orized at a special election held in said City on the 28th day of December, 1.965. I do further certi� that, prior to the making of this certificate, the said proceedings have been spread a� length upon the permanent records of said City, where they now appear and renain in Book 2 , at page� 131 to , inclusive. IN TESTIMONY WHEREOF, I have hereunto set my h�,nd and affixed tb.e seal of said City, this gth day of April , 1g66. �_ � � ��._� � � - .t��.-C.C-cC.� ��--�e-� City Cl k . (SEAL) .