09/22/1975 Adjourned MeetingII
..363
MINUTES OF THE ADJOURNED MEETING
OF THE CITY COUNCIL OF THE CITY
OF DES PLAINES, ILLINOIS, HELD
IN THE COUNCIL CHAMBERS, CIVIC
CENTER, MONDAY, SEPTEMBER 22, 1975
CALL TO ORDER: The adjourned meeting of the City Council of the City of
Des Plaines was called to order at 8:18 P.M. by Mayor
Herbert H. Behrel.
ROLL CALL:
Roll Call indicated the following aldermen present:
Koplos, Sullivan, Olen, Leer, Brannigan, Kisslinger,
Birchfield, Erbach, Kraves, Sarlo, Meyer, Seitz, Abrams,
Ward. Absent were Szabo, Bolek
Mayor Herbert H. Behrel stated that bids for the $1,575,000 bonds were
opened this morning at the office of Benjamin and Lang. Report of sale
is as follows:
REPORT OF SALE
CITY OF DES PLAINES, COOK COUNTY, ILLINOIS
$1,575,000 General Obligation Corporate Purpose Bonds, Series 1975
(1) La Salle National Bank
First National Bank of Des Plaines
(2) The First National Bank of Chicago
A. G. Becker & Co. Incorporated
V. K. Sauerman & Associates Inc.
D. J. 7.50%
Moody's - Aa
1978 through 1981 @ 6.75%
1982 @ 6.40
1983 and 1984 @ 5.75
1985 @ 5.90
1986 @ 6.00
1987 @ 6.10
1988. @ 6.20
1989 @ 6.30
1990 @ 6.40
1991 @ 6.50
Gross dollar interest cost $968,028.14
-Less premium 417.48
Net dollar interest cost $967,610.66
Net interest cost 6.225079%
1978 through 1980 @ 6.75%
1981 @ 6.50
1982 and 1983 @ 5.75
1984 @ 5.80
1985 @ 5.90
1986 @ 6.00
1987 @ 6.20
1988 @ 6.30
1989 @ 6.40
1990 @ 6.50
1991 @ 6.60
Gross dollar interest cost $973,256.27
Less premium 3.25
Net dollar interest cost $973,253.02
Net interest cost 6.261378%
(3)• Kuhn, Loeb & Co.
Chemical Bank
(6) Harris Trust & Savings Bank
. Merrill Lynch, Pierce, Fenner &
Smith Incorporated
The White -Phillips Company, Inc.
Des Plaines National Bank
1
• (4)
The Northern Trust Company
Hutchinson, Shockey, Erley & Co.
Dain, Kalman & Quail, Inc.
Becker & Cownie, Inc.
(5) BancNorthwest
First Wisconsin National Bank of
Milwaukee
Traub and Company, Inc.
Page Two
1978 through 1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 and 1991
• 9/22/75;:'°tG{;.:t';
3'6 4
@ 6 3/4%
@ 6.40
@ 5 3/4
@ 5.90
@ 6.00
@ 6.10
@ 6.20
@ 6.30
@ 6.40
@ 61/2
Gross dollar interest cost $980,040.62
Less premium 166.50
Net dollar interest cost $979,874.12
Net interest cost 6.3039%
1978 through 1980
1981 through 1986
-1987 and 1988
1989
1990
1991
@ 6.80%
@ 6.00
@ 6.40
@ 6.50
@ 6.70
@ 6.75
Gross dollar interest
Less premium
Net dollar interest cost
cost $992,612.50
255.00
$992,357.50
Net interest cost 6.3843%
1978 through 1981
1982
1983 through 1986
1987
1988
1989
1990
1991
@ 6.75%
@ 6.50
@ 6.00
@ 6.20
@ 6.30
@ 6.50
@ 6.60
@• 6.70
Gross dollar interest cost $989,884.38
Less premium 110.00
Net dollar interest cost $989,774.38
Net interest cost 6.36766%
1978 through
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
Gross dollar
Less premium
Net dollar interest cost
1981
0
0
0
0
6 3/4%
6.10
5 3/4
5.90
6.00
6.10
6 1/4
6.40
6 1/2
6.70
6 3/4
interest cost $991,965.64
14.48
$991,951.16
Net interest cost 6.381672%
Page Three
(7) Continental Illinois National Bank
& Trust Co. of Chicago
Kidder, Peabody & Co. Incorporated
White, Weld & Co. Incorporated
The Chicago Corporation
Dee. and Naab Securities Co.
(8) Halsey, Stuart & Co. Inc.
Van Kampen Wauterlek & Brown, Inc.
(9) John Nuveen & Co. Incorporated
American National Bank and Trust
Company of Chicago
Channer Newman Securities Co.
1978 through 1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
9/22/75
@ 6.75 %
@ 6.00
@ 5.875
@ 6.00
@ 6.10
@ 6.25
@ 6.40
@ 6.50
@ 6.60
@ 6.70
365
Gross dollar interest cost $994,378.13
Less premium 172.25
Net dollar interest cost $994,205.88
Net interest cost
1978 through 1981
1982 •
1983
1984
1985
1986
1987
1988
1989
1990
1991
Gross dollar interest
Less premium
Net dollar interest cost
6.396178%
6.80%
6.40
5.80
5.90
6.00
6.10
6.25
6.40
6.60
6.70
6.80
cost $997,818.75
17.75
$997,801.00
Net interest cost
1978 through 1984
1985
1986
1987
1988
1989.
1990
1991
@ 6.50%
@ 6.00
@ 6.10
@ 6.25
@ 6.40
@ 6.50
@ 6.60
@ 6.75
6.4193%
Gross dollar interest cost $999,687.50
Less premium 472.50
Net dollar interest cost $999,215.00
Net interest cost
6.4284%
9/22/75
Page Four
Mayor Behrel announced the following:
366
1. Notices of Sale were published in the national edition of The Bond
Buyer and in the midwest edition of The Wall Street Journal. Certificates
of Publication have been received.
2. Our Financial Consultants, Benjamin and Lang, advise that 460 copies
of the Official Statement describing this bond issue were mailed to
investment bankers, dealer banks, and investors known to be interested
in this type of bonds.
3. Application was made to Moody's Investors Service in New York City
for the assignment of rating for the bond issue and this bond issue
has received a financial rating of Aa (double A).
AWARD OF
BID
Upon
Amount
Moved by Alderman Leer, seconded by Alderman Seitz,
to accept the proposal of LaSalle National Bank and The
First National Bank of Des Plaines and associates for
the following interest rates and authorize Mayor and City
Clerk to sign the proposal of the successful bidder,
and City Clerk be authorized to retain uncashed check
of the successful bidder:
$ 50,000
75,000
75,000
75,000
100,000
100,000
100,000
125,000
125,000
150,000
150,000
175,000
175,000
100,000
Maturity Interest Rate
1978 @
1979 @
1980 @
1981 @
1982 @
1983 @
1984 @
1985%
1986 @
1987 @
1988 @
1989 @
1990 @
1991 @
6.750
6.75%
6.75%
6.750
6.40%
5.75%
5.75%
5.90%
6.00%
6.10%
6.20%
6.30%
6.40%
6.50%
roll call, the vote was:
AYES: - 9 - Olen, Leer, Brannigan, Kisslinger, Birchfield,
Abrams, Ward, Mayor
- Sullivan, Erbach, Kraves, Sarlo, Meyer
- Koplos, stating that he is a stockholder in the First
National Bank of Des Plaines
Szabo, Bolek
NAYS: 5
ABSTAIN 1
Seitz,
ABSENT: 2 -
Motion declared carried.
ORDINANCE
M-36-75
Moved by Leer, seconded by Brannigan, to waive First Reading
and place on passage Ordinance M-36-75 AN ORDINANCE PROVIDING
for borrowing money and issuing bonds of the City of Des
Plaines, Cook. County, Illinois, to the amount of $2,275,000
for the purpose of paying the cost of improving the parking
facilities in and for said City and providing for the levy
and collection of a direct annual tax for the payment of
the principal of and interest on said bonds. Upon roll
call the vote was:
AYES: - 9
NAYS: 5
ABSENT: 2
ABSTAIN 1
Motion to
2/3 vote
Ordinance
- Olen, Leer, Brannigan, Kisslinger, Birchfield,
Seitz, Abrams, Ward, Mayor
- Sullivan, Erbach, Kraves, Sarlo, Meyer
- Szabo, Bolek
- Koplos, stating that he is a stockholder in the
First National Bank of Des Plaines
waive First Reading declared lost for lack of
of those aldermen present.
M-36-75 placed on First Reading.
01/
1
1
9/22/75
Page Five
367
FIRE DEPT. Moved by Seitz, seconded by Leer, to adopt the recommendation
AMBULANCE of Fire and Civil Defense Committee to authorize payment
for Fire Department ambulance delivered by Southern
Ambulance Co., in the amount of $18,698.00 upon acceptance
by the Fire Department. Upon roll call, the vote was:
AYES: - 15 - Koplos ,Sullivan, Olen, Leer, Brannigan,
Kisslinger, Birchfield, Erbach, Kraves, Sarlo,
Meyer, Seitz, Abrams, Ward, Mayor
NAYS: 0 - None
ABSENT: 2 - Szabo, Bolek
Motion declared carried.
OLD
CITY
HALL
Referred to Public Buildings Grounds and Parking Lots
and Library and Historical Society Committees was Alderman
Seitz request for review of feasibility and costs to
demolish Old City Hall and move the former "Kinder" house
in which the Historical Museum is housed to the site of
Old City Hall.
Retail Moved by Sullivan, seconded by Olen, to authorize City
Food Attorney to redraft Ordinance M131-75, having to do with
Pricing retail food pricing. Upon roll call, the vote was:
AYES: - 9 - Koplos, Sullivan, Olen, Brannigan, Kisslinger,
Birchfield, Erbach, Kraves, Ward
NAYS: 6 - Leer, Sarlo, Meyer, Seitz, Abrams, Mayor
ABSENT: 2 - Szabo, Bolek
Motion declared carried.
ADJOURNMENT: Moved by Kisslinger, seconded by Erbach, that the adjourned
meeting of the City Council adjourn. Motion declared
carried.
APPROVED BY ME THIS
DAY OF 0//
_ �. ___ v
AlIFIA4/14''/
RBE'T H. BEHREL, AYO.
Bertha Eleanor Rohrbach,,City Clerk
1975