Council Minutes 04/10/19671
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4/3/67 340
MINUTES OF THE ADJOURNED MEETING
OF THE CITY COUNCIL OF TIT, CITY
OF DES PLAINES, ILLINOIS, HELD IN
THE COUNCIL ROOM, CITY HALL,
MONDAY, APRIL 10, 1967
CALL TO ORDER: The adjourned meeting of the City Council of
the City of Des Plaines was called to order
by Mayor Herbert II. Behrel at 8:05 P.M. The meeting opened with a prayer
read by City Clerk Rohrbach followed by the pledge of allegiance to the
flag.
ROLL CALL: Roll Call indicated the following aldermen
present: Wagner, Swanson, Martin, Bona-
guidi, Prickett, Wright, Leer, Shillington,
Figard.
Absent were Aldermen Czubakowski, French,
Rateike, Szabo, Bolek.
Present also were Assistant City Comptroller Carlson and City Attorney
Robert J. DiLconardi
There being a
quorum present, the meeting was in order.
Council recessed until 8:15 P.M.
T1IP$ CLOSED:
It was moved by Alderman Prickett and seconded
3L
by Alderman Wagner that the bids be closed
at
which were received for the purchase of
1986
$197500000 general -obligation bonds. On
3.90 %
Roll Call, the vote was:
AYES: 10 - Aldermen Wagner, Swanson,
Martin, Bonaguidi, Prickett,
Wright, Leer, Shillington,
Figard, Mayor.
NAYS: 0 - None
ABSENT: 5 - Aldermen Czubakowski, French,
Rateike, Szabo, Bolek.
There being ten affirmative votes,
Motion Carried.
OPEN BIDS:
It was moved by Alderman Prickett and
seconded by Alderman Martin that the
bids received be opened by the Clerk.
Motion Carried.
The following
Bids were received, in the exact same form as appears
henceforth:
Reference is made to your Notice of Sale, dated March 6, 1967, relating;
to the sale of $1,750,000 Surface Water Drainage System Bonds, of the
City of Pes 'Maines, Cook- County, Illinois, which is made a part hereof.
For your legally issued bonds,'as more fully described in said Notice
of Sale, we will pay you principal amount of $1,750,177.00 and accrued
interest from May 1, 1967, to date of delivery of said bonds for bonds
bearing interest at the following rate or rates and due January 1 in
the years indicated:
1969 through
1973 through
1977 through
1984 through
1972
at
412fO
1976
at
3L
1983
at
3.80
1986
at
3.90 %
For informative purposes, we have made the following computations:
The net interest cost from May 1, 1967 to the maturities thereof under
this bid is as follows:
Gross dollar interest cost (as of 5-1-1967) $ 8229550.00
Less premium 177.00
Net dollar interest cost 8229373.00
Net interest cost 3.83987%
As a guarantee of good faith, we enclose certified check in
of $5,000 payable to the City of Des Plaines, rook County,
the amount
Illinois 7 Fle
341
410%67
Page tw
to be retained by you pending full performance by us and to be for—
feited to the City as full liquidated damages upon failure by us to
accept delivery and pay for the bonds when ready for delivery This
check may be used in partial payment for said bonds.
Harris Trust and Savings Bank, Chicago Respectfully submitter
Merril Lynch,Pierce,Fenner & Smith, Inc.
Hornblower & lreeks — Hemphill, Noyes By Harris Trust and S�
L. F. Rothschild R Co.
William Blair & Company Isl Ray D. Smith II
The White—Phillips Co., Inc.
Reference is made to your Notice of Sale, dated March 6, 19671
to the sale of $1,750,000 Surface Water Drainage System Bonds,
City of Des Plaines, Cook County, Illinois, which is made a pt
For your legally issued bonds, as more fully described in saic
of Sale,w e will pay you principal amount of 81,750,404.25 an(
interest from May 1, 1067 to date of delivery of said bonds fi
bearing interest at the following rate or rates and due Januar
the years indicated:
1969
through
1973 at
4-F0
1974
through
---- at
4 %
1975
through
1983 at
3 3/4 %
1984
through
1986 at
3.80 %
t
wings Bank
relating
of the
trt hereof.
Notice
accrued
bonds
1 in
For informative purposes, vie have made the following computat ons:
The net - interest cost from May 1, 1967, to the maturities the eof under
this bid is as follows:
Gross dollar interest cost (as of 5-1-1967) $ 815,91 .67
Less premium 40t.25
Net dollar interest cost 815,51 .42
Net interest cost 3.80734%
As a guarantee of good faith, we enclose certified check in tie amount
of $35,000 payable to the City of Des Plaines, Cook County`, I linois,
to be retained by you pending full performance by us and to b for—
feited to the City as full liquidated damages upon failue by id to
accept delivery and pay for the bonds when ready for delivery. This
check may be used in partial payment for said bonds.
Respectfully submitted,
Halsey, Stuart & Co. Inc
and Ass6ciates
Isl Robert Summond, Jr.
Reference is made to your Notice of Sale, dated March 6, 1967 relating
to the sale of $1,750,000 Surface Water Drainage System Bonds of the
City of Des Plaines, Cook County, Illinois, which is made a p rt hereof.
For your legally issued bonds, as more fully described in sai
of Sale, we will pay you principal amount of $1,750,012.52 an
interest from May 1, 19679 to date of delivery of said bonds
bearing interest at the following rate or rates and due Janua
in the years indicated:
1969
through 1974 at
4 1/2 %
1975
-------------at
3 3/4
1976
through 1982 at
3.70%
1983
----------- at
3 3/4 %
1984
through 1986 at
3.80 %
For informative purposes, we have made the following computat
net interest cost from May 1, 1967 to the maturities thereof
this bid is as follows:
I Notice
I accrued
'or bonds
•v 1
.ons: The
ender
Gross dollar interest cost (as of 5-1-1967) $8129937.52
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4/10/67 342
Less premium 12.52
Net dollar interest cost $ 812,925.00
Net interest cost 3.7958%
As is guarantee of good faith, we enclose certified check in the amount
of $35,000 payable to the City of Des Plaines, Cook County, Illinois,
to be retained by you pending full performance by us and to be for—
feited to the City as full liquidated damages upon failure by us to
accept delivery and pay for the bonds when ready for delivery. This
check may be used in partial payment for said bonds.
Joint Account: Respectfully submitted,
John Nuveen & Co (Inc.)
Francis I. duPont Municipals, Inc. John Nuveen & Co., (Inc.
Channer Newman Securities Co. and Associates
McDougal & Condon, oInc.
Mullaney, Wells & Company /s/ Bernard C. Quandt
Reference is made to your Notice of Sale, dated March 6, 1967, relating
to the sale of $1,750,000 Surface Water Drainage System Bonds, of the
City of Des Plaines, Cook County, Illinois, which is made a part hereof.
For your legally issued bonds, as more fully described in said Notice
of Sale, we will pay you principal amount of x$1,750,964.95 and accrued
interest from May 1, 1967 to date of delivery of said bonds for bonds
bearing interest at the following rate or rates and due January 1 in
the years indicated:
1969 through 1974 at 4 0
1975 through 1977 at 320
1978 through 1983 at 3 3/4 %
1984 through 1986 at 3.80 %
For informative purposes, we have made the following computations:
The net interest cost from May 1, 1967 to the maturities thereof
under this bid is as follows:
Gross dollar interest cost (as of 5-1-1967)
Less premium
Net dollar interest cost
Net interest cost
$8139187.66
964.95
812,222.71
3.79247 %
As a guarantee of good faith, we enclose certified check in the amount
of $35,000 payable to the City of Des Plaines, Cook County, Illinois,
to be retained by you pending full performance by us and to be for—
feited to the City ,ns full liquidated damages upon failure by us to
accept delivery and pay for the bonds when ready for delivery. This
the k may be used in partial payment for said bonds.
Respectfully submitted,
Continental Illinois National Bank
and Trust Company of Chicago, Manager
/s/ J.W. Owen
Syndicate Manager — Bond Department
Reference is made to your Notice of Sale, dated March 6, 1967, relating
to the sale of x$1,750,000 Surface Water Drainage System Bonds, of the
City of Ties Plaines, Cook County, Illinois, which is made a part hereof.
For your legally issued bonds as more fully described in said Notice of
Sale, we will pay you principal amount of $1,750,288.20 and accrued
interest from May 1, 1967, to date of delivery of said bonds for bonds
bearing interest at the following; rate or rates and due January 1 in
the years indicated:
1969 through 1974 at 4-k%
1975 3 3/4%
1976 3 1/217'0
1977 through 1883 at 3 3/4 %
1984 through 1986 at 3.80 %
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4/10/67
Page four
For informative purposes, we have made
The net interest cost from May 1, 1967
under this bid is as follows:
the following computat ons:
to the maturities the% of
Gross dollar interest cost (as of 5-1-15167) $815,958,20
Less premium 288,20
Net dollar interest cost 815,670 00
Net interest cost 3.8085713%
As a guarantee of good faith, we enclose certified check int e amount
of $35,000 payable to the City of Des Plaines, Cook County, Illinois,
to be retained by you pending full performance by us and to b for-
feited to the City as full liquidated damages upon failure by us to
accept delivery and pay for the bonds when ready for delivery This
check may be used in partial payment for said bonds.
The First National Bank of Chicago Respectfully submitted
Account Manager
The First 1,Tational Bank of
A. G. Becker & Co., Incorporated Chicago
Blunt Ellis & Simmons Account Manager
McMaster Hutchinson & Co.
Isl George Rhends, V. President
Reference is made to your Notice of Sale, dated March 6, 1967 relating
to the sale of 1,750,000 Surface Water Drainage System Bonds of the
City of Des Plaines, Cook County, Illinois, which is made a p rt
hereof.
For your legally issued bonds, as more fully described in said Notice
of Sale, we will pay you principal amount of $1,750,036 and accrued
interest from May 1, 1967 to date of delivery of said bonds for bonds
bearing interest at the following rate or rates and due January 1 in
the years indicated:
1969
through
1972 at
4Y
1973
through
---- at
3 3/4 %
1974
through
1981 at
3.600
1982
through
1983 at
3.70%
1984
through
1986 at
3 3/4%
For informative purposes, we have made the following computat ons:
The net interest cost from May 1, 1967 to the maturities ther of
under this bid is as follows:
Gross dollar interest cost (as of 5-1-1967) $794,91.67
Less premium 36.00
Net dollar interest cost 7949 55.67
Net interest cost 3. 0998%
As a guarantee of good faith, we enclose cashier's check in tile amount
of 35,000 payable to the City of Des Plaines, Cook County, Illinois,
to be retained by you pending full performance by us and to be for-
feited to the City as full liquidated damages upon failure by us to
accept delivery and pay for the bonds when ready for delivery. This
check may be used in partial payment for said bonds.
TABULATE BIDS:
Respectfully submitted,
The Northern Trust Co.
/s/ Lawrence It. Brown
Second Vice President
It was moved by Alderman Prickett
seconded by Alderman Wagner that
Benjamin be excused to tabulate t}
wkile the City Council continues v
its regular business and that when
Benjamin has finished tabulating I
lie returns and reports to the Cita
and
e bids
ith
Mr.
lie bids
Council
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344
4/10/67
Page five
(Talulate Bids, On Roll Call, the vote was:
Continued) AYES: - 10 - Alderman 14'agner, Swanson,
Martin, Bonaguidi, Prickett,
t;Tright, Leer, Shillington,
Figard, Mayor.
NAYS: - 0 - None
ABSENT: - 5 - Aldermen Czubakowski, Rateike,
Szabo, Bolek,, rWe'e /,/&_a
There being ten affirmative votes,
MOTION CARRIER.
Approve Sign Request It was moved by Alderman Prickett and
_Saxon Pints seconded by Alderman Wagner to concur with
Building Control and Inspection Committee's
recommendation to approve the sign request
of Saxon Paints, 1170 Lee Street 77' in
length and 8' in height above window and
entrance and a second sign 20' in t9Tidth by 9' in heir*,ht, facing south
and north perpendicular to Lee Street and the Building Commissioner be
authorized to issue the necessary permit. Motion Carried.
Authorize purchase of It was moved by Alderman Shillington and
trees second q b aAl erman Si;ranson to purchase
200,I eR frie/s from Boyd's Nursery in
McMinneville, Tennessee at an approximate
cost of 811.50 Per tree. On Roll Call, the
vote was:
AYES: - 10 - Alderman Wagner, Swanson,
Martin, Bonaguidi, Prickett,
Wright, Leer, Shillington,
Figard, Mayor.
NAYS: 0 - None
ABSENT: 5 - Alderman Cz,ub4ko�vski, Rateike,
Szabo, Bolek,
There being ten affirmative votes,
MOTION CARRIED.
Stogy Signs - Iioward St. It was moved by Alderman Wagner and seconded
between Lee & Mannheim by Alderman Prickett to authorize and direct
F the Department of Public Works to install
stop signs on Howard Street, between Lee
and Mannheim on a sixty-day police order.
Motion Carried.
Awad Bid to Pursuant to Mr. Benjamin's recommendation,
The'Northern Trust Co. it was moved by Alderman Prickett and
seconded by Alderman Bonaguidi that the
sale of $1,750,000 Surface Water Drainage
System Bonds be awarded to The Northern
Trust Company at ari net interest cost
of 3.70998% and that the Mayor and City
Clerk be authorized and directed to execute
said bid.
On Roll Call, the vote was:
AYES: - 10 - Alderman Wagner, Swanson,
Martin, Bonaguidi, Prickett,
%'right, Leer, Shillington,
Figard, Mayor
NAYS: 0 - None
ABSENT: 5 - Alderman Czubakowski Rateike,
Szabo, Bolek,
There being ten affirmative votes,
MOTION CARRIED.
CHECKS OF UNSUCCESSFUL It was moved by Alderman Prickett and seconded
BIDDERS RETURNED. by Alderman Swanson that the checks of the
unsuccessful bidders be returned to them
with our thanks. On Roll Call, the vote was:
AYES: - 10 - Alderman Wagner, Swanson,
Martin, Bonaguidi, Prickett,
Wright, Leer, Shillington,
Figard, Mayor
NAYS: 0 - None
ABSENT: 5 - Alderman Czubakowski, Rateike,
Szabo, Bolek, FWf Ne f%
There being ten affirmative votes, MOTION
CARRIED.
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4/10/67
Page six
ADJOURNMENT: It was moved by Alderman Shilling on and
seconded by Alderman Bonaguidi thFtt the
adjourned meeting of the City Council
adjourn. MOTION CARRIED.
APPROVED BY ATE THIS ` �� � DAY
OF , 19679 .D.
A7// ZC,/,
Bertha Eleanor Rohrbach
City Clerk
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