RES 1999-2991 - Accept proposal of Dain Rauscher for 1999 bonds o,,'"H",A,4, Finance Department
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_�'s� � E C H i r"• 'L Omaha/Douglas Civic Center
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®�,ftE"���� � 99 NOV � 6 �; , `� Omaha,Nebraska 68183-1004
o,. MIO (402)444-5416
Telefax(402)444-5423
Oii.44.0 FEBR�r,- C IT•# .ri_1...;-,t, '
Cv;, r` '` i:: �? t S' .4 Louis A.D Ercole
City of Omaha Director
Hal Daub,Mayor
November 16, 1999
Honorable President
and Members of the City Council,
In compliance with Ordinance No. 35059 passed November 16, 1999, I have fixed the date of the
General Obligation Bonds, "Various Purpose and Refunding Bonds, Series of 1999", authorized
to be issued and sold by said Ordinance in the amount of$36,570,000. The bonds will be dated
November 15, 1999, will be issued in fully registered form without coupons, and will be in the
denomination of $5,000 or any integral multiple of $5,000, and will mature serially on 1
November 15. The Bonds of each serial maturity will be numbered in consecutive numerical
order from one upwards in chronological order as issued, and will mature serially on November
15 in each of the years and in the principal amounts shown below, and with interest payable
semi-annually on May 15 and November 15 of each year, commencing May 15, 2000 at the rate
or rates of interest per annum as follows:
Year of Principal Rate of Year of Principal Rate of
Maturity Amount Interest Maturity Amount Interest
2000 $1,920,000 5.00% 2010* ' $2,120,000 5.125%
2001 1,910,000 5.00% 2011* 1,805,000 5.125%
2002 1,910,000 5.00% 2012* 1,695,000 5.125%
2003 2,320,000 5.00% 2013* 1,600,000 5.125%
2004 2,505,000 5.00% 2014* 1,415,000 5.125%
2005 2,500,000 5.00% 2015* 1,390,000 5.125%
2006 2,500,000 5.125% 2016* 1,200,000 5.125%
2007 2,465,000 5.125% 2017* 1,130,000 5.125%
2008 2,350,000 5.125% 2018* 800,000 5.125%
2009 2,235,000 5.125% 2019* 800,000 5.125%
*Redeemable November 15, 2009, and thereafter as stated in the Official Notice of Sale.
Honorable President
and Members of the City Council
Page 2
In compliance with said Ordinance No. 35059, I have caused to be circulated among various
banks, and other financial institutions that customarily purchase such type of bonds, a notice
concerning the sale of said bonds. A summary of said Official Notice of Sale was published in
The Bond Buyer dated November 3, 1999, and an official publication of the Official Notice of
Sale was published in The Daily Record, the official newspaper of the City of Omaha dated
November 9, 1999. In response to such circulation and publication, sealed proposals have been
received by the City until 11:00 o'clock A.M., Omaha time this date, at the Office of the City
Clerk, Omaha,Nebraska. All proposals were publicly opened at that time, read and tabulated in
the Legislative Chambers. Said proposals are listed as follows:
•
Gross Interest
Cost Less Premium Net Interest Average Net
Name of Bidder To Maturity To Be Paid Cost to City Interest Rate
Dain Rauscher $17,047,675.00 $ 278.99 $17,047,396.01 5.1068%
PaineWebber, Inc. $17,093,681.25 $ 2,748.70 $17,090,932.55 5.11988%
Wachovia Securities $17,105,151.25 -0- $17,105,151.25 5.124%
Morgan Keegan $17,143,006.25 $ 8,487.35 $17,134,518.90 5.1329%
William R. Hough& Co. $17,161,973.75 -0- $17,161,973.75 5.1411%
Salomon Smith Barney $17,196,068.75 -0- $17,196,068.75 • 5.151377%
William E. Simon& Sons $17,280,275.00 $ 71,425.15 $17,208,849.85 5.155206%
Piper Jaffray, Inc. $17,598,250.00 $303,781.52 $17,294,468.48 5.180854%
Honorable President
and Members of the City Council
Page 3
Of the bids received, Damn Rauscher is the best bid, offering an average net interest rate of
5.1068% for bonds as described in said Official Notice of Sale maturing and bearing interest as
follows:
Bonds Maturing In:
2000—2005 5.00%
2006—2019 5.125%
Pursuant to Ordinance No. 35059 I have, subject to approval of the City Council, awarded the
sale of said bonds to the above named bidders, said best bidders.
Respectfully submitted,
•Louis A. D'Ecr-7,--) e_Li2_,)
ate
Finance Director
P:\FIM9877skz.doc
.NOV-12-99 FRI 05: 16 PM DAIN RAUSCHER CHICAGO FAX NO. 312 559 1765 P. 01
•
•
PROPOSAL FOR PURCHASE OF
effN
= £ Ai
$36,570,000 J M rifr/
City of Omaha.,Nebraska .
Various Purpose and Refunding Bonds
Series of 1999
BONDS TO BE SOLD:NOVEMBER 16, 1999 . .-.... :. ._.
OFFICIAL BID FORM -
The City Council =
' City of Omaha
Omaha,NE 68183 '
Members of the City Council:
We offer to purchase all, but not less than all, of the legally issued, properly executed
obligations of the City of Omaha,Nebraska described as follows:
' $36,570,000 City of Omaha,Nebraska Various Purpose and Refunding Bonds, Series of
1999, dated November 15, 1999 of the denomination of$5,000 or any integral multiple thereof,
in fully registered form without coupons,maturing on November 15 in each of the years and in
the principal amounts shown below, and with interest payable May 15, 2000 and semiannually
thereafter (November 15, 2000 and May 15 and November 15 of each subsequent year) at the
rate or rates of interest per annum as follows:
Year of Principal Rate of Year of Principal Rate of
Maturity Amount Interest Maturity Amount interest
2000 $1,920,000 5.00 % 2010 _ $2,120,000 5. 125
2001 1,910,000 % 2011 1,805,000 . %
2002 1,910,000 % 2012 1,695,000
2003 2,320,000 % 2013 1,600,000
2004 2,505,000 % 2014 1,415.000 %
2005 2,500,000 5.00 % 2015 1,390,000 % .
2006 2,500,000 6.I2% 2016 1,200,000 %
2007 2,465,000 ra 2017 1,130,000
2008 2,350,000 2018 800,0002009 2,235,000 2019 800,000 5.175%
*Redeemable November 15,2009 and thereafter as stated in the Official Notice of Sale. r
We will-pay $3(0,570,000 plus a premium of$27f).99 We will also pay accrued
interest on. the bonds from November 15, 1999 to the date of delivery of the bonds and the
payment of the full purchase price. .
NOV 12-99 FRI 05: 16 PM DAIN RAUSCHER CHICAGO FAX NO. 312 559 1765 P. 02
This offer is made subject to all the terms of the Official Notice of Sale of said bonds •
which is annexed hereto_
[7 Enclosed is a check in the amount of $731,400 drawn on
payable to the order of the City of Omaha, Nebraska, which check is to be returned, or
retained and applied in accordance with the terms of the Official Notice of Sale;
OR
Enclosed is a Financial Surety Bond, identifying the undersigned offeror, in the
amount of S731,400 and otherwise complying with the requirements of the Official
Notice of Sale applying thereto has been submitted to the City of Omaha,Nebraska prior
to the opening of this offer.
The names of the underwriters who arc.associatcd for the purpose of this offer are listed
on the reverse side or on a separate sheet attached hereto,
Respectf1111y submitted, •
By V VP
Name n, ,n -.� -�1,vyv'
Title_ /NO_
•
No addition or alteration, except as provided above,istobe
made to SAYE this Proposal, and IT
MUST NOT BE DETACHED FROM THE OFFICIAL NOTICE
(see other side)
•
•
•
ry.r
•
• 2
.NOV-12-99 FRI 05: 16 PM DAIN RAUSCHER CHICAGO FAX NO. 312 559 1765 P. 03
•
•
Thc following computation is finished for infonnational purposes only and is not a part
of the foregoing Proposal.
Total interest bid - $ 1-7, 047 (075-
Ob
Less premium bid 27?5. qg
Net interest cost $ 17, 04 I, 3q (D. 0
1
Average net interest 5.10(D %
Check No, received with bid.
Bank drawn on: or
•
Returned to:
Accepted this day of November, 1999 •
•
Mayor
•
City Clerk
Financial Surety Bond issued by •and identifying the offeror
received prior to the bid opening.
4..• 1 •
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3
c-25A CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebr 19
RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
WHEREAS,the City Council of the City of Omaha passed Ordinance No. 35059 on
November 16, 1999, authorizing General Obligation Bonds in the amount of$36,570,000, "Various
Purpose and Refunding Bonds, Series of 1999" (the "1999 Bonds"); and,
WHEREAS,the City Council of the City of Omaha adopted Resolution No. 2848 on
November 2, 1999(i) approving the respective forms of the Preliminary Official Statement, Official
Notice of Sale and Official Bid Form pertaining to the 1999 Bonds, (ii) authorized the Finance
Director of the City of Omaha to deliver the Preliminary Official Statement on behalf of the City of
Omaha, (iii) authorized and directed the Acting City Comptroller of the City of Omaha to publish
the Official Notice of Sale in such a manner as he deemed advisable,and(iv) authorized and directed
the City Clerk to receive sealed proposals for the purchase of the Bonds until 11:00 a.m., Omaha
time, on November 16, 1999; and,
WHEREAS,the proposal to purchase the 1999 Bonds at the lowest net interest cost
to the City of Omaha calculated in accordance with the Official Notice of Sale is the proposal
submitted by Dain Rauscher.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF OMAHA:
THAT,the proposal of Dain Rauscher for the purchase of the 1999 Bonds, shall be,
and hereby is accepted by the City of Omaha, subject to the effectiveness of Ordinance No. 35059
authorizing the 1999 Bonds, said proposal being a bid of par for the 1999 Bonds. The 1999 Bonds
shall, in accordance with said proposal, bear interest at the rates per annum as set forth below:
Bonds maturing
2000 - 2005 5.00%
2006 - 2019 5.125%
By
Councilmember
Adopted
City Clerk
Approved
Mayor
•
C-25A CITY OF OMAHA
• LEGISLATIVE CHAMBER
Omaha,Nebr 19
PAGE 2
BE IT FURTHER RESOLVED:
That, the good faith checks of all unsuccessful bidders shall be returned.
BE IT FURTHER RESOLVED:
That, CUSIP identification numbers shall be imprinted on the 1999 Bonds,provided
such numbers shall not constitute a part of the contract evidenced by the 1999 Bonds, and no liability
shall attach to the City of Omaha or any of the officers or agents thereof, including the paying agents
for the 1999 Bonds, on account of any error or omission with respect to said numbers.
BE IT FURTHER RESOLVED:
That, the following are hereby ratified, validated, confirmed and approved (i) the
respective forms of the Preliminary Official Statement, Official Notice of Sale, and Official Bid
Form, (ii) the actions of the Finance Director and the City Comptroller, in causing the publication
of said Official Notice of Sale in The Bond Buyer in New York,New York dated November 3, 1999
and The Daily Record, in Omaha,Nebraska, dated November 9, 1999 and the distribution of the
Preliminary Official Statement, as supplemented, Official Notice of Sale and Official Bid Form to
prospective purchasers, and(iii)the action of the City Clerk in receiving proposals for the purchase
of the 1999 Bonds.
BE IT FURTHER RESOLVED:
That,the Official Statement pertaining to the issuance of the 1999 Bonds is hereby
approved, and the Finance Director or Acting Finance Director of the City of Omaha is hereby
authorized to execute, certify and deliver the aforesaid Official Statement on behalf of the City of
Omaha to said purchasers.
By
Councilmember
Adopted
City Clerk
Approved
Mayor
C-25A CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebr 19
PAGE 3
BE IT FURTHER RESOLVED:
That,the Finance Director, City Comptroller,the County Treasurer(as ex officio City
Treasurer) and all the officials of the City of Omaha be and they hereby are, and each of them hereby
is, authorized to take such action in accordance with the provisions of this Resolution and Ordinance
No. 35059 as is necessary to execute the 1999 Bonds in the amount of$36,570,000 and to effect
their delivery to the purchasers thereof in accordance with the terms of the bid of said purchasers,
and said officials be and they hereby are, and each of them hereby is, authorized to execute such
orders, certificates, receipts and other documents that may be necessary or desirable to effect such
delivery and to receive the purchase price therefor.
APPROVED AS TO FORM:
ITY A O DA E
P:\FIN\4815pjm.doc
G2,0 02 .Z;v2.4cok.
By
_ Councilmember
Adopted NOV 6 1999 4/0
City Clerk
Approvedt419' 9A610
May
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