1982-12-06 - Resolution 1982-57 - ACCEPTING OFFER TO PURCHASE $5,025,000 OF CORPORATE PURPOSE BONDS OF THE VILLAGE OF BUFFALO GROVE RESOLUTION NO.82- 57
RESOLUTION ACCEPTING OFFER TO PUR-
CHASE $5, 025, 000 OF CORPORATE PURPOSE
BONDS OF THE VILLAGE OF BUFFALO GROVE,
COOK AND LAKE COUNTIES, ILLINOIS
BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE
COUNTIES, ILLINOIS, AS FOLLOWS :
Section 1. It is found and declared as follows:
(a) It is necessary and in the best interests of
the Village of Buffalo Grove, Cook and Lake Counties,
Illinois (the "Village" ) , to issue $5, 025, 000 of Cor-
porate Purpose Bonds, Series 1982-A (the "Bonds" ) , of
the Village for the purpose of providing funds for
various corporate purposes, including paying costs of
engineering, land acquisition and construction of
Village water system and street improvements.
(b) The President and Board of Trustees of the
Village have caused a Notice of Sale, together with an
Official Statement, to be prepared and distributed
calling for bids to purchase the Bonds. The prepara-
tion and distribution of the Notice of Sale and the
Official Statement, copies of which are attached here-
to, are approved, ratified and confirmed.
(c) Bids for the Bonds have been submitted as
follows:
-2—
Name of Bidder Total Interest
See Exhibit C Attached
The bid The Northern Trust Co. , Chicago,
(d) of 11 . , et, al , for
the purchase of the Bonds is determined to be the best
bid.
Section 2 . It is determined to accept the bid of
The Northern Trust Co. , Chicago, I 1 . et. al ., and it is determined
to proceed to issue the Bonds to such purchaser(s) pursuant
to that bid. The President of the Village is authorized and
directed to accept that offer on behalf of the Village. A
copy of the bid as so accepted is attached to and made a
part of this Resolution. The appropriate officers of the
Village are authorized and directed to take such steps to
issue the Bonds in accordance with the accepted bid and to
give such certificates pertaining to the Bonds and the use
of the proceeds thereof, as may be needed to facilitate the
sale of the Bonds.
Section 3 . This Resolution is effective upon its
adoption.
PASSED by the President and Board of Trustees of
the Village, December 6 , 1982 .
-3-
APPROVED, December 6 , 1982
Preside
ATTEST:
11ac. Clerk
PASSED: This 6 th day of December, 1982 .
AYES: 6 - NAYS: 0-None ABSENT: 0-None PASS: December 6, 1982
Mar ientha1 ,
Stone, O'Reilly,
Hartstein,
Gerschefske,
Schwartz
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CURRENT MUNICIPAL YIELDS Market IA o,rmation, as of:
Aaa Aa A-1 A Baa-1
' 102
1983 5.25 5. 50 6. 00 6. 25 7. 00
1984 5. 75 6. 000t(6. 50 6.75 7. 50 FED FUNDS WEEKLY AVERAGE
1985 6. 25 6. 50407. 00 7. 25 8 . 00
1986 6.75 7. 007.2- 7.50 7. 75 8. 50 8 . 69%
1987 7. 00 7.25751) 7.75 8. 10 9. 00
1988 7. 25 7 . 50840 8. 00 8.40 9. 50 TNT PRIME RATE
1989 7. 50 7. 75E458.25 8.70 9.75
1990 7. 75 8. 0084) 8.50 9.00 10 . 00 11. 50%
1991 8.00 8. 25tti8. 75 9. 25 10. 20
1992 8. 25 8. 509409.00 9. 50 10.40
DISCOUNT RATE
1993 8.50 8. 75/409.20 9.70 10.60
1994 8. 75 9. 00+440 9.40 9.85 10.80 9. 00%
1995 9. 00 9. 20 tk 9. 60 10.00 11. 00
1996 9.10 9. 30/a‘9.80 10.10 11. 00
1997 9. 20 9.40 10.00 10.20 11. 10
TAXABLE YIELDS
1998 9. 30 9. 50 10.10 10. 30 11. 20
1999 9.35 9. 55 10. 20 10.40 11.30 U.S. Fed
2000 9.40 9. 60 10. 25 10.45 11.40 Treas Agency
2001 9.40 9. 60 10.30 10. 50 11. 50 2 yr 9.86 10. 00
2002 9.40 9. 60 10. 30 10. 50 11. 50 4 yr 10.44 10. 95
2007 9. 50 9. 70 10. 50 10. 60 11. 60 10 yr 10. 65 11. 11
2012 9. 60 9.80 10.60 10.70 11.70 30 yr 10. 63 ---
SHORT TERM YIELDS
3 mo 6 mo 9 mo 12 mo
Tax Free PNs 4 .50 4 . 90 5. 20 5.30
Treasury Bills 8.40 8 . 90 9.00 9. 20
Secondary CDs 8. 90 9 . 15 -- --
Euor Dollars 9. 50 9 .88 10.00 10.13
TAX-EXEMPT INFORMATION
THIS WEEK LAST WEEK YEARS HIGH YEARS LOW
Bond Buyer 11 9 84 9.78 13 . 05 8 .90
Bond Buyer 20 10.2 10. 16 13. 44 9 . 25
Blue List 1. 1. 392MM 1. 503MM 698MM
Visible Supply 4.70B 6. 92B 6. 92B 1. 20B
TREASURY & AGENCY FINANCING
Monday: Auction - 11. 6B 3 & 6 month Treasury Bills
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r R.V. NORENE & Associates, Inc.•
December 6, 1982
Village of Buffalo Grove
Village Hall
50 Raupp Boulevard
Buffalo Grove, Illinois 60090
Gentlemen:
Bids were received today covering $5,025,000 Corporate Purpose
Bonds, Series 1982-A. There were two bids received which are listed at
the bottom of this letter in accordance with the attached signed bids.
Upon examination, it is our opinion that the bid of The Northern
Trust Co. , Chicago, Merrill Lynch White Weld Capital Markets Group, New
York, John Nuveen & Co. , Inc. , Chicago, Blyth Eastman Paine Webber, Inc. , K
New York, Prudential-Bache Securities, Inc. , New York is the best bid
received, and it is further our opinion that it is favorable to the
Village and should be accepted. We therefore recommend that the bonds be
awarded to that bidder at a price of par plus a premium of $101.00 plus z
accured interest being at a net interest rate of 9.124127%.
0
Net Interest
Account Managers Rate oz
a The Northern Trust Co. , Chicago and Merrill Lynch
White Weld Capital Markets Group, New York, John r-i
Nuveen & Co. , Inc. , Chicago, Blyth Eastman Paine
Webber Inc. , New York, Prudential-Bache Securities,
Inc. , New York and Clayton Brown & Associates, Inc. ,
Chicago, Joint Managers and Associates 9.124127%
The First National Bank of Chicago & Continental
Illinois National Bank & Trust Co. of Chicago, Joint
Managers and Associates, In Association With Harris
Trust & Savings Bank, Chicago and E. F. Hutton & Co.
Inc. , New York, Joint Managers, In Association With
La Salle National Bank, Chicago 9.37548%
Respectfully submitted,
Id1A
Y, sident
R. V. Norene & Associates, Inc.
RVN/mc
Lake & Waukegan Office Center, Suite 215 • 1701 Lake Avenue• Glenview, IL 60025 •312-998-9848
r R.V. NORENE & Associates, Inch
S5,025,000
VILLAGE OF BUFFALO GROVE
Cook and Lake Counties , Illinois
CORPORATE PURPOSE BONDS, SERIES 1982-A
Investment Rating: Moody's Investors Service, Inc. . . . A-1
Standard and Poor's AAA (MBIA - Insurance)
Date of Sale: Monday, December 6, 1982
Net
Bidders Prite Coupon Rates Interest
The Northern Trust Co. , Chicago, Merrill Lynch
White Weld Capital Markets Group, New York, John
Nuveen & Co. , Inc. , Chicago, Blyth Eastman Paine
Webber, Inc. , New York, Prudential-Bache Secu-
rities, Inc. , New York, and Clayton Brown & Assoc. ,
w Chicago, Joint Managers 100.0020 1984-88 10.25 9.124127%
z Mercantile Trust Co. , N.A. , Si.t Louis 1989 8.25 ($3,734,049.00)c
J First Interstate Bank of Calif. , Los Angeles 1990 8.50
a Bancnorthwest, Minneapolis 1991 8.75 D
p Shearson/American Express, New York 1992 9.00
L. F. Rothschild, Unterberg, Towbin, New York 1993 9.20
z Weeden Municipal Securities, New York 1994 9.40
z Griffin, Kubik, Stephens & Thompson, Inc. , Chicago 1995 9.60
Dain Bosworth Incorporated, Minneapolis 1996 8.20 0
a Hutchinson, Shockey, Erley & Co. , Chicago
zBecker & Cownie, Inc. , Des Moines
D Blunt, Ellis & Loewi, Inc. , Chicago
Channer Newman Securities Co. , Chicago
The Chicago Corporation, Chicago
Croake Roberts, Inc. , Chicago
Sauerman, Morter & Sauerman, Inc. , Chicago
United States National Bank 4f'Oregan, Portland, OR
Robert W. Baird & Co. , Inc. , Milwaukee
The First National Bank of Chicago & Continental
Illinois National Bank & Trust Co. of Chicago,
Joint Managers 100.0014 1984-87 10.75 9.37548%
Dean Witter Reynold, Inc. , New York 1988 9.10 ($3,836,917.69).
Van Kampen & Merritt, Inc. , Naperville, IL 1989-90 8.75
American National Bank & Trust Co. , Chicago 1991 9.00
Columbian Securities, Inc. , Chicago 1992 9.20
Butcher & Singer Inc. , Philadelphia, PA 1993 9.40
Howe, Barnes & Johnson, Inc. , Chicago 1994-96 9.50
In Association With
Harris Trust & Savings Bank, Chicago, and E. F.
Hutton & Co. , Inc. , New York, Joint Managers
Warburg Paribas Becker - A. G. Becker, Inc. , N. Y.
Smith Barney, Harris Upham & Co. , Inc. , New York
Centerre Bank, N.A. , St. Louis
In Association With
La Salle National Bank, Chicago, Manager
Kidder, Peabody & Co. , New York
Lake & Waukegan Office Center, Suite 215 • 1701 Lake Avenue • Glenview, IL 60025• 312-998-9848 J