Series 104 2003 ORDINANCES/RESOLUTIONS


Section 104-076; Res. 33-03; Awarding the Bid for Sale of $8,950,000 Water and Electric System Revenue Refunding Bonds, 2003 Series A


Council Bill No.          R 33-03          

A RESOLUTION

awarding the bid for the sale of $8,950,000 Water and Electric System Revenue Refunding Bonds, 2003 Series A of the City of Columbia, Missouri.

BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLUMBIA, MISSOURI, AS FOLLOWS:


    Section 1.  That the City of Columbia, Missouri (the "City"), has offered at competitive public sale $8,950,000 principal amount of its Water and Electric System Revenue Refunding Bonds, 2003 Series A (the "Bonds"), and sealed bids for the Bonds were received by the City, at 11:00 A.M., Central Time, on February 3, 2003, at the office of the Director of Finance of the City (the "Director of Finance"), 701 East Broadway, Columbia, Missouri 65205.



    Section 2.  That notice of said sale was given by mailing copies of the Notice of Bond Sale and Preliminary Official Statement to investment banking firms and banks and other financial institutions located throughout the United States.



    Section 3.  The Preliminary Official Statement dated January 23, 2003 attached hereto as Exhibit "A", is hereby ratified, confirmed and adopted.



    Section 4.  That pursuant to said Notice the following Bids were submitted to the City for the Water and Electric System Refunding and Improvement Revenue Bonds:


        TOTAL        TRUE/NET
    BIDDER    INTEREST COST    PREMIUM    INTEREST COST
Wachovia Bank, National Association  
$2,719,187.40  
$12,315.85  
3.565579%  
Prudential Securities, Inc.  
$2,733,194.92  
$3,083.15  
3.597320%  
US Bancorp Piper Jaffray  
$2,757,324.98  
$28.05  
3.630518%  
Salomon Smith Barney, Inc.  
$2,813,154.38  
$0.00  
3.705144%  
Wells Fargo Brokerage  
$2,882,507.39  
$328.95  
3.790956%  
Banc of America Securities, LLC  
$3,052,734.10  
$129,311.45  
3.799889%  
Morgan Keegan & Company, Inc.  
$3,162,506.81  
$208,916.95  
3.811554%  
Stern Brothers & Co.  
$2,813,339.79  
$0.00  
3.706436%  

    Section 5.  That the Director of Finance has determined that the bid submitted by Wachovia Bank, National Association was the best bid submitted for the Bonds, the best bid being determined based on the lowest true interest cost to the City, and has recommended to the City Council the acceptance of said bid.

    Section 6.  The bid of Wachovia Bank, National Association is accepted as the best bid submitted at public sale on February 3, 2003, for the purchase of the $8,950,000 principal amount of Water and Electric System Revenue Refunding Bonds, 2003 Series A of the City, and the officers of the City and the Director of Finance are authorized to enter into a contract selling the Bonds to Wachovia Bank, National Association on the basis of said bids and the terms specified in the Notice of Bond Sale.

    Section 7.  The principal of and interest on the Bonds shall be payable in lawful money of the United States of America at First Bank of Missouri, Gladstone, Missouri, said bank being hereby designated as the City's paying agent for the payment of the principal of and interest on the Bonds.

    Section 8.  The Mayor, the City Clerk and the Director of Finance of the City are hereby authorized and directed to execute said Bonds and such other documents and take such other actions as may be necessary to effectuate said borrowing on behalf of the City.

    Section 9.  All actions taken by the staff, administration, and advisors to the City pertaining to the publication of the Notice of Bond Sale and the sale of said Bonds are hereby ratified, confirmed, and adopted.

    Section 10.  That this Resolution shall be in full force and effect from and after its adoption by the City.

    ADOPTED this 3rd day of February, 2003.