3. 1996 Bonds.�j
17111, • ' • 1 Or-,
CITY OF
690 COULTER DRIVE • P.O. BOX 147 • CHANHASSEN, MINNESOTA 55317
(612) 937 -1900 • FAX (612) 937 -5739
TO Mayor and City Council
FROM: Don Ashworth, City Manager
DATE: July 1, 1996
SUBJ: Award of Bids, Bonds of 1996
Attached please find the Official Statement for the Bonds of 1996, Series B, C & D. The bids
Will be opened and tabulated at 1:00 p.m. on Monday, July 8 and Dave MacGillivrary will be
present on Monday evening with the bid results and a recommendation.
i
i
1
1
8S E. SEVENTH PLACE, SUITE 100
SAINT PAUL, MN 55101 -2143
612 - 223 -3000 FAX: 612-223-3002
fz
SPRINGSTED
Public Finance Advisors
$4,880,000
CITY OF CHANHASSEN, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1996B
(BOOK ENTRY ONLY)
' AWARD: NORWEST INVESTMENT SERVICES, INC.
FBS INVESTMENT SERVICES, INC.
And Associates
- In Association With -
' PIPER JAFFRAY INC.
ROBERT W. BAIRD & COMPANY, INCORPORATED
I SALE
July 8, 1996
Standard & Poor's Rating: AAA
(FSA Insured)
' 111«10�L
Bidder
Nez mzeresz i rue interest
Rates Price Cost Rate
NORWEST INVESTMENT SERVICES, INC.
4.80%
1998 -2000 $4,826,320.00 $1,455,532.50 5.2756%
' FBS
INVESTMENT SERVICES, INC.
4.90%
2001
Cronin & Company, Incorporated
5.00%
2002 -2003
Juran & Moody, Inc.
5.10%
2004
& Schroeder Financial, Inc.
5.20%
2005
' Miller
Dougherty Dawkins, Inc.
5.30%
2006
American Bank National Association
John G. Kinnard & Company Incorporated
'
Peterson Financial Corporation
In Association With
PIPER JAFFRAY INC.
W. BAIRD & COMPANY,
' ROBERT
INCORPORATED
(Continued)
SAINT PAUL, MN • MINNEAPOLIS, MN • BROOKFIELD, WI • OVERLAND PARK, KS - WASHINGTON, DC • IOWA CITY, IA
FIRST OF AMERICA SECURITIES
SOUTHWEST SECURITIES,
INCORPORATED
WILLIAM R. HOUGH & CO.
NIKE SECURITIES
BETZOLD BERG
J. C. BRADFORD & CO.
° - $4,826,320.00 1 494 092.50 5.4183%
'
5.10 /0 1998 2003 $
5.20% 2004
5.30% 2005 '
5.40% 2006
5.20% 1998 -2004 $4,826,320.00 $1,507,725.00 5.4700% '
5.30% 2005
5.40% 2006
II,
REOFFERING SCHEDULE OF THE PURCHASER
Rate
Year
Yield
4.80%
f
4.40%
Interest
Net Interest
True Interest'
4.80%
Bidder
Rates
Price Cost
Rate
4.85%
DAIN BOSWORTH INCORPORATED
4.60% 1998
$4,827,348.08 $1,484,622.55
5.3786%
2003
Par
4.875% 1999
2004
Par
'
2005
5.00% 2000 -2002
5.30%
2006
Par
5.10% 2003
5.20% 2004
5.35% 2005
'
5.45% 2006
'
SMITH BARNEY
4.80% 1998
$4,826,320.00 $1,487.566.25
5.3925%
'
CRONIN & COMPANY, INCORPORATED
5.00% 1999 -2001
5.10% 2002
5.125% 2003
'
5.20% 2004
5.30% 2005
5.40% 2006
FIRST OF AMERICA SECURITIES
SOUTHWEST SECURITIES,
INCORPORATED
WILLIAM R. HOUGH & CO.
NIKE SECURITIES
BETZOLD BERG
J. C. BRADFORD & CO.
° - $4,826,320.00 1 494 092.50 5.4183%
'
5.10 /0 1998 2003 $
5.20% 2004
5.30% 2005 '
5.40% 2006
5.20% 1998 -2004 $4,826,320.00 $1,507,725.00 5.4700% '
5.30% 2005
5.40% 2006
II,
REOFFERING SCHEDULE OF THE PURCHASER
Rate
Year
Yield
4.80%
1998
4.40%
4.80%
1999
4.60%
4.80%
2000
4.75%
4.90%
2001
4.85%
5.00%
2002
4.95%
5.00%
2003
Par
5.10%
2004
Par
5.20%
2005
Par
5.30%
2006
Par
BBI: 5.94% t
Average Maturity: 5.67 Years
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1
1
85 E. SEVENTH PLACE, SUITE 100
SAINT PAUL, MN 55101 -2143
612 - 223 -3000 FAX: 612-223-3002
SPRINGSTED
Public Fin mceAdvisors
f
$720,000
' CITY OF CHANHASSEN, MINNESOTA
GENERAL OBLIGATION WATER REVENUE BONDS, SERIES 1996C
' (BOOK ENTRY ONLY)
I AWARD:
JURAN & MOODY, INC.
'
SALE:
July 8, 1996
Standard & Poor's Rating: A-
Interest
Net Interest
True Interest
' Bidder
Rates
Price Cost
Rate
JURAN & MOODY,
INC.
4.50%
1998
$712,800.00 $134,112.50
5.1397%
4.65%
1999
4.80%
2000
'
4.90%
2001
5.00%
2002
INVESTMENT SERVICES, INC.
4.60%
1998
$712,800.00 $137,945.00
5.2857%
' NORWEST
FBS INVESTMENT SERVICES, INC.
4.80%
1999
Cronin & Company, Incorporated
4.95%
2000
Juran & Moody, Inc.
5.05%
2001
' Miller
& Schroeder Financial, Inc.
5.15%
2002
Dougherty Dawkins, Inc.
American Bank National Association
G. Kinnard & Company Incorporated
' John
Peterson Financial Corporation
In Association With:
' PIPER
JAFFRAY INC.
ROBERT W. BAIRD & COMPANY, INCORPORATED
-----------------------------------------------------------------------------------------------------------------------------------------------------------------
I These Bonds are not being reoffered.
BBI: 5.94%
Average Maturity: 3.63 Years
SAINT PAUL, MN • MINNEAPOLIS, MN • BROOKFIELD, WI - OVERLAND PARK, KS • WASHINGTON, DC • IOWA CITY, 1A
r
I AWARD:
SMITH BARNEY
85 E. SEVENTH PLACE, SUITE 100
SAINT PAUL, MN 55101 -2143
612- 223 -3000 FAX: 612-223-3002
fz
SPRINGSTED
Public FnwweAdvisors
$4,367,500*
CITY OF CHANHASSEN, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1996D
(BOOK ENTRY ONLY)
SALE:
July 8, 1996
Standard & Poor's Rating: AAA
(AMBAC Insured)
Interest
Net Interest True Interest
'
Bidder
Rates
Price Cost Rate
SMITH BARNEY
5.35% 2003
98.77% $2,021,732.00 5.5845%
'
5.45% 2004
WILLIAM R. HOUGH & CO.
5.35% 2003
98.50% $2,033,577.44 5.6251%
5.45% 2004
'
DAIN BOSWORTH INCORPORATED
5.40% 2003
98.71% $2,038,868.01 5.6432%
5.50% 2004
'
NORWEST INVESTMENT SERVICES, INC.
5.40% 2003
98.50% $2,048,126.09 5.6750%
PIPER JAFFRAY INC.
5.50% 2004
Juran & Moody, Inc.
' John
G. Kinnard & Company Incorporated
American Bank National Association
'
-----------------------------------------------------------------------------------------------------------------------------------------------------------------
These Bonds are being reoffered at par.
BBI: 5.94%
Average Maturity: 6.96 Years
Subsequent to bid opening, the issue size was changed to $4,365,314.40. The 2004 maturity value was reduced by $10, 000 for
a new maturity value of $3,150, 000. .
'
SAINT PAUL, MN • MINNEAPOLIS, MN •
BROOKFIELD, WI • OVERLAND PARK, KS •
WASHINGTON, DC • IOWA CITY, IA
85 E. SEVENTH PLACE, SUITE 100
SAINT PAUL, MN 55101 -2143
612- 223 -3000 FAX: 612-223-3002
fz
SPRINGSTED
Public FnwweAdvisors
$4,367,500*
CITY OF CHANHASSEN, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1996D
(BOOK ENTRY ONLY)