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Home My WebLink About2002 11-07 City Council Special Meeting PacketAGENDA CITY COUNCIL SPECIAL MEETING 5:10 P.M., Thursday, November 7, 2002 Maplewood Room, City Hall A. CALL TO ORDER B. ROLL CALL C. NEW BUSINESS 1. General Obligation Improvement Refunding Bonds, Series 2002B 2. General Obligation Tax Increment Refunding Bond, Series 2002C 3. General Obligation Open Space Refunding Bonds, Series 2002D D. ADJOURNMENT 85 E. SEVENTH PLACE, SURE 100 SAINT PAUL, MN 55101 -2887 651.223.3000 FAX: 651.223.3002 E -MAIL: advisorsOspringsted.com SPRINGSTED Advisors to the Public Sector $3,385,000* CITY OF MAPLEWOOD, MINNESOTA GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2002B (BOOK ENTRY ONLY) AWARD: SALE: November 7, 2002 Moody's Rating: Aaa MBIA Insured Interest Bidder Rates Net Interest True Interest Price Cost Rate RBC DAIN RAUSCHER INC. 2.25% 2004 $3,402,370.50 $548,460.75 3.2878% 2.50% 2005 2.75% 2006 3.00% 2007 3.25% 2008 3.50% 2009 3.75% 2010 4.00% 2011 U.S. BANCORP PIPER JAFFRAY INC. 2.50% WELLS FARGO BROKERAGE 3.00% SERVICES, LLC 3.05 3.25% 3.55% 3.65% 2004 -2006 $3,371,629.25 $546,171.38 3.2974 2007 2008 2009 2010 2011 CRONIN & COMPANY, INCORPORATED 3.00% 2004 -2007 $3,418,850.00 $551,815.63 3.3001% 3.25% 2008 3.50% 2009 4.00% 2010 -2011 (Continued) RBC DAIN RAUSCHER INC. CORPORATE OFFICE: SAINT PAUL, MN * Visit our website at w .spdnpled.wno DESMOINES,IA • MILWAUKEE,WI - MINNEAPOLIS,MN - OVERLANDPARY KS • VIRGINIA BEACH, VA • WASIENGTON,DC REOFFERING SCHEDULE OF THE PURCHASER Rate Year Yield 2.25 0 /6 2004 1.72% 2.50% 2005 2.02% 2.75% 2006 2.35% 3.00 0 /0 2007 2.69% 3.25% 2008 3.01% 3.50% 2009 3.25% 3.75% 2010 3.50% 4.00% 2011 3.625% BBI: 4.95% Average Maturity: 4.885 Years " Subsequent to bid opening, the issue size decreased to $3,345,000. The February 1, 2004 through February 1, 2011 maturities each decreased by $5,000. 85 E. SEVENTH PLACE, SUITE 100 SAINT PAUL, MN 55101 -2887 651.223.3000 FAX: 651.223.3002 E -MAIL: advisors@)springsted.com $5,280,000* CITY OF MAPLEWOOD, MINNESOTA GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 2002C (BOOK ENTRY ONLY) AWARD: CRONIN & COMPANY, INCORPORATED SALOMON SMITH BARNEY MORGAN STANLEY — MORGAN STANLEY DW INC. UBS PAINEWEBBER INCORPORATED CIBC WORLD MARKETS CITIZENS BANK KIRLIN SECURITIES, INC. SPRINGSTED Advisors to the Public Sector SALE: November 7, 2002 Moody's Rating: Aa2 Bidder Interest Rates Net Interest True Interest Price Cost Rate CRONIN & COMPANY, INCORPORATED 3.00% 2004 -2007 $5,332,800.00 $1 3.6529% SALOMON SMITH BARNEY 3.25% 2008 MORGAN STANLEY - 3.50% 2009 MORGAN STANLEY DW INC. 3.75% 2010 UBS PAINEWEBBER INCORPORATED 4.00% 2011 -2012 CIBC WORLD MARKETS 4.25% 2013 -2014 CITIZENS BANK 4.50% 2015 KIRLIN SECURITIES, INC RBC DAIN RAUSCHER INC. 2.25% 2.50% 2.75% 3.00% 3.25% 3.50% 3.625% 3.80% 3.90% 4.10% 4.20% 2004 $5,260,655.30 $1,293,006.89 3.6675% 2005 2006 2007 2008 2009 -2010 2011 2012 2013 2014 2015 (Continued) CORPORATE OFFICE: SAINTPAUL,MN • Visit our website at www.springsted.com DES MOINES, IA • MILWAUKEE, WI • MINNEAPOLIS, MN • OVERLAND PARK; KS • VIRGINIA BEACH, VA • WASHINGTON, DC Interest Net Interest True Interest Bidder Rates Price Cost Rate U.S. BANCORP PIPER JAFFRAY INC. 2.50% 2004 -2006 WELLS FARGO BROKERAGE 3.00% 2007 SERVICES, LLC 3.05% 2008 3.00% 3.25% 2009 3.00% 3.55% 2010 3.25% 3.65% 2011 3.50% 3.75% 2012 3.75% 3.90% 2013 4.00 0 /6 4.05% 2014 4.00% 4.20% 2015 $5,243,040.00 $1,294,637.50 3.6789% - REOFFERING SCHEDULE OF THE PURCHASER Rate Year Yield 3.00 2004 1.65% 3.00% 2005 2.00 0 /6 3.00% 2006 2.35% 3.00% 2007 2.65% 3.25% 2008 3.00 0 /6 3.50% 2009 3.25% 3.75% 2010 3.50% 4.00 0 /6 2011 3.60% 4.00% 2012 3.75% 4.25% 2013 3.90% 4.25% 2014 4.00 0 /6 4.50% 2015 4.20% BBI: 4.95% Average Maturity: 6.650 Years * Subsequent to bid opening, the issue size decreased to $5,185,000. The February 1, 2004 maturity decreased by $15,000; the February 1, 2005 through February 1, 2011 maturities each decreased by $10,000; and the February 1, 2012 through February 1, 2013 maturities each decreased by $5,000. 85 E. SEVENTH PLACE, SUITE 100 SAINT PAUL, MN 55101 -2887 651.223.3000 FAX:651.223.3002 E -MAIL: advisorspspringsted.com SPRINGSTED Advisors to the Public Sector $3,485,000* CITY OF MAPLEWOOD, MINNESOTA GENERAL OBLIGATION OPEN SPACE REFUNDING BONDS, SERIES 2002D (BOOK ENTRY ONLY) AWARD: CRONIN & COMPANY, INCORPORATED CIBC WORLD MARKETS CITIZENS BANK KIRLIN SECURITIES, INC. SALE: November 7, 2002 Moody's Rating: Aa2 Interest Net Interest True Interest Bidder Rates Price Cost Rate CRONIN & COMPANY, INCORPORATED 3.00% 2004 -2007 $3,519,850.00 $905,958.33 3.5641% CIBC WORLD MARKETS 3.25% 2008 CITIZENS BANK 3.50% 2009 KIRLIN SECURITIES, INC. 4.00% 2010 -2014 U.S. BANCORP PIPER JAFFRAY INC. 2.50% 2004 -2006 $3,465,832.50 $906,569.37 3.5976% WELLS FARGO BROKERAGE 3.00% 2007 SERVICES, LLC 3.05% 2008 3.25% 2009 3.55% 2010 3.65% 2011 3.75% 2012 3.90% 2013 4.05% 2014 RBC DAIN RAUSCHER INC. 2.25% 2004 $3,470,871.50 $915,816.62 3.6314% 2.50% 2005 2.75% 2006 3.00% 2007 3.25% 2008 3.50% 2009 -2010 3.625% 2011 3.80% 2012 3.95% 2013 4.10% 2014 (Continued) CORPORATE OFFICE: SAINT PAUL, MN • Visit our websima www.springswd.com DES MOINES, IA • MI.WAUKEE,Wl • MINNEAPOLIS, MN • OVERLAND PARK, KS • VIRGINIA BEACH, VA • WASHINGTON, DC REOFFERING SCHEDULE OF THE PURCHASER Rate Year Yield 3.00% 2004 1.70% 3.00% 2005 2.00% 3.00% 2006 2.35% 3.00% 2007 2.65% 3.25% 2008 3.00% 3.50% 2009 3.25% 4.00% 2010 3.50% 4.00% 2011 3.60% 4.00% 2012 3.75% 4.00% 2013 3.90% 4.00% 2014 4.00% BBI: 4.95% Average Maturity: 7.205 Years Subsequent to bid opening, the issue size decreased to $3,425,000. The October 1, 2004 maturity decreased by $15,000; the October 1, 2005 and October 1, 2006 maturities each decreased by $10,000; and the October 1, 2007, October 1, 2008, October 1, 2009, October 1, 2010 and October 1, 2014 maturities each decreased by $5,000.