Travis County Commssioners Court
January 20, 2004
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Items 33, 34 & 35
33 is accept and open bids relating to and consider and take appropriate action on authorizing the issuance of $7,830,000, Travis County, Texas, unlimited tax road bonds series 2004 and matters pertaining there to. 34 is to accept an open bid relating to and consider and take appropriate action on an order authorizing the issuance of $1.8 million, or $1,800,000, Travis County, Texas, certificates of obligation. Series 2004 limited tax and matters relating the thereto, and item number 35, accept an open bid relating to and considering take appropriate action on an order authorizing the issuance of $4,090,000 Travis County, county, Texas, series 2004 limited tax and amounts pertaining thereto. Good morning.
>> I'm your financial advisor and we did advertise for bids to be open at 10 this morning. The bids were taken electronically. I'm glad to see, I guess all the media here, they found out of your triple a ratings were affirmed here again, Travis County has a higher bond rating than the state and the city. We got very good bids this morning. First of all, I introduce who is with me. We have handed out to you the compilation of the bids that were taken electronically, and the apparent -- the winner on the 7,830,000 road bonds is the wachovia securities, and their bid was 3.905298. We've checked this bid for accuracy and compliance with the bidding conditions and that would be the one that I recommend that you award.
>> who?
>> wachovia be awarded the $7,835,000 unlimited tax bonds and item number -- that is 33, right? Anymore discussion? All those in favor? Commissioner Sonleitner, Gomez, Daugherty, and yours truly abtakening. Commissioner Davis? By the way that motion includes approval of everything else in item 33, which is execute the necessary instruments and adopt the order ...
>> and adopt the order also. Okay. On the 4,090,000 Travis County permanent improvement bonds, series 2004, the -- the low bid on the true interest cost was he edwards and son, at 3.9224652, and I would recommend that you also award that on the permanent improvement bonds to them.
>> move that we follow the recommendation and award this bid to he edwards and sons,, inc., The amount of $4,090,000 permanent improvement bonds and the orders to carry this out including the order authorizing as set forth in agenda item number 34. Anymore discussion? Will that get it done for us? All in favor? That passes by -- hold on. Hold on. That is a vote of four by Commissioner Sonleitner, Gomez, Daugherty, and yours truly, abstaining, Commissioner Davis.
>> thank you, judge. On the $1,800,000 Travis County certificates of obligation, series 2004, these are on a five year amortization so the rates are going to be much lower, the winning bid was from first southwest company and that bid is 1.967299.
>> and a moment ago we kind of flipped 34 and 35. We approved 35, 4,090,000 previewly.
>> yes, sir.
>> that shows that correction. And the recommendation now is to award the 1,800,000 to first southwest company, right?
>> uh-huh.
>> that's correct, yes, sir.
>> at an interest rate of 1.9672399 and I move approval and that we authorize execution of all of the other documents necessary to carry this out including the proposed order authorizing. Second by Commissioner Gomez. Anymore discussion? All in favor? That is supported by Commissioner Sonleitner, Daugherty, Gomez and yours truly.
>> the reason for my abstention is I have a relative employed by these companies that are submitting the bid.
>> yes. Okay. Thank you, judge. We can bring the necessary items for signature back to you at lunchtime. We certainly appreciate you recessing the previous item to let us come in, we can tell the winners they did win, they can sell the brond.
>> thank you, appreciate it.
>> judge, I keep everything in my drawer, and I pulled out when we had a bond sale for a couple of years ago, and the rates are unbelievably lower than where we were. On the road bonds we're at 3.9, we were selling a couple of years ago was 4.76. On the permanent improvement bond, the winning bid was 3.92 and a couple of years ago was 4.7, and on the co's, we got them for 3.8 and the winning bid this time was 1.9, so we have substantially improved in terms of the rating.
>> thank you, thank you very much. Appreciate it.
Last Modified: TUesday, January 21, 2004 8:25 AM