Travis County Commissioners Court
February 1, 2005
Items 31, 32 & 33
We have our consultants here on 32 three items, number 31, accept and open bids relating to and consider and take action on an order authorizing the issuance of $1,150,000 Travis County, Texas unlimited tax road bonds, series 2005, and matters pertaining there to.
>> judge, Commissioners, I'm ladd ba tell, your financial advisor here. We've had a very good bond sale this morning. We advertised for bids to be submitted at 10:00 a.m. This morning. And my associate has just handed you the compilation of the bids. It's our third time to do it this way. It's extremely efficient way to do it. Also if any of the bidding parameters were missed, the ideal system would kick it out. So it's a very good system to do. We received bids on the co's, the permanent improvement bonds and the road bonds. Just to back up, we also have bond ratings that were confirmed about three weeks ago with triple a. I remind everyone listening we're only one of four counties in Texas that has a triple a bond rating and I congratulate you for that. We also published notice for for the certificates of obligation well beyond the limits that are required by law. I believe we did it three weeks ago. And we comply with everything. The bids have come in very good. I will take them in the order and show you how they came in. On the top sheet is on the 12,400,000 certificates of obligation.
>> okay. I just called up 31. Do I need to call all of them up?
>> you might as well call them all up.
>> 32 is to accept and open widz relating to and consider and take action on an order authorizing the issuance of $12,400,000, Travis County, Texas, certificates of obligation, series 2005, limited tax and matters pertaining there to. And 33 is to accept and open bids relating to and consider and take action on an order authorizing the issuance of $3,940,000 Travis County, Texas prm improvement bonds series 2005, limited tax, and matters pertaining there to. So 31, 32 and 33.
>> judge, I did not introduce glen oakley, bond counsel. And we have others with us that were with us when we received the bids. I will go ahead and go to the second page i've handed you so we can do them in the order they're on the agenda. For the 1,150,000 unlimited tax road bonds, which were 20 year bonds, the winning bid, the low bid is from first southwest company at 4.069783. And the cover bid there, as you can see, was from city group dploab al markets at 4.096.
>> so this is the interest they would charge to issue bonds in this amount.
>> yes, sir. They bid could you upon rates on each of the 20 maturities. And when that's calculated in on a weighted average basis, the true interest costs comes to 4.069 #. > move approval of first southwest company. Second? Discussion? Anything else we need to do about this one?
>> no, sir. Other than we have -- in your backup you have the order that you need to adopt to authorize the issuance of the bonds, the interest rates and purchaser has been put into them. Those are the only changes that have been made and with that you can adopt the order.
>> if we move approval of all the language that our lawyers have provided in 31, does that cover it? Let's authorize the county judge, the county clerk?
>> I believe on the order we have each of the -- the judge and each Commissioner sign the bond order. That is the way we have done it traditionally.
>> authorize execution of these documents skillfully prepared by our consultants. Any more discussion on the motion? Do we have a motion? All in favor? That passes --
>> i'll abstain, judge.
>> all in favor, Commissioners Gomez, Daugherty, Sonleitner and yours truly, abstaining Commissioner Davis.
>> i'll submit an affidavit later.
>> > now number 32.
>> item 32 is the sale of the $12.4 million certificates of obligation, which are limited tax. And these are five-year obligations, so they're -- it would certainly explain the difference in the interest rates. They're much shorter. And once again, the winning bid came from first southwest company at 2.765116, with the cover bid from coastal securities from houston at 2.005.
>> 8.
>> 2.8? Pardon me, 2.8.
>> move approval.
>> second.
>> and the motion includes signing the documents.
>> the adoption of the order authorizing the co's.
>> okay. All in favor? Show Commissioners Sonleitner, Gomez, Daugherty and yours truly voting in favor. Abstaining is --
>> for the same reason.
>> Commissioner Davis.
>> and item 33?
>> item 33 is the sale of the 3.94 million permanent improvement bonds, limited tax. These are 20-year bonds. The winning bid was from city group global markets, inc., At 4.020667. And their cover, the number 2, was 4 -- it was first southwest company at 4.032637. So I would recommend you approve the order authorizing those bonds and award them to city group global markets.
>> move approval of the recommendations to award to city group global. And authorize signing of the documents prepared for us for effectuate this item.
>> what was the name of the company that received it?
>> city group global markets incorporated.
>> city group? They have no affiliation with first southwest?
>> no, sir. First southwest, unfortunately for them, did not win this one. They are number two.
>> I can vote on this one.
>> any more discussion? All in favor? That passes by unanimous vote.
>> I think that takes care of it. We do have the signed bid forms which we would need to get your signature on, judge, which we can send somebody up quickly and then that way we're done with that.
>> okay.
>> are we 14 or 15 with triple a?
>> 14. -- one of four?
>> dallas county, tear rant county and collin county and Travis County.
>> good company there, Commissioner.
>> yes. Thank you very much.
>> thank y'all.
>> thank you.
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Last Modified:
Wednesday, February 2, 2005 9:40 AM