Travis County Commissioners Court
March 21, 2006
Item 26
26. Accept and open bids and take appropriate action on an order authorizing the issuance of $16,110,000 Travis County, Texas, unlimited tax road bonds, series 2006, and matters pertaining thereto. We have accepted the bids. Do you need to formally accept them.
>> > no, you need to formally accept them, judge. >> > all right, Commissioner Gomez moves that we accept them. Them. >> > > second. >> > all in favor? That passes by unanimous vote. Let's open those. >> > okay. >> > the -- the good morning, judge and Commissioners. It's really wonderful to be back with you again. I appreciate all of your support, thoughts and prayers while I was gone. >> > welcome back. >> > this morning we have sold your 2006 issue of -- of bonds, permanent improvement bonds, road bonds, certificates of obligation. We have given you a compilation of the bids, we are doing it electrically, our ratings of triple a from standard and poors and triple a for standards and moodies. We complied with the [indiscernible] also published your preliminary official statements on the 10th of March. What I would like to do is we have the -- the bid forms from the winners, these -- like I said these are done electronically, to actually open the bids, which is now almost an antiquated term, the bids come in via the internet. All on atomic clock. It gets agents scary in that only 44 million-dollar issue with two minutes to go we had no bids and with 15 second to go we had 10 bids. They just hit the button at the right time to submit their bid. If they missed the bidding parameters at ought, the conditions that we have set, the -- the computer system at parity bidding will reject their bid, we don't have to get involved in that, it's all done automatically. What I would like to do is now that in order of the -- with me this morning of course is glen oppel your county bond counsel and my associate sharon huck keltree who has done an excellent job of taking care of you while I’ve been gone. The first on the agenda was the -- was the road bonds, the 16 million, 110 and the winning bid came from -- from prager, sealy and company from new york at 4.31759. That checks out to be in total compliance and so I would recommend the award to them. You usually ask me how this goes from year to year. In the '05 February or -- we sold the similar type of bonds for 4.069. So rates have gone up about 25 basis points or so. >> > recommendation to award the bid to prater, sealy and company, right? That's what we need to do on 26. >> > judge, we need to adopt the order authorizing the issuance of the unlimited tax [indiscernible] bonds that would be your motion. >> > if we adopt the order, that means we approve this one or do we need to do both. >> > if you adopt the order, it has been conformed to include the numbers and the winning bidder from the bid. Really the action that you -- if you adopt the order you would have taken all of the action you need to take, so will the road bonds. >> > then my order then is to adopt the order. >> > Commissioner Davis? >> > I just want to -- I’m an abstaining on this. Any more discussion? All in favor? Show Commissioner Gomez, Commissioner Daugherty, Commissioner Sonleitner and yours truly in favor, Commissioner Davis abstaining.
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Last Modified:
Tuesday, March 22, 2006 7:57 AM