Travis County Commissioners Court
January 30, 2007
Items 7, 8 & 9
Number 7, to accept an open bid and take appropriate action on an order thorizing the issuance $35,725,000, Travis County limited attacks role funds in 2007 and matter pertaining there to.
>> good morning, judge and Commissioners. Glen opler, bond counsel, reminded me we should try to take 7, 8, 9 together and discuss all three together.
>> el is to accept and open bids and take appropriate action on an order authoriz authorizing the issuance of $26,705,000, Travis County, certificates of obligation, series 2007, limited tax, and matters pertaining there to. 9 is to accept and open bids and take appropriate action an order authorizing the issuance of $21,005,000, Travis County, permanent improvement bonds, series 2007. Limited limit--tax and matters pertaining there to.
>> good morning, I'm ladpite ladpitel financial adviser. We advertised the bands for sale and took competitive bids. Would remind you and the listeners that we went back to the rating agency. Our Travis County rating with moodies and standard and were reconfirm at the highest level of triple a. Tor that I congratulation you. In the write-ups they point the out although we share the same strong economy as the city and school district they praise your financial management practices. So I congratulate you. We got very good pids here this morning. I handed sharon ogel tree, my associate, has handed to you the summation of the bids. This is all done electronic electronically now. We had a lot of people on the fifth floor wanted to witness it as they came in. Some of these, if you look at the top one, the un unlimited tax bonds were with 15 second tñz to go just two bids and we refresh refreshed it at ten o'clock and there were this many. And it will reject their bid if they are not within the bidel parametersment a fail safe system. Let's go ahead to the un unlimited tax road bonds, 35 725,000. As you can see the lowest net interest cost bid was from piper jaffrey at 4.345. A lot more digits there, but that was the winning bid on the road bonds. On the certificates of obligation--
>> number 7.
>> that was number 7, yes. Pardon me ?
>> why don't we just approve that one.
>> okay. Because glen has resolutions on each one.
>> the action item would be the order authorizing the issuance of the road bonds, the draft of that document should be in your backup. All we have changed is to add the interest rates and the successful bidder's name into the document.
>> successful bidder again is piper javery. That's the motion. Discussion in all in favor. Though Commissioners ekheart Gomez, dougherty, yourself truly voting in favor.
>> I abstain. One of the companies that are bidding on it I was aful ed it and I had had no idea. I am going to have to abstain because of a son affiliated with the first southwest condition. Part of the process. Otherwise, we'll discuss as they come up.
>> all right. Number 8.
>> the certificates for obligation, $26,705,000, series 20072007. As you see there, the just mentioned first southwest company was the winning bid at 4.2222. And the second bid there was 4.28. So that was a very good bid for your certificates of obligation. That is lower. You will see that it's out of line a little bit with the other two that we are going read because it is a short average life because of the five-year cos we put in there. And I recommend your approval of that bid.
>> again, judge, the action item would be to adopt the order authorizing the 26,705 000 certificates of obligation series 2007, again, all we have change in the order is to add the interest rate and the winning purchaser as first southwest company.
>> move approval.
>> second.
>> discussion? All in favor. Commissioner Davis and stains and the rest of the court--ab stains and the rest of the court votes in favor.
>> okay, judge. The next agenda item then is the 21,40005,000--21,005,000 permanent improvement bonds, anything but roads. The winning bid was seely and company at 4.36. And I would recommend that I award the bonds to them.
>> once again, the action item is to adopt the order authorizing the issuance of the 21,005,000 permanent improvement bonds in the form you have with the interest rates and seely inserted.
>> move approval. Discussion? All in favor. Commissioner Davis ab stains and the rest of the court votes in favor.
>> , what I want to do with the abstention, I'd like to supply the court with a disclosure and brief statement on the disclosure purpose as far as my abstention. I just realized that first southwest was a part of this process, just now looking at this.
>> okay.
>> okay, Commissioner, thank you.
>> I'll submit that before the day concludes.
>> anything further? We will fill in the coupon amounts into the bids that are designed and bring them back to you so that forms the contract with these folks. We should close on these bonds and have money in the bank for you on March 1.
>> I can hardly wait to sign those documents.
>> judge, you will be happy to see we trimmed down the signature package quite a bit for you.
>> I may be happy after all.
>> show me as supporting item no. 7 and also number 9. The reason for that is that my son is affiliated with first southwest company. They did not actually receive the bid. So there wasn't no reason for me to abstain, but I did abstain on item no. 8 because of the fact that he -- their company that he is alleviated with did receive a bid on item 8, to I had to abstain on that one. I would like to change my vote to showing, being in support of item 7 and item 9.
>> without objection the official vote then for 7 and 9 will be a anonymous court. And Commissioner Davis still abstains on 8.
>> right. I will submit this written document disclosure to the clerk on item no. 8.
>> thank you very much.
>> thank you, judge.
>> okay.
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Last Modified:
Wednesday, January 31, 2007 6:55 AM