Travis County Commissioners Court
May 19, 2009,
Items 17,
18, and 19
Let's take this and we will call that other item up.
17.
accept and open bids relating to, and consider and take action on an order authorizing, the issuance of $6,980,000 Travis County, Texas, unlimited tax road bonds, series 2009, and matters pertaining thereto.
should we act on 17 before I call up 18?
17 is 6.98 million.
road bonds.
>> 17, 18, 19, all at once.
which I believe has been your practice in the past.
18.
accept and open bids relating to, and consider and take action on an order authorizing, the issuance of $17,730,000 Travis County, Texas, certificates of obligation, series 2009 (limited tax), and matters pertaining thereto.
and number 19.
accept and open bids relating to, and consider and take action on an order authorizing, the issuance of $6,705,000 Travis County, Texas, permanent improvement bonds, series 2009 (limited tax), and matters pertaining thereto.
>> [one moment please for change in captioners]
>> we of course put out a preliminary official statement notice of sale on these three issues you just read.
they were both -- these issues were rated and the county confirmed its triple a bond ratings for moody's and standard & poors.
and we took bids this morning via the electronic method we've been using the last five or six years.
where it's all done and it's a fail-safe -- all the bidding parameters, if anything is incorrect, it won't accept their bid.
and everybody is on the same clock.
so we've got some excellent bids, as you can see I've handed out to you.
on the large issue, I put it on front and that's the co's.
it's only five years, so the average maturity in there is about 2.7 years.
the lowest true interest cost bid that we got was from bosc, which is bank of oklahoma.
they're trading their underwriting desk at 1.0407.
that would be the interest, average interest rate on that issue.
on the permanent improvement bonds, which are everything other than roads of your voted authorizations, southwest securities of dallas had the low true interest cost bid of 3.7263.
and some other -- it goes out further than that, but excellent.
i was hoping at 3.75 or better.
and on the last issue, the 6,980,000 unlimited road bonds, that winning bid was once again southwest securities with a 3.7267.
and these are just excellent bids, as I mentioned to you in the last couple of weeks, the -- having an unenhanced natural triple a rating is a huge, huge benefit in this market because bonds rated lower than the triple a, double a's,a's, b dawbl a's are in the mark, but triple a's are like gold and in these days people want these and you've got excellent bids on them.
i'll turn it over to glen and talk about the resolutions.
i also -- in conformity with the bid specifications, we have good faith checks for each one of these in the amount prescribed, and also we have signed bid forms from each one of them filled out that we fielded from the electronic bid.
>> the action items on the agenda today are the adoption of each of the orders authorizing the issuance of the bonds.
the orders are in the form that you have in your agenda backup.
the only changes to that form is that we have gone in and added the interest rates, principal amounts and interest rates to reflect the bid information that ladd has presented to you this morning.
i'll be glad to answer any questions on the orders if you have them.
>> questions?
>> did first southwest participate in this?
>> first southwest did not winnie of them.
>> -- win any of them.
>> I'll be able to vote accordingly.
>> why don't we take separate motions on these.
i move approval of the bid from bosc, inc.
in the amount of 1.740781 percent.
on the $7,730,000 certificates of oicialtion.
>> 17 million.
>> what did I say?
>> 17 million.
you said 7 million.
>> $17,730,000.
>> and that's agenda item 18.
>> seconded by Commissioner Davis.
discussion?
and that would be item 18.
right.
discussion?
all in favor?
that passes by unanimous vote.
the next one is the permanent improvement bonds, which would be item number 19.
move that we approve the bid of southwest securities, inc.
in dallas whose bid is 3.726392.
discussion?
all in favor?
that passes by unanimous vote.
and the third and final one is item number 17 for the $6,980,000 unlimited tax road bonds, series 2009.
i move that we approve the bid of southwest securities, inc.
dallas.
>> second.
>> and that bid was 3.726754%.
discussion?
all in favor?
that passes by unanimous vote.
so do you need to confirm these or have you done that already?
>> these are all confirmed, sir, and we need to just get your signature on the bid forms real quickly so we can get it back to them.
>> move that we authorize the county judge to sign the bid forms on behalf of the Commissioners court or does the whole court sign?
>> just you.
>> second, judge.
>> discussion?
all in favor?
that passes by unanimous vote.
>> thank you very much.
congratulations.
i think that's the lowest borrowing cost you've ever had since I've been around here.
>> that's what a triple a rating will do for you, and your hard work.
>> thank you.
>> thank you.
>> we need to thank you for your fine work on these matters.
The Closed Caption log for this Commissioners Court agenda item is provided by Travis County Internet Services. Since this file is derived from the Closed Captions created during live cablecasts, there are occasional spelling and grammatical errors. This Closed Caption log is not an official record the Commissioners Court Meeting and cannot be relied on for official purposes. For official records please contact the County Clerk at (512) 854-4722.
Last Modified:
Tuesday, May 19, 2009 6:31 PM