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COUNTY COMMISSIONERS MEETING 2010 General Obligation Bond Sale
The Board of County Commissioners for Cecil County met in special session in the Perryville Conference Room, located within the County Administrative Building, 200 Chesapeake Blvd., Elkton, Maryland on Tuesday, February, 16, 2010 at 11:00 A.M. to review bids for the $15,420,000 Cecil County Consolidated Public Improvement Bonds of 2010 (Taxable Build America Bonds – Direct Payment to Issuer) and to also review bids for the $25,160,000 Cecil County Consolidated Public Improvement and Refunding Bonds of 2010 (Tax-Exempt).
The following members of the Board were present:
Brian L. Lockhart, President Rebecca J. Demmler, Vice President Wayne L. Tome, Sr., Commissioner Robert H. Hodge, Commissioner James T. Mullin, Commissioner
Sam Ketterman, Davenport LLC and Cheryl Guth, McGuire Woods LLP, Bond Counsel were also present.
The following represents the bidders and true interest costs for each bid:
$15,420.00 Taxable General Obligation Consolidated Public Improvement Bonds of 2010 (Build America Bonds-Direct Payment to Issuer)
Bidders T.I.C.
Robert W. Baird & Co., Inc. 5.259427 Praeger, Sealy & Co., LLC. 5.273051 BMO Capital Markets 5.298686 Morgan Keegan & Co., Inc. 5.328666 Piper Jaffray 5.369266 BB&T Capital Markets 5.389545 Sterne, Agee & Leach, Inc. 5.490251 Wells Fargo Advisors 5.542065
Mr. Ketterman recommended to the Board that they accept the bid this issue as submitted by Robert W. Baird & Co. Inc., apparent low bidder, at an interest rate of 5.259427.
Motion was made by Commissioner Tome, seconded by Commissioner Mullin and unanimously carried to award to Robert W. Baird & Co. Inc., at an interest rate of 5.259427.
A copy of the resolution with bidder list and bids is attached hereto an incorporated into these minutes.
The following represents the bidders and true interest costs for each bid:
$25,160,000 General Obligation Consolidated Public Improvement and Refunding Bonds of 2010
Bidders T.I.C.
Robert W. Baird & Co., Inc. 2.343375 Morgan Keegan & Co., Inc. 2.348134 Janney Montgomery Scott, Inc. 2.353740 Citigroup Global Markets, Inc. 2.361182 BB&T Capital Markets 2.369524 Banc of America Merrill Lynch 2.373781 Piper Jaffray 2.379926 J.P. Morgan Securities, Inc. 2.391950 Stifel Nicolaus & Company, Inc. 2.397271 Hutchinson, Shockey, Erley & Co. 2.404800 M&T Securities, Inc. 2.406127 Morgan Stanley & Co., Inc. 2.446168 T.D. Securities 2.477506
Mr. Ketterman recommended to the Board that they accept the bid for the $25,160,000 Cecil County Consolidated Public Improvement and Refunding Bonds of 2010 (Tax-Exempt) submitted by Robert W. Baird & Co., Inc., apparent low bidder at an interest rate of 2.343375.
Motion was made by Commissioner Mullin, seconded by Commissioner Tome and unanimously carried to Robert W. Baird & Co., Inc., at an interest rate of 2.343375.
A copy of the resolution with bidder list and bids is attached hereto and incorporated into these minutes.
The blended rate, after factoring in the 35% rate subsidy paid to the County for the Build America Bonds, is 2.95% > |