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HomeMy WebLinkAbout02-18-1948 Minutes1422 PASCO, WASHINGTON RECESSED MEETING COUNCIL CHAMBER FEBRUARY 18, 1948 CALL TO ORDER: Meeting called to order at 2:30 o'clock P.M., Honorable Mayor W.A. Nelson presiding. ROLL CALL: By clerk, councilmen present were John Beck, Art Glasow Jr., Charles Grigg, A.T. Hostetter, H.G. Lake and C.R. Wallis; T.G. Overlie was absent alto City Attorney D.W. Zent. Meeting recessed to open bids on Water Revenue Bonds. Two Bids were opened and read as follows: 200 M Pasco Water Revenue Bonds Bid of Wm. P. Harper & Son & Co. Bid of Paine -Rice Blyth & Co. Foster & Marshall Pacific Northwest - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Average Life 2,403,000 = 12.015 yrs 200,000 Total Interest Cost Less ?remtum $140.00 Less Printing of Bonds 225.00 Actual interest cost Effective Interst Rate $78,097.50 365.00 $77,732.50 77;732.50 - 3.23% 2,403.000 214930000 = 12.465 years 200,000 $82,272.50 $142.20 225.00 36,7.20 $81,905.30 81,905.30 _ 3.28% 2,493,000 MR. ACKLEY spoke regard ng sewage disposal plant and former ordinance No. 531. MR. FRAZER spoke recommending the cancellation of $155,000.00 worth of unissued bonds. Motion made by Hostetter seconded by Wallis that all bids be rejected, motion carried unanimous. Motion made by hostetter seconded by Wallis that all certified checks submitted with bids be returned at this time, motion carried unanimous. City Clerk returned certified checks at this time, Pacific Northwest Co. $10,200.00 Paine Rice $10,050.00. RECESS: Motion made by Lke seconded by Beck that the meeting recess to 2:30 o'clock, Friday February 20th, 1948 to consider further plans and information on Bonds, motion carried. ATTEST: y vier Passed and approved thi day of 1948. City Clerk (31