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