HomeMy WebLinkAbout12-01-1964-S MinutesSPECIAL MEETING
CALL TO ORDER:
PASCO, WASHINGTON
COUNCIL CHAMBERS
2:00 P.M. December 1, 1964
Meeting called to order at 2:00 P.M. by the Honorable G.E. Carter, Mayor of Pasco.
ROLL CALL:
Council members present were G.E. Carter, J.G. Bailey, C.F. Griggs, Fred Robinson, George F'. Stork
and Russell Wiseman, Councilman Greenlee was absent (on an ambulance call out of town). The City
Manager and the City Engineer were also present. Mr. Campbell, the City Attorney was absent.
PURPOSE OF MEETING:
The Notice of Special Meeting was read by the Honorable G.E. Carter as follows:
"A special meeting of the City Council of the City of Pasco is hereby called
by the Mayor for Tuesday, December 1, 19649 2:00 P.M. (PST) for the purpose
of opening sealed proposals for the sale of $1,100,000.00 par value of "Water
and Sewer Revenue Bonds, 1964" of the City of Pasco, Washington."
Mayor asked the City Manager to begin the opening of bids. The City Manager stated that he would
open the bids and pass them to Terry Thompson, who was present at the meeting and that Mr. Thompson
would read them.. Bids were opened and read as follows: (pour bids submitted)
1. JOHN NUVEEN & COMPANY (Bid submitted by John Nuveen & Co., Inc.; Francis I. DuPont; and
Dean Witter & Company).
Figures as of: December 1, 1964
Gross Interest Cost 680;272.52 135 South LaSalle Street
Plus Discount 22,000.00 Chicago 3, Illinois
Net Interest Cost 7029272.52
Average Interest Rate 3.6431
The interest rates that these bonds were to bear were set out in detail --ranging from 3.00%
to 40. Bonds to be dated December 1, 1964 in $5,000 denominations with principal and semi-
annual interest (payable July 1, 1965 and semi-annually thereafter on January 1 and July 1
of each year.) A cashier's check in the amount of $55,000.00 was included with this bid.
2. CINCOTTA INC.(Channer Newman Securities Co,)
Net Interest Cost 741 743.75 208 South LaSalle Street
Or Average Interest Rate 3.8478% Chicago, Illinois
A good faith check in the amount of $55,000.00 was submitted with the bid.
3. MARSHALL and MEYER, INC.(This is a combined bid of Marshall and Meyer, I c.; Blyth & Co., Inc.;
Wm. P. Harper & Son & Co., and Pacific Northwest Company.)
Total Interest Cost 7050302.06
Plus Discount 150950.00 1705 Norton Building
Total Interest Cost 721j252.06 Seattle 4, Washington
Effective Interest Rate 3,741566--
A cashier's check in the amount of $55,000.00 was submitted with this bid.
4. FOSTER & MARSHALL, INC. (Co -Managers: Foster & Marshall, INc; Merrill Lynch, Pierce, Fenner &
Smith, Inc.) Walston & Company, INc and McLean & Co., combined bidders).
Total Interest Cost to Maturity $674,538.11
Discount 15,885.50 400 Norton Building
Net Interest Cost 6901423.61 Seattle, Washington
Effective Interest Rate 3.5816
There was a cashier's check in the amount of $55,050.00 enclosed with this bid. The City Manager
stated that these bids would be tabulated and that a report would be submitted at the regular
council meeting, 8:00 P.M,, this date.
Terry Thompson stated that the fourth bid read, Foster & Marshall, Inc., is the apparent low jl
bidder and that he would respectfully suggest to the Council that they return the good faith
checks of the bidders who were apparently not successful. (Checks were returned to representatives '
of each of the:;No. 1, 2 and 3 bidders as listed above).
Motion made by Griggs, seconded by Bailey that the checks be returned to those who were apparently
not successful bidders. Motion carried. 1
ADJOURNMENT: Mayor Carter closed the meeting at 2:17 P.M.
G.E. Car , Mayor
ATTEST:
Esther Schla e , City Clerk
PASSED AND APPROVED THISDAY OF , 1964
Esther Schlagel, City Clerk