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HomeMy WebLinkAbout01-05-1965-S MinutesCOUNCIL MEETING COUNCIL CHAMBERS SPECIAL MEETING CALL TO ORDER: JANUARY 5, 1965 Meeting called to order at 2:01 P.M. by the Honorable G.E. Carter, Mayor. V) ROLL CALL: By Clerk. Councilmen present were Carter, Bailey, Griggs, Robinson and Wiseman. Councilman Greenlee and Stork were absent. Also present was Mr. Menasco, City Manager; George R. Fisher, City Engineer and Terry Thompson, the City's financial consultant from Seattle, Washington. NOTICE OF MEETING: Mayor Carter read the Notice of Special Meeting as follows: "A special meeting of the City Council of the City of Pasco is hereby called by the Mayor for Tuesday, January 5, 1965, 2:00 P.M. (PST) for the purpose of opening sealed bids on the sale of $800,000.00 par value of "General Obligation Arterial Street Bonds, 1965" of the City of Pasco." Mayor Carter requested the City Manager to open the bids and Mr. Thompson to read them. This procedure was followed. There were four (4) bids opened and publically read at this time. 1. National Bank of Commerce (A certified manager's check in the amount of $40,000.00). P.O. Box 3966, Terminal Station, Seattle, Washington, bidding with First National Bank of Oregon; Merrill, Lynch, Pierce, Fenner 6 Smith, Inc; McLean 6 Company, Inc; and Dominick 6 Dominick bid as follows: Bonds maturing 1967to 1969 $ 901000.00 4.625% Bonds maturing 1970 to 1976 265,000.00 3.00 % Bonds maturing 1977 to 1979 135,000.00 3.10 Bonds maturing 1980 to 1983 200,000.00 3.20 Bonds maturing 1984 to 1985 110,000.00 3.25 % This results in a net effective interest rate of 3.18822% for a net interest cost of $307,185.00. 2: Seattle First National Bank(A cashier's check in the amount of $40,400.00). P.O. Box 3586, Seattle, Washington submitted in connection with Blyth 6 Co;, Inc., Pacific Northwest Company and Kalman 6 Company, Inc. for a bid as follows: Bonds maturing 1967 to 1969 $ 3.5 % Bids maturing 1970 to 1975 3 % Bids maturing 1976 to 1985 3.25% This results in a net effective interest rate of 3.2116% for a total interest cost of $309,441.50. 3. Foster 6 Marshall, Inc., 1505 Norton Building, Seattle, Washington, bidding with Walston 6 Company, Inc; Pacific National Bank of Seattle and Seattle Trust 6 Savings Bank for a bid as follows: (A cashier's check in the amount of $40,050.00 submitted with bid). Bonds maturing 1967 to 1969 5% Bonds maturing 1970 to 1975 — 3% Bonds maturing 1976 to 1979 _ 3.10% Bonds maturing 1980 to 1983 3.20% Bonds maturing 1984 to 1985 3.250 This results in a net effective interest rate of 3.20329% for a net interest cost of $308,637.50. COUNCIL MEETING COUNCIL CHAMBERS SPECIAL MEETING -2- JANUARY 5, 1965 4. Marshall & Meyer, Inc. bidding with the The Bank of California, N.A., Peoples National Bank of Washington and Atkinson and Company (A good faith cashier's check in the amount of $40,050.00 submitted with bid). This Company bid as follows: Bonds maturing 1967 to 1971 4 1/8% Bonds maturing 1972 to 1973 3 0 Bonds maturing 1974 to 1977 3.106 Bonds maturing 1978 to 1982 3.20 Bonds maturing 1983 to 1985 3 1/4 This results in a net effective interest rate of 3.2493% and a total interest cost of $313,076.25. Mr. Thompson recommended to members of the Council that it appears that the low bid is National Bank of Commerce for a net effective interest rate of 3.18822% and further suggests that the Council considers returning the cashier checks sub- mitted in good faith to the unsuccessful bidders. Motion made by Robinson, seconded by Bailey to return the checks. Motion Carried. ADJOURNMENT: Motion made by Bailey, seconded by Robinson to adjourn. (Meeting adjourned at 2:12 P.M.) < .E. Carter, Mayor ATTEST: Esther Sc lagel, City Clefk PASSED AND APPROVED THIS 5th DAY OF Januar , 1965. ESTHER SCHLAGEL CITY CLERK