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.)
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.E. Carter, Mayor
ATTEST:
Esther Sc lagel, City Clefk
PASSED AND APPROVED THIS 5th DAY OF Januar , 1965.
ESTHER SCHLAGEL
CITY CLERK