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CITY OF EISCO, WASHINGTON
ORDINANCE INTO. .
AN ORDINANCE of the City of Pasco, Washington
accepting the joint bid of Foster & Marshall, McLear.
& Company, Schwabacher & Co., Richards, Merrill &
Peterson, Inc., and Chas. N. Tripp Co. for the issue
of �5002000.00,par value of "Hater and Sewer Revenue
Bonds, 1954" of the City; fixing the interest rates
on said bonds; and providing for the immediate print-
ing, execution, delivery and sale of said bonds and
for the return of the check deposited by the un-
successful bidder.
WBER- EAS, pursuant to Ordinance No. 774 of the City of Pasco,
Notice of Bond Sale calling for sealed bids for the purchase of x500,000.00
par value of "!,Tater and Sewer Revenue Bonds, 1954" of the City of Pasco,
Washington, was duly published as provided in said Ordinance; and
?-MREAS, two bids were submitted and filed with the City Clerk
at her office in the City Hall of Pasco, Washington, prior to 5:00 o'clock
p.m. on the 1st day of December, 1953, at which hour and place said bids
were publicly opened by the City Clerk_ at the meeting of the City C4un-cil
of the City of Pasco then held at said City Hall, said bids being as
follows:
(1) By Foster & Marshall, McLean & Company, Schwabacher & Co.,
Richards, Pierrill & Peterson, Inc., and Chas. N. Tripp Co., jointly, a
price of $95.19 for each $100.00 par value of said bonds plus accrued
interest from the date of issuance to the date of delivery of bonds with
coupon interest rates and maturities as shown below:
1956 to 1969, inclusive, 2 3/4%
1970 to 1976, inclusive, 3%
1977 to 1954, inclusive, 3.20%
the total interest cost over the life of the issue to be $543,552.50 and
said bid representing an effective interest rate of 3.17727%, the City to
furnish the bonds together with the approving legal opinion of Weter,
Roberts & Shefelman, municipal bond counsel of Seattle, Nashington; and
(2) Ey Pacific Northwest Co., dn. P. Harper & Son & Co.,
Blyth & Co., Inc., and Kalman & Co., jointly, a total price of X786,400.00,
plus accrued interest from date of issuance to date of delivery of the
bonds with all bonds to carry a coupon rate of 3 1/4%, the total interest
cost overthe life of the issue to be 068,375.00, and the bid representing
an effective rate of interest of .+3,Y772 and
WHEREAS, the first bid submitted jointly by Foster & Marshall,
McLean & Company, Schua.bacher & Co., Richards, Merrill & Peterson Inc.,
and Chas. N. Tripp Co., is.the best bid suttaitted carrying the lowest effect-
ive rate of interest and the City Council deems it for the best interest of
the City that said bid be accepted, NOW, THEREFORE,
BE IT ORDAINED BY TIE CITY COUNCIL OF THE CITY OF PASCO,
1,1SHINGTON, as follows;
Section 1. That the bid submitted jointly by Foster & Marshall,
McLean & Company, Schwaba.cher & Co., Richards, Merrill & Peterson Inc., and
Chas. N. Tripp Co., for the purchase of said issue of "Water and Sewer Reve-
nue Bonds, 1954" of the City of Pasco, Washington, at a price of $1'98.19 for
each X100.00 par value of said bonds plus accrued interest from the date of
issuance to the date of delivery of said bonds, all bonds maturing in 1956
to 1969, inclusive, to bear interest at the rate of 2 3/4% per annum, all
bonds maturing from 1970 to 1976, inclusive, to bear interest at the rate
of 3%, and all bonds maturing from 1977 to 1954, inclusive, to bear interest
at the rate of 3.20% per annum, the total interest cost over the life tof
the issue to be 9P543, 552.50 and the said bid representing an effective rate
of interest of 3.17727% and the City to furnish the bonds, together with the
approving legal opinion of x;eter, Roberts & Shefelman, municipal bond
counsel of Seattle, Washington, is hereby accepted; the interest rates on
said bonds are hereby fixed in accordance with said bid; the Mayor of the
City of Pasco and the City Clerk thereof are hereby directed to have said
bonds immediately printed and executed and said bonds shall thereupon be
sold and delivered to Foster & Marshall, McLean & Company, Schwa.bacher &
- 2-
I, ADAH M. PERRY, Clerk of the City of Pasco,'Washington, do
hereby certify that the attached Ordinance, being Ordinance No.,
is a,f true, complete and correct copy of the original Ordinance
passe V
n sL, 195# as said Ordinance appears on the Minute
Book of the C' y.
DATED this o� day 195'
, � 0-/- �-_' 2 � t P-" ,
Clerk, City of Pasco, Washingt