HomeMy WebLinkAbout1032 Ordinance1
CITY OF PASCO, WASHINGTON
ORDINANCE NO. 1032
AN ORDINANCE of the City of Pasco,
.Washington, ratifying the acceptance of
the joint bid of Seattle -First National
Bank, Blyth & Co., Inc.-, and Pacific
Northwest Company, of Seattle,jointly,
for the issue of $350,000.00 par value.
of "General Obligation Bonds,. 1961
fixing the interest rates on said bonds;
and providing for.the;immediate printing,
executing., delivery. -and sale of said
bonds and for the return of the checks
deposited: by the unsuccessful bidders. .
WHEREAS, pursuant to Ordinance No. 1025 of the.City.
of Pasco, Washington, Notice of Bond Sale calling for sealed
bids for the purchase of $350;000,00 par value of "General
Obligation'Bonds, 1961" was duly published as provided in said
Ordinance; and
WHEREAS, four bids were-submitted.and filed with the
City Clerk of .the City of Pasco.`at the office of the. City Clerk
in the City Hall, Pasco; Washington, prior to 2•:00 o'clock p..m.
.(DST), on the 2nd, day of.May, 1961, at which hour and place
said bids were publicly opened by the City Clerk at the meeting~
of the City Council of. the City of. Pasco then held in the
Council chambers in the City Hall, said bids being as follows:
(1)- By SEATTLE -FIRST NATIONAL BANK, BLYTH & CO.,.
INC., and PACIFIC.NORTHWEST COMPANY, all of Seattle, jointly,
a price of par plus accrued inte:rest.to date of.delivery, with
all.bonds maturing:June 1, 1963 through June 1; 1969, to bear,
interest at the rate of per' annum, all bonds maturing June. 1,
1970 through June 1, 19.75, to bear interest at the rate of 32�
per annum, and all bonds maturing June 1, 1976 through,Junel,
1981, to bear interest at the rate of 30, the City -to furnish
the bonds together with'the approving.,legal opinion of Weter:,
,, z]
Imo, • r J• ''.
Roberts, & Shefe:lman, bond counsel of Seattle, Washington;
(2) By NATIONAL BANKOF COMMERCE OF SEATTLE,.
. • MERRIL•L, LYNCH, PIERCE, FENNER: & ' SMITH, INC,., and Mc LEAN: &-
CO.,.INC., jointly; a bid'repre'senting?an effective interest.
rate of .3.:798%
and SEATTLE:'TRUST & SAVINGS BANK,
(3) '.,.By FOSTER & MARSHALL, INC. a/Seatt1e,. Washington-,
a bid. representing an effective interest rate of _3.861:5%;...and
(?) ,STATE OF WASHINGTON, OFFICE OF STATE FINANCE
COMMITTEE, a bid representing an effective inter.est'rate of
4%; , and
WHEREAS, the joint bid submitted by•SEATTLE-FIRST
NATIONAL BANK, BLYTH & CO., INC.; and PACIFIC NORTHWEST COMPANY,
was the lowest grid best Vid submitted for said issue of -bonds,
and the'City Council, deeming it for the.best interests of the
City that said bid be accepted,, duly ac.cep'ted the 'same. on
May 2, 196.1; NOW, THEREFORE,
THE CITY COUNCIL OF THE.CITY OF PASCO, WASHINGTON,
DO ORDAIN, as follows
Section -l. That the ac,tion.of the City Council in'
;accepting the• joint•bid submitted by SEATTLE -FIRST NATIONAL
BANK, BLYTH & CO., INC.., and PACIFIC NORTHWEST COMPANY, of
Seattle, Washington, for the purchase. ,of said, issue of
$350,000.00 par value,of "General Ob -ligation Bonds, 1961",
at a price of par plus accrued interest to date of delivery,
with all bonds maturing.June 1, 1963 through June 1, .1969, to
bear interest at the rate -,of 4% per annum, •all bonds maturing
June 1, 1970 through June 1,:.1975, to bear interest at -the rate
of 3e per annum, and al.l bonds maturing June 1, 1976 through.:
June •,1, 1881,: to bear interest 'at the.'rate of, 34•x, the "City to
:. '
furnish .the b•ohds .together. with the approving legal ,opinion of
-2 -
Weter; Roberts & Shefelman, bond counsel of Seattle,-Washington•,.
is hereby ratified; 'and -confirmed the interest rates on said
bonds are hereby fixed in •acc•ordance with said-bid; the: Mayor
of the. City of Pasco and the City Clerk 'thereof are-hereby'...,,
directed to have said bonds printed; and executed immediately;
and said bonds shall thereupon b•e.sold and delivered to SEATTLE-
FIRST NATIONAL BANK, BLYTH.&.CO.., INC., and PACIFIC NORTHWEST
COMPANY, pursuant to said bid upon payment therefor in-accord-
ance with said bid; and the City Clerk is hereby authorized to
return to-the-unsuccessful bidders the checks deposited with
their bids.
PASSED by the City Council-and APPROVED .by the Mayor
at a regular .meeting thereof this 16th day .of May, 1961.,
MAYOR
ATTEST:
"CITY RK
APPRO AS TO FORD
CITY'ATTORNEY