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HomeMy WebLinkAbout0558 Resolution11 RESOLUTION NO. -55-8- A RESOLUTION ACCEPTING THE BID OF THE NATIONAL BANK OF COMMERCE OF SEATTLE FOR THE PURCHASE OF THE $20,000 GENERAL OBLIGATION BOND ISSUE AS PROVIDED FOR IN ORDINANCE NO. 1118. WHEREAS the City Council of the City of Pasco authorized the sale of general obligation bonds in the amount of $20,000 pursuant to Ordinance No. 1118, and WHEREAS the following bids were received pursuant to Ordinance 1118: NATIONAL BANK OF COMMERCE OF SEATTLE; Second Avenue at Spring Street; Post Office Box 3966; Seattle 24, Washington: "$20,000 - to this figure we will add accrued interest to date of delivery for the following bonds, an effective rate of 3.3%. Net interest cost $4,191.00.. $20,000.00 par value, maturing 9-1-65 thru 9-1-73 inclusive, bear= ing interest at the rate of 3.30%. Certified manager's check of $1,000.00 enclosed with bid. STATE OF WASHINGTON, OFFICE OF THE STATE FINANCE.COMMITTEE; Olympia, Washington: For $20,000.00 par value of serial coupon bonds as described in call: State of Washington will pay par and accrued interest with interest payable semi-annually at 4.00 per annum. DOMINICK & DOMINICK;Norton.Building; Seattle 4, Washington: Will pay $100.10 for each $100.00 par value of bonds which is a total premium of $20.00 for bonds with coupon rates and maturities as shown below: $2,000. 1965 4% $2.,000.. 1968 4% $2,000. 1971 4% 2,000. 1966 4% 2.,000.. 1969 4% 3,000. 1972 4% 2,000. 1967 4% 2,,000. 1970 4% 3,000. 1973 4% and, WHEREAS the City Council is desirous of accepting the bid of the National Bank of Commerce of Seattle, NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS: Section 1. The bid of the National Bank of Commerce of Seattle is hereby accepted; a'copy of said bid being attached hereto. Section 2. This resolution shall be in full force and effect after its passage as required by law. PASSED by the City Council and.APPROVED by the Mayor this 15 day of October; 1963. MAY..O R Attest: City, Clerk- Approved lerk- Approved as to form: K City Att rney i SECOND AVENUE AT SPRING STREET MAin 2.0101 l 4'LLC �a�.•�•.... POST OFFICE BOX 3966, SEATTLE 24, WASHINGTON WILLIAM R. CHOUINARD rs:c >n csiocwi Miss Adah H. Perry City Clerk Pasco, Washington Dear Miss Perry: October 1, 1963 For the $20,000.00 legally issued general obligation bonds of the City of Pasco, Washington, to be dated September 1, 1963, in denominations of $1,000 each, interest payable semi-annually on the first days of March and September of each year, maturing serially from September 1, 1965 to September 1, 1973,.inclusive, all in accordance with your notice of sale which is attached hereto and made a part hereof: WE AGREE TO PAY FOR ALL OF SAID BONDS $ 2011000.00 To this figure we will add accrued interest to date of delivery for the following bonds, an effective rate of 3.10 %. Net interest cost $ 6,.191.00 $ 20,000.00 par value, maturing 9--i-1965 thru 9-1-1973 inclusive, bearing interest at the rate of 3.30 r.. S N par value, maturing bearing interest at the rate of 'par value, maturing bearing interest at the rate of $ par value, maturing bearing interest at the rate of $ , par value, maturing bearing interest at the rate of , inclusive, 0 , inclusive, o inclusive, inclusive, 0 This bid is subject to the approving legal opinion of Messrs. Roberts, Shefelman, Lawrence, Gay & Moch, bond counsel of Seattle, Washington, as to the regularity and legality of proceedings had in connection with the issuance of these bonds. Said opinion is to be furnished by you without cost to us. ,, G�.b-ti,sP La t�KYjF's'�y-.t' sti7-x°wa.r_.'i.^D`!{YFrl,.q:�V.`�r.1S.atk.:tv+�Y3T'.:.r f � . r Miss Adah M. Perry The National Bunk of Commerce uf' Seattle -2- October 1, 1963 As evidence of our good faith, we enclose herewith a certified Manager's check in the amount of $ 1,000.00 , being more than 5% of the amount of our bid, same to apply upon the purchase price of said bonds if they are awarded to us at this time and delivered to us within thirty (30) days following the acceptance of this bid; otherwise, or if we are not the successful bidders, said check is to be promptly returned to us. If delivery is not made within this thirty (30) day period, we may upon demand, receive our deposit check and cancel our liability hereunder, or at our option, extend the time of delivery and continue this contract. Respectfully submitted, THE NATIONAL BANK OF COMMERCE OF SEATTLE, MANAGER MC LEAN & COMPANY, INC., TACOMA THE NATIONAL BANK OF COMMERCE OF SEATTLE BY: William R"Chouinard' Vice President The above offer is hereby accepted by proper authorization of the City of Pasco, Washington, this first day of October, 1963. CITY OF PASCO, WASHINGTON T. R. VanHoy Attest: Adah R. Perry, CitY Mayor t �fa.CC.tr.��4r„�'.��, Pasco, Washington November 20, 1963 Mr. W. E. Schussler Right of Way Agent Department of Highways Yakima, Washington Dear Sir: Submitting herewith, the duplicate of Resolution No. 567 and the original of "Borrow Permit Lease" signed by the Mayor and attested by the City Clerk under date of Novem- ber 19th, 1963. Sincerely, 6 flail'/'a.e�t� 4 %, City Clerk amp:es enc. 2 (3 pages)