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
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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
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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
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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.
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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)