HomeMy WebLinkAboutRES 1139 �
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C S`.�`.i QF �t;��"r3t ON, WASHINGTON
RESOI�U'i'ION N0. �/� �f
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A R�SOL��'I'IOI�� accepting the bid of
Grande & Co . , Inc , of Sea'�tle, , Washington,
for warrants and borids of Local Improve-
ment �istrict Iso. 2�8.
WHEREAS, pursuant to Ordinance Nfl . �9�+3, passed by
the City Council and approved by 'the Mayor on March 5, 1952,
notice af warran� and bond sale for local improvement warrants
and bonds of Local Impravement District No. 2�8 was published
inviting sealed proposals to be received at the office of the I
City Clerk in the City Hall, Renton, Wash3.ngton, until 8.00 �'I
o'clack p.m. (PST) on the 26th day of March, 1962; and I
WHEREAS, three bids were submitted and filed with �he ,
City Clerk prior �0 8.00 o 'clock p.m. (PST} on said date, and
were publicly opened by the Cit� Clerk and considered by �he
City Council at a regular meeting thereof then held in the
Council Chambers, said bids being as follaws.
(I) By Grande & Co. , Inc . , a price of par for the
I warrants and 100.09� of par f'or the bonds, plus aecrued in�er-
est from the date of issue to the date of delivery, with the
^ warrants and bonds to bear interest a� a rate of �.�0� per
annum, the bid representing a n.et effective interest rate of
�+.38p, the City to furnish at its expense the warrants and
printed bonds together with the approving legal opinion of
Weter, Roberts 8c Shefelman, municipal bond counsel of Seattle;
�� (2) By Southw�ck, Campbell, Waterman Co. , for �he
warrants at a price af par, and Por the bonds a price of par
plus a premium of $0.12 for each $100.00 par value thereof,
with al1 warrants and bonds to bear interest at �he rate of
�-.70°0; and
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(;;; A=y ���a_,=����:�r�'_c� IncarForatec� a price of par for
taz�r ����a^r�.�r�L� a��d t� t�r:�_�;� c�f �100.05 for each $100.00 par value
�z' l�onas, plus acc_��;?e�� :.+.rft�rest, with all bonds and warrants
ta bear interest a� �h� :���te of �e85�, said �id representing
a net effective interest rate of �.$�70; and
� �EAS, said bids were referred to the committee
of the City Gouncil for review and recammen,dation and said.
cflmmit�ee has recommended that the bid of Grande & Co., Inc.
be accep�ed since said bid appears to be the best bid received
and it is f'or the bes� zn�erests of '�he City and the property
�.n said Local Improvement 33istric� No. 2�8 that it be accep�ed,
NOtnT, THEREFORE,
I BE TT RE�OLVE�3 BY THE T+�IAYOR AND CIZ`Y COUNCIL OF THE
CITY OF RENTON, WA�HINGTON, tha� the bid of Grande & Co. , Inc .
of S�attle, Washington, for the purchase of all of the legally
issued warrants and b�nds for Local Improvement l�istrict No .
2�8, in the estima�ed maximum amount of �182,973.72, at a price
of par for the warrants and a price of 140.09a of par, plus
accrued interest from the date. of issue to the date of delivery
for the bonds, with al3 warrants and bonds ta bear interest
a� the rate of �-.�0� per annum, is hereby accepted, and �he
interest ra'ce on such warrants and bonds is hereby fixed in
accordance with said bid. The vrarrants and bonds, when issued,
shall therefore be sold and delivered �o Grande & Co, , Ine . ,
pursuant to their bid, upon paymen� theref'or as specified in
said bid.
ADOPTE� by the Ci�y Cauncil and AP�ROVED by the
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I�Za4roi� a�' tn�� Cit� a�' Ken�c�n, Washington, at a regular meeting
�hex�eo� th� 2nc� dav of '�pril, 1962 .
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�' Mayor `
ATTEST:
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City Clerk '
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�PPROVED AS TO FORM: I
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! Ci�y Attorn�y
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