HomeMy WebLinkAboutRES 1305 n . Y I
' r
CITY OF RENTON, WASHINGTON
RESOLUTION NO. / 0.
A RESOLUTION of the City Council of the
City of Renton , Washington, ratifying the
action of the City officials in accepting the
bids of The National Bank of Commerce of
Seattle , Seattle , Washington, the First
National Bank of Oregon, Portland, Oregon,
Merrill Lynch, Pierce , Fenner & Smith,
Incorporated, Seattle , Washington, jointly,
for the issue of $400 ,000 . 00 par value of
"General Obligation North Renton Interchange
Approach Bonds , 1965 , " and for the issue of
$150 ,000 .00 par value of "General Obligation
City Library Bonds , 1965 , " of the City,and ratifying
the action of the City officials in accepting
the bid of John Nuveen & Co. , (Inc.) , Chicago,
Illinois , for the issue of $500 ,000 . 00 par value
of "Water and Sewer Revenue Bonds , 1965 , "
of the City; fixing the interest rates on those
bonds; and providing for the immediate printing ,
execution , delivery and sale of those bonds .
WHEREAS , pursuant to Ordinance No. 2150 , adopted on
the 26th day of April , 1965 , by the City Council of the City of Renton,
Washington , Notice of Bond Sale calling for sealed bids for the purchase
of $400 ,000 .00 par value of "General Obligation North Renton Interchange
Approach Bonds , 1965 , " and $150 , 000 . 00 par value of "General Obligation
City Library Bonds , 1965 , " was duly published as required by law; and
WHEREAS , pursuant to Ordinance No . 2151 , adopted on
the 26th day of April , 1965 , by the City Council, Notice of Bond Sale
calling for sealed bids for the purchase of $500 ,000.00 par value of
"Water and Sewer Revenue Bonds , 1965 , " was duly published as provided
in said Ordinance; and
WHEREAS , three bids were submitted and filed with the
City Clerk at her office in the City Hall , prior to 8:00 o'clock p.m. (PDST)
on May 26 , 1965 , the date fixed for such sale , for the said issue of
$400 ,000 . 00 par value of "General Obligation North Renton Interchange
Approach Bonds , 1965 , " said bids being as follows:
(1) By The National Bank of Commerce of Seattle ,
Seattle , Washington , the First National Bank of Oregon, Portland, Oregon,
Merrill Lynch, Pierce , Fenner & Smith, Incorporated, Seattle , Washington ,
jointly, at a price of par, plus accrued interest from date of issue to date
of delivery of the bonds , for bonds bearing the following interest rates and
maturing on the following dates:
$165 ,000 . 00 par value , maturing May 1 ,
1967 , through May 1 , 1970 , inclusive , bearing
interest at the rate of 3 . 20%;
$235 ,000 .00 par value , maturing May 1 ,
1971 , through May 1 , 1975 , inclusive , bearing
interest at the rate of 3 .00%;
the bid representing an effective interest rate of 3 .047%, the City of furnish,
at its expense , the printed bonds together with the approving legal opinion
of Roberts , Shefelman, Lawrence , Gay & Moch, municipal bond counsel of
Seattle;
(2) By Foster & Marshall Inc. , Seattle , Washington ,
and Seattle Trust & Savings Bank, Seattle , Washington , jointly, a bid repre-
senting an effective interest rate of 3 . 0806%;
(3) By Seattle-First National Bank, Seattle ,
Washington , Blyth & Co. , Inc. , Seattle , Washington , and Peoples
National Bank of Washington , Seattle , Washington , jointly, a bid representing
an effective interest rate of 3 . 10%; and
WHEREAS , three bids were submitted and filed with the
City Clerk at her office in the City Hall, prior to 8:00 o'clock p.m. (PDST)
on May 26 , 1965 , for the said issue of $150 ,000 .00 par value of "General
Obligation City Library Bonds , 1965 , " said bids being as follows:
(1) By The National Bank of Commerce of Seattle ,
Seattle , Washington , the First National Bank of Oregon , Portland, Oregon ,
Merrill Lynch, Pierce , Fenner & Smith, Incorporated, Seattle , Washington ,
jointly, at a price of par, plus accrued interest from date of issue to date of
delivery of the bonds , for bonds bearing the following interest rates and
maturing on the following dates:
$60 ,000 .00 par value , maturing May 1 ,
1967 , through May 1 , 1970 , inclusive , bearing
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interest at the rate of 3 . 20%;
$90 ,000 . 00 par value , maturing May 1 ,
1971 , through May 1 , 1975 , inclusive , bearing
interest at the rate of 3 .00%;
the bid representing an effective interest rate of 3 . 0444% , the City to furnish,
at its expense , the printed bonds together with the approving legal opinion
of Roberts , Shefelman , Lawrence , Gay & Moch, municipal bond counsel of
Seattle;
(2) By Foster & Marshall Inc. , Seattle , Washington ,
and Seattle Trust & Savings Bank, Seattle , Washington, jointly, a bid repre-
senting an effective interest rate of 3 . 1111%;
(3) By Seattle-First National Bank, Seattle , Washington ,
Blyth & Co. , Inc. , Seattle , Washington, and Peoples National Bank of
Washington , Seattle , Washington, jointly, a bid representing an effective
interest rate of 3 . 10%; and
WHEREAS , four bids were submitted and filed with the
City Clerk at her office in the City Hall, prior to 8:00 o'clock p.m. (PDST)
on May 26 , 1965 , the date fixed for such sale , for the said issue of
$500 , 000 . 00 par value of "Water and Sewer Revenue Bonds , 1965 , " said
bids being as follows:
(1) By John Nuveen & Co. (Inc.) , Chicago,
Illinois , at a price of par, plus accrued interest from date of issue to
date of delivery of the bonds , for bonds bearing the following interest
rates and maturing on the following dates:
$160 ,000 . 00 par value , maturing May 1 ,
1966 , through May 1 , 1975 , inclusive , bearing
interest at the rate of 5 .00%;
$175 , 000 .00 par value , maturing May 1 ,
1976 , through May 1 , 1983 , inclusive , bearing
interest at the rate of 3 .50%;
$135 ,000 .00 par value , maturing May 1 ,
1984 , through May 1 , 1988 , inclusive , bearing
interest at the rate of 3 .60%;
$30 ,000 . 00 par value , maturing May 1 ,
1989 , bearing interest at the rate of 1/10%;
the bid representing an effective interest rate of 3 . 5307% , the City to furnish,
at its expense , the printed bonds together with the approving legal opinion
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of Roberts , Shefelman, Lawrence , Gay & Moch, municipal bond counsel of
Seattle;
(2) By Pacific Northwest Company, Seattle , Washington,
and Foster & Marshall Inc. , Seattle , Washington, jointly, a bid representing
an effective interest rate of 3 . 56203%;
(3) By Blyth & Co. , Inc. , Seattle , Washington ,
and Wm. P. Harper & Son & Co. , Seattle , Washington, jointly, a bid
representing an effective interest rate of 3 .7364%;
(4) By Merrill Lynch, Pierce , Fenner & Smith,
Incorporated, Seattle , Washington , Dean Witter & Company, Seattle ,
Washington, and Francis I. duPont & Co. , Seattle , Washington, jointly,
a bid representing an effective interest rate of 3 . 54626%;
WHEREAS , the City Council, deeming that the joint bid of
The National Bank of Commerce of Seattle , Seattle , Washington , the First
National Bank of Oregon, Portland, Oregon, and Merrill Lynch, Pierce ,
Fenner & Smith, Incorporated, Seattle , Washington, for the purchase
of $400 ,000 .00 par value of "General Obligation North Renton Interchange
Approach Bonds , 1965 , " of the City at a price of par, plus accrued interest
from date of issuance to date of delivery of the bonds , for bonds bearing
the following interest rates and maturing on the following dates:
$165 ,000 .00 par value , maturing May 1 ,
1967 , through May 1 , 1970 , inclusive , bearing
interest at the rate of 3 . 20%;
$235 ,000 .00 par value , maturing May 1 ,
1971 , through May 1 , 1975 , inclusive , bearing
intere st at the rate of 3 .00%;
and for the purchase of $150 ,000 .00 par value of "General Obligation City
Library Bonds , 1965 , " of the City at a price of par, plus accrued interest
from date of issuance to date of delivery of the bonds , for bonds bearing
the following interest rates and maturing on the following dates:
$60 ,000 . 00 par value , maturing May 1 ,
1967 , through May 1 , 1970 , inclusive , bearing
interest at the rate of 3 . 20%;
$90 ,000 . 00 par value , maturing May 1 ,
1971 , through May 1 , 1975 , inclusive , bearing
interest at the rate of 3 .00%;
were the best bids received for such bond issues , and further deeming that the
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bid of John Nuveen & Co. , (Inc.) , Chicago, Illinois , for the purchase of
$500 ,000. 00 par value of "Water and Sewer Revenue Bonds , 1965 , " of the
City at a price of par, plus accrued interest from date of issuance to date
of delivery of the bonds , for bonds bearing the following interest rates and
maturing on the following dates:
$160 , 000 . 00 par value , maturing May 1 ,
1966 , through May 1 , 1975 , inclusive , bearing
interest at the rate of 5 .00%;
$175 ,000 .00 par value , maturing May 1 ,
1976 , through May 1 , 1983 , inclusive , bearing
interest at the rate of 3 . 50%;
$135 , 000 .00 par value , maturing May 1 ,
1984 , through May 1 , 1988 , inclusive , bearing
interest at the rate of 3 .60%;
$30 ,000 .00 par value , maturing May 1 ,
1989 , bearing interest at the rate of 1/10%;
interest to be payable semiannually on the first days of May and November
of each year, was the best bid received for said issue of bonds , duly accepted the
same on May 26 , 1965 , and such acceptance is hereby ratified and confirmed;
the interest rates on those bonds are hereby fixed in accordance with the
respective accepted bids and the officials of the City are hereby directed
to have the bonds printed and executed immediately. The "General
Obligation North Renton Interchange Approach Bonds , 1965 , " and the "General
Obligation City Library Bonds , 1965 , " shall thereupon be sold and delivered
to The National Bank of Commerce of Seattle , Seattle , Washington, the First
National Bank of Oregon, Portland, Oregon, and Merrill Lynch, Pierce , Fenner
& Smith, Incorporated, Seattle , Washington , jointly, pursuant to their bid
upon payment therefor of $400 ,000 .00 and $150 ,000 . 00 , respectively, plus
accrued interest from May 1 , 1965 , to date of delivery of the bonds to the
purchasers , and the "Water and Sewer Revenue Bonds , 1965 , " shall thereupon
be sold and delivered to John Nuveen & Co. (Inc.) pursuant to their bid upon
payment of $500 ,000 .00 , plus accrued interest from May 1 , 1965 , to date
of delivery of the bonds to the purchasers .
In connection therewith, in compliance with the requirements of
the Notice of Bond Sale and of the bids , a certified copy of the transcript
of proceedings pertaining to the issuance of each issue of bonds shall be fur-
nished to Roberts , Shefelman, Lawrence , Gay & Moch, so that their approving
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legal opinion may be obtained for delivery to the purchasers , together with
the printed bonds without cost to the purchasers .
PASSED at a regular meeting of the City Council of the City
of Renton, Washington, on the 7th day of June , 1965 .
l �' C Gf," T 4 1:
Mayor
ATTEST:
City Clerk
FORM APPROVED:
City Attorney
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