HomeMy WebLinkAboutRES 0877RESOLUTION NO. 877
Ar
SOLUTION of the City of Renton, Washington,
ceptithe bid of the National Bank of
commerce of Seattle, Washingto , and the
'First Na conal Bank of Portland of Portland,
Oregon, for the purchase of the $327,000.00
of general obligation bonds f the City of
Renton, authorized by Ordinances numbered 1�+9
and 1500 and approved by the qualified electors
thereof at a special election held therein on
November 20 1954.
WHEREAS, by Ordinances numbered 1494 and 1500 and by vote of
the qualified electors of the City in the manner required by law, the
City of Renton authorized the issuance and sale of general obligation
bonds of the City in the amount of $327,000.00 for certain capital
purposes, and
WHEREAS, bids for the purchase of said bonds were called for
by notice of bond sale dated November 16, 1954, and
ceived:
and
WHEREAS, pursuant to such call the following bids were re-
1. Foster & Marshall --effective interest rate over
the life of the bonds of 1.97196%.
2. National Bank of Commerce and First National Bank
of Portland --effective interest rate over the life
of the bonds of 1.752%.
3. Seattle -First National Bank --effective interest rate
over the life of the bonds of 1.9869%.
4. Bramhall & Stein --effective interest rate over the
life of the bonds of 1.9387%.
WHEREAS, the bid of the National Bank of Commerce, of Seattle,
Washington, and the First National Bank of Portland, of Portland, Oregon,
is the best bid received;
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
Renton, Washington, as follows:
Section 1. That the bid of the National Bank of Commerce of
- Seattle, Washington,and the First National Bank of Portland, of Portland,
Oregon, for the purchase of the $327,000.00 of general obligation
bonds of the City, authorized by Ordinances numbered 1494 and 1500
and by vote of the qualified electors of the City in the manner re-
quired by law, having been determined the -best bid, is hereby accepted.
Section 2. That the good faith deposits of the unsuccessful
bidders be returned to said bidders. \
_PASSED by the Council of the City of Renton,51 approved by
its Mayor at a regular Council meeting held on the �' day of December,
1954.
ATTEST:
Deputy City Clerk.
2.
OF RENTON, WASHINGTON