HomeMy WebLinkAboutORD 1774�
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CITY OF RENTON, WASHINGTON
ORDINANCE NO.
AN ORDINANCE of the City of Renton,
Washington, ratifying the acceptance of the
bid of John Nuveen & Co., for the issue of
$750,000.00 par value of ",City of Renton
Water and Sewer Revenue Bonds, 1959"; fixing
the interest rates on said bonds; and pro-
viding for the immediate printing, execution,
delivery and sale of said bonds and for the
return of the checks.deposited by the unsuc-
cessful bidders.
WHEREAS, pursuant to Ordinance No. 1766 of the City of
Renton, Notice of Bond Sale calling for sealed bids for the pur-
chase of $750,000.00 par value of "City.of Renton Water and Sewer
Revenue Bonds, 1959," was duly published as provided in said
Ordinance; and
WHEREAS, three bids were submitted and filed with the
City Clerk at his office at the City Hall, Renton, Washington,
prior to 8:00 o'clock p.m., on the 16th day of June, 1959, at
which hour and place said bids were,publicly opened by the City
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Clerk at the meeting <fthe City Council of the City of Renton
then held in said City Hall, said bids being as follows:
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(1) By JOHN NUVEEN & CO.; a price of $735,2+5.25, plus
accrued interest to date of delivery, all bonds maturing from 1962
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to 1966, inclusive, to bear interest at 5% per annum, all bonds
maturing from 1967 to 1974, inclusive, to bear interest at 4 1/2%
per annum; all bonds maturing from 1975 to 1984, inclusive, to
bear interest at 4 3/8% per annum; all bonds maturing from 1985
to 1988, inclusive, to bear interest at.4 1/2% per annum; and all
bonds maturing in 1989 to bear interest at,4% per annum, the
total net interest cost over the life of. the issue to be
$709,573.50, and the said bid representing an effective interest
rate of 4.4995, the City to furnish the bonds,,together with the
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approving legal opinion of Weter, Roberts & Shefelman, bond
attorneys of Seattle, Washington;
(2) By PACIFIC NORTHWEST COMPANY, BLYTH & CO., INC.,
FOSTER & MARSHALL, BRAMHALL & STEIN, HAROLD H. HUSTON & COMPANY,
and E. RAY ALLEN CO., jointly, a bid representing an effective
rate of interest of 4.62448%; and
(3) By DEAN WITTER & COMPANY, MCLEAN & COMPANY, INC.,
FIRST WASHINGTON CORPORATION, and SOUTHWICK-CAMPBELL & CO.,
jointly, a bid representing an effective rate of interest of
4.64124; and
WHEREAS, the bid submitted by JOHN NUVEEN & CO. was
the lowest and best bid submitted, and the City Council, deeming
it for the best interest of the City that said bid be accepted,
duly accepted the same on June 16, 1959, NOW, THEREFORE,
BE IT ORDAINED BY THE MAYOR AND THE CITY COUNCIL OF
THE CITY OF RENTON, WASHINGTON, as follows:
Section 1. That the action of the City Council in
accepting the bid submitted by JOHN NUVEEN & CO. for the purchase
of said issue of "City of Renton Water and Sewer Revenue Bonds,-
1959,"
onds,1959," at a price of $735,245.25, plus accrued interest to date
of delivery, all bonds maturing from 1962 to 1966, inclusive, to
bear interest at 5/ per annum, all bonds maturing from 1967 to
1974, inclusive, to bear interest at 4 1/2% per annum, all bonds
maturing from 1975 to 1984, inclusive, to.bear interest at 4 3/8%
per annum, all bonds maturing from 1985 to 1988, inclusive, to"
bear interest at 4 1/2% per annum, and all bonds maturing in 1989
to bear interest at 4% per -annum, the total net interest cost
over the life of the issue to be $709,573.50, and the said bid
representing an effective interest rate of 4.4995%, the City to
furnish the bonds, together with the approving legal opinion of
deter, Roberts & Shefelman, bond attorneys of Seattle, Washington,
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is hereby ratified and confirmed; the interest rates on said
bonds are hereby fixed in accordance with said bid; the Mayor
of the City of .Renton and the City Clerk thereof are hereby
directed to have said bonds immediately printed and executed;
and said bonds shall thereupon be sold and delivered to JOHN
NUVEEN & CO., pursuant to said bid upon payment therefor in
accordance with said bid; and the City Clerk is hereby author-
ized to return to the unsuccessful bidders the checks deposited
with their bids.
PASSED by the City Council and APPROVED by the Mayor
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this 7th day of July, 1959•
ATTE T:
CITY CLERK
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is hereby ratified and confirmed; the interest rates on said
bonds are hereby fixed in accordance with said bid; the Mayor
of the City of .Renton and the City Clerk thereof are hereby
directed to have said bonds immediately printed and executed;
and said bonds shall thereupon be sold and delivered to JOHN
NUVEEN & CO., pursuant to said bid upon payment therefor in
accordance with said bid; and the City Clerk is hereby author-
ized to return to the unsuccessful bidders the checks deposited
with their bids.
PASSED by the City Council and APPROVED by the Mayor
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this 7th day of July, 1959•
ATTE T:
CITY CLERK
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