HomeMy WebLinkAboutORD 1452CITY OF RENTON, VASHINGTON
ORDINANCE N0. 145
AN ORDINANCE of the City of Renton,
Washington, accepting the joint bid of
Foster & Marshall, Richards, Merrill &
Peterson, Inc. and Harold H, Huston & Co.
for the issue of $315,000.00 "City of Renton,
Washington, Water and Sewer Refunding and
Improvement Revenue Bonds, 1953"; fixing the
interest rates on said bonds; providing for
the immediate printing, execution, delivery
and sale of said bonds and for the return of
the checks deposited by the unsuccessful
bidders*
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WHEREAS, pursuant to Ordinance No. 1450 of the City of
Renton, Notice of Bond Sale calling for sealed bids for the pur-
chase of $315,000.00 par value of "City of Renton, Washington,
Water and Sewer Refunding and Improvement Revenue Bonds, 1953"
was duly published as provided in said Ordinance; and
WHEREAS, four bids were submitted and filed with the
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City Treasurer at her office at the City Hall, Renton, Washington,
prior to 8:00 o'clock p.m.. on the 24th day of February, 1953, at
which hour and place said bids were publicly opened by the City
Treasurer at the meeting of the City Council of the City of Renton
then held in said City Hall, said bids being as follows:
(1) By Foster & Marshall, Richards, Merrill & Peterson,
Inc, and Harold H. Huston & Co., jointly, a price of $99.50 per
each $100.00 par value of said bonds, plus accrued interest, if
any, to date of delivery, all bonds maturing in 1954 and 1955,
inclusive, to bear interest at 2�2% per annum, all bonds maturing
from 1956 to 1967, inclusive, to bear interest at 2 3/4% per annin,
and all bonds maturing from 1968 to 1973, inclusive, to bear
interest at 3% per annum., the total interest cost over the life of
the issue to be 4105,467.50 and the said bid representing an
effective rate of interest of 2.925%, the Cityto""furnish the bonds,
together with the approving legal opinion of Meter, Roberts &
i
Shefelman, municipal counsel of Seattle, Washington;
(2) By Grande & Co*, Inc. and McLean & Co., jointly,
a total price of $311,850.00, plus accrued interest, if any, to
date of delivery, all bonds maturing from 1954 to 1960 to bear
interest at the rate of 2'% per annum, and all bonds maturing
from 1961 to 1973 to bear interest at the rate of 3% per annum;
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(3) By Blyth & Co., Inc., Bramha.1 & Stein and Pacific
Northwest Company,, jointly,, a bid representing an effective rate
of interest of 3.072%; and
(4) By d. R. Williston, Brace & Co. and The First
Washington Corp., jointly, a bid representing an effective rate
of interest at 3.09343%; and
WHEREAS, the bid submitted jointly by Foster & Marshall,
Richards, Merrill & Peterson, Inc. and Harold H. Huston & Co• is
the lowest and best bid submitted, and the City Council deems it
for the best interest of the City that said bid be accepted,
NOW.. THEREFORE, BE IT ORDAINED BY THE MAYOR AND THE
CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, AS FOLLOWS:
Section 1. That the bid submitted jointly by Foster &
Marshall, Richards, Merrill & Peterson, Inc, and Harold H. Huston &
Co. for the purchase of said issue of "City of Renton, Washington,
Water and Sewer Refunding and Improvement Revenue Bonds, 19538 at
a price of $99.50 per each $100.00 par value of said bonds, plus
accrued interest, if any, to the date of delivery, all bonds
maturing in 1954 and 1955, inclusive, to bear interest at the
rate of 2 per annum, all bonds maturing from 1956 to 1967,
inclusive, to bear interest at the rate of 2 3/4% per annum,
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and all bonds maturing from 1968 to 1973, inclusive, to bear
interest at the rate of 3% per annum, the total interest cost
over the life of the issue to be $105,467.50, and the said bid
representing an effective rate of interest of 2.9259, the City
to furnish the bonds, together with the approving legal opinion
of Weter, Roberts & Shefelman, municipal bond counsel of Seattle,
i&ahington, is hereby accepted; 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 Foster & Marshall,
Richards, Merrill & Peterson, Inc. and Harold H. Huston & Co.,
jointly, pursuant to said bid upon payment therefor in accordance
with said bid; and the City Treasurer is hereby authorised to
return to the unsuccessful bidders the checks deposited with their
bids.
PASSED by the City Council and APPROVED by the Mayor this
Date of Publication: March 12, 1953.
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