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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 -2- 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 -3- 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 -4- 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 -5- 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 -6-