HomeMy WebLinkAboutORD 1493 , �.
CITY OF RENTON � W�HINGTON
ORDIN�NCE N0. 1493
�t QRDINANCE of the City of Renton, Wash-
ington, accepting the jo3nt bid of Foster & Mar-
shall, Harold H. Huston & Co. and Richards, Mer-
rill & Peterson, Inc. for the issue of �325�000.00
par value of "City of Renton Water and Sewer Reve-
nue Bonds, 19 54"; fixing the interest rates on
said bonds; and providing for the 3mmediate print-
ing, execution, delivery and sale of said bonds
and for the return of the checks deposited by the
unsuccessful bidders.
WHERE�S� pursuant to Ordinance No. 1489 of the City of
Renton, Notice of Bond Sale calling for sealed bids for the pur-
chase of �325,000.00 par value of "City of Renton T�later and Sewer
Revenue Bonds, 1954" was duly published as provided in said Ordi-
nance; and
WFi�+',AS� four bids were suhmitted 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 17th day of �ugust , 19 54, at which hour
and place said bids were publ3.cly opened by the City Clerk at t he
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, Harold H. Huston & Co. and
Richards, Merrill & Peterson, Inc . , jointly, a price of $99•00
per each �100.00 par value of bonds � plus accrued interest� if any�
to date of delivery, all bonds maturing from 1974 to 1977, inclu-
sive, to bear interest at 2.70� per annum� a11 bonds maturing from
1978 to 1982, inclusive, to bear interest at 2.75% per annum� and
a11 bonds rnaturing in 1983 and 1984-, inclusige� to bear interest at
interest
2.80� per annum, the total net/cost over the life of the issue to
be �229,451.00 and the said bid representing an effective interest
rate of 2,78799%, the City to furnish the bonds, together with the
approving legal op3.nion of Weter, Roberts & Shefelman, attorneys
of Seattle, Washington;
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(2) By McLean & Company,a price of $99.10 pereach $100.00
par value of said bonds, plus accrued interest to date of delivery,
if any, all bonds maturing September 11 1974, through and includ-
ing September 11 1982, to bear interest at the rate of 2.80% per
annum, and all bonds maturing September 11 1983 and September 11
1984 to bear interest at the rate of 2.75% per annum, the said bid
representing an effective rate of interest over the life of said
bonds of 2.823171 % per annum; and
(3) By Pacific Northwest Company, Blyth & Co., Inc. and
Bramhall & Stein, jointly, a bid representing an effective rate of
interest of 2.864%; and
(4) By First Washington Corporation and Dean Witter & Com -
pang, jointly, a bid representing an effective rate of interest of
2.877035%; and
WHEREAS, the bid submitted jointly by Foster & Marshall,
Harold H. Huston & Co. and Richards, Merrill & Peterson, Inc. is the
lowest and best bid submitted and the City Council deems it for the
best interests 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 & Mar-
shall, Harold H. Huston & Co. and Richards, Merrill & Peterson, Inc.
for the purchase of said issue of "City of Renton Water and Sewer
Revenue Bonds, 1954" at a price of $99.00 for each $100.00 par value
of bonds, plus accured interest, if any, to the date of delivery,
all bonds maturing from 1974 to 1977, inclusive, to bear interest
at the rate of 2.70% per annum, all bonds maturing from 1978 to
1982, inclusive, to bear interest at the rate of 2.75% per annum,
and all bonds maturing in 1983 and 1984, inclusive, to bear interest
at the rate of 2.80% per annum, the total net interest cost over the
life of the issue to be $229,451.00 and the said bid representing
an effective rate of interest of 2.78799%, the City to furnish the
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bonds, together with the approving legal opinion of Weter, Roberts
& Shefelman, attorneys of Seattle, Washington, 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, Harold H. Huston & Co. and Richards, Merrill &
Peterson, Inc., jointly, pursuant to said bid upon payment therefor
in accordance with said bid; and the City Clerk is hereby authorized
toreturn to the unsuccessful bidders the checks deposited with
their bids.
PASSED by the City Council and APPROVED by the Mayor this
7th day of tdgeft6e' �.95k.
Attest:
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W= CROOK- VTy Clerk
Date of publication: September 16, 1954.
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