HomeMy WebLinkAbout1452CITY OF PORT ANGELES, WASHINGTON
ORDINANCE NO. / y
AN ORDINANCE of the City of Port Angeles,
Washington, accepting the joint bid of Blyth
& Co., Inc., of Seattle, Washington, and
Associates, for the issue of $1,700,000.40
par value of "Water Revenue Bonds, 1960," of
the City; fixing the interest rates on said
bonds; and providing for the immediate
printing, execution, delivery and sale of
said bonds and for the return of the checks
deposited by the unsuccessful bidders.
WHEREAS, pursuant to Ordinance No. 1449 of the City of
Port Angeles, Washington, Notice of Bond Sale calling for sealed
bids for the purchase of $1,700,000.00 par value of "Water
Revenue Bonds, 1960," of the City of Port Angeles, Washington,
was duly published as provided in said Ordinance; and
WHEREAS, three bids were submitted and filed with the
City Clerk at the office of the City Manager in the City Hall,
Port Angeles, Washington, prior to 2:00 o'clock p.m., on the
4th day of February, 1960, at which hour and place said bids
were publicly opened by the City Clerk and the City Manager and
were thereafter presented to and considered at the meeting of the
City Council held at 8:00 o'clock p.m., on the evening of the
same day in the City Hall, Port Angeles, Washington, said bids
being as follows:
(1) By BLYTH & CO., INC., Seattle, Washington, and
ASSOCIATES, jointly, a price of $98.00 for each $100.00 par value
of bonds, plus accrued interest from the date of the issuance to
the date of delivery of the bonds, with all bonds maturing from
January 1, 1962, to January 1, 1970, inclusive, to bear interest
at the rate of 4% per annum; with all bonds maturing from
January 1, 1971 to January 1, 1973, inclusive, to bear interest
at the rate of per annum; with all bonds maturing from
January 1, 1974, to January 1, 1983, inclusive, to bear interest
at the rate of 4.400; and all bonds maturing January 1, 1984, to
bear interest at the rate of 3 %, the total interest cost over the
life of the issue, plus discount, to be $1,107,942.50, and said
bid representing an effective interest rate of 4.4325 %, the bonds
to be furnished by the City of Port Angeles, Washington, together
with the approving legal opinion of Weter, Roberts & Shefelman,
municipal bond counsel of Seattle, Washington, at the City's
expense; and
(2) By JOHN NUVEEN & CO., Chicago, Illinois, and
ASSOCIATES, jointly, a bid representing an effective interest
rate of 4.4682 %; and
(3) By F. S. SMITHERS & COMPANY of New York, New York,
a bid representing an effective interest rate of 4.4993 %; and
WHEREAS, the bid submitted by BLYTH & CO., INC., Seattle,
and ASSOCIATES, jointly, was the best bid submitted carrying the
lowest effective rate of interest, 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 CITY COUNCIL OF THE
CITY OF PORT ANGELES, WASHINGTON, as follows:
Section 1. That the bid submitted jointly by BLYTH &
CO., INC., Seattle, and ASSOCIATES, for the purchase of said issue
of "Water Revenue Bonds, 1960," of the City of Port Angeles,
Washington, at a price of $98.00 for each $100.00 par value of
bonds, with all bonds maturing from January 1, 1962, to January 1,
1970, inclusive, to bear interest at the rate of 4 per annum;
with all bonds maturing from January 1, 1971, to January 1, 1973,
inclusive, to bear interest at the rate of 4 per annum; with
all bonds maturing from January 1, 1974, to January 1, 1983, inclu-
sive, to bear interest at the rate of 4.40% per annum; and with
all bonds maturing on January 1, 1984, to bear interest at the
rate of 3% per annum, the total interest cost over the life of
the issue, plus discount, to be $1,107,942.50, and said bid
representing an effective interest rate of 4.4325 %, the bonds to
be furnished by the City of Port Angeles, together with the
approving legal opinion of Weter, Roberts & Shefelman, municipal
bond counsel of Seattle, Washington, at the City's expense, is
hereby accepted; the interest rates on said bonds are hereby
fixed in accordance with said bid; and the Mayor of the City of
Port Angeles and the City Clerk thereof are hereby directed to
execute the printed bonds immediately upon delivery thereof to
them, and said bonds shall thereupon be sold and delivered to
MYTH & CO., INC.. and Associates, jointly, pursuant to said bid
upon payment therefor in accordance with said bid; and the City
Clerk is hereby authorized to return to the unsuccessful bidders
the checks deposited with their bids.
PASSED by the City Council of the City of Port Angeles,
Washington, at a regular meeting thereof and APPROVED by the
Mayor thereof, this fie day of R • , 1960.
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