Ordinance 1509CITY OF EDMONDS, WASHINGTON
ORDINANCE NO. 1509
AN ORDINANCE ratifying and confirming the
time of sale for $1,000,000.00 par value of
"Water and Sewer Revenue Bonds, 1970"
authorized by Ordinance No. 1506; accepting
the bid of MERRILL,LYNCH, et a1, and SEATTLE
NW SEC. INC, for such bonds; fixing the
interest rates on such bonds; and providing
for the immediate printing, execution, delivery
and sale of such bonds and the return to the
unsuccessful private bidders of the checks
deposited with their bids.
WHEREAS, Ordinance No. 1506 passed and approved on
October 20, 1970, provided for the issuance and sale of
$1,000.000.00 par value of "Water and Sewer Revenue Bonds,
1970" of the City and directed the City Clerk to publish a
Notice of Bond Sale of the bonds calling for bids for the
purchase thereof to be received in the Council Chambers in
the City Hall in Edmonds, Washington, until 8:00 o'clock a.m.
(PST) on November 17, 1970; and
WHEREAS, it was the intention of the City to have
the hour of such sale at 8:00 o'clock p.m. rather than 8:00
o'clock a.m. on such date and the Notice of Bond Sale of the
bonds which was published in the Daily Journal of Commerce
of Seattle, Washington, by the City Clerk pursuant to the direc-
tion contained in Ordinance No. 1506 correctly fixed the hour
of receipt of bids for 8:00 o'clock p.m. (PST) on November 17,
1970; and
WHEREAS, five bids were submitted and
received in the Council Chambers in the City Hall in Edmonds,
Washington, prior to 8:00 o'clock p.m. (PST) on November 17, 19700
such bids being as follows:
94
BIDDER
Marshall & Meyer
Smith Barney & Co.
Foster & Marshall, Inc.
John Nuveen & Co.
Seattle Northwest Securities Corp.,
and Merrill, Lynch, Pierce, Fenner
and Smith, Inc.
; and
NET EFFECTIVE INT.
7.28867%
7.02350%
7.033310%
7.039900%
6.99835%
WHEREAS, the City Council deems that the bid of Seattle
Northwest Securities, Inc., and Merrill, Lynch, Pierce,
Fenner and Smith, Inc. is the best
bid received and that no better bid could be received for the
bonds and that it is for the best interest of the City that such
bid be accepted, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON,
TO ORDAIN, as follows:
Section 1. The correction of the time of sale of
$1,000,000.00 par value of "Water and Sewer Revenue.Bonds, 1970"
of the City from 8:00 o'clock a.m. (PST) on November 17, 1970, to
8:00 o'clock p.m. (PST) on November 17, 1970, and all other pro
ceedings pertaining to the advertisement for and receipt of such
bids are hereby ratified and confirmed.
- 2 -
Section 2. The bid submitted by Seattle Northwest
and Merrill, Lynch, et al. for the purchase of such
bonds at a price of $98.075 plus accrued interest from
date of issuance to date of delivery of the bonds for bonds
bearing the following interest rates, maturing on the following
dates:
6.7% December 1, 1987
6.8% December 1, 1988
6.9% December 1, 1989
7.0% December 1, 1990
7.0% December 1, 1991
interest to be payable semiannually on June 1 and December 1
of each year is hereby accepted; the interest rates on the bonds
are hereby fixed in accordance with such bid; and the officers
of the City are hereby directed to have the bonds printed and
executed immediately. The checks deposited by the unsuccessful
bidders with their bids are hereby directed to be returned to
such bidders.
PASSED by the City Council at a regular meeting thereof
and APPROVED by the Mayor of. the City of Edmonds, Washington, this
17th day of November, 1970.
rw"'WAI ON 0W
ATTEST:
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CitFORM APPROVED: 'l
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City Attorney tf'
70 PUBLISHED: November 25, 19