Resolution 112 ACITY OF EDMONDS , WASHINGTON
RESOLUTION NO.
A RESOLUTION of the City Council of the
City of Edmonds, Washington, ratifying the
action of the City officials in accepting the
bids of The National Bank of Commerce of
Seattle, Seattle, Washington, Merrill Lynch,
Pierce , Fenner & Smith, Incorporated, Seattle,
Washington, McLean & Company, Inc. , Tacoma,
Washington, Chas. N. Tripp Company, Portland,
Oregon, and Dean Witter & Co. , Seattle,
Washington, jointly, for the issue of $350,000.00
par value of "Public Park General Obligation
Bonds , 1965 , " and ratifying the action of the
City officials in accepting the bid of The
National Bank of Commerce of Seattle, Seattle,
Washington, Merrill Lynch, Pierce, Fenner &
Smith, Incorporated, Seattle, Washington,
McLean & Company, Inc. , Tacoma, Washington,
and Chas. N. Tripp Company, Portland, Oregon,
jointly, for the issue of $440,000.00 par value
of "General Obligation Refunding 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. 1108, adopted on the
Zday of June, 1965, by the City Council of the City of Edmonds,
Washington, Notice of Bond Sale calling for sealed bids for the purchase
of $350,000.00 par value of "Public Park General Obligation Bonds, 1965 , "
was duly published as required by law; and
WHEREAS, pursuant to Ordinance No. 1109 adopted on the
day of June, 1965, by the City Council of the City of Edmonds,
Washington, Notice of Bond Sale calling for sealed bids for the purchase
of $440,000.00 par value of "General Obligation Refunding Bonds, 1965 , "
was duly published as required by law; 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 July 15, 1965, the date fixed for such sale, for the said issue of
$350,000.00 par value of "Public Park General Obligation Bonds, 1965 , "
said bids being as follows:
(1) By The National Bank of Commerce of Seattle,
Seattle, Washington, Merrill Lynch, Pierce, Fenner & Smith, Incorporated,
Seattle, Washington, McLean & Company, Inc. , Tacoma, Washington,
Chas. N. Tripp Company, Portland, Oregon, and Dean Witter & Co. ,
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:
$ 70 , 000.00 par value ,
maturing August 1 ,
1967, through August 1 , 1968,
bearing interest
at the rate of 4.25%;
$195 , 000.00 par value
, maturing August 1 ,
1969, through August 1, 1973,
inclusive, bearing
interest at the rate of 3.00%;
$ 85 , 000.00 par value ,
maturing August 1 ,
1974 , through August 1, 1975,
bearing interest
at the rate of 3. 10%;
the bid representing an effective interest rate of 3. 1384%, 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,
a bid representing an effective interest rate of 3.1675%;
(3) Seattle -First National Bank, Seattle, Washington,
a bid representing an effective interest rate of 3. 1679%; and
WHEREAS, two 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 July 15, 1965, for the said issue of $440 , 000.00 par value of "General
Obligation Refunding Bonds, 1965, " said bids being as follows:
(1) By The National Bank of Commerce of Seattle,
Seattle, Washington, Merrill Lynch, Pierce, Fenner & Smith, Incorporated,
Seattle, Washington, McLean & Company, Inc. , Tacoma, Washington,
and Chas. N. Tripp Company, Portland, Oregon, 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:
Iwa
$ 75 , 000. 00 par value,
maturing August 1 ,
1966, through August 1, 1968,
inclusive, bearing
interest at the rate of 4.50%;
$ 200, 000.00 par value, maturing Aug ust 1 ,
1969, through August 1, 1975,
inclusive, bearing
interest at the rate of 3.20%;
interest at the rate of 3.00%;
$105 , 000. 00 par value, maturing August 1 ,
1976, through August 1, 1978,
inclusive, bearing
interest at the rate of 3.25%;
bearing interest
$60 , 000.00 par value ,
maturing August 1 ,
1979, through August 1 , 1980,
bearing interest
at the rate of 3.30%;
a bid representing an effective interest rate of 3.293%, 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) Seattle -First National Bank, Seattle, Washington,
a bid representing an effective interest rate of 3.30%; and
WHEREAS, the City Council, deeming that the joint bid of
The National Bank of Commerce of Seattle, Seattle, Washington, Merrill
Lynch, Pierce, Fenner & Smith, Incorporated, Seattle, Washington, McLean
& Company, Inc. , Tacoma, Washington, Chas. N. Tripp Company, Portland,
Oregon, and Dean Witter & Co. , Seattle, Washington, for the purchase of
$350,000.00 par value of "Public Park General Obligation 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:
$70 , 000.00 par value ,
maturing August 1 ,
1967, through August 1 , 1968,
bearing interest
at the rate of 4. 25%;
$195, 000.00 par value,
maturing August 1,
1969 , through August 1 , 1973 ,
inclusive , bearing
interest at the rate of 3.00%;
$85 , 000.00 par value ,
maturing August 1 ,
1974, through August 1 , 1975,
bearing interest
at the rate of 3. 10%;
interest to be payable,aemiannually -on-the-first days of February and August
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and the joint bid of The National Bank of Commerce at Seattle, Washington,
Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Seattle, Washington,
McLean & Company, Inc. , Tacoma, Washington, and Chas. N. Tripp
Company, Portland, Oregon, for the purchase of $440,000.00 par value of
"General Obligation Refund 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
date s:
$75,000.00 par value, maturing August 1, 1966,
through August 1, 1968, inclusive, bearing interest
at the rate of 4.50%;
$ 20, 000.00 par value, maturing August 1, 1969,
through August 1, 1975, inclusive, bearing interest
at the rate of 3.20%;
$105,000.00 par value, maturing August 1, 1976,
through August 1, 1978, inclusive, bearing interest
at the rate of 3.25%;
$60, 000.00 par value, maturing August 1, 1979,
through August 1, 1980, bearing interest at the rate
of 3.30%;
interest payable semiannually on the first day of February and August were
the best bids received for said issues of bonds, duly accepted the same on
July 15, 1965, NOW, THEREFORE ,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
EDMONDS, WASHINGTON, that the acceptance of such bids 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 "Public Park General Obligation Bonds, 1965," shall thereupon be sold
and delivered to The National Bank of Commerce of Seattle, Washington,
Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Seattle, Washington,
McLean & Company, Inc., Tacoma, Washington, Chas. N. Tripp Company,
Portland, Oregon, and Dean Witter & Co. , Seattle, Washington, jointly,
pursuant to their bid upon payment therefor of $350,000.00, plus accrued
interest from August 1, 1965, to date of delivery of the bonds to the purchasers,
and the "General Obligation Refunding Bonds, 1965, " shall thereupon be sold
and delivered to The National Bank of Commerce of Seattle, Seattle,
Washington, Merrill Lynch, Pierce, Fenner & Smith, Incorporated,
Seattle, Washington, McLean & Company, Inc. , Tacoma, Washington,
and Chas. N. Tripp Company, Portland, Oregon, jointly, pursuant to
their bid upon payment of $440, 000.00 , plus accrued interest from
August 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
furnished to Roberts, Shefelman, Lawrence, Gay & Moch, so that their
approving legal opinion may be obtained for delivery to the purchasers,
together with the printed bonds without cost to the purchasers.
ADOPTED at a regular meeting of the City Council of the City
of Edmonds, Washington, on the 20th day of July, 1965.
1 �
Mayo
ATTEST:
City Clexlf,-
FORM APPROVED:
•' � Grin.' G� { ✓
City Attorn .
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