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ORDINANCE NO. B -1$2$
AN ORDINANCE of the City of Yakima, Washington, accepting the joint bid of Blyth & Co.,
Inc. and Foster & Marshall, for the issue of $400,000.00 par value of
"Water and Sewer Revenue Bonds, 1956," of the City; fixing the interest rates
on said bonds; and providing for the immediate printing, execution, deli-
very and sale of said bonds and for the return of the checks deposited by
the unsuccessful bidders.
WHEREAS, prusuant to Ordinance No. B -1794 of the City of Yakima, Washington,
Notice of Bond Sale calling for sealed bids fur the purchase of $400,000.00 par value of
"Water and Sewer Revenue Bonds, 1956," of the City of Yakima, Washington, was duly pub-
lished as provded in said Ordinance; and
WHEREAS, six bids were submitted and filed with the City Clerk at her office
in the City Hall of Yakima, Washington, prior to 11:00 otclock a.m. on the 10th day of
January, 1956, at which hour and place said bids were publicly opened by the City Clerk
at the meeting of the City Commission of the City of Yakima then held at said City Hall,
said bids being as follows: .
(1) By BLYTH & Co., INC. and FOSTER & MARSHALL, jointly, a price of. $9$.95
for each $100.00 par value of said bonds, plus accrued interest from the date of issua-
nce to the date of delivery of the bonds, with coupon interest rates and maturities as
shown below:
1960 to 1962, Inclusive 3%
1963 to 1966, " 2 ?%
1967 to 1970, " 2 60%
1971 to 1973, " 2 70%
1974 to 1977, 11 2 75%
197$ to 1981, tt 2 $o%
the total interest cost over the life of the issue to be $176,$27.50 and said bid rep-
resenting an effective interest rate of 2.793924 %, the City to furnish the bonds, to-
gether with the approving legal opinion of Weter, Roberts & Shefelman, municipal bond -
counsel of Seattle, Washington; and
(2) By BRAMHALL & STEIN, KALMAN & CO., WILLIAM BLAIR & CO.,jointly, a
price of $379,451.10, plus accrued interest from the date of issuance to the date of
delivery of the bonds, the total interest cost over the life of the issue to be $17$,
094.50, and the bid representing an effective rate of interest of 2.$54270; and
(3) By DEAN WITTER & CO. and FIRST WASHINGTON CORP., jointly, a price of
$99.25 for each $100.00 par value of said bonds, plus accrued interest from the date of
issuance to the date of delivery of the bonds, the total interest cost over•the life of
the issue to be $1$2, 437.50, and the bid representing an effective rate of interest of
2.88256 %; and
(4) By MERRILL LYNCH, PIERCE, FENNER & BEANE, MC LEAN & COMPANY, BADGLEY,
FREDERICK, ROGERS & MORFORD, and CHARLES TRIP & COMPANY, jointly, a total price of $39$,
000.00 plus accrued interest from the date of issuance to date of delivery of the
bonds, the total interest cost over the life of the bonds to be $181,218.00, and the bid
representing an effective rate of interest of 2.$94$9 %; and
(5) By GRANDE & CO., INC., Seattle, HAROLD H. HUSTON & CO., Seattle, RICHARDS,
MERRILL & PETERSON, INC., Spokane, jointly a price of $9$.63 for each $100.00 par value
of said bonds, plus accrued interest from the date of issuance to the date of delivery
of the bonds, the total interest cost over the life of the issue to be $194,064.00, and
the bid representing an effective rate of interest of 3.152$%; and
(6) By PACIFIC NORTHWEST COMPANY and WM. P. HARPER & SON & CO., jointly, a
total price of $395,600.00 plus accrued interest from the date of issuance to the date
of delivery of the bonds, the total interest cost over the life of the issue to be .$19$,
014.00, and the bid representing an effective rate of interest of 3.198%; and
WHEREAS, the bid submitted by BLYTH & CO., INC. AND FOSTER & MARSHALL,
jointly, is the best bid submitted carrying the lowest effective rate of interest and
the City Commission deems it for the best interest of the City that said bid be accepted,
NOW, THEREFORE, .
BE IT ORDAINED BY THE CITY OF YAKIMA, WASHINGTON, as follows:
Section 1. That the bid submitted jointly by BLYTH & CO., INC: and FOSTER
& MARSHALL, for the purchase of said issue .6f "Water -and S Revenue Bonds, 1956," of
the of Yakima, Washington, at a price of $9$.95 for each $100.00 par value of said
bonds; plus accrued interest from the date of issuance to the date of delivery of the
bonds, all bonds maturing in 1960 to 1962, inclusive,`to bear interest at the rate of 3%
per annum; all bonds maturing from 1963 to 1966, inclusive,; to bear interest at the rate
of 2i% per annum; all bonds maturing from 1967 to 1970, inclusive, to bear interest at
the rate of 2.60% per annum; all bonds maturing from 1971 to 1973, inclusive, to bear
interest at the rate of 2.70% per annum; all bonds maturing from 1974 to 1977,
to bear interest at the rate of 2.75% per annum; and all bonds maturing from 197$ to 19$.,
inclusive, to bear interest the rate of 2.$0% per annum, the total-interest cost over
the life of the issue to be' $176, $27.50, and the said bid representing an effective' rate
of of 2.793924% and the City to furnish the bonds,, together with the approving
legal opinion of Weter, Roberts & Shefelman, municipal - bond counsel of Seattle, Washing-
ton, hereby accepted; the interest rates on said bonds are hereby fixed in accordance
with -aid bid; and the Mayor of theCity of Yakima and the City Clerkthereof 'are hereby
directed to have said bonds immediately printed and executed, and said bonds shall there-
upon be sold and delivered to BLYTH & CO., INC. and FOSTER & MARSHALL, jointly, pursuant
to said bid upon payment therefor in accordance with said bid; and the City Treasurer is
hereby authorized to return to the unsuccessful bidders the dhecks deposited with their
bids. •
277
ORDINANCE NO. B -1$2$
.> PASSED by the City Commission at a regular meeting and APPROVED by the Mayor
of the. City of Yakima, Washington, this 23rd day of January, 1956.
ATTEST: PEARL BENJAMIN (S E A L) G. W. BURNS,
City Clerk Mayor
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I hereby certify that the foregoing is a full, true and correct copy of Ordinance
No. B -1$2$ entitled "AN ORDINANCE of the City of Yakima, Washington, accepting the joint
bid of Blyth & Co., Inc.,and Foster tC Marshall, for tf issue of $400,000.00 par value
of "Water and Sewer Revenue Bonds, 1956," 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." as passed
this 23rd day of January, 1956, and that same has been published as required by law.
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C I T Y C E R K
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