HomeMy WebLinkAbout03/04/1964 Special Meeting1
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SPECIAL MEETING MARCH 4, 1964
The City Council met at the hour of 1:30 P.M. pursuant to a call for bids and written notice
of special meeting as given by -the City Clerk for -the purpose of opening and considering bids
for the purchase of $1,600,000.00 of General Obligation Bonds. Mayor Larson, Councilman
Brazier, Kurbitz, Lynch and Robinson, City Manager Smith and City Attorney.Andrews present on
roll call. Councilmen Lemon and Munger absent. Mr. William B. Vadman representing Wm. P.
Harper & Son & Company, Financial Advisers for the City of Yakima assisted the Clerk of the
Council in the opening of the bids.
The. following bids were read by the Clerk of the.Council and considered by the City Council:
NAME.
LOCATION
EFFECTIVE INTEREST
Seattle -First .National Bank
Seattle, Wn.
3.1627 %
Merrill Lynch, Pierce, Fenner& Smith, Inc.
Seattle, Wn.
3.22845 %
Marshall & Meyer, Inc.
Seattle, Wn.
3.2403 %
First National Bank of Oregon
Portland, Ore.
3.2487 %
National Bank of Washington
Tacoma, Wn'.
3.24961 %
The National Bank of Commerce of Seattle
Seattle, Wn..
3.2722 %
C. J. Devine & Co.
New York, N.Y.
3.2739 %
The First National Bank of Chicago.
Chicago, Ill.
3.27801 %
John Nuveen & Co.
Chicago, Ill.
3.2931 %
Barcus, Kindred & Co.
Chicago, Ill.
3.3197 %
Continental Illinois National Bank &
Chicago, Ill.
3.32182 %
Trust Co. of Chicago
Bank of Yakima
Yakima, Wn.
3.3447 %
Mr. Vadman announced that Seattle First National Bank, Merrill Lynch, Pierce, Fenner & Smith,
Inc., Marshall & Meyer, Inc.., and First National Bank of Oregon were the four lowest bidders,
and with the help of Finance Director Mr. Ray McGraw, they would check these four bids for
errors. The meeting was informally recessed while this was done. It was MOVED by Brazier,
seconded by Robinson that the high bidders sign their respective receipts and the accompany-
ing checks be returned to-'them: carried, Brazier, Kurbitz., Larson, Lynch, and Robinson voting
aye by voice vote. Lemon and Munger absent.
Mr. Vadman and Mr. McGraw- confirming that the four low bids.were correct and in order, it was
MOVED by Brazier, seconded by'Robinson that the bid for the sale of $1,600,000.00 General Ob-
ligation Bonds be awarded to Seattle First National Bank with an effective interest rate of
3.1627 %: carried, Brazier, Kurbitz, Larson, Lynch, and Robinson voting aye by voice vote.
Lemon and Munger absent.
There being no further business . to be considered at this special meeting, it was MOVED by
Kurbitz, seconded by Lyrich'that we adjourn at the hour of 2:30 P.M.: carried, Brazier, Kurbitz,
Larson, Lynch and Robinson voting aye by voice vote. Lemon and Munger absent.
ATTEST:
CITY CLERK
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