HomeMy WebLinkAbout11/23/65 November 23, 19 65
Special meeting of the City Council of the City of Bremerton, W shington, was held
in the Council Chambers of the City Hall on Tuesday, November 20rd, 1985 at ll:00
A.~f,. Pacific Standard Time, with ~Iayor Jarstad presiding. Also present were the following
Commissioner Schoneman, City Clerk NcGowan, City Auditor Vaa. Mr. Robert Yeasting
of William P. Harper and Sons and Co., and a representative of the radio. Commissioner
Clark was attending a meeting in the office of the Governor as a member of the Urban
~ffairs Committee.
~he Special Meeting of the Council was called for the purpose of opening bids for
the R~venue Bondissue of $775,000 for the City of Bremerton's Water-Sewer pro ject.
Motion by Nr. Jarstad andMr. Schoneman the City Clerk open the bid.s, carried
City Clerk' opened the following bids:
John Nuveen Company, enclosed cashier's check $1~,000, gross interest cost from Dec.
~, 1985 to December l, 1990, $688,000; Discount, $15,~19.~0 and net interest cost of
~0~,~19.~0; and they will pay $759,~80.80 plus accrued interest to ~ate of delivery, f~
our l~ £1alty issued securities, at an average effective rate of ~.089~.
P~cific Northwest Company, enclosed certified check $18,000, gross interest cost from
Decemb,~r l, 1985 to December l, 1990, $~8~,1~8.00; discount, $11,88~.50 and net interest
cost of ~89~,81~.50, producing an effective rate of ~.0~98, and they will pay 98.~9~
per ~100 par value thereof, plus accrued interest from the date of issue to ~ate of delive
the~oof to them, for bonds bearing intere t at Z.90 for the years 1981 to 1988 inclusive
and ~.0 for the years 198~ to 1990 inclusive.
Narshall and Neyer, Inc., cashier's check enclosed in the amount-of $15,000. Gross
interest cost from December l, 1988 to December l, 1990 $8~8,075.00 Discount
~.~1~,375.7~ and net interest cost of $881,~80.?$ producing an effective interest rate of
~o9867 and they will pay $98.~7~1 for each $100 par value of bonds, which is a total
~iscount of $1$,ZT$.TZ for bon~s with coupon rates and maturities as shown--~.80 per cent
from 1981 to 1988 i~clusive and ~.90 per cent from 1988 to 1990 inclusive.
~1otion by Mr. Sch,~neman andNr. Jarstad the bids be referred to a Committee for stuc~
consisting of the City Auditor, City Clerk, and Financial Counsel (~r. Yeasting), carried
unanimously.
Nr. Yeasting stated that it was obvious from the coupon rates alone that Marshall
and Neyer bid is the best bid.
Meeting ~djourned~
E.H.T. McGowan,/ City Clerk
APPROVED: ~
~a'r~'s~ '~$ ~,~ayor