11/12/1975 - Special - MinutessEF CcI;.R,e��cey, ���,gcfv�i
Port Orchard City Council
Special Meeting
November 12, 1975
Mayor Pro Tempore Robert Geiger called the special meeting to order
at 8:00 P. M. Present, Councilmen Fulton, Caldwell, Doyle and Van Zee.
Absent, Councilmen Libby and Roos.
City Clerk informed the Council that there were four bids submitted for
the purchase of the $700,000.00 General Obligation Bonds. Clerk opened
the bids and passed the bids to Mr. Terry Thompson, Financial Consultant
for the City, who then read the results as follows:
Bidder Total
Interest Cost to Maturity
Effective Int. Rate
Foster & Marshall
626,102.50
6.9909
205 Columbia
Seattle, Wa.
Rainier National Bank
614,065.00
6.8572
Kidder, Peabody & Co.
P. O. Box 3966
Seattle, Wa.
Piper, Jaffray & Hopwood
632,607.00
6,6352
I.B.M. Building
Seattle, Wa.
Seattle First National Bank
611,765.00
6.8315
P. O. Box 3586
Seattle, Wa.
In each instance a Certified Check in the amount of $35,000.00, payable
to the City Treasurer of Port Orchard was enclosed.
Mr. Terry Thompson stated that it looked as if there was an error in the
bid of Piper, Jaffray & Hopwood and Council stayed any action until the
bids had been rechecked. Mr. Thompson and City Clerk retired to the Clerks
Office to recheck the bids at 8:20 P. M. At 9:00 P. M. Mr. Thompson and
Clerk returned to Council and reported that the bid of Piper, Jaffray and
Hopwood had been computed erroneously and the correct effective interest
rate was 6.8264, and the total interest cost to maturity was $611,308.00.
Councilman Caldwell moved to award the bid to Piper, Jaffray and Hopwood,
seconded and carried.
Councilman Geiger moved that Mr. Thompson return the certified checks to
the unsuccessful bidders with the exception of Rainier Bank, as their
representative was present. Seconded and carried.
Adjourned at 9:20 P. M.
•;" , wit l�
Clerk
Mayor
lU k 1=:
IortOOpnerd City Cou=.i. I. or m u C1Frk, re minutea or Nov.
urr�ci ebtz: to Nov. lU
Y::a;rani, 2 : pulton m sloa was witnaram,. with ao-�roval o_ the second.
(Delete emenaea)
Paragraph i a laa Insuranoe on ouil=.L is -or $lU,uuO.
Paragraph y, line 2: FIOR the openang or olds ... GO bons and a
study session to discuss the Cuaget.
Page le, pares€rap., 7 : (On Uxeoutive Session) naa at _Iltcnell Point.
Nov. L� 'neetinga
(Follcx-�; bid results) Fulton movea to ativara hilt to Seattle Firat National
Be=, apparent low bidder. Seconded.
Idaxine Dayle moved to postpone action until interest rate rigures
were cneoked on Piper, Jafrrey, Hopwood st al scneaule. Seounaea
and carried.
(Paragrapn . :.Ir. T.Tnox.pson follows .
Insert : Jjotion to awara to Seattle First vutea against nnanUmoualy.
;Continue Councilman Caldwell motion.)
Hes!"ectrully su',)mitted,
i/ssxine Doyle