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HomeMy WebLinkAbout10/16/1957 - Adjourned Regular Meetingl C On motion of Councilman Stoddard, seconded by Councilman Ridderhof and carried, the meeting was adjourned to 11:00 A.M. on October 16, 1957. ATTEST: C3.ty C r Mayor October 16, 1957 The City Council of the City of Newport Beach met in adjourned regular session in the Council Chambers of the City Hall at the hour of 11:00 A.M. The roll was called, the following members being present: Councilmen Hart, Wilder, MacKay, Stoddard, Higbie, Ridderhof and Hill. The Clerk presented and read the title of Ordinance No. 535, being AN ORDINANCE OF THE CITY OF NEWPORT BEACH, CALIFORNIA, PROvIDINO FOR THE ISSUANCE OF BONDS OF SAID CITY IN THE AMOUNT OF $1,750,000. On motion of Councilman Stoddard, seconded by Councilman Ridderhof and carried unanimously, the second reading of Ordinance No. 535 was waived by the following roll call vote, to wit: AYES, COUNCILMEN: Hart, Wilder, MacKay, Stoddard, Higbie, Ridderhof, Hill NOES, COUNCILMEN: None ABSENT, COUNCILMEN: None On motion of Councilman Stoddard, seconded by Councilman Wilderand carried, Ordinance No. 535 was adopted by the following roll call vote, to wit: AYES, COUNCILMEN: Hart, Wilder, MacKay, Stoddard, Higbie, Ridderhof, Hill NOES, COUNCILMEN: None ABSENT, COUNCILMEN: None Meeting add ourned to X=g .�.Iv , 0cro�er i6. Adjourned regular sess:�on- Roll call. Ordinance No. 535. Provid-.ng for issuance _Bo o4zcsp��_�(f��i.ryevpp_p+��,_t�Yne amouitc QDL yS�,�61V,VV`L. s® Second reading waived. ordinance No. 535 This being the time and place fixed for the opening of bids wing of bids. for the $1,750,000 bonds of the City of Newport Beach, California, designated WATER BONDS, 1957, and numbered 1 to 1,750, inclusive, the following bids received pursuant to the notice of sale were publicly opened, examined and read: Bank of America N.T. & S.A. and Associates bid par, accrued interest to date of delivery and a premium of $1.00 for bonds bearing interest payable annually the first year and semiannually thereafter at the rates of: Rate Years 5--UT% T93T -to 1964 3 -3/4% 1965 to 1973 4% 1974 to 1952 Security -First National Bank of Los Angeles and Associates bid par, accrued interest to date of delivery and a premium of $1.00 for bonds bearing interest payable annually the first year and semiannually thereafter at the rates of: Rate Years 5�% T77-to 1962 4% 1963 to 1965 3 -3/4% 1969 to 1974 3.90% 1975 to 1977 4% 1975 to 1952 California Bank - Manager; First of Michigan F. Hutton & Co.; Paine, Webber, .Jackson & Curtis; & Co.; Weeden & Co. Dempsey - Tegeler & Co.; S. B. par, accrued interest to date of delivery and a p bonds bearing interest payable annually the first thereafter at the rates of: Bid of Sank of America N.T. & S.A. an _ ssoc_.ates. Bid of Security -First National Bad —o Li C> .ngd es ano Assocs_aLes. Corporation; E. California Bank bid. Shearson, Hammill g Hanauer & Co. bid remium of $410 for year and semiannually EN Committee appoint - e to c ec 1 s. Rate Years �5 /o T937-to 1962 4% 1963 to 1966 3 -3/470 1967 to 1973 47. 1974 to 1982 Each bid was accompanied by a good faith check in an amount not less than $53,400.00. Mayor Hill nominated a committee to examine, check and compute the bids received and for report back later in the meeting. On motion of Councilman Ridderhof, seconded by Councilman Wilder and carried, said committee, comprised of Councilman Hart, Richard Bartle of Stone & Youngberg, the City's financial consultants, City Manager Robert Shelton and Director of Finance Andrew Broussard, was appointed. The committee retired from the Council Chambers, and the Mayor instructed the Clerk to proceed with additional business. LICENSES Jay's Cafe, 507 The Application for License of Jay R. Stottlemyre to conduct the Easy BaYvenue, business of Jay's Cafe at 507 East Bay Avenue, Balboa, restaurant and Balboa. on -sale beer, bearing the necessary department approvals, . was presented and approved on motion of Councilman MacKay, seconded by Councilman Ridderhof and carried. G. H. McGrath The Application for License of George H. McGrath for house to house House to oust soliciting for the sale of memorial property, Melrose Abbey, 11711 soliciting. Highway 101, Santa Ana, bearing the necessary department approvals, was presented and approved on motion of Councilman Wilder, seconded by Council- man MacKay and carried. James Varle Roe The Application for License of James Varley Roe for house to house ouse to oust soliciting in regard to burial services, Harbor Rest Memorial Park, Harbor soliciting-, Boulevard at Gisler, Costa Mesa, bearing the necessary department approvals, was presented and approved on motion of Councilman Wilder, seconded by Councilman MacKay and carried. ADDITIONAL BUSINESS Request of L. E. The Clerk read a letter from Leroy E. Fay, 2817 Shell, Corona del Fa to c mile Mar, requesting that the name of Shell Street in Corona del Mar be changed name ar Shell to Shell Drive. On motion of Councilman Stoddard, seconded by Councilman Street to $hell Wilder and carried, said letter was referred to the City Manager for Drive. investigation and report. Copy of App. for A copy of an Application for Transfer of Alcoholic Beverage License, Trans er o A3. person to person transfer on -sale beer, to Philip M. Varela, The Beach Bev. icense o Roamer at 104 Main Street, Balboa, was presented. On motion of Council- Vare a e man Stoddard, seconded by Councilman MacKay and carried, said application Beac oamer. was ordered filed, and it was noted by the Council that The Beach Roamer had been closed. Recess. Council Mayor Hill declared a recess at 11:20 A.M. At 11:40 A.M., Mayor Hill reconvened. Roll requested the Council to reconvene and instructed the Clerk to call the call. roll. The following members of the Council were present: Councilmen Hart, Wilder, MacKay, Stoddard, Higbie, Ridderhof and Hill. Re ort of The committee appointed to check and compute the bids on the bonds comet ttee aoint- pp for which bids were opened previously during this meeting reported that e to c ec i s. the bid of Security -First National Bank of Los Angeles and Associates is the bid yielding the lowest net interest cost. Councilman Hart stated that there were discrepancies in the figures shown by the Security - First National Bank of Los Angeles and Associates and the figures of the California Bank as to the total net interest cost and average net interest rate. Mr. Richard Bartle spoke from the audience and explained that the discrepancies had no legal bearing since they were merely discrepancies in estimates which were submitted in accordance with the notice to prospective bidders. Resolution No. The Clerk presented and read in full proposed Resolution No. 4701, being Awardii to A RESOLUTION OF THE CITY COUNCIL OF THE _bonds east - i eb "dd r and re- CITY OF NEWPORT BEACH AWARDING $1,780,000 jecti.ng all of ers. BONDS OF SAID CITY TO THE BEST BIDDER AND REJECTING ALL OTHER BIDS. Tabulation and com- On motion of Councilman Wilder, seconded by Councilman MacKay and utation of interestcarried, it was directed that the report of the City's tabulation and ot bids to be enter - computation of interest of the bid of Security - First National Bank of ed in minutes. Los Angeles and Associates, and of the other bidders, be entered in the minutes, by the following roll call vote, to wit: AYES, COUNCILMEN: Hart, Wilder, MacKay, Stoddard, Higbie, Ridderhof, Hill NOES, COUNCILMEN: None ABSENT, COUNCILMEN: None SUMMARY OF COMPUTATION Bid by Bank of America N.T. & S.A. and Associates Total interest on first rate bid 5 -1/4% on bonds maturing 1958 to 1964 102,900 Total interest on second rate bid 3 -3/4% on bonds maturing 1965 to 1973 283,500 Total interest on third rate bid 4% on bonds maturing 1974 to 1982 5562200 Total interest to be paid 942,600 Less premium 1 Net interest cost to agency Bid by California Bank, et al. Bid by Security -First National Bank of Los Total interest on first rate bid Angeles and Associates 52,500 Total interest on second rate bid Total interest on first rate bid 4% on bonds maturing 1963 to 1966 84,000 5 -1/4% on bonds maturing 1958 to 1962 55,125 3 -3/4% on bonds maturing 1967 to 1973 Total interest on second rate bid Total interest on fourth rate bid 4% on bonds maturing 1963 to 1968 142,800 Total interest to be paid Total interest on third rate bid Less premium 410 3 -3/4% on bonds maturing 1969 to 1974 228,375 Total interest on fourth rate bid 3.90% on bonds maturing 1975 to 1977 159,510 Total interest on fifth rate bid 4% on bonds maturing 1978 to 1982 3452000 Total interest to be paid 930,810 Less premium 1 Net interest cost to agency Bid by California Bank, et al. Total interest on first rate bid 5% on bonds maturing 1958 to 1962 52,500 Total interest on second rate bid 4% on bonds maturing 1963 to 1966 84,000 Total interest on third rate bid 3 -3/4% on bonds maturing 1967 to 1973 238,875 Total interest on fourth rate bid 4% on bonds maturing 1974 to 1982 556,200 Total interest to be paid 931,575 Less premium 410 Net cost to agency After considering the various bids and the report thereon, it was moved by Councilman Stoddard, seconded by Councilman Ridderhof and carried, that Resolution No. 4701, entitled "A Resolution of the City Council of the City of Newport Beach Awarding $1,780,000 Bonds of said City to the Best Bidder and Rejecting all Other Bids," be adopted. Upon the following vote: AYES: Councilmen Hart, wilder, MacKay, Stoddard, Higbie, Ridderhof, Hill NOES: Councilmen None ABSENT: Councilmen None said Resolution No. 4701 was declared adopted. On motion of Councilman Ridderhof, seconded by Councilman Wilder and carried, the meeting was adjourned. 1 X"', 6)", iYe'VI mayor ATTEST: ' I - 1� Summary of Computation Bad ob America. 942,599 Security -First National Ban-k7 930,809 (37. M0.7 California Bank. 931,165 (3T Resolution No. 4701 adopted. Adjournment.