HomeMy WebLinkAboutMinutes 08/05/1959August 5, 1959 - 11:00 a. m.
City Hall.- Petaluma., Calif.
Adjourned 'meeting of the Council of the City of. Petaluma called to
order by Mayor Parent.
ROLL CALL:
Present: Councilmen .Crinella, Gustafson,. King,, Van Bebber and
Mayor Parent.
Absent: Councilmen, Ellis and Matzen.
CONSIDERATION OF BIDS:
1959 Water Revenue Bonds
'This being 'the time set'for accepting bid's re sale of $2 800, 000.. City
of Petaluma 1959 Water Revenue Bonds, Series A, the Clerk announced that
6 bids had been received.
11:05 a. m. Councilman .Ellis entered the Council Chamber at this
,
time.
Bids which had been received were opened -and read as follows:
Name & Address of Bidder Nev Interest Cost to City
Myth & - Co, , Ince , Sari Francisco 13 895.00
John Nuveen & Co., Chicago 3, 307, 963.20
White -Weld & - Co. , San Francisco 3, 352 600.00
Salomon Bros. & Hutzler, San Francisco 3, 357, 215.00
The: First Boston Corporation, San Francisco 3, 367, 450.00
Smith Barney & Co., New York 3, 421, 884. 80
While the computation of the bids was being .checked by representatives
of the Stone & Youngberg firm, the next item of business on the agenda was
taken, up.
INTRODUCTION OF ORDINANCES:
Y g
`Amendment to S'alar Ord.' Ad din _ Sal ar ies of Water Dept Employe(
Refer'r ng`to the new posit of Clerk; Sn , Counci man King
asked if .this was actually the proper classification for this employee.
Mr. - Wes Hill, Calif. Water Service Co., - explained that the position
was actually equivalent .to that of Chief Clerk in other branches, which would
be the same 'status a's Offic'e * Mg.nager'.
After further discussion, the position title was changed to Account
Clerk, Administrative; whereupon,.
Ord:., #551 N.C. S.
introduced by Councilman Van . Bebber, seconded by Councilman Crinella, entitled,
"AN ORDINANCE TO AMEND SECTION ,10 OF THE SALARY
ORDINANCE NO 468 Ne C S., FOR.THE PURPOSE .OF .
ADDING:NEW POSITIONS NECESSARILY CREATED BY THE
PROPOSED ACQUISITION OF THE CALIFORNIA WATER
SERVICE COMPANY�BY THE CITY OF PETALUMA;
was ordered posted by 6 affirmative votes, 1 absentee.
A recess was called at approximately 1.1:40 ae m. to allow time for
computation of the bids received-by representatives of Stone & Youngberg.
Approximateiy p m. The meeting was called back to order,
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August 5, 1959
1959. Water Revenue Bond -Bids cont'd
Mr. Ed Wells,' Stbne 'Young erg, recommended 4,cceptancp of the
lowbidofBlyth&.Company. There being no his, th
g ob t ..e fe
awarding the bidwa's filled, in accordingly by , . Wells..
City. Attorn Ed Robert stated that Water Companyhas* furnishe
the City with descriptions e
p
of properties among lhembeing 'an
.
.easement'which*was` incorrectly described, . Because of the indenture that
the American Trust: Coe: has with Calif.. Water Service. Co the Citywiff
have to go ; 6. s im ultaneous . t'r'ansa �c
, tio n.A I n : acc eptante of an easement
directly from the holder of the propOrty, He went 'on to say in
process now . and will requite an emergency, ordinance at th&'n6xv regular
meeting. This ordinance should then be adopted on or. before I, in
order" to complete the transaction and pass title to all properties in one
transa.ctioT1,
Mayor Patent expressed the Co.uncil.'s-appreciation of the fine:'work
done by Stone .& Youngberg repri_-sentaitveg relative to'd -,ac ,of. the-
q41s ion..
Water Com
Pg
After'adoption of the-re'so1pution whichj6llow.s tb-
- - - resolution .. '- '- - A_,._-, _erk'was
o' b1f idde- ' ! r returning their
directed to write t' - each rs. ei
certified; checks9 expr'essinigappr6cidtio.0 of their bids.
INTRODUCED BY COUNCILMAN
SECONDEDBY COUNCILMAN
Milton 'Gustafson
Marino'P, Crinella
R E..SQLL1j.TIQN NOa 22�97 N Co S.
RESOLUTION . OF:THE COUNCIL, OF THE. CITY OF PETALUMA
SELLING $29, 800, 000 CITY OF -.PETALUMA 1959'. WATER
R-EVENUE ts
WHEREAS.' the Council of the City .of' Petaluma .d.ul,,y the
issuance of , $3, 300 000 prin,d�ibdl . amount ofl.onds of said 'City, . -, be. - . k-n . ; o.n
as "City of Petaluma 1,959"WdtOr'
- Bonds" -- and further duly authorized -
the sale of $2., 800. principal' amount of said f _- all - designated - "'Series,
A" and dated'.Soptember 1,. 195, . 9, at public 8A0 highest. , b , ie dd"r . thetefat;.
and
WHEREAS notice of the sale - of said bonds has been duly giVen in the
manner prescribed . by. *said ,.Cbdfi,c said resolution, and the - following bids
for said 'bonds we're are 'the oiilybids received,
ceivedb said Council, towit:
_
Not Interest
Name : of. B*dder 'G 0 'st t6__" City Blyth & Co's Inc.' $3 .290,895.
9
John Nuve&h',&'C 7
0 , 9 20
'
-White.- Weld Co .,3-- 352, 6000 00
on
tzler - 54
Salomon &� Hu �,�357 21 -.00
I - F irst -' C'_` ' 3, 3,67_- 456, 00
The F rst, Boston Co
.Smith, Barney & Co .3,,421, 994_� 80
AND. WHEREAS said bidof Blyth.& Co Inc. - is. the highest bid for
said bonds, considering the interest rates) specified and the pT.6mium.'6ff6red.
NOW, THEREFORE
IT RESOLVED by the Council of the, City of
Petaluma -as follows
1
H
I
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il n't
August 5, 1959
1 ; , - Isaid bid of Blyth .& Co. , Inc.. for $2, 800, 000 par value of said
Series A Bonds shall be and is hereby accepted and the Treasurer of the City
of'Petaluma is hereby authorized and directed to deliver. said bonds to said
purchaser thereof upon payment to said Treasurer of the purchase price, to
wit Said par value thereof and a premium of $1, 680. 00, together with accrued
interest at the following rate(s)
Bond Numbers (inclusive) Interest Rate
(All bearing Prefix "A ") per - Annum
A r to A385
A3.86 to A900 4 -1
A901 to -A2800 4-1/4 J
Said bonds shall bear interest at said rate(s)..hereinabove set forth, payable
annually the first year on September 1, 1960, and semi= annually thereafter
on March 1 and September 1 of each yea.re
20 - All bids except said bid of Blyth & Co., Inc. are hereby rejected,
and the City Clerk is hereby ordered and directed to return - to - the unsuccessful
bidders their several checks accompanying their :respective.:bids.
3. The City Clerk is directed to cause to be lithographed, printed or
engraved a- sufficient number blank bonds and - . coupons of suitable quality,
said bonds and coupons to showy on their face that the same bear interest at
the rate(s) aforesaid'.
RESOLVED FURTHER that this _resolaution shall take effect from and
after its passage 'and approval,
PASSED AND ADOPTED this 5th day of August, 1959, by the following
voce:
AYES: Councilmen Cr nella, - Ellis, Gustafson, King, Van Bebber and
Mayor Parent.
NOES: None,
ABSENT: Councilman Matzen°
ARTHUR W o .PAR ENT.
Mayor of the City of Petaluma, California
Attdst: GL_ ADYS. R.. WALLIN
City Clerk.
Presented to and approved by me this 5th day of August, 1959
ARTHUR W. PARENT
ayor of the City of Petaluma, California.
A DJ;OUR NM ENT:
There being no further business to come before the Council, the
meeting was adjourned,
Attest:
City, Clerk° Mayor,
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