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Home My WebLink About1963-10-02MINUTES 27 Council Chamber, City Hall Huntington Beach, California Wednesday, October 2, 1963 Mayor Lambert called the regular adjourned meeting of the City Council of the City of Huntington Beach to order at 7:30 o'clock P.M. The Pledge of Allegiance was given by all present in the Council Chamber. Councilmen Present: Gisler, Welch, Lambert Councilmen Absent: Wells, Stewart 111-963 Water Bonds" Bid Openin s This being the time and place fixed for the opening 01 DIGS for $3,750,000 bonds designated 1963 Water Revenue Bonds, Series A the following bids received pursuant to the notice of sale were publicly opened, examined and read: Blyth and Company and Associates bid par, accrued interest to date of delivery, and a premium of $2,587.50 for bonds bearing interest payable annually the first year and semiannually thereafter at the rates ' of: Rates Years % to 1974 Incl. 3 1/4% 1975 to 1978 incl. 3.30% 1979 to 1981 incl. 3.40% 1982 to 1983 Incl. 3 1/2% 1993 Merrill Lynch, Pierce, Fenner and Smith bid par., accrued interest to date of delivery, and a premium of $450.00 for bonds bearing interes payable annually the first year m d semiannually thereafter at the rates.;of: Rates Years 4% 1965 to 1971 Incl. 3 Y/4% 1972 to 1979 incl. 3 1/2% 1980 to 1983 Incl. 3.607. 1993 Goldman, Sachs and Company and Associates bid par, accrued interest to date of delivery, and a premium of zero for bonds bearing interes payable annually the first year and semiannually thereafter at the rateofil' of: Rates Years 4.75% 1965 to 1971 4.40% 1972 3.25% 1973 to 1977 3.30% 1978 to 1979 3.40% 1980 to 1983 3.60% 1993 Smith, Barney and Company and Associates bid par, accrued interest to date of delivery, and a premium of $592.50 for bonds bearing interest payable annually the first year and semiannually thereafter at the rategt.; of: Rates Years 4.75% 1965 to 1970 4.50% 1971 3.25% 1972 to 1977 3.40% 1978 to 1983 3.707. 1993 -1- (10/2/63) 28 Pa��e #2 - Minutes , October 2., 1963 Ph4lps, Fenn and Company bid par, accrued interest to date of delivery, and a premium of $825.00 for bonds bearing interest payable annually the first year and semiannually thereafter at the rates of: Rates Years 4.75% 1965 to 1970 incl. 4.25% 1971 3.25% 1972 to 1978 Incl. 3.40% 1979 to 1981 incl. 3.50% 1982 to 1983 incl. 3.70% 1993 B. J. Van Ingen and Company, bid par, accrued interest to date of delivery, and $262.50 for bonds bearing interest payable annually and semiannually thereafter at the rates,;) of: Rates 5A 4A 3.5% 3.7% Years Incorporated a premium of the first year 1965 to 1967 Incl. 1968 1969 to 1983 Incl. 1993 Barcus, Kindred and Associates bid par, ac- crued interest to date of delivery, and a premium of $340.88 for bonds bearing interest payable annually the first year and semi- annually thereafter at the rateq:. of: Rates Years 3 3/47. 1965 to 1979 Incl. 3.60% 1980 to 1983 incl. 3.80% 1993 Each bid was accompanied by a good faith check in an amount not less than $25,000. Bids Referred All bids were then referred to the Director For CbeckinZ of PublicWorks and a representative of Stone and Youngberg, Financial Consultants to the City for checking and computation, a report thereon to be given to the Council later in this meeting. H. B. Lions Club The Clerk presented letters from the Hunting - Reg. to 601icit ton Beach Lions Club and the Huntington Beach "North" Lions Club, requesting permission to conduct a "White Cane" drive in the City on October 4th and 5th for the benefit of their sight conservation program. Perm.. to Solicit On motion by Gisler, seconded by Welch, '"ranted Council granted permission to the Huntington Beach Lions Club and the Huntington Beach "North" Lions Club, to conduct their fund raising campaign in the City on October 4th and 5th, 1963. Motion carried. Res. No. 1858 The Clerk read Resolution No. 1858 - "A Read by Clerk RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH AUTHORIZING THE RE-ES- TABLISHMENT OF THE SPECIAL FUND FOR ACQUISITION OF LANDS FOR PARKS AND RECREATION PURPOSES." Res. No. 1858 On motion by Welch, seconded by Gisler, Adopted Resolution No. 1858 was passed and adopted by the following Roll Call vote: AYES: Councilmen: Gisler, Welch, Lambert NOES: Councilmen: None ABSENT: Councilmen: Wells, Stewart -2- (10/2/63) 25 Page #3 - Minutes, October 2, 1963 Res. No. 1859 The Clerk read Resolution No. 1859 "A Read by Clerk RESOLUTION OF THE CITY COUNCIL OF THE CITY �.� OF HUNTINGTON BEACH AUTHORIZING THE ESTABLISH MENT OF A "PARK FUND". Res. No. 1859 On motion by Welch, seconded by Gisler, Adopted Council passed and adopted Resolution No, _ 1859 by the following roil call vote: AYES: Councilmen: Gisler, Welch, Lambert NOES: Councilmen: None ABSENT: Councilmen: Wells, Stewart Transfer of The Clerk presented a communication inform - Funds Reg,� ing Cau ncil of a transfer between funds which was authorized by the passage of Resolu Lion No. 1809, and requesting approval by minute action of funds from the General Fund to the Library Fund. Req, To Trans. On motion by Gisler, seconded by Welch, Granted Council approved the transfer of funds from the General Fund to the Library Fund request- ed by the City Clerk. Motion carried, Recess Called Mayor Lambert declared a recess of the Coun- cil at 8:05 o'clock P.M. Council Reconvened Council was reconvened at 8:45 o'clock P.M. by the Mayor. Water Bond Sale - Low The committee appointed to check and compute bidder-Blyth & Go, the bids on the bonds for which bids were opened previously during this meeting re- ported that the bid of B1yth and Company, Incorporated,. and Associ- ates is the bid yielding the lowest net interest cost: Res. No. 1860 After considering the various bids and the Adopted_ report thereon, it was moved by Welch and seconded by Gisler that Resolution No, 1860, entitled "RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH, CALIFORNIA, AWARDING $3,750,000. BOND OF SAID CITY TO THE BEST BIDDER AND REJECTING ALL OTHER BIDS," be adopted. Upon the following vote: AYES: Councilmen: Gisler, Welch, Lambert NOES: Councilmen: IW60, . ABSENT: Councilmen: Welds, Stewart said Resolution No. 1860 was declared adopted. informal Meeting Mayor Lambert called a meeting of the Council 10/7/63 as an informal committee of the whole for Monday, October 7, 1963, at 7:00 A.M. for a study session. Meeti.ri�Adjourned On motion by Gisler, seconded by Welch, the T' regular adjourned meeting of the City Council of the City of Huntington Beach adjourned. Motion carried. -----city r no ex-orticio er of the C y Council of the City of Huntington Beach, California ATTEST• r Mayor City C er -3- (10/2/(S)