HomeMy WebLinkAbout1972-01-12MINUTES
Council Chamber, Civic Center
Huntington Beach, California
Wednesday, January 12, 1972
Because of the absence of the Mayor and the Vise --Mayor, the City
Clerk called the regular adjourned meeting to order at 7:30 P.M.
and called an immediate recess of the meeting until such time as a
quorum is present.
Mayor McCracken reconvened the meeting at 8:35 P.M.
The Pledge of Allegiance was given by all present in the Council
Chamber.
ROLL CALL
Councilmen Present: Bartlett, Gibbs, Matney, McCracken
Councilmen Absent: Shipley, Green, Coen
PUBLIC FACILITIES CORPORATION BIDS ON BONDS
The Acting City Administrator informed Council that the meeting had
been called to adopt a Resolution approving the sale of bonds by the
Huntington Beach Public Facilities Corporation. Mr. Castle introduced
Mr. Herm Zelles of Stone and Youngberg, financial advisors to the City
and the Public Facilities Corporation.
Mr. Zelles read the bids which had been received and opened at 11:00
and reported that the Bank of America was the low bidder and recom-
mended that the Council accept this bid of $10,680,906.00. The.bids
were as follows:
P6,48401:0
Bank of America and Associates
Southern California First
National Bank, et al (2)
Halsey, Stuart & Co., Inc.
et al. (16)
Security Pacific National Bank,
et al. (23)
United California Bank, et al (17)
BOND
EQUIVALENT
INTEREST
INT. RATE
S 10,680,906
5.4963/
10,836,515
5.5763
117069,082
5.5960
11,0929170 5.7079
119098,509 5.7116
A.M1
Mr. Zelles informed Council that the difference in interest which would
be paid on the bonds between the high bid and the low bid amounted l:o a
savings to the City of $417,603. He informed Council that the esti-
mated average interest rate had been figured at 6.5% with a rental of
$951,575 annually - and that the low bid from the Bank of America shows
an actual average interest rate of 5.4963/ for an actual rentil of
$854,900 annually which is a reduction of 11%.
On motion by Bartlett, Council approved the bids and approved sale of
bonds by the Corporation. The motion was passed by the following vote:
AYES: Councilmen: Bartlett, Gibbs, Matney, McCracken
NOES: Councilmen: None
ABSENT: Councilmen: Shipley, Green, Coen
Mr. Stephen Sterns of O'Melveny and Myerj informed Council tl_.at a Res-
olution had been prepared awarding the bid to the Bank of America and
Associates.
On direction from the 714ayor, the City Clerk read Resolution No. 3426
in full - "A RESOLUTION OF THE CITY COUNCIL, OF THE CITY OF HUNTINGTON
BEACH APPROVING A LEASE AND SUBLEASE AND AUTHORIZING THE EXECUTION
THEREOF."
233
Page #2 - Council Minutes - 1/12/72
On motion by Matney, Council adopted Resolution No. 3426 by the following
roll call vote:
AYES: Councilmen: Bartlett,
NOES: Councilmen: None
ABSENT: Councilmen: Shipley,
Gibbs, Matney, McCracken
Green, Coen
Mayor McCracken expressed his appreciation to the Bank of America for
bidding the bonds on such favorable terms. He also expressed his appre-
ciation to Mr. Aubrey Horn who had worked so hard on this project.
ADJOURNMENT
On motion by Gibbs, the regular adjourned meeting of the City Council
of the City of Huntington Beach adjourned at 8:52 P.M. The motion was
passed by the following vote:
AYES: Councilmen: Bartlett,
NOES: Councilmen: None
ABSENT: Councilmen: Shipley,
ATTEST:
Paul C ones
City Clerk
Gibbs, Matney, McCracken
Green, Coen
Tau-1nes
City Clerk 'd ex-officio Clerk
of the City Council of the City
of Huntington Beach, California
Ge rge C. McCracken
Mayor
V i�