The URL can be used to link to this page

Home My WebLink AboutBOARD MINUTES 02-19-48 79" MINUTES OF A SPECIAL ~ŒETING OF THE SANITARY BOARD OF CENTRAL CONTRA COSTA SANITARY DISTRICT HELD FEBRUARY 19. 1948 The Sanitary Board of the Central Contra Costa Sanitary Dist- rict convened in special session at its regular place of meeting located at 1335 Commercial Lane, in the City of Walnut Creek, County of Contra Costa, State of California, on the 19th day of F'ebruary, 1948, a.t the hour of 11: 00 o' clock a.m. The meeting was called to order by President Weill. The fol- lowing roll was called: PRESENT: Directors Smitten, Toland, Wadsworth and Weill. ABSENT: Director Johnson . r1.v<.¿ ~'1 );,'... s", , 7/c1? , ,S>~.-.",/,./ b~ ¿:X,.. 4-. "Is,'" ,.",1"./ l'h.."';o~ //;"f' ."/ /~AH~J ../' I'~"""".J ",ceo';-',"! "~Wc.JV~'" is'' "'-/,/,,""",/ «..}' L"~J;"<¿' c.....r,-rV: OPENING BIDS - SALE OF $500.000 BONDS Bids for the purchase of $500,000 general obligation bonds from the following were opened and read: Weeden & Co., & First of California American Trust Co. & R. H. Moulton & Co. Heller, Bruce & Co., California Bank, J. Barth & Co., Juran and Moody. Dempsey-Tegeler & Co., Barkus, Kindred & Co. J. Nuveen & Co., Stranahan, Harris & Co., Inc., Kaiser & Co. Weeden & Co. offered a premium of $891.00, interest at 3% on all bonds. American Trust Co. offered a premium of $14.00, interest at 2-1/2% on $150,000 through 1954, and 3% on $350,000 through 1972. Heller, Bruce & Co. offered a premium of $27.00, interest at 3% on all bonds. Dempsey-Tegeler & Co. offered a premium of $1,400.00 and interest of 3-1/4% on all bonds. J. Nuveen & Co. offered a premium of $1,383.50, interest at 2-1/2% on $195,000 through 1956, 2-3/4% on $195,000 through 1966, and 3% on $110,000 through 1972. The bids were referred to the engineer for tabulation and recommenda- tion. The engineer informed the Board that the lowest bid was from J. Nuveen & Co., Stranahan, Harris & Co. Inc., and Kaiser & Co. The .following Resolution was offered by Director Smitten, seconded by Director Wadsworth: 02 19 48 80 RESOLUTION NO. 123 WHEREAS, the Sanitary Boa.rd of Central Contra Costa Sanitary District of Contra Costa County, State of California, heretofore duly authorized the issuance of $2,400,000 principal amount of its bonds, to be known as "Central Contra Costa Sanitary District of Contra Costa County, Issue of 1947 Bonds", consisting of 2,400 bonds of the denomination of $1,000 each, numbered from 1 to 2400, 'both inclusive, all dated June 15, 1947, and maturing in consec- utive numerical order, from lower to higher, $60,000 principal amount on June 15th in each of the years 1948 to 1957, both in- clusive, and $90,000 principal amount on June 15th in each of the years 1958 to 1977, both inclusive; to bear interest at a rate not to exceed five (5) per cent. per annum, payable semi-annually on June 15th and December 15th in each year; and further duly authorized the sale of $500,000 principal amount of said Issue of 1947 (maturing in varying amounts in each of the years 1950 to 1972, both inclusive) at public sale to the highest and best bidder therefor; and WHEREAS, notice of the sale of said $500,000 principal amount of said bonds (being part of said authorized Issue of 1947) has been duly given in the manner presecribed by said resolution and the following bids for said bonds were and are the only bids re- ceived by said Sanitary Board, to wit: Net Interest Cost to District $180,536.00 Name of Bidder American Trust Co. & R.H.Moulton & Co. Weeden & Co., First of California Co. 182,909.00 Heller, Bruce & Co., California Bank, J. Barth & Co., Juran & Moody 183,773.00 197,716.66 Dempsey, Tegeler & Co., Barkus, Kindred & Co. J. Nuveen & Co., Stranahan, Harris & Co. Inc., Kaiser & Co. 170,641.50 AND WHEREAS, the said bid of J. Nuveen & Co., Stranahan, Harris & Co., Inc., and Kaiser and Company is the highest and best bid for said bonds in the principal amount of $500,000 considering the int- erest rate(s) specified and the premium offered; NOW, THEREFORE, BE IT RESOLVED by the Sanitary Board of Central Contra Costa Sanitary District of Contra Costa Sanitary District of Contra Costa County, State of California, as follows: 1. That said bid of J. Nuveen & Co., Stranahan, Harris & Co. Inc., and Kaiser and Company for $500,000 par value of said bonds shall be, and is hereby accepted and the Treasurer of the County of Contra Costa is hereby authorized and directed to deliver said bonds to said purchaser thereof upon payment to said Treasurer of the ~urchase price, to wit: said par value thereof and a premium of $1383.50, together with accrued interest at the rates set forth in the following table: ~"'" .U ¡;,; J- 9 J.8 81 Bond Numbers Principal Maturity Date Interest (inclusive) Amount ( June ill- ~te 146 to 175 $30,000 1950 2-1/2% 206 to 235 30,000 1951 2-1/2% 266 to 295 30,000 1952 2-1/2% 326 to 355 30,000 1953 2-1/2.% 386 to 415 30,000 1954 2-1/2% 446 to 475 30,000 1955 2-1/2% 521 to 535 15,000 1956 2-1/2%. 581 to 595 15,000 1957 2-3/4~ 666 to 685 20,000 1958 2-3/4% 756 to 775 20,000 1959 2-3/4% 846 to 865 20,000 1960 2-3/4/0 936 to 955 20,000 1961 2-3/4% 1026 to 1045 20,000 1962 2- 3/4% 1116 to 1135 20,000 1963 2-3/4% 1206 to 1225 20,000 1964 2- 3/4% 1296 to 1315 20,000 1965 2-3/4% 1386 to 1405 20,000 1966 2-3/4% 1476 to 1495 20,000 1967 3% 1571 to 1585 15,000 1968 3% 1661 to 1675 15,000 1969 3% 1751 to 1770 20,000 1970 3~ 1841 to 1860 20,000 1971 S% 1931 to 1950 20,000 1972 Said bonds in the principal amount of $500,000 shall be numbered, mature and bear interest at the said rate(s) hereinabove set forth, payable semi-annually on June 15th and December 15th. 2. The Secretary of said Sanitary Board is directed to cause to be lithographed, printed or engraved a sufficient number of blank bonds and coupons of suitable quality, said bonds and coupons to show on their face that the Same bear interest at the rate(s) aforesaid. PASSED AND ADOPTED this 19th day of February, 1948, by the following vote: AYES: Directors Smitten, Wadsworth and Weill. NOES: None ABSENT: Directors Johnson & Toland. /s/ Lawson H. Weill President of the Sanitary Board of Central Contra Costa Sanitary District of Contra Costa County, State of California. Countersigned: G. S. Cutler Secretary of the Sanitary Board of Central Contra Costa Sanitary District of Contra CostaCounty, State of California. ADJOURNMENT TO 8:00 P.M. It was moved by Director Smitten, seconded by Director Wads- worth that the meeting adjourn to February 19, 1948 at 8:00 P.M. Carried unanimously. ~ ~rtk ' President of the sanitar~ of Central Contra Costa Sanitary District of Contra Costa County, State of California. Countersigned; /-~~.' --- 7J/ Secretary °Û'e ¡iY-~~d o-~ ~) -1:. " ,~ ~;;)