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Home My WebLink About06-12-1962485 F' I City Cotmcil met in adjourned regular session. I Meeting called to order by the Mayor. Present Councilmen Royal E. Hubbard, Dale H. Heinly, .~ Bob Brewer~ A. ~. Hall Absent Councilmen Henry H. Schlueter Council Chamber Santa Ana City Hall June 12, 1962 7:30 P.M. Water Revenue Bonds This being the time and place fixed for the presentation of bids for $3,0OO, O00.OObonds designated "CITY OF SANTA ANA, 1962 WATER REVENUE BONDS, SERIES A," the following bids received at 2:00 P.M. (California Daylight Saving Time) pur- suant to the notice of sale were presented: Blyth & Co., Inc~, and~Associates bid: $ (par) $ 1,680.00 Premium, and accrued interest to date of delivery for bonds bearing interest payable annually the first year and semiannually thereafter at the rates of: Rates Years ~ 3/~ 196~ to 1971 1972 ....... 3 1/~% 1973 to 1977 3.30~ 1978 to 1980 3.~0% 1981 to 1982 3.6o% 1992 Lehman Brothers bid: $ (Par) $ 2,010.00 Premium, and accrued interest to date of delivery for bonds bearing interest payable annually the first year and semiannually thereafterat the rates ef: Rates Years 4 3/~ 1964 to 1970 4 1/2% 1971 to 1972 3 l/h% 1973 to 1978 3.~0% 1979to 1982 3.60% 1992 ....... F. S. Smithers & Co. bid: $ (Par) ~ 858.00 Premium, and accrued interest to date of delivery for bonds bearing interest payable annually the first year and semiannually thereafter at the rates Rates Years h 3/~% 196~ to 1973 4 ---~ 197~ ....... 3.50% 1975 to 1982 3.50% 1992 ....... Halsey Stuart & Co., Inc., bid: $ (Par) $ l~Ohl. O0 Premium, and accrued interest to date of delivery for bonds bearing interest ps~vable annually the first year and semiannually thereafter at the ratmSef: ~ Rates Years ~.o0% 196~ to 1967 3.50% 1968 to 1982 3.70% 1992 ....... 48z Phelps, Fenn & Co., and Associates bid: $ ( Par ) $ ........ Premium, and accrued interest to date of delivery for bonds bearing interest payable annually the first year and semiannually thereafter at the rates of.- Rates Years 4 3/4% 1964 to !969 4.25% 1970 ....... 3.25% 1971 to 1978 3.30% 1979 ....... 3.40% 198o to lcd2 3.70% 19~ ....... Merrill, Lynch, Pierce, Fenner & Smith, Inc., bid: $ (Par) $ l0t 000.00 Premium, and accrued interest to date of delivery for bonds bearing interest payable annually the first year and semiannually thereafter at the rates of: Rates Years 4 1/2~ 1964 to 1972 3 ---% 1973 to 1974 3 1/4% 1975 to 1977 3.~0% 1978 to 1982 3.70% 1992 ....... Eastman Dillon, Union Securities & Co. bid: $ (Par) $ ........ Premium, and accrued interest to date of delivery for bonds bearing interest payable annually the first year and semiannually thereafter at the rates of.- Rates Years 4 1/2~ 1964 to 1969 3 1/4% 1970 to 1975 3.4o$ 1976 to 1982 3.70% 1992 ....... Harrtm-n Ripley & Co.~ and Associates bid: $ (Par) $ 900. O0 Premium, and accrued interest to date of delivery for bonds bearing interest payable annually the first year and semiannually thereafter at the rates of: Rates Years 4 1/2~ 1964 to 1970 3 ---% 1971 to 1972 3 1/4% 1973 to 1977 3 1/2~ 1976 to 1~2 3.70% 1992 ....... 488 Reso. No. 62-111 l!A rd $3,000,000.00 ~onds to the best bidder (Water Revenue Bonds ) The First Boston Corporation bid: * (Par) $. 300. O0 Premium, and accrued interest to date of delivery for bonds bearing interest payable annually the first year and semiannually thereafter at the rates o£t Rates Years 4 3/4% 1964 to 1972 3 3/4~ 1973 ....... 3 1/4% 1974 to 1977 3 1/::~ 1978 to 1982 3.65~ 1992 ....... Each bid was accGrpanled by a good faith check in an amount notless than $10,000.00. All bids were then referred to Stone & Youngberg for checking and ccmpu- tati6n, a report thereon to be given to the Council later in this meeting. Edwin A. Wells of Stone & Youngberg orally reported the lowest net inter est rate, 3.58~ was submitted by Blyth & Co., Inc., and Associates, and the hlghes' net interest rate submitted was 3.66~, a difference of 8/100~; and the difference between the high and low bid, in interest costs, amounts to apprcximately $52,000.~ Mr. Wells stated the fact that there were nine bidders indicates strong cc~petitio~ as it was lower than the estimate; his firm is quite happy with the bid,/and recommended the bid be awarded to Blyth & Co., Inc., and Associates. Mr. Wells then introduced members of his firm and of the firm of O'Melveny & Myers. The committee appointed to check and compute the bids on the bonds for which bids were opened previously during this meeting reported that the bid of Blyth & Co., Inc., and Associates is the bid yielding the lowest net interest cost After considering the various bids and the report thereon, it was moved by Councilman Heinly and seconded by Hubbard that Resolution No. 62-111, entitled "RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AWARDING $3,000~000.00 BONDS OF SAID CITY TO THE BEST BIDDER AND RFJECTING ALL OTHER BIDS," be adopted. Upon the following vote: AYES: Councilmen Royal E. Hubbard, Dale H. Heinly, Bob Brewer, A. A. Hall NOES: Councilmen None ABSENT: Councilmen Henry H. Schlueter said Resolution No. 62-111 was declared adopted. RESOLUTION NO. 62-111 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AWAPOING $3,000, O00.00 BONDS OF SAID Cl~l~ TO THE BEST BIDDER AND REJECT- lNG ALL OTHER BIDS. WHEREAS, at the time and place fixed for the opening of bids for the $3,000,000.00 bonds of the City of Santa Ana, California, desi~ated "1962 WATER REVENUE BONDS, SERIES A" and numbered I to 3,000, both inclusive, all bids were publicly opened, examined and read, and a tabulation thereof has been entered in the Minutes; and WHEREAS, the bid of the bidder hereinafter named is the best bid made by a responsible bidder for said bonds; 489 C' NOW, THEREFORE, the City Council of the City of Santa Ana, California, HEREBY RESOLVE, DETERMINE AND ORDER as follows: Sectic~ 1. That the bid of Blyth & Co., Inc., and Associates offering: $,, 3¢ 0OO¢O0O.00 (Par) $ 1~ 680.00 Premium, and accrued interest to date of delivery for bonds bearing interest payable annually the first year and semiannually thereafter at the rates of: Rates Years 4 3/~% 196~ to 1971 3 1/4% 1973 to 1977 3.30~ 1978 to 1980 3.6~ 1992 ....... is the bid for said bonds yielding the lowest net interest cost. Said bid is here- by accepted and the bonds awarded to said bidder in accordance with the terms of its proposal. Section1 2. That all bids other than the one accepted in Section 1 hereof are rejected and the Clerk of the Council is directed to return the checks accompa- nying said rejected bids to the respective bidders. Sectic~ 3. That the interest rates On said bonds are hereby fixed at the rate s stated in Section 1 hereof. Section ~. The City Treasurer is hereby directed to deliver said bonds to the successful bidder upon the payment therefor and accrued interest to date of delivery, if any. ADOPTED, SIGNED AND APPROVED this 12th day of Jkme, 1962. A. Allen Hall M~yor of the City of Santa Ana, California ATTEST: Marion Suttner Clerk of the Council of the City of Santa Ana, California (SEAL) STATE OF CALIFORNIA) COUNTY OF ORANGE ) SS CITY OF SANTA AM ) I, MARION SU'I'I'NER, Clerk of the Council of the City of Santa Ana, Califol nia, DO H]~qEBY CERTIF~ that the foregoing Resolution was duly adopted by the City Council of said City and was approved by the Mayor of said City at an adjourned regular meeting of said City Council held on the 12th day of June, 1962, and it was so adopted as follows: AYES: Councilmen Royal E. Hubbard, Dale H. Hein~y, Bob Brewer, A. A. Hall NOES: Councilmen None ABSEIN~: Councilmen Henry H. Schlueter (sm5) Marion Suttner Clerk of the Council of the City of Santa Ana, California ( 9o Request Dale H. Heinly Interpretation of Section 408 Uniform Building Code ~eave of absence Bob Brewer APPROVED Councilman Heinly disqualified himself on the following matter. Dale H. Heinly, 2215 North Broadway, requested that the Council act as a Board of Appeal to inter- pret the intent of Section 408, Grade (Ground Level), as set out in the Uniform Building Code, 1955 Edition, Volume 1. Mr. Heinly stated plans were submitted for the construction of a law building, with underground parking, in the 500 block West Eighth Street, Civic Center area, and became involved in the interpretation of Sec- tion 408 reference "Grade (Ground Level) is the average of the finished ground leve at the center of all walls of a building. In case walls are parallel to and within five feet (5') of a sidewalk, the above ground level shall be measured at the side- walk." Mr. Heinly further stated that the difficulty lies with the meaning of "at the center," and because of this they are 45 days behind schedule. Mr. Heinly stated he did not wish to set a precedent, but felt Code Section 408 pertaining to Grade (Ground Level) should be amended, as in the future more buildings will be con. structed with underground parking, and unless the Code Sectic~ is amended to have a more defined meaning the builders will experience the same problem. On motion of Councilman Hubbard, seconded by Brewer and carried, the Manager was instructed to present to the City Couaci4 at the earliest possible opportunity, proposed revision~ of Section 408 Grade (Ground Level) of the Uniform Building Code, 1955 Edition, Volume 1. It was moved by Councilman Hubbard, seconded by Brewer and carried, that the City Council, acting as a Board of Appeal, finds that the plans and specifica- :tions, submitted by Dale H. Hei~ly, meets the present definition of the Building Code as set forth in Section ~08 Grade (Ground Level), and the Building Department instructed to issue a permit in accordance therewith. On motion of Councilman Hubbard, seconded by Heinly and carried, Councilman Bob Brewer was grantedpermissiou to be out of the United States to go to Toronto, Canada, from June 24 to June ~0, 1~62, at his own expense. On motio~ of Councilman Heinly, seconded by Hubbard and carried, the City Council adjourned. ClErk o~ t~ Council