SPECIAL MEETING
June 2, 1970
A special meeting of City Council was held on Tuesday, June 2, 1970 at 12:00 Noon, EDST, at City Hall with Mayor Carroll presiding. Councilmen present were Messrs Biggs, Coyle, Hastings, Hayes, Holpp, Legates and Walls.
The meeting was held for the purpose of publicly opening sealed proposals received for the purchase of $1,500,000 City of Dover Bonds, Series of 1970, in three issues as follows: $500,000 Sanitary Sewer System Bonds; $500,000 Water System Bonds; and $500,000 Public Improvement Bonds. Ten proposals were received and opened, with the low proposal being received from Chemical Bank of New York, as follows: The sum of $1,500,000, plus a premium of $2,679.75, plus accrued interest to the date of delivery of the bonds totalling $625,000 maturing from 1971 thru 1980 at 6.00%; and interest rate on bonds totalling $875,000 maturing from 1981 thru 990 at 6.75%. Effective rate of interest is calculates at 6.575221%. The bid was accompanied by a certified check for $30,000. Checks were returned to the nine (9) unsuccessful bidders.
RESOLUTION AWARDING BONDS
Councilman Holpp moved the adoption of the following resolution:
WHEREAS, the City Council received sealed proposals for the purchase of $500,000 Sanitary Sewer System Bonds, Series of 1970; $500,000 Water System Bonds, Series of 1970; and $500,000 Public Improvement Bonds, Series of 1970, of the City of Dover, dated June 15, 1970, until 12 o’clock, Noon, (Eastern Daylight Saving Time) on June 2, 1970, at the City Hall, in the City of Dover, Delaware, pursuant to the Notice of Sale of said bonds published in accordance with the resolution adopted by the City Council on May 11, 1970; and
WHEREAS, the following list shows the name of each bidder who submitted a proposal and the price offered and the rates of interest specified by such bidder:
NAME OF BIDDER
Chemical Bank of New York
Blyth & Co. Inc. & Associates
Continental Illinois National Bank
& Trust Company of Chicago
First Boston Corporation and Girard Trust
Harris Trust and Savings Bank
PRICE OFFERED
$ 1,502,679.75
1,500,000.00
1,512,307.50
1,503,077.00
1,502,001.00
INTEREST RATE
1971 thru 1980 - 6.00%
1981 thru 1990 - 6.75%
1971 thru 1987 - 7.00%
1988 thru 1990 - 6.10%
1971 thru 1978
1979 thru 1990
1971 thru 1989 - 6.75%
1990 - 5.75%
1971 thru 1983 - 6.40%
1984 thru 1990 - 7.00%
Merrill Lynch, Pierce Fenner & Smith
Morgan Guaranty Trust Company of New York
Philadelphia National Bank
L. F. Rothschild & Company
Wilson White, Incorporated
1,500,750.00
1,500,007.00
1,501,900.00
1,507,789.00
1,500,000.00
1971 thru 1983 - 6.30%
1984 thru 1990 - 6.80%
1971 thru 1987 - 6.80%
1988 thru 1990 - 6.25%
1971 thru 1990 - 6.75%
1971 thru 1990 - 7.00%
1990 - 6.00%
1971 thru 1979 - 7.60%
1980 thru 1990 - 6.70%
and;
WHEREAS, the City Council desires to accept the proposal to purchase said bonds, hereinafter referred to; NOW, THEREFORE,
BE IT RESOLVED By the City Council of the City of Dover, Delaware, as follows:
1. The City Council hereby accepts the proposal to purchase said three issues of bonds for the price of $1,502,679.75 and accrued interest submitted by Chemical Bank of New York.
2. The $625,000 bonds payable in the years 1971 thru 1980, inclusive, shall bear interest at the rate of 6.00 per annum. The $875,000 bonds payable in the years 1981 thru 1990, inclusive, shall bear interest at the rate of 6.75% per annum.
3. The Mayor and City Treasurer of the City of Dover are hereby authorized and directed to cause said bonds to be prepared and to execute said bonds in accordance with their provisions and to deliver said bonds to the purchaser upon payment to the City Treasurer of the purchase price of said bonds.
Councilman Hastings seconded the motion, and the motion was adopted, Messrs, Biggs, Coyle, Hastings, Hayes, Holpp, Legates and Walls voting in favor of the motion and no one voting against it.
ADOPTED JUNE 2, 1970
WATERS TRAILER COURT
Mr. Roe, Building Inspector, reported to Council that he has met with Dr. & Mrs. Alfred Waters as requested by Council. Together they reviewed Mr. Roe’s report and further discussed their original request for sewer and water to their trailer court located on Fox Hall (State College) Road. Mr. Roe was at this time again commending that sewer and water be denied based on the non-conforming use. On motion of Mr. Hayes, seconded by Mr. Hastings, Council accepted the report of Mr. Roe and the recommendation of denial of sewer and water. The Council further request that Mr. Roe contact the State Board of Health to determine the status of Water’s Trailer Court as far as the State is concerned, do to the fact that their license is about to expire and must be renewed.
COUNCIL ADJOURNED AT 12:30 P.M.
Jay R. Dougherty
City Clerk
All orders, ordinances and resolutions adopted by Council at its meeting of June 2, 1970 are hereby approved.
June 2, 1970 Crawford J. Carroll Mayor