SPECIAL MEETING
June 2, 1965
A Special Meeting of City Council was held at 12:00 Noon, EDST, June 2, 1965, at City Hall with Mayor Carroll presiding. Councilmen present were Messrs. Biggs, Harris, Hayes, Hughes, Massey, Smith and Walls.
The meeting was held for the purpose of publicly opening and considering sealed proposals received for the purchase of $2,000,000 City of Dover Bonds, Series of 1965 in three issues as follows; $500,000 Sanitary Sewer System Bonds; $500,000 Water System Bonds; and $1,000,000 public Improvement Bonds. Twelve proposals were received and opened, with the low proposal being received from the Harris Trust & Savings Bank, as follows: The sum of $2,000,000, plus a premium of $3954.00, plus accrued interest to the date of delivery of the bonds, with interest rates on bonds totaling $875,000 maturing from 1966 thru 1976 at 3.00%; and interest rate on bonds totaling $1,125,000 maturing from 1977 thru 1985 at 3.20%. Effective interest rates is calculated at 3.1363%. The bid was accompanied by a certified check for $40,000. Checks were returned to the 11 unsuccessful bidders.
RESOLUTION AWARDING BONDS
Councilman Hughes 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 1965, $500,000 Water System Bonds, Series 1965 and $1,000,000 Public Improvement Bonds, Series of 1965, of the City of Dover, dated June 1, 1965, until 12 o’clock, Noon, (Eastern Daylight Saving Time) on June 2, 1965, 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 10, 1965; 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 PRICE OFFERED INTEREST RATE
Harris Trust and Savings Bank
Blyth & Co., Inc. & Associates
The First Boston Corporation
Continental Illinois National Bank &
Trust Co. of Chicago
Glore Forgan, Wm. R. Staats Inc.
Halsey, Stuart & Co., Inc. & Associates
Harriman Ripley & Co., Inc. & Associates
$ 2,003,954.00
2,005,027.40
2,001.100.00
2,000,087.50
2,000,733.00
2,000,400.00
2,001,180.00
1966 thru 1976
1977 thru 1985
1966 thru 1985
1966 thru 1975
1976 thru 1985
1966 thru 1975
1976 thru 1985
1966 thru 1971
1972 thru 1985
1966 thru 1975
1976 thru 1985
1966 thru 1976
1977 thru 1985
- 3.00%
- 3.20%
- 3.20%
- 3.00%
- 3.25%
- 3.00%
- 3.25%
- 3.00%
- 3.20%
- 3.20%
- 3.25%
- 3.00%
- 3.20%
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Morgan Guaranty Trust Co. of New York & Asso.
John Nuveen & Co. Inc. & Asso.
The Philadelphia National Bank
White, Weld & Co., & Asso.
$ 2,000,009.99
2,000,887.00
2,001,220.00
2,000.012.40
2,000,060.00
1966 thru 1976
1977 thru 1985
1966 thru 1979
1980 thru 1985
1966 thru 1975
1976 thru 1985
1966 thru 1972
1973 thru 1985
1966 thru 1973
1974 thru 1985
- 3.10%
- 3.20%
- 3.125%
- 3.20%
- 3.00%
- 3.30%
- 3.00%
- 3.25%
- 3.10%
-3.20%
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 $2,003,854.00 and accrued interest submitted by Harris Trust and Savings Bank.
(2) The $875,000 bonds payable in the years 1966 to 1976, inclusive, shall bear interest at the rate of 3.00% per annum. The $1,125,000 bonds payable in the years 1977 to 1985, inclusive, shall bear interest at the rate of 3.20% per annum.
The Mayor and the 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 Smith seconded the motion, and the resolution was adopted, Messrs. Biggs, Harris, Hayes, Hughes, Massey, Smith and Walls voting in favor of the motion and no one voting against it. Councilman Holpp was absent.
Council adjourned at 12:30 P.M.
City Clerk
All ordinances, orders and resolutions adopted by City Council at its Special Meeting of June 2, 1965 are hereby approved.
Crawford J. Carroll
Mayor
June 2, 1965