HomeMy WebLinkAbout1953-01-06 Special Meeting~~;, ..
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:'_~Lv UT~+'`' - SPECI ",).•.~"."PiT1Cr
I,A PORTE CITY COt:s,~S:~IOTd - J~.~JUr pY 6, 1953
a
10:00 ~ • t'aZ.
Special meeting of the Ci;.y Commission t^ras eallod to order by ?~~~or I~t, n, LUrgin,
~~~~th the following members ~.rxi_ city officials present: Corm~issionors I:. P. '~i,~-
by and '~obert q jrate, CitJ~ ".ttorr~ev ~~ard J. Cade, :uxl C~.~r Clerk J. E. T:Iuldoon.
The purpose of this meetir~ ~*as to open bids for the suio of ~~200,000 Street Im"
pro~rerncnt Bonds azx3. ;12,000 City H^11 Bonds, as ordered for by ~~he Com^.ii.ssion
at their special meeting December 11, 1952, to l,e opened at 1u:00 ~^.. '; t., on
this date.
't'he I:~~yar~ instructed the City C7.erk to oA_ en and tabulate the bids. The bids
:•rer e opc ned and tabulated as f o11 cn~rs
Ttc Clung ~. ~'nickexbocker, Central Inves~~ment Co. of Texas and
rrn^st ?~. Bra;rri Company ----..--- ._.________-______ 3.~l.7'a
?I.a71es, :'linston Comoany ------------------------.--- 3.5Z~.`"
Dittmar ~~ compan3~ -~------------.___-_.______..__----- 3.55
-.•~~
J, ?~. Ph~.llips Company
P?oroney, Bei ssn~ Company ----------_____~~___..__- 3.b75~
I~dc '~ob°rts Compwry, et al
3.5751,E
3. ~
I:~'otion by ~Ihite, second U,,r P.igby, to accent bids sub.;i.tted by ric Clung &
Knickerbocker, Central Investment Co. of Texas and Ernest I,. Broom Company.
The bid tiaras as f ollrn~rs :
BID rCP.I;.
Hon, ~.Ta~ror ~ City Commission
City of I,a Porte
City Hall'
La Porte, Te~;as
Oerrtl:emen:
P'or yo~zr x$212, 000 of bonds as advertysed ;ire bid the f ollou~i.n~ :
For your ',$12, 000 City of I,a Porte, Texas, City Hall. .Bonds maturing
Janu~cry 15th each year as foltovrs:
`~l, 000 1955 thru 1957
2,000 195u
3, 000 1959 a~.d 1960
1,00 1961
'~~ ~~re bid you par and accrued interest t o c:~zte of delivery plus, a c<:.sh premium of
X11.00 f ar~ bonds bearinb ixrt Brest at the rate of 3~ per cent per annum payablQ
_ semi-annually.
.,.
86 •
Tot u1. interest cost to maturity .................................~~2,080.Q0
Lsss Premium .................................................... ?-1.00
Net interest cost ............................................... ~2,~9.00
For ,your X200,000 City of La Porte, Texas, Ctreot Tmnrctier.~nt finds, ire
bid you par ~xi. accrued interest, plus a cash premium of °90.00 for bonds
maturi r~ January 15th eaciz yerx and bearin;; irtero st as foLo:^; s
Year ^~ount Rat e
1961 ,~2, QOG 3
1962 3
000
1Q63 ,
l~
000 - "
196l~ ,
~.
000 "
1965 ,
3,000 "
].g66 8, OGO 3
1967 x,000 '~
168 10,000 "
1969 10,00 't
-970 ?2, X00 "
]971 22, 000 "
1972 23,000 "
1973 2l~., 000 "
97l~ 25, 000 "
2975 26,000 3--
~':
1L11 bonds maturir~ a.itPx January 15, 1968, shall be oFtion2.1 on J:nu~.-ry ].5,
1968, or on any irltere5t payment date thereafter at nar and 2.ccrued interest
to date of call, a.s stipulated in the I~lotice to Bidders.
Tot ^1 interest cost t o r~aturi-t,~ ........................... . .. x123, 5~(71.5V0~
TJ4w prcz~a.um .. a .. • ... r a . • • . • • e .. a .... c . • ... • .... e • • . • ....... • Ql.'.1R1
2det int~xest cost ....... ..................................... x;123,1?-97.50
Bo'ch issues ~~rlll be payable a.t t~~ ''first T12.t:i~n^_l Sank, La aorte, mev'?^,; first -
inter::st to be due J^.nua:c-~T 15, 1951, 2nd sem_i.-a~~^u^Il;~ thereafter or_ January
15th 2r_d July 15th of e~h year.
This bid is c,ubject only to delivc~r~r T,ot ]_~.t?x than "ebru^~;j 5, 1953, '?rd to talc
unqualified approzruaC opinicn of Dunas., Huguenin & Boothm~n, ~.ttorre;,~s, D ~~ ] a.s,
Telcas, z;~liich opinion the undersined bidder 2~ees to p?;,~ for.
s evicerce of ot~r ~ocd faith ,:re attach '_~ereto a Cashier 's C:.eck in tI~ anount
of wt~,2l~O.OC, this c?~cck to be held uncashnd. by •ci,.^ Cit',r ar_til_ ~,.-c: l.~.ve complied
z^ri.th the terr^,s of t~~:i.., ~~ic~ 2r_d then returned to us, or should ire fail or re-
fuse to comply t~.th t'~c terms of t ~a.s bic, then ttii.s chock sh211 be .;z.sred by
the City as :Full and complete lir~uid=~ted damages.
The City reserves the right to accept or reject ~y or 211 bids.
Respectfully submitted,
~.iC CLL~~^, c uI;1Cr~-RDC1C1~'~, uoaston, Tex.
CEPITR~"~I, 71''nr?'»~T?'~Ni CO. C~' T'~.X.,Da?las,Tex.
?~S~i;,~'T L. „~zrr'lN CO., Bell~.re, TeYus
By (signed) ~~ nest L. Dry,^rn, Jr. `
~...
87
i
motion by P~igby, second by ''bite, to have a Caecia7. meeting ~.t )~: ~0 P. I:i., Jan-
u^ry 12, 1953, authorizinE; the sa.7.a of bonds to the success~l bidder, ?•°rc Clang
anti Knickerbockem, Central Investment Co. of Texas, and I~nest Z. Frown Compar~y.
?,~o~ian by Rigby, secoixl. :~y'.'Y~~.tc, that the r~eet:;.nE; ldjourn,
C::xried.
~i .
11T'r'~'T:
~•. 1,.~•?. oon, Ci cS* Glsr~~ aI' t• .ie City
_ L~. Porte, '~'e~r~s
T{. Burgin, '.• yon .. +,~ City o~'
~,^ Part e, Tex::;