HomeMy WebLinkAbout1960-02-03 - Board of Directors Meeting Minutes42
February 3, 1960
The Board of Directors of the Yorba Linda County Water District
met in adjourned regular session on the 3rd. day of February, 1960.
The meeting was called to order at 7:00 o'clock P.M.
Directors present: Mr. Clod.t, Mr. Milmoe, Mr. Wagner, Mr. Hastings,
and Mr. Crist. Absent: None.
This being the time and place fixed for the opening of bids for
$1,670,000 bonds designated WATERWORKS BONDS, ELECTION 1959,
SERIES A. The following bids received pursuant to notice of sale
were,publicly opened, examined and read: Bank of America N T. &
S. A. and Associates bid par, accrued interest to date of delivery,
and a premium of $99.00 for bonds bearing interest payable annually
the first year and semiannually thereafter at the rate (s) of:
Rates
7
Years
766 to
1976
1/2
5
1977
4 3/4%
80%
1978 to
8
1982
8
4.
3 to
19
19
5
4.90%
1986 to
1994
4.0 %
1995
Taylor & Company & Associates bid par,-accrued interest to date of
delivery, and a premium of $589.00 for bonds bearing interest pay-
able annually the first year and semiannually thereafter at the
rate (s) of:
Rates
•15
5.10;
Years
1966 to 1985
1986 to 1995
B1yth & Co. Inc, John Nuveen & Co., R. H. Moulton & Co., Shearson,
Hammill & Co., Schwabacher & Co., Foster & Marshall, Frantz
Hutchinson & Co., Seasongood & Mayer bid par, accrued interest to
date of delivery, and a premium of $2,266.00 for bonds bearing
interest payable annually the first year and semiannually there-
after at the rate ( s ) of :
Rates
4.90 Of,,
5-07o
Years
19bb to 1975
1976 to 1985
1986 to 1995
Each bid was accompanied by a good faith check in an,amount not
less than $50,100.00.
All bids were then referred to H. Rodger Howell & Herman Zelles
for checking and computation, a report thereon to be given this
Board later in this meeting.
0
The committee appointed to check and compute the bids on the bonds
for which bids were opened previously during this meeting re-
ported that the bid of Bank of America N. T. & S. A. & Associates
is the bid yielding the lowest net interest cost.
After considering the various bids and the report thereon, it
was moved by Director Hastings, seconded by Director Milmoe, that
the following resolution (No. 26) be adopted and- set forth in
full on the minutes: Ayes: Directors Clodt, Wagner, Milmoe,
Hastings, and Grist, Noes: NONE Absent: NONE.
Whereas, at the time and place fixed for the opening of bids for
the $1,670,000 bonds of Yorba Linda County Water District, de-
signated WATERWORKS BONDS, ELECTION 1959, SERIES A, and numbered
1 to 1,670, 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;
Now, Therefore, the Board. of Directors of Yorba Linda County Water
District does hereby RESOLVE, DETERMINE AND ORDER as follows:
Section 1. That the bid of Bank of America No T. & S. A. and
Associates offering par, accrued interest to date of delivery,
and a premium of $99.00 for said bonds to bear interest payable
annually the first year and. semiannually thereafter at the rates
of:
Rates Years
/2% 19bb--to 1976
1 1977
3/4e 1978 to 1982
011 1983 to 198
L~. g0~0 1986 to 199
4 = ~f 1995
is the bid for said bonds yielding the lowest net interest cost.
Said, bid is hereby accepted and the bonds awarded to said best
bidder in accordance with the terms of the proposal.
Section 2, That all bids other than the one accepted in Section 1
hereof are rejected and the Secretary of the district is directed
to return the check accompanying said rejected bids to the res-
pective bidders.
Section 3. That the interest rate (s) on said bonds is (are)
hereby fixed at the rate (s) stated in Section 1 hereof.
Section 4. The Treasurer of the district is hereby directed to
deliver said bonds to the successful bidder upon the payment of
par, accrued interest to date of delivery and the premium above
44
stated.
ADOPTED, SIGNED ANb APP-ROVED this 3rd day of February, 1960.
Aclt-
Pres dent f
Yorba Linda County 'Plater
District and of the
Board of Directors thereof„
ATTEST:
Secretary 'of
Yorba Linda County Water
District and of-said Board,
SPATE OF CALIFORNIA)
) ss.
COUNTY OF ORANGE )
I. Valdo Y. Smith, Secretary of the Board of Directors of Yorba
Linda County Water District, Orange County, California, DO HEREBY
CERTIFY that the foregoing resolution was duly adopted by the
Board of Directors of said district at an adjourned regular meeting
of said Board held on the 3rd day of February, 1960, and that it
was so adopted by the following vote: Ayes: Directors Clodt,
Milmoe, Wagner, Hastings, and Crist, Noes: Directors NONE.
Absent. Directors NONE.
(SEAL)
Secretary Yorba Linda County
1,A,rater District and of the
Board of Directors thereof.
A general discussion of the proposed Rules and Regulations was
held and copies of same were distributed to the Board for further
study.
Manager Dueker introduced and application for a main extension
I.
from V. G. Tompkins. The extension to consist of approximately
600 feet of 6 inch pipe and to be located in the northerly part
45
of Lot 3, Block 10 of the Yorba Linda Tract. A motion was made
by.Director Wagner, seconded by Director Hastings, and carried
that the application be granted under the conditions defined in
the Rules and Regulations for extensions.
A general discussion was held on the subject of the installation
of fire hydrants. President Crist referred the matter to a
committee consisting of Directors Clodt and Wagner for further
study.
On a motion made by Director Clodt, seconded by Director Hastings
and carried the meeting was adjourned to 8,30 A. M., Monday,
February 8, 1960
-Secretary Auditor