HomeMy WebLinkAboutMinutes - EVWD Board of Directors - 01/18/1966~_046 Jan. 11, 1966
INTEREST IN REDLANDS The General Manager reported talking with a
JOINT POWERS AGREEMENT Redlands attorney about the possibility of
working out a joint powers agreement with
Redlands for the east end sewage disposal.
He indicated they would be interested.
MOTION Further discussion brought about a motion by
Director LeVesque, duly seconded by Director
Forrest and carried unanimously to authorize
the General Manager to send a copy of the
District's Joint Powers Agreement with the
City of San Bernardino to Redlands for their
study.
It was then recommended that the General
Manager invite the members of the Redlands
City Council to this District for a get
acquainted discussion meeting with the Direc-
tors as a first step toward negotiations and
plans.
ADJOURNMENT MOTION At 9:50 p.m. the meeting was adjourned to re-
convene at the same location on January 18th
1966 at 7:30 p.m. by motion of Director LeVesque,
duly seconded by Director Wall and carried unani-
mously for the purpose of opening bids on the
Division I, $800,000 Water Revenue Bond of
1966.
A notice of the Adjourned Meeting on January
18, 1966 will be posted on the door of the
District office.
/ 'Harola G. R~kert~ gecretary
Board of Directors
APPROVED:
~n W. Littleton, President
EAST SAN BE RNARDINO COUNTY WATER DISTRICT _
ADJOURNED REGULAR MEETING JANUARY 18, 1966
CALL TO ORDER The President called the meeting to order at
7:30 o'clock p.m. and declared the time past
for receiving bids on the $3,000,000 Water
Revenue Bonds of 1966, Division I, $800,000.
PLEDGE OF ALLEGIANCE All those present joined in the Pledge of
Allegiance to the Flag of the United States
of America.
ROLL CALL Directors Present: Disch, Forrest, LeVesque,
Littleton and Wall.
Directors Absent: None.
Others Present: General Manager-Secretary,
Associate Engineer, Cole;
Auditor-Treasurer, Bragg;
Assistant Office Manager,
Lyons; Recording Secretary,
Dudley; Attorney Ernest Wilson;
Consulting Engineer, Rowe;
Bidders, Mr. Werdesheim of Taylor
& Company, Mr. Preusch of John
Jan. 18, 1966 1047
Nuveen & Company and Mr. O'Connor
of J. B. Hanauer & Company.
BID OPENING - This being the time and place fixed for re-
$3,000,000 WATER ceiving bids for the sale of the Water Revenue
REVENUE BONDS OF Bonds of the District in the principal amount
1966, DIVISION I of $800,000, Division I of a $3,000,000 Water
$800,000 Revenue Bond Issue as indicated by Proof of
Publication and Affidavit of Posting on file
with the Secretary of the District, President
Littleton order.ed the sealed bids to be opened
by the Secretary, which were found to be as
follows:
TAYLOR AND COMPANY Taylor and Company bid reads: "For all but no
AND ASSOCIATES part less than all of the legally issued
$800,000 East San Bernardino County Water District,
Division No. I Water Revenue Bonds of 1966
offered pursuant to your official notice of sale,
which notice is herewith made a part of this
bid, we will pay $785,902.50 which is 98.2378125%
of the par value thereof, for bonds bearing
interest at the following rates:
1967 to 1977 maturities incl. at 4% per annum
1978 to 1996 maturities incl. at 4 1/4% per annum
plus accrued interest to the date of delivery.
Gross interest cost $771,505.21
Plus Discount $i[4,097.50
Net Interest $7:35,602.71
Average rate 4,132164%"
JOHN NUVEEN AND John Nuveen & Company bid reads: "We will pay
COMPANY, INC. $780,000.00, plus accrued interest to date of
delivery, for your legally issued Securities
as follows: $800,000 East San Bernardino County
Water District, California, Water Revenue Bonds
of 1966, Division No. 1, maturing serially and
subject to prio:~ redemption as shown on the
reverse side he:~eof, bonds to bear interest at
the rate of -
4% per annum fo:~ bonds maturing in 1967 to 1976
inclusive
4 1/4% per annum for bonds maturing 1977 to
1996 inclusive.
Gross Interest Cost $771,778.11
Plus Discount $20,000.00
Net Interest cost $791,778.11
Average rate 4.3556%"
J. B. Hanauer & Co J.B. Hanauer & Company bid reads "For $800,000
par value legally issued East San Bernardino
County Water District, Water Revenue Bonds of
1966, maturing serially on January 1 from 1967
to 1996, and subject to all of the terms and
conditions of your official Notice of Sale, we
will pay 98.16% of par, plus accrued interest
to the date of delivery, for bonds bearing
interest as follows:
4 1/4% 1967 through 1979 inclusive
4 1/2% 1980 through 1996 inclusive.
Estimated Interest Cost $825,505.12
Average Net Interest Cost 4.57123%"
MOTION Upon motion by Director Forrest, duly seconded
by Director Wall. and carried unanimously, the
bids were referred to Legal Counsel and the staff
to compute the results of the bids.
The President declared a recess of the meeting
to await the recommendation of the Legal Counsel
and staff.
After reviewing and computing the figures con-
tained in all the bids, Attorney Wilson recom-
Jan. 18, 1966
mended the acceptance of the bid of Taylor and
Company and Associates of Beverly Hills,
California.
RESOLUTION No. 830 PJESOLUTION NO. 830
AWARDING SALE OF 1966 A RESOLUTION AWARDING SALE OF BONDS
WATER REVENUE BOND OF
$3,000,000 - Division WATER REVENUE BONDS OF 1966 $3,000,000
I FOR $800,000 DIVISION NO. I - $800,000
RESOLVED, by the Board of Directors of the
East San Bernardino County Water District,
San Bernardino County, California, as follows:
WHEREAS, said Board, pursuan~ to its resolu-
tion calling for bids on the sale of Division
No. 1 $800,000 of Water Revenue Bonds of 1966
adopted December 28, 1965, gave due notice of
said sale;
WHEREAS, this is the time and place fixed
therein for receiving bids for the purchase
of said bonds, and said bids have been received
and publicly opened, ~xamined and declared by
said Board.
NOW, THEREFORE, IT IS ORDERED, as follows:
1. That all written bids received for the
purchase of said bonds, excepting the bid herein
stated, be, and they are hereby rejected, and
that said bonds be, and they are hereby,
ordered sold to Taylor and Company and Assoc-
iates as the highest responsible bidder therefor,
with interest to the date of delivery of said
bonds, said sale to be subject to all of the
terms and conditions set forth in the Official
Notice of Sale.
2. That the Secretary of said District be,
and he is hereby, directed to have said bonds
printed forthwith, and that the same be immed-
iately signed, sealed and delivered to said
bidder on the receipt of the amount therefor
as above stated, with interest but not other-
wise, and upon the performance of the conditions
contained in said written offer.
3. That the interest rate of said bonds be,
and the same is hereby fixed at the rate stated
in said bid.
MOTION Upon motion by Director LeVesque, duly seconded
by Director Forrest and carried unanimously by
the following roll call vote, Resolution No.
830 was adopted, awarding the bid to Taylor
and Company and Associates, and the Secretary
was instructed to return the good faith checks
to the unsuccessful bidders.
AYES, and in favor thereof, Directors, Disch,
Forrest, LeVesque,
Littleton, Wall.
NOES, Directors: None.
ABSENT, Directors: None.
ADJOURNMENT MOTION The business for which the meeting was called
being completed, motion was made by Director
Forrest, duly seconded by Director LeVesque
and carried unanimously to adjourn the meet-
lng at 8:35 p.m.
~do~.D~Ce/c~ Secre ary