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<br />COUNCIL CHAMBERS,
<br />EUGE NE, ORE GON.
<br />FEBRUARY 27, 1950.
<br />
<br />THE REGULAR MEETING OF THE COMMON COUNCIL OF THE CITY OF EUGENE WAS HELD ON FEBRUARY 27, 1950
<br />AT 7:30 P.M. THE MEETING WAS CALLED TO ORDER BY MAYOR V. E. JOHNSON. COUNCILMEN PRESENT WERE:
<br />HAWN. DAVIS, CRUMBAKER, ALLEN, BOOTH, GODLOVE AND SMITH.' COUNCI LMAN WELLS VIAS ABSENT.
<br />
<br />THE MINUTES OF THE LAST REGULAR MEETING HELD JANUARY 9, 23, 24TH, FEBRUARY 15TH AND 21ST
<br />WERE READ AND APPROVED.
<br />
<br />THE SECOND AND FINAL MONTHLY PAYMENT ESTIMATE TO F. W. RIDDLE FOR THE INSTALLATION OF A
<br />SANITARY SEWER ON VAN NESS fROM 24TH TO REED AND 24TH AVENUE FROM CHULA VISTA TO VAN NESS IN THE
<br />AMOUNT OF $545.58 WAS SUBMITTED.
<br />
<br />IT WAS MOVED BY HAWN, SECONDED BY DAVIS THAT THE ESTIMATE AS CERTIFIED BY W. C. CLUBB, CITY
<br />ENGINEER, AND THE CONTRACTOR BE APPROVED AND THE PROPER CITY OFFICERS AUTHORIZED TO ISSUE A.
<br />WARRANT IN PAYMENT OF THE SAME. ROLLCALL VOTE. MOTION CARRIED.
<br />
<br />2
<br />
<br />THIS BEING THE DATE SET FOR THE OPENING AND CONSIDERATION OF BIDS ON THE SALE OF $1,000,000
<br />EUGENE WATER & ELECTRIC BOARD BONDS, THE CITY RECORDER REPORTED THE RECEIPT OF FIVE BIDS.
<br />
<br />I
<br />
<br />UPON MOTION MADE BY HAWN, SECONDED BY CRUMBAKER THE RECORDER WAS INSTRUCTED TO READ THE BIOS
<br />WHICH WERE OUTLINED AS FOLLOWS:
<br />
<br />BID DE R
<br />
<br />PURCHASE PRICE PER
<br />$100 OF PAR VALUE
<br />
<br />INTEREST RATE
<br />
<br />NET INTEREST
<br />COST TO CITY
<br />
<br />EFFECTIVE
<br />INT. RATE
<br />
<br />BLYTH & CO. & OTHERS
<br />
<br />$
<br />
<br />99.54
<br />
<br />BONDS DUE 1951-55 - 4% $ 187,100.00
<br />II II 1956-60 - 1*%
<br />II II 1961-65 - li%
<br />II II 1966-70 - 1 - 3/4%
<br />
<br />I . 78 1 9%
<br />
<br />FIRST NATIONAL BAN K
<br />OF Eu GENE & OTHERS $ 99.569 BONDS DUE 1951-54 - 5% $ 1 87 , I 85. 00 I .782%
<br /> II II 1955-56 - 1%
<br /> II II 1957-60 - 1*%
<br /> " " 1961-63 - It%
<br /> II II 1964-70 - 1-3/4%
<br />
<br /> FOSTER & MARSHALL
<br /> AND OTHERS $ 99.5615 BONOS DUE 1951-54 - 4% $ I 88, I 50.00 1.7953%
<br /> II II I 1*%
<br /> 1955-60 -
<br /> II II 1961-63 - It%
<br /> II II 1964-68 1-3/4%
<br /> II " 1969-70 - 2%
<br /> FORDYCE & Co. & o THE R S $ 98.09 BOND S DUE 1951-55 - 1-3/4% $ 194,975.00 I .8569%
<br /> II II 1956-62 - It%
<br />I II II 1963-70 - 1-3/4%
<br />PACIFIC NORTHWEST CO.
<br /> AND OTHERS 3 100.003 BONDS DUE 1951-54 - 4% 3 202,470.00 1.926%
<br /> II II 1955-60 - It%
<br /> " II 1961-64 - I - 3 /4%
<br /> II II 1965-70 - 2%
<br /> A COMMUNICATION fROM THE EUGENE WATER & ELECTRIC Bo A R 0 PERTAINING TO THE BIDS WAS SUBMITTED
<br /> AND READ AS FOLLOWS:
<br />
<br />liTHE UNDERSIGNED, ON BEHALf Of THE EUGENE WATER & ELECTRIC BOARD, RECOMMEND YOUR
<br />ACCEPTANCE Of THE LOW BID WHICH WAS SUBMITTED BY ROBERT HALL FOR BLYTH AND COMPANY AND
<br />ASSOCIATES. WE UNDERSTAND THEY AGREE TO PAY A PRICE OF 399.54 PER $100.00 PAR VALUE.
<br />THE TOTAL INTEREST PLUS DISCOUNT TO THE CITY AMOUNTING TO $187,100.00 FOR AN EFFECTIVE
<br />RATE OF 1.7819%. ON THE ABOVE BASIS THE CITY OF EUGENE WILL RECEIVE 3999,540.00 FOR
<br />$1,000,000.00 IN BONOS. THIS OFFICE HAS CHECKED THE NET INTEREST AND EFFECTIVE INTEREST
<br />RATE AND WE BELIEVE THEM TO BE CORRECT AND THE LOWEST BID."
<br />
<br />FOLLOWING AN EXAMINATION Of THE BIDS IT WAS MOVED BY HAWN, SECONDED BY CRUMBAKER THAT THE
<br />BONDS BE AWARDED TO BLYTH AND COMPANY AND ASSOCIATES ON THE BID OF 99.54 FOR EACH $100.00 Of
<br />PAR VALUE AT A NET INTEREST COST TO THE CITY OF $187,100 FOR AN EFfECTIVE INTEREST RATE Of
<br />1.7819% AND THAT THE CERTIFIED CHECKS SUBMITTED WITH THE OTHER BI DS BE RETURNED. ROLLCALL
<br />VOTE. ALL COUNCILMEN PRESENT VOTING AYE. MOTION CARRIED.
<br />
<br />3.
<br />
<br />THIS BEING THE DATE SET FOR CONSIDERATION OF BIDS FQR ENGINE LUBRICATING OIL, THE CITY
<br />MANAGER REPORTED THE RECEIPT OF NINE BIDS ON FEBRUARY IO~ 1950 AT 10:00 A.M. THAT WERE TABULATED
<br />AS FOLLOWS:
<br />
<br />I
<br />
<br />
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