HomeMy WebLinkAbout1992-03 Sale of Water BondsRESOLUTION NO. 92- Z).v'Y
A RESOLUTION OF THE CITY OF ASHLAND,
OREGON AWARDING THE SALE OF $2,060,000
GENERAL OBLIGATION WATER BONDS, SERIES
1992.
WHEREAS, the attached bids for the purchase of the City of Ashland, Oregon
(the "City") General Obligation Water Bonds, Series 1992, in the amount of $2,,060,000
were received and opened at 11:00 a.m. on January 15, 1992 at the offices of Rankin
Mersereau & Shannon, 1600 Benj. Franklin Plaza, Portland, Oregon; and
WHEREAS, the bids received are as follows:
True Effective
Bidder Interest Rate
First Interstate Bank of Oregon, N.A.
Merrill Lynch Capital Markets
United States National Bank of Oregon
Seattle-Northwest Securities Corporation
Lehman Brothers
Kidder, Peabody & Co.
Smith Barney
5.8660
5.867080
5.886919
5.9094237
5.93448
5.951974
6.09663
WHEREAS, the bid of First Interstate Bank of Oregon, N.A. offers the lowest
true interest cost of $1,529,730.00 and the lowest true effective interest rate of 5.8660%.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF ASHI_aMND,
OREGON AS FOLLOWS:
The Sale of $2,060,000 General Obligation Water Bonds, Series 1992, is awarded
to First Interstate Bank of Oregon, N.A. The Bonds shall bear interest at the rates
stated in the successful bid.
Passed by the City Council of the City of Ashland this 15th day of January, 1992.
ATTEST:
/City Recorder
(pp)j ps\bn&a:shland\wb-award.res
City of Ashland, O,O. Water Bonds, SGrie8 1992
CIO Rankin, Nlersereau ~ Shannon
Ina¢cordanc~wlthyourofflcia! noticeofsa;edm~d .... ~¢etT~er 31, 197_~, , inviting bich on
$2,060,000 City et' Ashl~d, O~eEon Genera! Obligation W~ter ]~md~, Ser';.e~ 1992
we will p~¥' tt~e per ¥~lue thereof less a di~count/~ ~ ~r:mh;= :3~ $ ~ ~". ~'/.-.~'~, ~.
The bond~ are to beer interest a~ fol!ow~:
Maturity 2, / 1_ R~te
.Maturity 2/1 Rate
2003 , s',
~004 &", 7o ._
~.006 ~, ~.
~ ....
2008
~009 ~. ~o~__-
20~0 ......
Maturity 2 / 1 Rate
2012 ~, O0
,,., .
Based on the above Interest re~e~, we have made the fol{owin~ eltimetes;
Gross amount of Intere.st
b,~i..~,~cn,~n/P I u ) discount
Net amount of interest
Net effective rite (TIC)
All of the terms of the official notice of se~e are incorporated herein and mede ~ Dart hereof, We enclose our Good Faith check in the
amount of $ ..41]-. ~00,00 .... In the event we ,re no~ awarded the bonos, ptea~e re~urn the check promptly to the undersigned,
Delivery o~ bonds within 3'0 c~ys unless mutually extended.
Respecfluliy submitted,
FIRST INTERSTATE BANK OF OREGON, N,A.
P'- "' ~' '\~'" '~ PORTLAND, OREGON
~C
GOOD FAITH ~.,.PG;BIT CHF. CK (503) 225.3852
l HIS D,.~, Or__, 19 ,
BY: BY:
eONO.~ 6.:'~. ORIGINAL COPY
NOTICE OF SPECIAL MEETING
NOTICE IS HEREBY GIVEN that the Ashland City Council will hold a
special meeting on Wednesday, January 15, 1992, at 12:00 ]Noon in
the Council Chambers Conference Room, 1175 E. Main Street to
accept bid for sale of General Obligation Water Bonds.
Nan E. Franklin
City Recorder