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488 Reso. No. 62-111 l!A rd $3,000,000.00 ~onds to the best bidder (Water Revenue Bonds ) The First Boston Corporation bid: * (Par) $. 300. O0 Premium, and accrued interest to date of delivery for bonds bearing interest payable annually the first year and semiannually thereafter at the rates o£t Rates Years 4 3/4% 1964 to 1972 3 3/4~ 1973 ....... 3 1/4% 1974 to 1977 3 1/::~ 1978 to 1982 3.65~ 1992 ....... Each bid was accGrpanled by a good faith check in an amount notless than $10,000.00. All bids were then referred to Stone & Youngberg for checking and ccmpu- tati6n, a report thereon to be given to the Council later in this meeting. Edwin A. Wells of Stone & Youngberg orally reported the lowest net inter est rate, 3.58~ was submitted by Blyth & Co., Inc., and Associates, and the hlghes' net interest rate submitted was 3.66~, a difference of 8/100~; and the difference between the high and low bid, in interest costs, amounts to apprcximately $52,000.~ Mr. Wells stated the fact that there were nine bidders indicates strong cc~petitio~ as it was lower than the estimate; his firm is quite happy with the bid,/and recommended the bid be awarded to Blyth & Co., Inc., and Associates. Mr. Wells then introduced members of his firm and of the firm of O'Melveny & Myers. The committee appointed to check and compute the bids on the bonds for which bids were opened previously during this meeting reported that the bid of Blyth & Co., Inc., and Associates is the bid yielding the lowest net interest cost After considering the various bids and the report thereon, it was moved by Councilman Heinly and seconded by Hubbard that Resolution No. 62-111, entitled "RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AWARDING $3,000~000.00 BONDS OF SAID CITY TO THE BEST BIDDER AND RFJECTING ALL OTHER BIDS," be adopted. Upon the following vote: AYES: Councilmen Royal E. Hubbard, Dale H. Heinly, Bob Brewer, A. A. Hall NOES: Councilmen None ABSENT: Councilmen Henry H. Schlueter said Resolution No. 62-111 was declared adopted. RESOLUTION NO. 62-111 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AWAPOING $3,000, O00.00 BONDS OF SAID Cl~l~ TO THE BEST BIDDER AND REJECT- lNG ALL OTHER BIDS. WHEREAS, at the time and place fixed for the opening of bids for the $3,000,000.00 bonds of the City of Santa Ana, California, desi~ated "1962 WATER REVENUE BONDS, SERIES A" and numbered I to 3,000, both 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;