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MINUTES OF THE ADJOURNED REGULAR MEETING
<br /> OF THE CITY COUNCIL OF THE
<br /> CITY OF SANTA ANA, CALIFORNIA
<br />
<br />November Z, 1972
<br />
<br />The meeting was called to order at 1:04 P.M. in the office of the Mayor, City
<br />Hall, 217 North Main Street, with the following Councilmen present: Ray villa,
<br />Vernon S. Evans, Wade Herrin, Harry K. Yamamoto, Jerry Mo Patterson,
<br />J. Ogden Markel and Mayor Lorin Griset. Also present were City Manager
<br />Bruce Co Spragg, City Attorney James Ao Withers and Clerk of the Council
<br />Florence I. Malone° Evidence of proper notice of the adjourned meeting
<br />having been given was on file with the Clerk°
<br />
<br />RESOLUTION 72-112 RESOLUTION OF THE CITY
<br />REFUNDING CITY HALL COUNCIL OF THE CITY OF
<br />REVENUE BONDS SANTA ANA, CALIFORNIA,
<br /> RECOMMENDING TO THE
<br />ORANGE COUNTY CIVIC CENTER AUTHORITY THE ACCEPTANCE OF THE
<br />BID OF MERRILL LYNCH, PIERCE, FENNER & SMITH, INC. AND
<br />ASSOCIATES TO PURCHASE THE $3, 500, 000 PAR VALUE 1972 REFUNDING
<br />REVENUE BONDS OF THE ORANGE COUNTY CIVIC CENTER AUTHORITY
<br />was unan/rnously adopted by title only on motion of Councilman Villa, seconded
<br />by Councilman Yamamoto, full reading having been unanimously waived, on
<br />motion of Councilman Yamamoto, seconded by Councilman Herrin.
<br />
<br />Prior to adoption of the motion, Mr. Herman Zelles, representing Stone and
<br />Youngberg, Financial Consultants, presented a summary of the bids received
<br />for the purchase of the bonds.
<br />
<br />He reported that the lowest, best and most responsible bidder was Merrill
<br />Lynch, Pierce, Fenner & Smith, Inc., with a net interest rate of 5. 16241%
<br />and a net interest cost of $3,396,867.50; and that the net savings realized by
<br />the City would be in excess of $225,000.
<br />
<br />SPECIAL MUNICIPAL ELECTION, A statement in the amount of
<br />NOVEMBER 7, 1972 $2,952~ 08, from Martin and
<br />SERVICES Chapman, Lakewood, dated
<br /> October 12, 1972, for printing
<br />and delivery to the Registrar of Voters of 72,000 copies of the arguments
<br />and tax statements for the Special Municipal Electlon consolidated with the
<br />statewide General Electlon, November 7, 1972, for submission of three bond
<br />propositions to the electorate, was received and payment was authorized on
<br />the unanimously carried motion of Councilman Herrin, seconded by Council-
<br />man Evans.
<br />
<br />CITY ATTORNEY PERSONNEL The City Attorney stated that
<br /> his approved departmental
<br />budget for 1972-73 has sufficient funds for two additional Deputy A~torney II
<br />positions; that he has an opportunity to employ two exceptionally qualified
<br />attorneys; and requested that Council authorize the additional positions°
<br />
<br />Councilman Evans requested the City Attorney to furnish to Council a Time
<br />and Motion study for his department as soon as possibleo
<br />
<br />CITY COUNCIL MINUTES
<br />
<br />405
<br />
<br />NOVEMBER 2, 1972
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