Roll call: MINUTES OF THE CITY COUNCIL CITY OF AUSTIN, TEXAS Regular Meeting September 18, 1958 10:00 Α. Μ. Council Chamber, City Hall The meeting was called to order with Mayor Miller presiding. Present: Councilmen Palmer, Pearson, White, Mayor Miller Absent: Councilman Long * * * In accordance with published notice thereof, promptly at 10:00 o'clock A. M., Mayor Miller announced that the time for submitting bids on the purchase of City of Austin, Texas General Obligation Bonds, Series 1958-A in the amount of $2,500,000.00; and City of Austin, Texas Electric Light and Power, Waterworks and Sewer System Revenue Bonds, Series 1958-A in the amount of $6,600,000.00 had expired, and that the City Council would proceed with the opening of said bids, Bids were then opened and read as follows: 24 NAME OF BIDDER 1. FIRST SOUTHWEST COMPANY CITY OF AUSTIN, TEXAS TABULATION OF BIDS RECEIVED ON $2,500,000 GENERAL OBLIGATION BONDS BONDS MATURE DATE BOTH INCLUSIVE SEPTEMBER 18, 1958 NOMINAL INTEREST RATES GROSS INTEREST COST PREMIUM OFFERED AND ASSOCIATES July 1, 1959, thru July 1, 1973 Republic National Bank in Dallas First National Bank, Dallas Mercantile National Bank, Dallas July 1, 1974, thru July 1, 1978 3u % 4 % $1,297,275.00 $ Dittmar & Company First of Texas Corp. Austin, Hart & Parvin Rotan, Mosle & Company The above and foregoing bid was accompanied by a Cashier's-Certified Check in the amount of $50,000.00. Whereupon the bid was referred to the Director of Finance for tabulation and report. -0- NET INTEREST COST EFFECTIVE INTEREST RATE $1,297,275.00 3.63789 % 25 * * * adoption: Councilman White offered the following resolution and moved its (RESOLUTION) WHEREAS, First Southwest Company, acting by and through its duly authorized agent and representative, Winton Jackson, this day submitted to the City Council the following proposal: OFFICIAL BID FORM Honorable Mayor and City Council September 18, 1958 City of Austin Austin, Texas Gentlemen: Reference is made to your "Official Notice of Sale," dated September 5, 1958, of $2,500,000 CITY OF AUSTIN, TEXAS GENERAL OBLIGATION BONDS, SERIES 1958-A, which is attached hereto and made a part hereof. For your legally issued bonds, as described in said Notice, we will pay you par and accrued interest from date of issue to date of delivery, to us, plus a cash premium of $ None for bonds maturing and bearing interest as follows: July 1, 1959, through July 1, 1973. July 1, 1974, through July 1, 1978. ... 3% 4% July 1, 19, through July 1, 19 % Interest cost, in accordance with the above bid, is: Gross Interest Cost, Less Premium NET INTEREST COST د $1,297,275.00 None $1,297,275.00 EFFECTIVE INTEREST RATE.. 3.63789% Attached hereto is Cashier's-Certified Check of the Republic National Bank, Dallas, Texas, in the amount of $50,000,00, which represents our Good Faith Deposit, and which is submitted in accordance with the terms as set forth in the "Official Notice of Sale. " 26 If we are the successful purchasers, we will select Dumas, Huguenin & Boothman, Bond Attorneys, whose fee we will pay, to render their unqualified approving legal opinion on this issue. We desire that the Paying Agents for this issue be: First National City Bank, New York, New York, and American National, Austin, Texas. Respectfully submitted, First Southwest Company Republic National Bank - Dallas First National Bank, Dallas Mercantile National Bank, Dallas Dittmar & Company First of Texas Corp. Austin Hart & Parvin Rotan Mosle & Company First Southwest Co. By /s/ Winton Jackson V. P. Authorized Representative ACCEPTANCE CLAUSE The above and foregoing bid is hereby in all things accepted by the City of Austin, Texas, this the 18th day of September, 1958. ATTEST: City Clerk, City of Austin, Texas and, Mayor, City of Austin, Texas APPROVED. City Attorney, City of Austin, Texas WHEREAS, the said bid and proposal of First Southwest Company was the most advartageous bid submitted to the City Council for the purchase of the aforesaid bonds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF AUSTIN: That said proposal of First Southwest Company to purchase $2,500,000.00 City of Austin, Texas General Obligation Bonds as per the City's Notice of Sale and Prospectus dated September 5, 1958, at the price and upon the terms of said proposal be and the same is hereby accepted and First Southwest Company be awarded the sale of said bonds; and, BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY OF AUSTIN: That the City Manager be and he is hereby authorized and directed to sell to First Southwest Company the $2,500,000.00 City of Austin, Texas General Obligation Bonds as per the City's Notice of Sale and Prospectus dated September 5, 1958, at par and accrued interest from date of delivery according to the terms of said bid hereinbefore set out. 27 The motion, seconded by Councilman Pearson, carried by the following vote: Ayes: Noes: Absent: Councilmen Palmer, Pearson, White, Mayor Miller None Councilman Long * * * There being no further business, the Council adjourned at 4:15 P.M., subject to the call of the Mayor. ATTEST: /s/ Elsie Woosley City Clerk APPROVED /s/ Tom Miller Mayor 28