1968 339- 485 _ 1-8 to 4-15-1968

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Net Interest Cost - $1,471,695.00 (6.1771%) Less Discount - $42,195.00 (4.85%) Facilities Bonds ($4,430,000) Net Interest Cost - $7,913,855.00 (6.1674%) Less Discount - $214,855.00 (4.85%) Coupon Interest Rate per Annum 6% The City Manager's written recommendation that the bid be accepted was read in full for the record. Mr. Herman Zelles, representing Stone & Youngberg, the financial consultants for Redwood Shores, read his report and analysis of the bids, recommending the sale. Mr. Charles Blair, representing the engin- eering and management consultants, DMJM, submitted their written recommen- dation that the bids be awarded, stating that financing costs fall within the guidelines previously adopted. The three recommendations above noted were supported by written and signed documents which were ordered filed as a part of the permanent record. There was a discussion of the amount of the net interest cost; the members of the syndicate making up the Bank of America "Associates" in the bid, and the amount of participation of Stone & Youngberg, to which Mr. Zelles replied. Council- man Henderson stated she wished the record to show her reasons being the high cost of the money, and what she expressed as being an undesirable burden to future taxpayers in the District. Councilman Bury replied that in light of the continuously advancing money market and interest rates, he considered the bids to be reasonable, and ac- cepted without qualifications the recommendations of the experts retained by the City for the purpose of making such analyses and recommendations. Councilman Keckley moved to adopt RESOLUTION NO. 5625 SELLING $870,000 PRINCIPAL AMOUNT OF REDWOOD CITY GENERAL IMPROVEMENT DISTRICT N0, 1-64 RECLAMATION BONDS, SERIES C. AND FIXING THE DEFINITIVE RATES OF INTEREST THEREON, seconded by Councilman Bury and carried on roll call vote, Councilman Henderson voting no, Councilman Rosselli being noted absent. Councilman Petersen moved to adopt RESOLUTION NO. 5626 SELLING 4,430 000 PRINCIPAL AMOUNT OF REDWOOD CITY GENERAL IMPROVEMENT DISTRICT NO. 1- 4 1964 FACILITIES BONDS, SERIES C, AND FIXING THE DEFINITIVE RATES OF INTEREST THEREON, seconded by Councilman Granger and carried on roll call vote, Councilman Henderson voting no, Councilman Rosselli being noted absent. Councilman Petersen requested the City Council to consider an item not on the Agenda, but urgent because of the time element. He stated that some decisions relating to the construction of the Mini -buses on order must be made at once, and that they should be made after inspection of the materials and equipment. FEB 23 V