HomeMy WebLinkAboutRES 152 Draft 01 1963 COUNTY OF HAWAII - STATE OF HAWAII
RESOLUTION NO. 152
RESOLUTION PROVIDING FOR THE SALE OF
ONE MILLION FOUR HUNDRED FIFTY THOUSAND
DOLLARS ($1,450,000) BONDS OF THE COUNTY
OF HAWAII, STATE OF HAWAII.
WHEREAS, by Resolution No. 139 adopted by the Board of
Supervisors of the County of Hawaii on May 24, 1963, the said
Board of Supervisors has authorized the issuance of One Million
Four Hundred Fifty Thousand Dollars ($1,450,000) Public Improve-
ment Bonds, 1963 Series A, of the County of Hawaii; and
WHEREAS, the aforesaid Resolution directed the Treasurer
of said County to call for bids for the aforesaid issue of bonds,
and pursuant to said direction, public tenders for said bonds were
called to be opened at the office of Messrs. Wood, King, Dawson
' Logan, 48 Wall Street, New York 5, N. Y. , Bond Counsel to the
County, up to 2 :00 o'clock, P.M. , Eastern Daylight Saving Time,
or at the office of the Treasurer of the County of Hawaii, Hilo,
Hawaii, up to 8:00 o'clock, A.M. , Hawaiian Standard Time, on
June 5, 1963, for the purchase of the aforesaid bonds; and
WHEREAS, in response to the published notice of sale
of said bonds, bids conforming in all respects to the notice of
sale have been received at the office of Messrs. Wood, King, Dawson
& Logan as confirmed by cablegram received by the County Treasurer's
office as follows:
"FOLLOWING BIDS RECEIVED HERE
LEHMAN BROTHERS AND ASSOCIATES PAR PLUS ACCRUED
INTEREST BONDS MATURING 1966 AND 1967 2-3/4% BONDS
MATURING 1968 THROUGH 1978 3.10% BONDS MATURING 1979
THROUGH 1983 3-1/4% NET INTEREST COST DOLLARS 528,537 .50
MERRILL LYNCH PIERCE FENNER AND SMITH INCORPORATED AND
ASSOCIATES PAR PLUS PREMIUM OF DOLLARS 1,500 NET
INTEREST COST DOLLARS 542,730
KIDDER PEABODY AND CO AND ASSOCIATES PAR NET INTEREST
COST DOLLARS 546,550
SMITH BARNEY AND CO AND ASSOCIATES PAR PLUS PREMIUM OF
DOLLARS 391.50 NET INTEREST COST DOLLARS 546,833.50
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•
BANK OF AMERICA N T AND S A AND ASSOCIATES PAR PLUS
PREMIUM OF DOLLARS 91 NET INTEREST COST DOLLARS
557,334
DREXEL AND CO AND ASSOCIATES PAR PLUS PREMIUM OF
DOLLARS 487.50 NET INTEREST COST DOLLARS 548,937.50
C J DEVINE AND CO AND ASSOCIATES PAR PLUS PREMIUM OF
DOLLARS 154.99 NET INTEREST COST DOLLARS 551,155.01
CHEMICAL BANK NEW YORK TRUST COMPANY AND ASSOCIATES
PAR PLUS PREMIUM OF DOLLARS 1,105 NET INTEREST
COST DOLLARS 553,820
HALSEY STUART AND CO INC AND ASSOCIATES PAR PLUS
PREMIUM OF DOLLARS 594.50 NET INTEREST COST DOLLARS
564,115.50
NET INTEREST COST LOWEST BID 3 ,1545% INTEREST COST
CALCULATED BY FRANK GUADAGNINI CHEMICAL BANK NEW
YORK TRUST COMPANY STOP
PLEASE WIRE TOMWOODHOF AND SUCCESSFUL BIDDER LEHMAN
BROTHERS 1 WILLIAM STREET NEWYORK RELATIVE TO AWARD
SUCCESSFUL BIDDER SPECIFIED DOLLARS 5,000 DENOMINATION";
and
WHEREAS, no bids have been received at the office of
said Treasurer at Hilo, Hawaii; and
WHEREAS, the best bid for the aforesaid issue of
$1,450,000 Public Improvement Bonds, 1963 Series A, of the County
of Hawaii is the bid of Lehman Brothers and Associates, said bid
being a bid of par and such bonds to bear interest at rates which
would result in a net interest cost to the County of Five Hundred
Twenty Eight Thousand Five Hundred Thirty Seven Dollars and Fifty
Cents ($528,537 .50) and a net interest rate of 3.1545 per cent
( 3.1545%) .
NEW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS
OF THE COUNTY OF HAWAII, STATE OF HAWAII:
1. That (a) the Treasurer of the County be, and he
hereby is, authorized to accept the bid of Lehman Brothers and
Associates for the purchase of the $1,450,000 Public Improvement
Bonds, 1963 Series A, authorized to be issued by this Board in
its Resolution No. 139, adopted May 24, 1963, said bid being a bid
of the par value of said bonds, bonds maturing in the years 1966
to 1967, inclusive, to bear interest at the rate of Two and Three-
Fourth per centum (2-3/4%) per annum, bonds maturing in the years
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1968 to 1978, inclusive, to bear interest at the rate of Three
and One-tenth per centum (3.10%) per annum and bonds maturing in
the years 1979 to 1983, inclusive, to bear interest at the rate
of Three and One-fourth per centum ( 3.25%) per annum, for a net
interest cost of Five Hundred Twenty Eight Thousand Five Hundred
Thirty Seven Dollars and Fifty Cents ($528,537.50) and a net interest
rate of 3.1545%; (b) that the interest rates to be borne by said
$1,450,000 Public Improvement Bonds be, and the same hereby are,
fixed in conformity with and according to the said bid of Lehman
Brothers and Associates; and (c) in conformity with the said bid
of Lehman Brothers and Associates, the $1,450,000 Public Improvement
Bonds, 1963 Series A, shall be in the denomination of $5,000 each.
II. That the Treasurer and all officials of the County
of Hawaii be and they hereby are and each of them hereby is auth-
orized to proceed with the preparation, execution and delivery of
the aforesaid bonds to the purchasers thereof in accordance with
the terms hereof, and said Treasurer and officials be and they
hereby are, and each of them hereby is, authorized to execute such
orders, receipts and other documents as may be necessary in order
to effectuate the preparation, execution and delivery of said
bonds and to receive the purchase price therefor in accordance with
the provisions of this resolution and Resolution No. 139.
III. That this resolution take effect immediately upon
the adoption hereof.
Introduced by:
cC
Supe visor, 2nd Senatorial
District.
Dated at Hilo, Hawaii
June 5, 1963.
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