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/?! <br /> <br />May t6. 1968 <br /> <br />At a called meeting of the City Council, held on ~{ay 16th at 1I:30 A.M~, there were present: <br /> <br />R. Irvine Smith, Jack P. Barnes, George D. Hastes, Burrell R. Johnson, Isaac W. King, L. L. Knight, <br />A. P. Johnson, Jr., City Manager, M. A. Korb, Jr., C~ty Attorney, and R. D. Ottavio, City AUditor. <br /> <br />Absent: 1{. T. Leafy <br /> <br />The meeting was opened with prayer.by Mr. King. <br /> <br /> 68-165 - The City Mmnager read the following report: <br /> <br /> "Bids were opened this morning at 11:00 A.M, for the sale of $8,000,000 of General Obligation Bonds. <br />Bids were received as fo!lows: <br /> <br />Halsey Stuart Company <br />Morgan Guaranty ~ Trust Company <br />Chase Manhattan Bank <br />Bankers Trust Company <br />Lehman Brothers <br />Blythe ~ Company <br /> <br />4.62815 <br />4.6398 <br />4.6542 <br />4.6795 <br />4.7225 <br />4.72443 <br /> <br /> It is the opinion of the Bond Commission that all bids should be rejected. I concur and recommend that <br />the bids be rejected and that the City do temporary financing. It a~nears we will be locking a peak rate <br />for twenty-five years and it is the opinion of the Bond Commission t~t there will be a more favorable market <br />in the next twelve months. <br /> <br /> A year ago when bonds were sold, the rate was 3.5027 and the low bid today was 4.62815; this is a 32% <br />increase in one y~ar. <br /> <br /> Motion of Hr, Barnes to concur in the City Manager's recommendation was adopted, without dissenting <br />vote. <br /> <br />On motion adjoUrned. <br /> <br />APPROVED - <br /> <br />President <br /> <br />City Clerk <br /> <br /> <br />