Min 10/29/1968 1301
Wichita Falls, Texas
Memorial Auditorium Building
October 29, 1968
Items 1 4 2
The Board of Aldermen of the City of Wichita Falls, Texas, met in called session
on the above date in the Council Room of the Memorial Auditorium Building at 11:00
o'C1ock A. M., with the following members present:
Kenneth Hill Mayor
Don Wills X
Harrison E. Taylor X
Dick Darner X Aldermen
Cletus C. Schenk X
Jack Davis City Manager
H. P. Hodge, Jr. City Attorney
Wilma J. Thomas City Clerk
James M. Davis Absent
Max Kruger Absent
The invocation was given by Alderman Darner.
Item 3
r
Mayor bill explained that this meeting was called for the purpose of the sale of
General Obligation Bonds, Series 1968-A, in the amount of $4,435,000. Bids were
opened by the City Clerk, and read by Mr. Frank Medanich of the First Southwest
Company, the City's financial advisors. Bids received and the effective interest
rates are as follows:
it Lehman Brothers and others 4.5792 %
Bankers Trust Company $ Associates 4.5357 %
First National Bank in Dallas & Associates 4.39217 %
Phelps, Fenn $ Company 4 Associates 4.5196 %
First Southwest Company & Associates 4.40657 %
Republic National Bank of Dallas, Harris
Trust to Savings Bank of Chicago & others 4.38934 %
John Nuveen & Company, Inc., & Associates 4.4369 %
Continental Illinois National Bank & Trust
Company of Chicago $ others 4.47223 %
Halsey, Stuart and Company, Inc. & Associates 4,55597 %
The meeting was recessed to enable Mr. Medanich to tabulate the bids.
At 11:55 A.M. the meeting was reconvened. Mr. Medanich stated that the four top
bids had been checked, and he recommended acceptance of the low bid of the Republic
National Bank of Dallas, stating that it is an excellent bid.
Moved by Alderman Schenk that the bid of Republic National Bank of Dallas be
accepted, with an interest rate of 4.38934%.
Motion seconded by Alderman Wills, and carried unanimously.
A proposed ordinance was presented authorizing issuance of the bonds. Mr. H. P.
Hodge, Jr. , City Attorney, briefly explained the contents of the ordinance.
ORDINANCE NO. 2459
ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS.
Moved by Alderman Schenk that Ordinance No. 2459 be passed.
Motion seconded by Alderman Darner, and carried by the following vote:
Ayes: Aldermen Wills, Taylor, Darner, and Schenk
Nays: None
" Item 4
City Nariager Jack Davis explained that at the Council meeting held October 15
that the bid for nozzles and sprinklers for the Plum Creek and Flood Street drainage "
projects sprinkler systems was awarded to Amstan Supply Division, Wichita Falls, in L
the amount of 44,475.46. Upon checking the extensions, it was discovered by the
Purchasing Department that a misplaced decimal resulted in an error of $2,320.92 on
one item. The manager of Amstan stated that he was regretful that the error had
been made, and desired to withdraw his bid. The city manager recommended, with
reservations, that he be allowed to withdraw his bid since it would be such an
imposition for him to make up that amount of money. He also recommended award
of the next lowest bid to Goldthwaits of Texas, Fort Worth, in the amount of
04,660.30 net.
Moved by Alderman Darner that Amstan Supply Division be allowed to withdraw
their bid, and that the next lowest bid of Goldthwaits of Texas be accepted.
Motion seconded by Alderman Taylor, and carried unanimously.
Moved by Alderman Wills that the meeting be adjourned.
Motion seconded by Alderman Schenk, and carried unanimously.
The Board of Aldermen adjourned at 12:10 P.M.
PASSDU AND APPROVED this day of , 1968.
It
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ATTEST:
City Clerk