M-5/3/1966
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&ARKING AUTHORITY MINUTESe
COUNCIL CHAMBER, CITY HALL, SANTA MONICA, CALIFCRNIA
May 3, 1966 7:30 o'c1ock p.m.
The Parking Authority of the City of Santa Monica met in specla]
session at the above named time and place. The pledge of allegiance
was given.
PRESENT: Members: Rex H. Minter, James B. Reidy, Jr.,
Royal M. Sorensen, Herbert A. Spurg1n,
Kenneth B. Wamsley
ABSENT: Members: Wendell Corey
Clo Hoover
ALSO PRESENT: Perry Scott, City Manager
Robert G. Cockins, City Attorney
William A. Hard, Assistant C1ty Manager
Bartlett L. Kennedy, City Engineer
Joseph D. Nadon, Parking and Traffic Engineer
It was announced that the date and time of the special meeting
of the Parking Authority was delivered in person to all members on
April 27, 1966, and an aff1davit to that effect is on f~le in the
office of the Parking and Traffic Engineer.
This being the time and place fixed for the opening of b~ds
for $7,500,000 bonds of the Parking Authority of the City of Santa
Monica, designated Parking Revenue Bonds, 1966, the following bids
received pursuant to the notice of sale were publicly opened, ex-
amined and read by Herbert Spurg1n, Clerk of the Parking Author~ty:
1. John Nuveen & Co. (Inc.) and Taylor & Company, Joint
Managers, and Associates:
Schwabacher & Co.
Paine, Webber, Jackson
& Curtis
F. A. Smithers & Co.
A. G. Becker & Co.,
Incorporated
Stone & Youngberg
Bacon, Wh1pp1e & Co.
Ball, Burge & Kraus
Barcus, Kindred & Co.
Boettcher and Company
Stern Brothers & Co.
Dempsey-Tegeler & Co., Inc.
J. B. Hanauer & Co.
Juran & Moody, Inc.
Kenower, MacArthur & Co.
McDougal & Condon, Inc.
Mullaney, Wells & Company
Rodman & Renshaw
The White-Ph1llips Company,
Inc.
Allison-Williams Company
Channer Newman Securit1es Co.
Walter, Woody & Heimerdingcr
M. B. Vick & Company (Inc.)~
bid par, accrued interest to date of de11very and a pre-
mium of $1,575.00 for bonds bearing interest payable
semiannually at the rates of:
Rates
Bonds Maturinq in Years:
5%
4-3/4%
4%
1969 to 1972, inclusive
1973
1974 to 1993, inclusive
..
Parking Authority MinJlls
Special Meeting
May 3, 1966
e
Page 2
2. Dean W~tter & Co. and Goodbody & Co., Joint Managers,
and Associates, bid par, accrued interest to date of
delivery and a premium of $1,843.50 for bonds bearing
interest payable semiannually at the rates of:
Rates
Bonds Maturing ~n Years:
1969 to 1970, 1nc1usive
1971
1972 to 1993, inc1us~ve
5.9%
4.9%
3 . go"
3. Bank of America National Trust & Savings Association,
and Associates, bid par, accrued interest to date of
delivery and a premium of $1,200.00 for bonds bearing
1nterest payable semiannually at the rates of:
Rates Bonds Maturinq in Years:
5-3/4% 1969 to 1973, inclusive
3-3/4% 1974 to 1978, ~nc1usive
3.80% 1979 to 1981, ~nc1usive
3.85% 1982 to 1984, inclusive
3.90% 1985 to 1987, inclusive
3.95% 1988 to 1990, inc1usl.ve
4% 1991 to 1993, inclusive
4. Blyth & Co., Inc. and Whl.te, Weld & Co., Co-Managers,
bl.d par, accrued interest to date of delivery and a
prem~um of $675.00 for bonds bearl.ng interest payable
semiannually at the rates of:
Rates ~onds Maturinq 1.n Years:
5% 1969 to 1974, inclusive
4-3/4% 1975
3.70% 1976
3-3/4% 1977 to 1979, inclusive
3.80% 1980 to 1982, inclusive
3.85% 1983 to 1985, inclusive
3 . 9a't6 1986 to 1989, inclusl.ve
3.95% 1990 to 1993, inclusive
Each bid was accompanied by a good faith check in an amount not
less than $75,000.
Mr. Spurg~n moved that all bids be referred to William A. Hard,
D~rector of Finance, City of Santa Monica, and Daniel M. Belmont,
of Stone & Youngberg, for checking and computation, a report thereon
to be given to the Authority later in this meeting. The motion wa3
seconded by Mr. Sorensen and carried unanimously.
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Parking Author1ty M~nJlas
Special Meeting
May 3, 1966
e
Page 3
Mr. Hard and Mr. Belmont adJourned to the City Manager's office
at 7;45 p.m.
Mrs. Hoover entered the meet1ng.
Mr. Minter read the names of the bidders for the construction of
a parking structure on Park1ng Author1ty Lot 6 on 2nd Street between
Broadway and Santa Monica Boulevard. The following b1ds were received:
B1dder
Base Bid
Alternate
No. 1
Harvey A. Nichols Co.
Parr Contracting Co.
Vanlar Construction, Inc.
Shirley Bros., Inc.
James I. Barnes Const. Co.
HRH California, Inc.
H. A. Kaufman Co.
$1,173,000
1,180,000
1,187,700
1,188,000
1,253,000
1,368,000
1,373,000
$724,000
700,000
718,300
728,000
790,000
921,000
719,407
Mr. Scott stated the recommendation of the Administration that
the award be made to Parr Contracting Company as the lowest and best
bid on Alternate No~ 1 for the construction of a 4~ level structure.
Two gentlemen from Harvey A. Nichols Company addressed the
Authority and exp1a1ned the reasons for the price on this company1s
bid.
Mr. Wamsley moved to accept the recommendation of the Adminis-
tration and award the bid to Parr for the construction of a 4~ level
structure on Lot 6. The motion was seconded by Mr. Spurg1n and
carr1ed by the follow1ng roll call vote:
AYES; Members: Hoover, Reidy, Sorensen, Spurgin, Wamsley.
t4inter
NOES: Members: None
ABSENT; Members: Corey
At 8:05 p.m., Mr. Hard and Mr~ Belmont, appointed to check and
compute the bids on the bonds for Wh1Ch b1ds were opened prev1ous1y
dur1ng this meet~ng, reported that the bid of Dean W~tter & Co. and
Goodbody & Co., Joint Managers. and Associates, is the bid Y1eld1ng
the lowest net interest cost.
After cons1dering the various bids and the report thereon, it
was moved by Mr. Reidy and seconded by Mr. Spurgin that Resolution
No~ 114, entitled "RESOLUTION OF THE PARKING AUTHORITY OF THE CI~Y
OF SANTA MONICA, AWARDING $7,500,000 BONDS OF SAID AUTHORITY TO THE
BEST BIDDER AND REJECTING ALL OTHER BIDS, II be adopted and ret",ard be
Parking ~uthority Min~s
Special Meetl.ng
r.1ay 3, 1966
e
Page 4
made to Dean Witter & Co. and Goodbody & Co., Joint Managers, and
Associates. The motion carried by the follow1ng roll call vote:
AYES: Members: Hoover, Reidy, Sorensen, Spurgin, Wamsley,
Minter
NOES: Member s : None
ABSENT: Members: Corey
Resolution No. 114 (PAS~
Upon motion made by Mr. Wamsley, seconded by Mrs. Hoover and
carried unanimously, the meeting adjourned at 8:30 p.m.