HomeMy WebLinkAboutrda min 1975/08/19
REGULAR MEETING OF THE REDEVELOPMENT AGENCY
OF THE CITY OF CHULA VISTA
Held Tuesday August 19, 1975
A regularly scheduled meeting of the Redevelopment Agency of the City of
Chula Vista, California, was held on the above date beginning at 8:20 p.m.
in the Council Chamber, City Hall, 276 Fourth Avenue, with the following
Members present: Chairman Hamilton, Members Scott, Hyde, Egdahl
Members absent: Member Hobel
Staff present: Executive Director Cole, Assistant City Attorney Beam,
Assistant City Manager Asmus, Director of Public Works
Robens, Director of Community Development Desrochers,
Community Development Coordinator Henthorn, Citizens
Assistant Officer Smith, Acting Director of Finance Hackett
APPROVAL OF MINUTES It was moved by Member Hyde, seconded by
Member Scott and unanimously carried that
the minutes for the meeting of August 12,
1975 be approved, copies having been sent
to each Member.
RESOLUTION NO. 23 Director of Community Development Desrochers
AWARDING $3,400,000 stated that the bids for the $3.4 million
BONDS OF CHULA VISTA Tax Allocation Bond Issue were opened this
REDEVELOPMENT AGENCY morning in the Los Angeles offices of the
TO THE BEST BIDDER Agency's bond counsel, O'Me1veny and Myers.
AND REJECTING ALL Three bids were opened and Goldman, Sachs
OTHER BIDS and Company was the apparent low bidder at
7.36785%.
Terrance McCarthy Mr. McCarthy stated the bids were excellent.
Stone and Youngberg The bids between Goldman Sachs and Merrill
Lynch were very close with just a little over
$10,000.00 in interest costs over the terms
of the bond.
He added that Stone and Youngberg used the
8% maximum interest rate in all of the bids
and the full 5% discount. It is now better
at this lower interest rate--the bidders
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did not use all of the discount, and the
interest rate submitted, including the dis-
count, was 7.3679%.
Mr. McCarthy recommended that the bid of
Goldman, Sachs and Company be approved.
Recorded in Resolution Assistant City Attorney Beam asked that the
City Clerk record the name of the Goldman,
Sachs and Company in the resolution along
with the interest rate.
Resolution offered Offered by Member Hyde, the reading of the
text was waived by unanimous consent, passed
and adopted by the following vote, to-wit:
AYES: Members Hyde, Egdahl, Scott,
Hamil ton
Noes: None
Absent: Member Hobel
ADJOURNMENT Chairman Hamilton adjourned the meeting at
8:27 p.m.
'J'1/7~~ ~ /'"
Secretary
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