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HomeMy WebLinkAbout1957-02-15; Municipal Water District; MinutesMINUTES OF AN ADJOURNED FBGULAR MEETING CF TRE BOARD OF DIRECTORS OJ? THE CARLSBAD "PAL WATER DISTRICT HELD AT 8:OO A. M., F'EEBUARY 15, 1957, AT 2% PI0 PIC0 DRIVE, CBLSBAD, CALIFORNIB The meeting was called to order by Chairman Fry at 8rO5 A.M. Present: Directors: Ewald, Fry, Rogers kbsent! Mreotorst Kelly, Zahley (Director Zahler arrived at 8:lo A.M.) Also present were Mr. Rafferty of Schwabacher & Co., and MP. J. D. McCarthy, represent- ing Mr. Porter of Everts & Esenoff - CPAls., Attorney Dennis and Engineer short. Bond Bids Mr. Rafferty, Chairman of the Committee appointed to check and compute ruary l4th reported that the bid of Security-First National Bank of bs Angeles and Associates (Blyth & Go, , Inc, , R. H. Moulton &C Company, Willlam R. Staats & CO., and Weeden & Go.) - under option "A" in which bonds are first callable in 1%2 - is the bid yielding the lowest net interest cost. Rafferty stated that his committee had deternhed that the best bids submitted on both alternates "8" and RBI! were submitted by the syndicate headed by the Security-First National Bank of Los Angeles. Re stated Mther that the total interest differential on these bids during the stated life of the bonds is $913 greater on alternate "An than on Alternate "B", Prlternate "An provittes the Mstrict with the privilege of call- ing the bonds five years earlier than the call. provision of alternate ltBn and that the appear to substantially outweigh the possible $913 differential in interest cost and, consequently, the committee recommended that the Board award the bonds to the Security- First National Bank of ZIOs Angeles and Associates on its bid for alternate llA". I the bids on the bonds for which bids were opened at the meeting of Feb- call provisions of alternate "AA" are generally lower call premiums. These adTlravltsges Attorney Dews stated that the legal requirements governing the bidding procedure had been satisfied. After considering the various bids and the report thereion a Resolution entitled RESOLUTION OF THE BOARD OF DIRECTORS OF CARLSBAD MUNICIPAL WAmR DISTRICT PROVIDING FOR THE ISSUANCE OF BONDS OF SAID DISTRICT FOR IWROVEPIENT DISTRICT NO, 1 THEmOF IN THE AMOUNT OF $1,250,000 FOR THE ACQUISITION AND CORSTRUCTION OF A WATER TFtANSMISSION PIPELINE WITH APPURTENAMCES AND APPURTENANT WORKS , and numbered: NO. 51, was read, It was mved by Director Rogers, seconded by Director Ewald that the Resolution of Issuance be adopted. The Resolution was adopted on the folluwing roll call vote: Resolution NOES : DIRECTORS: NONE No. 51 ABSENT: DIRECTORS: IIE;LLY Resolution A Resolution numbered 52 and entitled No. 52 I APES: DIRECTORS: EWALD, FRY, ROCXRS, ZAHLER RESOLUTION OF THE BOARD OF DIRECTORS OF CARLSBAD MUNICIPAL WATER DISTRICT AWARDING $1,250,000 BONDS OF SAID DISTFCLCT FOR Ii~TRovEME~ DISTRICT NO. 1 THEREOF TO Tm BEST BIDDER AND REJECTING ALL OTHER BIDS was read, It was then mved by Director Rogers, seconded by Director Ewald, that the said Resolution be adopted as read. The Resolution was adopted on the following roll call vote: APES: DIRECTORS: EIJALD, FRY, ROmRS, ZAHIBR NOES: DIFECTORS: ROHE ABSENT: DIZECTORS: KELLY At this Poi& it was noted and acbnowledged by the Board that Scbabacher & Co, had done &tl excellent job in the handling of the bond sale. I&* Xafferty observed that a should be invested in short term governments. considerable saving had been achieved and he recommended that ;funds not used mdiably Ward VS. A letter from Attorney Glenn R. Feist under date of February 14, 1957, Hallmark was read along with attached letters from Electricraft, Snc,; Ets-HoMn work in connection with construction of pipe line (Unit "Bft) were all higher than those of Boyle Engineering, A' letter under date of February U, 1957, from C. H. Neathesy, who was construction engineer three years ago at Camp Fendleton vhen Hallmark Construction Company completed 8 contract there, testified in behalf of that firm, A letter from Mr. Hallmark under date of Fe- 17, 1957, (received February 13th) mitting a statement of financial condition was read. The letters were ordered filed, I & Galvan; and Anchor Electric, Inc. in which the estimates for electrical answering questions set forth by the Attorneys of Ward Construction Company and sub ResoM,ion A Resolution 210 award the contract for Unit "Blf for Artwid W,,t.Gr .%&@BI ?L e? "" -r """""" f -2 ~~ 1 I rected. On motion of Director &ald, seconded by Director Zahler, the Resolution was adopted on the following roll call vote: AYES: DIRECTOBS: EWALD, FRY, ROaRS, ZAHLER NOES: DIRECTORS: NONE ABSEhTT: DIEECTORS: KELLY Resolution A Resolution to award the contract for Regulating Reservoir for hter- No. 54 ial Water system for Improvement District No. 1 Transmission Main was presented. On motion of Director Zahler, seconded by Director Ewald, the Resolution was adopted on the following roll call vote: APES: DIREXTORS: EWLAD, FRY, RWRS, ZAHIER NOES: DIRECTORS: NONE JIBSENT: DIREXTORS: KELLY It was noted that Hallmark and Henck have five days in which to execute the contracts. Engineer Short said he would assist with the forms. Reservoir Engineer Short presented a letter from his firm to which were attached Bights of escrow instructions for the purchase of the Clemson site, It was re- WaY ported that fnvestigation had revealed that none of the easements and restrictions would interfere with the construction, operation or main- tenai~ce of the proposed reservoir, As per the minutes of February 6, 1957, and Resol- ution No. 46, the President and Secre- were advised to execute the agreemnt, Tuten Engineer Short then reported on one parcel in connection with Unit rrA", Righhf- and the proposed Unit L2. One of the joint tenants (dalter Larry Tuten: WaJr passed away before negotiations for granting of the right-of-way could bc completed. The Engineer recommended that the matter be turned over to counsel for study and further recommendation, The Attorney advised taking a chance and going ahead in spite of possible complications; he said it is posstble that a condemna- tion suit might have to be brought in the futwe but the right-of-way is still worth it Dheotor Ewald moved that the Attorney submit a written statement to this effect. The motion, seconded by Director Zahler, carried, Short stated that the Horace and Allan Gllg Easements have not yet been obtained but that information received yesterday indicates that they can now be obtained. Director Ewald moved that the meeting be adjourned until. Februarg P, 1957, at 4:OO P,M, The motion, seconded by Direcbr Zahler, cazried. ATTEST: g$ f?fq President of /the Board oPDirectors CBRLSBAD MIJ~CIPAL WA& DISTRICT" /?/., BZU Secretary of the Boasd of Directors CARISBAD MUNICIPAL WATER DISTRICT I