07/26/19721 1 '1 1 1 1 ^ 5 9 ,.
KODIAK ISLAND BOROUGH ASSEMBLY
SPECIAL MEETING - JULY 26, 1972
I CALL TO ORDER
The meeting was called to order by Presiding Officer Norman
Sutliff at 12:20 P.M. in the Borough Office, Donnelley Building,
Kodiak, Alaska.
II ROLL CALL
Present
Wilton T. White, Borough Chairman
Norman Sutliff, Presiding Officer
Harry Clowes
Fred Brechan
Richard Sims
Don Arndt (late arrival)
Also present: Mr. Dan Nelson, of Foster & Marshall; Mr.
David Chen, City Finance Director and Mr. Russell M. Walker,
Borough Clerk- Treasurer
III PURPOSE OF MEETING
A. Opening of Bids for $4.0 Million Dollar High School
Construction General Obligation Bonds. The Borough Chairman
stated that at 9:00 a.m. the bids had been opened in Seattle and
in Kodiak and the following were received:
IV ADJOURNMENT
(1) Seattle First - Interest rate 6.0089 - Net interest
cost - $3,063,650.00
(2) Halsey & Stewart - Interest rate 6.172 - Net interest
cost - $3,146,992.50
(3) Bank of America through the National Bank of Alaska -
Interest rate 6.0806 - Net interest cost - $3,103,2:3.]0
It was the Chairman's recommendation that the low bid from
Seattle Pirst National be accepted. Mr. Dan Nelson was asked to
make comments on the bidding and he stated that the bids had teen
checked to make sure that the interest costs correlated to the
coupons and that everything was in order.
Mr. Sims moved to accept the bid of Seattle First National through
Foster & Marshall with an interest rate of 6.0089, seconded by
Mr. Brechan. The question was called for and the motion passed by
the following roll call vote: Mr. Clowes YES; Mr. Sims YES;
Mr. Brechan YES; Mr. Sutliff YES (Mr. Arndt was not present for the
voting on this issue, arrived shortly thereafter).
It was noted that interest rate and net interest Cost will pl3_e
the mill rate at about 7 Mills for the annual debt service ccst.
This cost is based on the assumption that there might be no s'-ce
participation.
The meeting was adjourned at 12: 25 P.M.
ATTEST: APPROVED: r
R =se M. Wal er Wilton T. White
Borough Clerk- Treasurer Borough Chairman