EQCMinutes19770913

DETP/19/48667

''Wednesday, August 28, 2019 at 12:02:09 PM (GMT+07:00) Goldstein, Meyer:'' eqcmeeting Eqc environmental quality commission minutes 9/13/77 MINUTES OF THE SPECIAL MEETING OF THE OREGON ENVIRONMENTAL QUALITY COMMISSION September 13, 1977 At 4:30 p.m., Tuesday, September 13, 1977, a special conference call meeting of the Oregon Environmental Quality Commission was convened. Connected by conference telephone call were Commission members: Mr. Joe B. Richards, Chairman: Dr. Grace S. Phinney, Vice-Chairman; Mr. Ronald Somers; Mrs. Jacklyn Hallock and Mr. Al Densmore. Representing the Department were its Director, Mr. William H. Young, and several members of the Department Staff. Awarding of Bid for Pollution Control Bonds Mr. William Young, Director, told the Commission that the bids had been opened at 2:00 p.m. that afternoon and that there were five bidders with bids ranging from a low of 4.9551 to a high of 4.975. Mr. Young said that Lee Darby of Bartle Wells had verified that the low bidder was Bache, Halsey, Stuart, Inc., 100 Gold Street, New York, New York 10036, at a true interest cost of 4.9551%. He said that it would be his recommendation that the Commission accept that as the apparent low bid. Chairman Richards asked if a premium had been calculated into that bid. Ms. Lee Darby said that there was a premium on the low bid of $3,000 and that the premium was computed into the true interest cost. Ms. Darby said that the next lowest bidder was at 4.9557, so that the bids were actually decided at the fourth decimal place. Commissioner Somers said that he had discussed this matter with Mr. Howard Rankin and was advised that the successful bidder should be contacted and asked for a waiver of disclosure. Commissioner Phinney said she had no objection to a waiver of disclosure, however from reading the material she did not see that it was necessary because the State had the primary obligation on the bonds and if the cities did not pay anything, the State would still be responsible. Chairman Richards asked Commissioner Somers if Bond Counsel felt it was necessary to waive disclosure. Commissioner Somers said he was advised that it would not make a difference to the purchaser and that there would be no substantial problem with a waiver. In response to Commissioner Phinney, Commissioner Somers said it was his understanding that the waiver of disclosure would not jeopardize the sale of the bonds. Chairman Richards asked Commissioner Somers to explain what the waiver of disclosure meant. Commissioner Somers replied that a matter had come up several years before prior to the time Chairman Richards and Commissioner Densmore were on the Commission, where a matter that ordinarily would have been disclosed as part of the prospectus was not. Commissioner Somers said that in his opinion this matter had been resolved, and that the current prospectus was correct except to the degree of disclosure. Commissioner Somers said Bond Counsel had told him that this matter had been discussed with some of the bidders, but he did not know if this particular bidder was involved. Mr. Lee Barrett of the Department staff said he was not aware that the matter had been discussed with some of the bidders, however, he had received a call from the Bond Department of First National Bank and had informed them of the facts of the matter.