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HomeMy WebLinkAboutMinutes City Council - 11/08/1978 - Special (2)PRESENT: Mayor Gabe Lozano, Sr. Mayor Pro Tem Bob Gulley Council Members: David Diaz Ruth Gill Joe Holt Tony Juarez, Jr. Edward L. Sample MINUTES CITY OF CORPUS CHRISTI, TEXAS SPECIAL COUNCIL MEETING NOVEMBER 8, 1978 11:00 A. M. City Manager R. Marvin Townsend City Attorney J. Bruce Aycock City Secretary Bill G. Read Mayor Gabe Lozano, Sr. called the meeting to order in the Council Chambers of City Hall. City Secretary Bill G. Read called the roll of required Charter Officers and stated that a quorum was present to conduct a legally constituted meeting. Mayor Lozano stated that the purpose of the meeting was for the receipt and opening of bids for the sale of $5,000,000 of General Improvement Bonds voted on November 8, 1977. Mr. Harold Zick, Director of Finance, opened and read bids from the following nine firms: Republic National Bank of Dallas and Associates; Harris Trust & Savings Bank, Chicago; Merrill Lynch White Weld Capital Markets Group and Associates; First National Bank in Dallas; Citibank, N.A.; Rowles, Winston Division Cowen & Co.; Corpus Christi National Bank; Morgan Guaranty Trust Co. of N.Y.; and First City National Bank of Houston. (Bid tabulations of the bids from these firms are attached and constitute a portion of the minutes.) The meeting was recessed at 11:23 a.m. for the computation of bids. * * * .. * * * * * * * * * * *", The meeting was reconvened at 11:37 a.m. City Manager Townsend recommended award of bid for $5,000,000 of General Improvement Bonds, Series 1978-A to the Republic National Bank of Dallas and Associates, with an effective interest rate of 5.42719. Minutes Special Council Meeting November 8, 1978 Motion by Diaz that the City Manager's recommendation be approved; seconded by Holt, and passed unanimously. City Manager Townsend presented the following Resolution and Ordinance pertaining to the sale of bonds, and they were approved by the following vote: ORDINANCE NO. 14601: BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE OF $5,000,000 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 1978-A, BEARING INTEREST AT THE RATES HEREINAFTER SET FORTH, AND PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE REDEMPTION THEREOF AT MATURITY; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND DECLARING AN EMERGENCY. The•Charter Rule was suspended and the foregoing ordinance was passed by the following vote: Lozano, Gulley, Diaz, Gill, Holt, Juarez and Sample voting "Aye". RESOLUTION NO. 14602: APPROVING THE FORM OF THE OFFICIAL STATEMENT PERTAINING TO CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 1978-A, AND AUTHORIZING, RATIFYING AND APPROVING THE OFFICIAL STATEMENT AND THE USE THEREOF IN THE OFFERING AND SALE OF SAID BONDS; AND DECLARING AN EMERGENCY. The Charter Rule was suspended and the foregoing ordinance was passed by the following vote: Lozano, Gulley, Diaz, Gill, Holt, Juarez and Sample voting "Aye". There being no further business to come before the Council during this Special Council Meeting, on motion by Gulley, seconded by Holt, and passed unanimously; the meeting was adjourned at 11:43 a.m. BOND RATINGS - Moody's Investors Service, Inc. Aa 4 Standard_& Poor's Corporation AA CITY OF CORPUS CHRISTTI, TEXAS BID TABULATION - $5,000,000 GENERAL IMPROVEMENT BONDS, SERIES 1978-A BIDS OPENED: 11:00 A.M., NOVEMBER 8, 1978 BIDDER Republic National Bank of Dallas and Associates Harris Trust & Savings Bank, Chicago The Northern Trust Company The First Boston Corporation Mellon Bank N.A. Merrill Lynch White Weld Capital Markets Group and Associates First National Bank in Dallas Loeb Rhoades Hornblower & Co. Southeast First National Bank Miami Girard Bank Fort Worth National Bank Paine, Webber, Jackson & Curtis, Inc. Texas Commerce Bank N.A. E. F. Hutton & Co., Inc. Kidder Peabody & Co., Inc. Bank of Oklahoma N.A. Citibank, N.A. Bankers Trust Company First National Bank of Chicago W. H. Morton & Co. (Div. of Amer. Exp. Co.) Bancn orthwes t Matthews & Wright, Inc. First National Bank of Boston Rowles, Winston Division Cowen & Co. Rauscher Pierce Refnes, Inc. Underwood, Neuhaus & Co., Inc. John Nuveen & Co., Inc. First Southwest Company Effective Total Less Net Interest Interest Cash Interest Rate Cost Premium Cost 5.42719 $3,144,337.50 $ 637.50 $3,143,700.00 5.43688 3,151,118.75 1,770.00 3,149,348.75 5.4427 3,152,850.00 116.75 3,152,733.25 5.4698 3,168,600.00 193.75 3,168,406.25 5.4888 3,180,600.00 1,200.00 3,179,400.00 5.497734 3,184,562.50 3,184,562.50 Corpus Christi National Bank 5.505093 Mercantile National Bank - Dallas Morgan Guaranty Trust Co. of N.Y. Salomon Brothers Donaldson, Lufkin & Jenrette Sec. Corp. Bear, Stearns & Co. Ehrlich -Bober Company First City National Bank of Houston 3,188,825.00 3,188,825.00 5.5163 3,196,625.00 1,266.00 3,195,359.00 5.532564 3,204,737.50 -- 3,204,737.50 MICROFILMED SEP 0 4 1980 OFFICIAL BID FORM PROPOSAL FOR $5,000,000 CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT BONDS SERIES 1978-A The City of Corpus Christi November 8, 1978 Corpus Christi, Texas Gentlemen: Subject to the terms of the Official Statement and Official Notice of Sale we offer to pay par plus accrued interest to date of delivery and a cash premium of $ 631.50 for $5 000 000 City of Corpus Christi, Texas, General Improvement Bonds, Series 1978-A bearing interest at the following rates: For Bonds Maturing Coupon Rate 1979through 1982 6 75 % 1983 through 1993 5.25 % 1994 txat Only 5 40 % 1995through 1996 5.50 % 1997 through 1933 5.60 % We agree to accept delivery and make payment for the bonds without cost to us at City National Bank, Austin, Texas; or at the and in accordance with the Official Notice of Sale agree to pay all expenses. Cashier's Check No issued by City National Bank, Austin, Texas payable unconditionally to the City of Corpus Christi, in the amount of $100,000 (ixx5tottekmi: re (has been made available to you prior to the opening of this bid) as a Good Faith Deposit for disposition in accordance with the Official Notice of Sale. Upon delivery of the bonds, said check shall be (deducted from the purchase price) or (returned to us). Strike out inapplicable phrases. By Republic National Bank of Dallas & Assoc. Account Manager Accepted by the City Council on thi ATTEST: By A/ws'^""t •C- ��l'l�sAi ayor, Ci" of uthorired R reser Kerne K) Lind ren; VPii.,6ei 1978 City Secretary Please supply the following information which is not a part of this bid: $3,144,337.50 Total Interest Cost Lcss Cash Premium Net Interest Cost 637.50 3,143,700.00 5.42719 Effective Rate of Interest ve P. hristi, Texas La pj(j) Receipt is acknowledged on behalf of bidder of above described Good Faith Check this day of 1978. By OFFICIAL BID FORM PROPOSAL FOR $5,000,000 CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT BONDS SERIES 1978-A The City of Corpus Christi November 8, 1978 Corpus Christi, Texas Gentlemen: Subject to the terms of the Official Statement and Official Notice of Sale we offer to pay par plus accrued interest to date of delivery and a cash premium of $ 1.770.00 for $5 000 000 City of Corpus Christi, Texas, General Improvement Bonds, Series 1978-A bearing interest at the following rates: For Bonds Maturing Coupon Rate 1979 through 1993 5.375 1994 through 1995 5.45 1996 through 5.50 1997 through 5.55 1998through 5.60 % We agree to accept delivery and make payment for the bonds without cost to us at THE AMERICAN NATIONAL Bank Austin, Texas; or at the and in accordance with the Official Notice of Sale agree to pay all expenses. % Cashier's Check No M 36937 issued by HARRIS TRUST AND SAVINGS BANK, CHICAGO payable unconditionally to the City of Corpus Christi, in the amount of 8100,000 (is attached hereto) (i f )6 )Winigi(1Miii tHitY4MX>S OXYCK 1M)PSR) as a Good Faith Deposit for disposition in accordance with the Official Notice of Sale. Upon delivery of the bonds, said check shall be X NI fliciriyt)ixVveX(XAM or (returned to us). Strike out inapplicable phrases. By HARRIS TRUST AND SAVINGS BANK, CHICAGO Account Manager HARRIS TRUST AND SAVINGS BANK :TI FERN-Ti2USPAN-1• THE FIRST BOSTON CORPORATION JOINT MANAGERS MELLON BANK N.A. FIRST PENNCO SECURITIES INC. WAUTERLEK & GROWN, INC. By: Harris Trust and Savings Bank Authorized Representative Assistant Vice President Accepted by the City Council on this day of 1978 Mayor, City of Corpus Christi, Texas ATTEST: City Secretary Please supply the following information which is not a part of this bid: $ 3,151,118.75 Total Interest Cost Less Cash Premium Net Interest Cost $ 3,149,348.75 Effective Rate of Interest 5.43688 Receipt is acknowledged on behalf of bidder of above described Good Faith Check this of 1978. $ - 1,770.00 By day OFFICIAL BID FORM PROPOSAL FOR $5,000,000 CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT BONDS SERIES 1978-A The City of Corpus Christi November 8, 1978 Corpus Christi, Texas Gentlemen: Subject to the terms of the Official Statement and Official Notice of Sale we offer to pay par plus accrued interest to date of delivery and a cash premium of $ 116.75 for $5 000 000 City of Corpus Christi, Texas, General Improvement Bonds, Series 1978-A bearing interest at the following rates: For Bonds Maturing Coupon Rate 1979 through 1986 6. % 1987 ihrnogh 5.75 % 1988 through 1991 5.25 1992 ifitt5 h 5.30 % 1993 through 1998 5.40 % We agree to accept delivery and make payment for the bonds without cost to us at Rank Austin, Texas; or at the and in accordance with the Official Notice of Sale agree to pay all expenses. Cashier's Check No issued by Americ an National Bank, Austin, Texas payable unconditionally to the City of Corpus Christi, in the amount of $100,000 XrdalarlXi (has been made available to you prior to the opening of this bid) as a Good Faith Deposit for disposition in accordance with the Official Notice of Sale. Upon delivery of the bonds, said check shall be W20E8X } (returned to us). Strike out inapplicable phrases. By Merrill Lynch White Weld Capital Markets Group Account Manager And Associates .By.. Z47 / CC7 L Authorized Representative Robert 'J. Flood Accepted by the City Council on this clay of 1978 Mayor. City of Corpus Christi, Texas ATTEST: City Secretary Please supply the following information which is not a part of this bid: Total Interest Cost $ 3,152,850 Less Cash Premium Net Interest Cost $ 116.75 $ 3,152,733.25 Effective Rate of Interest 5.11427 Receipt is acknowledged on behalf of bidder of above described Good Faith Check this of 1978. day By OFFICIAL BID FORM PROPOSAL FOR $5,000,000 CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT BONDS SERIES 1978-A The City of Corpus Christi November 8, 1978 Corpus Christi, Texas Gentlemen: Subject to the terms of the Official Statement and Official Notice of Sale we offer to pay par plus accrued interest to date of delivery and a cash premium of $ /r)-3.7 S for 85 000 000 City of Corpus Christi, Texas, General Improvement Bonds, Series 1978-A bearing interest at the following rates: For Bonds Maturing Coupon Rate 1979 through 1963 7.00 % /964 through /9'9/ S- Z$` % i992. through ..S.: SD % i 19.3 through -- S , ¢d % / 99 through /99€ S. SO % We agree to accept delivery and make payment for the bonds without cost to us at Bank, Austin, Texas: or at the l—,,2S7— 4.1:9-t7r/7.4 L /?4_()ie_ /xi 6R1-G4S 7.) RG.t.A5 %£5495 and in accordance with the Official Notice of Sale agree to pay all expenses. Cashier's Check No CS081367 issued by First National Bank in Dallas,Dallos, Texas payable unconditionally to the City of Corpus Christi, in the amount of $100,000 (is attached hereto) (hastheoatuarlxxoaxitad hxxoUygupYioxxPtxk xtdxtro 5ti4k>mdd) as a Good Faith Deposit for disposition in accordance with the Official Notice of Sale. Upon delivery of the bonds, said check shall be (deducted from the purchase price) or (xetautt tltp6'a 4. Strike out inapplicable phrases. By FIRST NATIONAL BANK IN DALLAS Account Manager R Aw,eintps (CPP I ist Attnr1Prl) By I%4_ Au orized Reprer�tative tpP Mary i�rst t o t6riC shsciNtin 6aair s s' Accepted by the City Council on this clay of 1978 Mayor, City of Corpus Christi, Texas ATTEST: City Secretary Please supply the following information which is not a part of this bid: Total Interest Cost $ 3, /6, Ri 600. 00 Less Cash Premium $ • / 93. 75` Net Interest Cost $ & /64/ %G 6. ZS-- Effective S'Effective Rate of Interest s. 969 , % Receipt is acknowledged on behalf of bidder of above described Good Faith Check this day of 1978. By IONAL BANK IN DALLAS DALLAS. TEXAS $5,000,000 CITY OF CORPUS CHRISTI, TEXAS General Improvement Bonds, Series 1978-A Selling: November 8, 1978 First National B.nk in Dallas Loeb Rhoades Hornblower & Co. Southeast First National Bank Miami Girard Bank • Fort Worth National Bank Paine, Webber, Jackson & Curtis, Inc. Texas Commerce Bank N.A. E.F. Hutton &Co., Inc. Kidder Peabody & Co., Inc. Bank of Oklahoma N.A. OFFICIAL BID FORM PROPOSAL FOR $5,000,000 CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT BONDS SERIES 1978•A The City of Corpus Christi November 8, 1978 Corpus Christi, Texas Gentlemen: Subject to the terms of the Official Statement and Official Notice of Sale we offer to pay par plus accrued interest to date of delivery and a cash premium of $ 1,200.00 for $5 000 000 City of Corpus Christi, Texas, General Improvement Bonds, Series 1978-A bearing interest at the following rates: For Bonds Maturing Coupon Rate 1979through 1983 7.20 % 1984through 1990 5.25 % 1991 through 5.30 % 1992 through 1993 5.40 % 1994 through 1998 5.50 % We agree to accept delivery and make payment for the bonds without cost to us at American National Bank, Austin, Texas; or at the and in accordance with the Official Notice of Sale agree to pay all expenses. Cashier's Check NoRnM 076967 issued by fitihank , N A payable unconditionally to the City of Corpus Christi, in the amount of $100,000 (is attached hereto) (baexbexat -. • as a Good Faith Deposit for disposition in accordance with the Official Notice of Sale. Upon delivery of the bonds, said check shall be (deducted from the purchase price) or (rAt.i atktools)• Strike out inapplicable phrases. By CITIBANK, N A Account Manager BANKERS TRUST COMPANY FIRST NATIONAL BANK OF CHICAGO w.H.mORTON & CO.(DIV.OF AAR.EXP. CO. ) BANCNORTHWEST MATTHEWS & WRIGHT, INC. FIRST NATIONAL BANK OF BOSTON Accepted by the City Council on this day of ATTEST: By MarM nfrlAulpirfrCatAti. Manager 1978 Mayor. City of Corpus Christi, Texas City Secretary Please supply the following information which is not a part of this bid: Total Interest Cost $3,180,600.00 Less Cash Premium $ 1, 200.00 Net Interest Cost $3,179,400.00 Effective Rate of Interest 5.4888 Receipt is acknowledged on behalf of bidder of above described Good Faith Check this day of , 1978. By OFFICIAL BID FORM PROPOSAL FOR $5,000,000 CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT BONDS SERIES 1978-A The City of Corpus Christi November 8. 1978 Corpus Christi, Texas Gentlemen: Subject to the terms of the Official Statement and Official Notice of Sale we offer to pay par plus accrued interest to date of delivery and a cash premium of $ —0— for $5 000 000 City of Corpus Christi, Texas, General Improvement Bonds, Series 1978-A bearing interest at the following rates: For Bonds Maturing Coupon Rate 1979 through 1985 6.25 % 1986 through 6.125 1987 through 1992 5.25 % 1993 through 5.40 % 1994 through 1998 5.50 % We agree to accept delivery and make payment for the bonds without cost to us at City National Bank, Austin, Texas; or at the and in accordance with the Official Notice of Sale agree to pay all expenses. Cashiers Check No issuedby City National Rank, Austin, Texae payable unconditionally to the City of Corpus Christi, in the amount of $100,000 (ilWiU458,`61td) (has been made available to you prior to the opening of this bid) as a Good Faith Deposit for disposition in accordance with the Official Notice of Sale. Upon delivery of the bonds, said check shall be (dnitatkai 3ftn,urx xrobxam ptab m) or (returned to us). Strike out inapplicable phrases. By ROWIFS, WTNSTON DTUTSTON COWFN R CO Account Manager RAUSCHER PIERCE REFNES, INC. UNDFRWOOD,. NFIIHAUS & CO.. INCORPORATED JOHN NUVFFN & CO.. INCORPORATED First Snuthwact Company )Jt Accepted by the City Council on this ATTEST: . Mgrs.11nitad California Rank Kirchner Moore & Company By Authorized Representativ Bob Schnakenberg day of 1978 4:4o JIM -ol, epherd Inc. Mayor, City of Corpus Christi, Texas City Secretary Please supply the following information which is not a part of this bid: Total Interest Cost $ Less Cash Premium $ Net Interest Cost $ Effective Rate of Interest 3,184,562.50 3,184,562.50 5.497734 Receipt is acknowledged on behalf of bidder of above described Good Faith Check this day of 1978. By OFFICIAL BID FORM PROPOSAL FOR $5,000,000 CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT BONDS SERIES 1978-A The City of Corpus Christi Corpus Christi, Texas November 8, 1978 Gentlemen: Subject to the terms of the Official Statement and Official Notice of Sale we offer to pay par plus accrued interest to date of delivery and a cash premium of $ -0- for $5,000,000 City of Corpus Christi, Texas, General Improvement Bonds, Series 1978-A bearing interest at the following rates: For Bonds Maturing Coupon Rate 1979 through 1983 6.50 % 1984 through 1990 5.30 % 1991 through 1993 5.40 1994 through 1995 5.50 1996 through 1998 5.60 % We agree to accept delivery and make payment for the bonds without cost to us at American National Bank, Austin, Texas; or at the and in accordance with the Official Notice of Sale agree to pay all expenses. Cashiers Check No - issued by American National Bank, Austin, Texas payable unconditionally to the City of Corpus Christi, in the amount of $100,000 (isxnatatluuYHttxatu) (has been made available to you prior to the opening of this bid) as a Good Faith Deposit for disposition in accordance with the Official Notice of Sale. Upon delivery of the bonds, said check shall be (dm3utxod &accoa=p tep or (returned to us). Strike out inapplicable phrases. By Corpus Christi National Bank Account Manager Mercantile National Bank -Dallas By Q OAu�}torized Representative Jerry W. Gates Accepted by the City Council on this day of 1978 Mayor, City of Corpus Christi, Texas ATTEST: City Secretary Please supply the following information which is not a part of this bid: Total Interest Cost $ 3,188, 825.00 Less Cash Premium $ -0- Net Interest Cost $ 3,188,825.00 Effective Rate of Interest 5.505093 Receipt is acknowledged on behalf of bidder of above described Good Faith Check this day of , 1978. By OFFICIAL BID FORM PROPOSAL FOR $5,000,000 CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT BONDS SERIES 1978-A The City of Corpus Christi November 8, 1978 Corpus Christi, Texas Gentlemen: Subject to the terms of the Official Statement and Official Notice of Sale we offer to pay par plus accrued interest to date of delivery and a cash premium of $ 1,266.00 for $5,000,000 City of Corpus Christi, Texas, General Improvement Bonds, Series 1978-A bearing interest at the following rates: For Bonds Maturing Coupon Rate 1979 through 1983 6.90 % 1984 through 1991 5.30 1992 through 1993 5.40 % 1994 through 1995 5.50 of 1996 through 1998 5.60 ofo We agree to accept delivery and make payment for the bonds without cost to us at to be dP4i grM- d Bank Austin, Texas; or at the and in accordance with the Official Notice of Sale agree to pay all expenses. Cashier's Check No i sued by Ameri ran Nati nnal Bank, A ua _in, Texas payable unconditionally to the City of Corpus Christi, in the amount of $100,000 (knottad he us) (has been made available to you prior to the opening of this bid) as a Good Faith Deposit for disposition in accordance with the Official Notice of Sale. Upon delivery of the bonds, said check shall be (deducted from the purchase price) or (m). Strike out inapplicable phrases. By Morgan Guaranty Trust Company of New York Account Manager Salomon Brothers By: Morgan Guaranty Trust Company of N.Y. Donaldson, Lufkin & Jenrette Securities Co Bear, Stearns & Co. Ehrlich—Bober Company By James J. C Accepted by the City Council on this day of ATTEST: Authoriz epresentative oran — A istant Vice President 1978 Mayor, City of Corpus Christi, Texas City Secretary Please supply the following information which is not a part of this bid: Total Interest Cost $ 3,196.625.00 Less Cash Premium $ — 1.266.00 Net Interest Cost $ 3.395.359.00 Effective Rate of Interest 5.5163 Receipt is acknowledged on behalf of bidder of above described Good Faith Check this clay of 1978. By OFFICIAL BID FORM PROPOSAL FOR $5,000,000 CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT BONDS SERIES 1978-A The City of Corpus Christi November 8, 1978 Corpus Christi, Texas Gentlemen: Subject to the terms of the Official Statement and Official Notice of Sale we offer to pay par plus accrued interest to date of delivery and a cash premium of $ 0 for $5 000 000 City of Corpus Christi, Texas, General Improvement Bonds, Series 1978-A bearing interest at the following rates: For Bonds Maturing Coupon mate 1979 through 198 V L.74 % through /9 ii 5- 6. 3,r % /9$G through /990 5.3S % /9 9 / through i9 9 3 S..,110 % / 9.911 through / 0,98 S. �D % We agree to accept delivery and make payment for the bonds without cost to us at City National __Bank, Austin, Texas; or at the , and in accordance with the Official Notice of Sale agree to pay all expenses. Cashier's Check No. issued by City Nstional Rank, Austin Tx. payable unconditionally to the City of Corpus Christi, in the amount of $100,000 (is atm-..aae,�a ti___._) (has been made available to you prior to the opening of this bid) as a Good Faith Deposit for disposition in accordance with the Official Notice of Sale. Upon delivery of the bonds, said check shall be (deducted from the purchase price) or (returned to us). Strike out inapplicable phrases. By First City National Bank of Ho'ston Rotan Mng1P• Tnr Houston Account Manager Blyth Eastman Dillon & Co.Inc. Houston Bpiiliam r. Mr• VjC President Authorized Representative Accepted by the City Council on thiq day of , 1978 Mayor, City of Corpus Christi, Texas ATTEST: City Secretary Please supply the following information which is not a part of this bid: Total Interest Cost $ / D04, 73 7a Z Less Cash Premium Net Interest Cost $ 4 1 O y )' 37 0 6-61 Effective Rate of Interest 0o 5.3i 3 d % Receipt is acknowledged on behalf of bidder of above described Good Faith Check this day of 1978. By