CC MIN 1936 - Laserfiche WebLink

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251 ( a) That said bonds shall be duly executed and tendered to us for delivery not later than January 30 , 1937 and that we shall have ten days from and after the date of such tender to make payment of the purchase price . ( b ) That you will deliver to us without cost the unqualified legal opinion of Messrs. Orrick , Palmer & Dahlquist approving the proceedings for the issuance of said bonds. ( c ) That if the undersigned shall fail to take delivery of said bonds and to pay the purchase price thereof within ten days after the tender of said bonds accompanied by said legal opinion, such tender to be made prior to January 30 , 1937 , the good faith deposit referred to below shall become the property of the City of Redwood City and shall be accepted as liquidated damages and as full compensation to the City of Redwood City for the failure on the part of the undersigned to purchase said bonds , but that the undersigned shall be under no further liability of any kind or character with respect thereto . Accompanying this offer is a check in the sum of $1000 , payable to the City of Redwood City , to be applied on account of the purchase price of said bonds when the same shall be tendered to the undersigned and the undersigned shall take delivery thereof within the time and subject to the conditions aforesaid ( and likewise to be returned to the undersigned if the City shall fail to make good and proper delivery of said bonds within the time aforesaid) , or to become the property of the City in lieu of all other claims of the City against the under- signed if the undersigned shall fail to take delivery of and pay for such bonds , the City having otherwise complied with all of the conditions afore - said. Very truly yours , STONE & YOUNGBERG By J , C. Youngberg be , and the same is hereby accepted. Section 2. The Treasurer of the City of Redwood City is hereby authorized and directed to deliver said $350 , 000 principal amount of General Improvement Fund Bonds of 1937 to Stone & Youngberg upon receipt of the purchase price thereof , to-wit : par and accrued interest to date of delivery. Section 3. The interest on said $350 , 000 principal amount of General Improve- ment Fund Bonds of 1937 of the City of Redwood City is hereby fixed at Two and three- quarters ( 2-3/4%) per cent per annum , payable semi-annually on January 1st and July 1st of each year. Following this , Councilman McNulty , seconded by Councilman Eva, moved that the bid contained in letter from Stone & Youngberg , together with check for $1 ,000 , be received and filed. ' eAu .. Adjournment . 6=4 City Clerk,_- ''I BEM: MR