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<br /> Councilman Christensen, seconded by Councilman Hahn , proposed the adoption of the following
<br /> resolution Selling $200 ,000 Principal Amount of City of Redwood City Harbor Improvement
<br /> Bonds of 1936 , Series A, to Brown Harriman & Company , Inc . who were the best bidders
<br /> among those received when bids were opened publicly January ll , r kat 3 o ' clock p . m.
<br /> Carried.
<br /> RESOLUTION SELLING $200 ,000 PRINCIPAL AMOUNT OF THE CITY OF
<br /> REDWOOD CITY HARBOR IMPROVEMFST BONDS OF 1936 ,
<br /> SERIES A
<br /> WHEREAS , the Council of the City of Redwood City by ordinance duly passed
<br /> and adopted on the 20th day of July, 1936 , authorized the issuance of $266 ,000 prin-
<br /> cipal amount of bonds of the City of Redwood City to be known as " City of Redwood
<br /> City Harbor Improvement Bonds of 1936 , " divided into two series designated respecti-
<br /> vely "Series A" and 'Series B" ; said Series A Bonds aggregating $200 , 000 in principal
<br /> amount , consisting of 200 bonds numbered A-1 to A-200 , inclusive , of the denomination
<br /> of $1 , 000 each and maturing 5 bonds on July 1st in each of the years 1937 to 1941 ,
<br /> bonds on July 1st in each of the years 1942 to 1944 , 10 bonds on July 1st in each
<br /> of the years 19 +5 to 1948 , 12 bonds on July 1st in each of the years 19 +9 to 1951
<br /> and 15 bonds on July 1st in each of the years 1952 to 1956 , all inclusive ; said
<br /> Series B Bonds aggregating $66 ,000 in principal amount , consisting of 66 bonds
<br /> numbered B-1 to B-66 , inclusive , of the denomination of $1 ,000 each and maturing
<br /> 2 bonds on July 1st in each of the years 1937 to 1946 , 3 bonds on July 1st in each
<br /> of the years 1947 to 1951 , 6 bonds on July 1st in each of the years 1952 to 1955 and
<br /> 7 bonds on July 1 , 1956 , all inclusive , all of the bonds of said Series A and
<br /> Series B being dated July 1 , 1936 , and to bear interest at a rate not in excess of
<br /> four ( 4) per cent per annum , payable semi-annually on January 1st and July 1st in
<br /> each year ; and
<br /> WHEREAS , said Council of the City of Redwood City by resolution duly
<br /> passed and adopted on the 14th day of December , 1936 , duly authorized the sale of
<br /> said Series A Bonds on January 4 , 1937 , and thereafter duly postponed said sale to
<br /> January 11 , 1937; and.
<br /> WHEREAS , due notice of the time and place of such sale and in addition
<br /> thereto notice of the time and place to which the same was postponed were mailed
<br /> by the Clerk of the City of Redwood City to investment dealers , banks , and other
<br /> prospective purchasers of said bonds and the following bids for said bonds were
<br /> and are the only bids received by said Council , to-wit :
<br /> Principal Due Premium Interest Rate
<br /> Name of Bidder Amount Dates Offered Specified
<br /> Brown Harriman & Company $200 ,000 $ 52. 00 21%
<br /> Bankamerica Company ( $ 41 ,000 1937/43 299 . 00 �b
<br /> ( 159 ,000 194 3/ 56 21%
<br /> 2
<br /> The First Boston Corporation $200 ,000 111 . 00 2-3/4%
<br /> John Nuveen & Company ( $ 89 ,000 1937/48 111 . 00 2-3/4%
<br /> ( 111 ,000 1949/55 3%
<br /> Harris Trust & Savings Bank ( $140 ,000 1937/52 197 . 00 2-3/ 4%
<br /> ( 6o , 000 1953/56 2%
<br /> AND WHEREAS , the said bid of said Brown Harriman & Co . , Inc. is the highest
<br /> and best bid for said bonds , considering the interest rate specified and the premium
<br /> offered,
<br /> RESOLVED , that all bids except the bid of said Brown Harrim & Co . , Inc . are
<br /> hereby rejected and the City Clerk is hereby ordered and directed to return to the
<br /> unsuccessful bidders their several checks accompanying their respective bids.
<br /> RESOLVED , further , that the said bid of said Brown Harriman & Co. , Inc . to
<br /> purchase $200 , 000 of said City of Redwood City Harbor Improvement Bonds of 1936 ,
<br /> Series A , bearing interest at two and one-half ( 2i) per cent per annum, payable semi-
<br /> annually on January 1st and July 1st in each year , at said price of par, accrued
<br /> interest and a premium of $52. 00 be , and is hereby, accepted and the Treasurer of the
<br /> City of Redwood City is hereby authorized and directed to deliver said Series A Bonds
<br />
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