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Considerable discussion ensued concerning the advisability of offering bonds for
<br /> sale before the election, but it was finally decided , on motion of Councilman
<br /> McCarthy , seconded by Councilman Fletcher , to adopt the following resolution
<br /> calling for bids on $97 ,000 of bonds for City Hall and Library to be opened
<br /> 1'riday , November 4.
<br /> "RESOLUTION NO .
<br /> AUTHORIZING AND DIRECTING TEE SALE OF $97 ,000 PRINCIPAL AMOUNT OF CITY OF
<br /> REDWOOD CITY MUNICIPAL IM ROVES ^NT BOLDS OF 1938 .
<br /> WHEREAS , the City of Redwood City has heretofore duly authorized the
<br /> issuance of $97,000 principal amount of City of Redwood City Municipal
<br /> Improvement Bonds of 1938 , and it is desirable that said bonds be offered
<br /> for sale at this time ,
<br /> NOW THEREFORE , BE IT RESOLVED , by the Council of the City of Redwood
<br /> City , California, as follows :
<br /> Section 1 . That Friday the 4th day of November , 1938 , at the hour of
<br /> 7 : 30 o ' clock , P. M. , is hereby fixed as the time , and the office of the City
<br /> Clerk in the City of Redwood City is hereby fixed as the place at which bids
<br /> will be received for the purchase of all or any of said $97 ,000 principal
<br /> amount of Municipal Improvement Bonds of 1938 , said bids to be considered by
<br /> the City Council of the City of Redwood City at the above time and at the
<br /> Council Chamber of said Council in the Firehouse on Middlefield Road in
<br /> said City.
<br /> Section 2. That said City Clerk be , and he is hereby , authorized and
<br /> directed to, cause notice of the sale of said bonds to be mailed to such
<br /> investment banking firms , banks and trust companies as , in his judgment ,
<br /> he deems may be interested in the purchase of such bonds , and that such
<br /> notice shall be substantially in the following form:
<br /> OFFICIAL NOTICE OF SALE OF
<br /> CITY OF REDWOOD CITY MUNICIPAL IMPROVEMENT BONDS OF 1938
<br /> NOTICE IS HEREBY GIVEF that sealed bids will be considered by the Council
<br /> of the City of Redwood City , State of California, at its usual meeting place ,
<br /> in the Council Chambers , in Firehouse on Middlefield Road , in said City , at
<br /> 7 : 30 of clock , P . M. , of Friday , the 4th day of November , 1938 , for the purchase
<br /> of $97,000 principal amount of City of Redwood City Municipal Improvement
<br /> Bonds of 1938 . Said bonds constitute an authorized issue of bonds of said
<br /> City , known as "Municipal Improvement Bonds of 1938 " , arMregating in principal
<br /> amount the sum of $97 ,000 , consisting of 97 bonds of the denomination of $1000
<br /> each , all dated November 1 , 1938. Bidders must specify the rate of interest
<br /> which the bonds hereby offered for sale shall bear and said bonds will be
<br /> awarded to the highest and best bidder , c2nsidering the rate specified and
<br /> the premium offered , if any. Bidders will be permitted to bid different
<br /> rates of interest for different maturities of said bonds. The interest rate
<br /> stated in the bid must be in a multiple of one-Quarter of one per cent . per
<br /> annum, payable semi -annually , and the interest rate shall not exceed five ( 5 )
<br /> per cent . per annum, payable semi -annually on May 1st and November 1st of
<br /> each year . Said bonds mature as follows , to wit :
<br /> $5 ,000
<br /> $7, 000
<br /> principal amount of said bonds mature and are payable
<br /> on November 1st in each year from 1939 to 1956 ,
<br /> both inclusive ; and
<br /> principal amount of said bonds mature and are payable
<br /> on November 1 , 1957.
<br /> With each bid must be submitted a certified check or Cashier ' s check in
<br /> the sum of $10 ,000 , payable to the order of the Treasurer of the City of Redwood
<br /> City , as a guarantee that the bidder will purchase and pay for said bonds in the
<br /> event his bid is accepted. Bids will be received for all or any of said
<br /> $97 ,000 principal amount of said bonds , at not less than their par value and
<br /> accrued _ interest as specified. All bids must be unconditicn al , and , together
<br /> with bidder ' s check must be enclosed in a sealed envelope endorsed "Proposal
<br /> for City of Redwood City Municipal Improvement Bonds of 1938 " , and delivered
<br /> to the City Clerk prior to the date and hour aforesaid, The City of Redwood
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