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MINUTES OF ADJOURNED REGULAR MEETING
<br /> REDWOOD CITY COUNCIL
<br /> NOVEMBER 4+ , 1938
<br /> 7 : 30 P. M.
<br /> Upon roll call the following were present : Councilman Wm. Rohn , R. N. Jones ,
<br /> P. A. McCarthy , G. W. McNulty, Mayor L . C . Christensen , and City Clerk
<br /> B . E . Myers. Absent , Councilman H. F. Anderson and E. . A. Fletcher.
<br /> The meeting was called especially for the receiving of bids for the sale of $97 , 000
<br /> Municipal Improvement Bonds for the construction of the City Hall and Library ,
<br /> and after filing affidavit of mailing notices to Department of Finance and
<br /> State Treasurer and certain bond houses , the following bids were opened with
<br /> the results indicated:
<br /> Principal
<br /> Premium
<br /> Interest Rate
<br /> Name . B dde s m.un : Offered: Specified:
<br /> Anglo California National Bank $97 ,000
<br /> Dean Slitter & Co. )
<br /> Donnellan & Co . ) 30 , 000 252. 00 5%
<br /> Eastland & Co . ) 67 ,000 3%
<br /> Blyth & Co. )
<br /> Heller Bruce & Co. ) 97,000 259. 00 2-3/ 4
<br /> Kaiser & Co. ) 20 ,000 5%
<br /> F. H. Rollins & Sons ) 77 , 000 21 . 00 2-3/4
<br /> Weeden & Co. )
<br /> Mason Brothers ) 97 , 000 1017. 00 2-3/4
<br /> 339 . 50 2-3/1I
<br /> Bankamerica Company ) 20 ,000 5%
<br /> American Trust Co. ) 774000 152. 00 2-1/2
<br /> Following the calculation of the interest charge for the bids of the Bankamerica Co .
<br /> and Weeden and Co . , it was decided to sell the bonds to the former. Therefore,
<br /> Councilman McCarthy , seconded by Councilman Jones , proposed the adoption of the
<br /> following resolution:
<br /> "RESOLUTION NO.
<br /> SELLING $97 , 000 PRINCIPAL AMOUNT OP THE CITY OF REDWOOD CITY MUNICIPAL
<br /> IMPROVEMENT BONDS OF 1938
<br /> WHEREAS , the C:.uncil of the City of Redwood City by ordinance duly
<br /> passed and adopted on the 17th day of October , 1938 , authorized the issuance
<br /> of $97 ,000 principal amount of bonds of the City of Redwood City to be known
<br /> as "Municipal Improvement Bonds of 1938 " , consisting of 97 bonds , numbered
<br /> 1 to 97 , inclusive , of the denomination of $1000 each , all dated November 1 ,
<br /> 1938 , and maturing in consecutive numerical order $5 , 000 principal amount on
<br /> November 1st in each year from 1939 to 1956 , both inclusive , and $7 , 000
<br /> principal amount on November 1 , 1957 , and to bear interest at a rate not to
<br /> exceed five ( 5 ) per cent . per annum, payable semi -annually on May 1st and
<br /> November 1st in each year; and
<br /> WHEREAS , said Council of the City of Redwood City by resolution duly
<br /> passed and adopted on the 2nd day of November , 1938 , duly authorized the sale
<br /> of said $97 , 000 principal amount of Municipal Improvement Brands of 1938 ;
<br /> and
<br /> WHEREAS , due notice of the time and place of such sale was mailed by
<br /> 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
<br /> 469
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