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432 as the "City of Redwood City Harbor Improvement Bonds of 1936tt which author- ized issue aggregates in principal amount the sum of $266 , 000 , consisting of 266 bonds of the denomination of $1000 each , all dated July 1 , 1936 . Bidders mast specify the rate of interest which the bonds hereby offered for sale shall bear and said bonds will be awarded to the highest and best bidder , considering the rate specified and the premium offered , if any . Bidders will be permitted to bid different rates of interest for different maturities of said bonds . The interest rate stated in the bid must be in a multiple of one-quarter of one per cent . per annum, payable semiannually , and the interest rate shall not exceed four ( 4) per cent . per annum , pay- able semiannually on January 1st and July 1st of each year . Said bonds hereby offered for sale consist of $50 , 000 principal amount of the bonds of Series "B " of said authorized issue , numbered B-17 to B-66 , both in- clusive , and mature as follows , to wit : $2 , 000 $3 , 000 $6 ,000 $7 ,000 principal amount of said bonds mature and are payable on July 1st in each of the years 1945 and 1946 ; principal amount of said bonds mature and are payable on July 1st in each of the years 1947 to 1951 , both inclusive ; principal amount of said bonds mature and are payable on July 1st in each of the years 1952 to 1955 , both inclusive ; and principal amount of said bonds mature and are payable on July 1 , 1956 . With each bid must be submitted a certified check or Cashier ' s check in the sum of $1000 , payable to the order of the Treasurer of the City of Redwood City , as guarantee that the bidder will purchase and pay for said bonds in the event his bid is accepted. Bids will be received for all or any of said $50 , 000 principal amount of said Series "B " Bonds at not less than their par value and accrued interest as specified. All bids must be unconditional , and , together with bidder ' s check must be enclosed in a sealed envelope endorsed "Proposal for City of Redwood City Harbor Improve- ment Bonds of 1936" and filed with the City Clerk at his office in said City prior to the time hereinabove fixed for opening said bids . The City Council of the City of Redwood City reserves the right to reject any and all bids . The legal opinion of Messrs . Orrick , Dahlquist , Neff & Herrington , of San Francisco , California , approving the validity of said bonds will be furnished to the successful bidder without charge . Said bonds were authorized at an election held on June 11 , 1936 , and will be issued in accordance with Ordinance No . 379 of the City of Redwood City , reference to which is hereby made and to the proceedings now on file in the office of the City Clerk . The City of Redwood City was incorporated in 1867 . The population ( Census of 1930 ) was 5 ,962; the present conservative estimate is 13 , 000 . The assessed valuation of all taxable property in said City for the year 1938-39 is $14 , 593 , 120 . 00 , and the total bonded indebtedness ( not includ- ing this issue ) is $654 , 141 . 74 . Further information relative to the financial condition of the City will be furnished to any bidder upon request . This notice is given pursuant to Resolution of the Council of the City of Redwood City , adopted August 23 , 1935 . B . E . MYERS City Clerk of the City of Redwood. City , California. Section 3 . That the said City Clerk be , and he is hereby authorized and directed to mail notice of the sale of said Series B Bonds to the State Treas- urer and to the Department of Finance of the State of California. Section 4 . This resolution shall take effect immediately.