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<br />into an agreement with Stone & Youngberg, a partnership of San Francisco, by virtue
<br />of which agreement, previously signed agreements with said Stone & Youngberg and
<br />also with the District Reorganization Service Company are cancelled and certain
<br />stipulations set forth concerning the relationship between the City of Redwood City
<br />and Stone & Youngberg in the retiring of 1915 Act Bonds and the payment of $114,437.50
<br />(calling for the payment of $5,000 immediately and the balance by January 309 1937),
<br />the difference between the former rate of 3w1% and the present rate agreed upon at
<br />2-3/14% applied to the $350,000 bonds to be issued pursuant to the election of
<br />December 8. Carried.
<br />Councilman McNulty, seconded by Councilman Eva, proposed the adoption of the resolution
<br />providing for the sale of $350,000 General Improvement Fund Bonds of 1937 to Stone &
<br />Youngberg at par with interest at the rate of P-3/4%- Carried:
<br />RESOLUTION
<br />OF THE COUNCIL'OF THE -CITY OF REDWOOD CITY SELLING $3509000
<br />PRINCIPAL AMOUNT OF GENERAL IMPROVEMENT FUND
<br />BONDS OF 1937
<br />WHEREAS, the Council of the City of Redwood City has duly.authori'ze&
<br />the issuance of $350,000 principal.amount of General Improvement Fund Bonds of
<br />1937, to be dated January 1, 1937, consisting. of 350 bonds.of the denomination
<br />of $1000 each, numbered from 1 to 350, inclusive, and maturing in consecutive
<br />numerical order $35,000 principal amount on January lot in each of the. years
<br />1 38 to 1947, both inclusive, and tb bear interest at a rate not to exceed four
<br />( ) per cent per annum, payable semi-annually; and
<br />WHEREAS, said bonds are to be issued for the objects and purposes
<br />more particularly described in Ordinance No. 386 of the City of Redwood City
<br />finally passed and adopted on the 2d day of November, 1936, calling an election
<br />in said City for December 8, 1936, to -nit: for the acquisition of certain out-
<br />standing special assessment bonds more particularly described in said ordinance;
<br />and
<br />WHEREAS, pending the actual delivery of said General. Improvement -Fund
<br />Bonds of 1937 it is necessary that said City insure the sale and delivery of said
<br />bonds in .order to proceedimmediately to negotiate with the holders of said
<br />special assessment bonds for the acquisition thereof; and
<br />WHEREAS, Messrs. Stone & Youngberg have offered to purchase all of said
<br />General Improvement Fund Bonds of 1937 at the price of par and accrued interest
<br />thereon to date of. delivery, such bonds to bear interest at the rate of two. and
<br />three-quarters (2-3/4%) per cent per annum, payable semi-annually January lot and
<br />July lot in each year; and
<br />WHEREAS it is to the best interest of said City to accept said offer
<br />and to sell said bonds,
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Redwood
<br />City as follows:
<br />Section 1., That.the followingoffer for the purchase of $350,000
<br />!' principal amount. of General Improvement Fund Bonds of 1937 of the City of Redwood
<br />! City, to -wit:
<br />j
<br />"San Francisco, December 114, 1936.
<br />City Council. of.
<br />Redwood City,
<br />California.
<br />Dear Sirs:
<br />For $350,000 principal amount of General Improvement Fund Bonds of
<br />1937 of the City of Redwood City, to be dated January 1, 1937, consisting
<br />of 350 bonds of the denomination of $1000 each, munbered from 1 to 350,
<br />inclusive,maturing inconsecutive numerical_. order $3 ,000 principal
<br />amount on January 1st in each of the years 1938 to 1947, both inclusive,
<br />said bonds to bear interest at the -rate of 2-314% per annum, payable semi-
<br />annually on January lot and July let, we offer to purchase and pay for the
<br />same at the par value thereof and accrued interest thereon at the -rate.
<br />above specified to date of delivery. This offer is subject to the following
<br />conditions:
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