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Councilman Christensen, seconded by Councilman Hohn, proposed the adoption of the following
<br />resolution Selling $200,000 Principal Amount bf City of Redwood City Harbor Improvement
<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 19361
<br />Series A, bearing interest at two and one
<br />(2,L) per cent per annum, payable semi-
<br />annually on January lot and July let 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
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<br />Bonds of 1936, Series A, to Brown Harriman & Company, Inc. who were the beat bidders
<br />I i1
<br />among those received when bids were opened PubliclyJ
<br />January ll,�at
<br />at 3 o'clock p,ih.
<br />j
<br />I
<br />Carried.
<br />RESOLUTION SELLING $200,000 PRINCIPAL. AMOUNT OF THE CITY OF
<br />REDWOOD CITY HARBOR IMPROVEMENT 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 />a'
<br />City Harbor Improvement Bonds of 1936,11 divided into two series designated respecti-
<br />vely "Series All and ISeries 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 lot in each of the years 1937 to.1941,
<br />8 bonds on July let in each of the years 1942 to 1944, 10 bonds on July let in each
<br />of the years 1945 to 19489 12 bonds on July lot in each of the years 1949 to 1951
<br />and 15 bonds on July lst.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 3-1 to B-66, inclusive, of the denomination of $1,000 each and maturing
<br />2 bonds on July lot 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 lst.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 let and July lot 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 postponedwere 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
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<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 $2009000 $ 52.00 20
<br />Bankamerica Company ($ 41,000 19 7/43 299.00 4%
<br />( 159,000 193/56
<br />The First Boston Corporation $2009000 111.00 2-3/4%
<br />John Nuveen &, Company ($ 89,000 1937/48 111.00 2-3/4%
<br />( 1110000 1949/55 3%
<br />Harris Trust & Savings Bank ($140,000 1937/52 197.00 2-3/4%
<br />( 60,000 1953/56 22%
<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 19361
<br />Series A, bearing interest at two and one
<br />(2,L) per cent per annum, payable semi-
<br />annually on January lot and July let 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
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