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ME
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<br />Bidder
<br />Premium
<br />Rate
<br />Weeden & Co.
<br />517
<br />3
<br />Blyth & Co., Inc.
<br />500
<br />3
<br />Anglo Calif. Nat. Bank
<br />530
<br />3
<br />Lawson, Levy & Williams
<br />102
<br />3
<br />Kaiser & Co.
<br />677
<br />3
<br />Bank of America Company
<br />521
<br />32
<br />While the best bidder was a quarter percent lower than the others, yet the rate
<br />was higher than the Council had expected it to be. The bond house representa—
<br />tives explained that this was due, in part, to proposed legislation and also,
<br />in part, to the uneven amounts and the later maturities. After considerable
<br />discussion, it was finally decided best to accept the bid and, on motion of
<br />Councilman McCarthy, seconded by Councilman Fletcher, there was adopted the
<br />following resolution: Carried.
<br />"SELLING 050,000 PRINCIPAL AMOUNT OF THE CITY OF REDWOOD CITY
<br />HARBOR IMPROVEMENT BONDS OF 1936, SERIES B
<br />"WHEREAS, the Council of the City of Redwood City by ordinance duly passed
<br />and adopted 20th day of July, 1936, authorized the issuance of X266,00 prin—
<br />cipal amount of bonds of the City of Redwood City to be known as "City of Red—
<br />wood City Harbor Improvement Bonds of 1936," divided into two series designated
<br />respectively "Series All and "Series B"; said Series A aggregating f200)000 in
<br />principal amount, consisting of 200 bonds numbered Al to A200, inclusive, and
<br />of the denomination of $1000 each, and maturing 5 bonds on July lst in each of
<br />the years 1937 to 1941, 8 bonds on July lst in each of the years 1942 to 1944,
<br />10 bonds on July lst in each of the years 1945 to 1948, 12 bonds on July lst
<br />in each of the years 1949 to 1951 and 15 bonds on July lst in each of the years
<br />1952 to 1956, all inclusive; said Series B bonds aggregating $66,000principal
<br />amount, consisting of 66 bonds numbered B1 to B66, inclusive, of the denomina—
<br />tion of MOO each and maturing 2 bonds on July lst in each of the years 1937
<br />to 1946, 3 bonds on July lst in each of the years 1947 to 1951, 6 bonds on
<br />July lst in each of the years 1952 to 1955 and 7 bonds on July 1, 1956, all
<br />inclusive; all of the bonds of said Series A and Series B being dated July 1,
<br />1936, and to bear interest at a -rate not in excess of four (4) per cent. per
<br />annum, payable semiannually on January lst and July lst in each year; and
<br />WHEREAS, said Council of the City of Redwood City by resolution duly passed
<br />and adopted on the 23rd day of August, 1938, duly authorized the sale of $50,000
<br />principal amount of the Series B bonds of said issue, numbered B17 to B66, both
<br />inclusive; and
<br />WHEREAS, due notice of the time and place of such sale was mailed by the
<br />Clerk of the City of Redwood City to investment dealers, banks and other pros—
<br />pective purchasers of said bonds and the following bids for said bonds were
<br />and are the only bids received by said Council, to wit:
<br />Name of Bidder:
<br />Principal Premium
<br />Interest
<br />Amount: Offered:
<br />rate spe—
<br />cified:
<br />Weeden & Co.
<br />517
<br />31
<br />Blyth & Co., Inc.
<br />500
<br />31
<br />3
<br />Anglo Calif. National Bank
<br />530
<br />Lawson, Levy & Williams
<br />102
<br />3f
<br />Kaiser & Co.
<br />677
<br />3
<br />Bank of America Company
<br />521
<br />32
<br />AND WHEREAS, the said bid of THE ANGLO CALIFORNIA NATIONAL BANK is the
<br />highest and best bid for said bonds, considering the interest rate specified
<br />and the premium offered, if any.
<br />NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Redwood
<br />City, as follows, to wit:
<br />1. — Said bid of THE ANGLO CALIFORNIA NATIONAL BANK shall be, and is hereby,
<br />accepted and the Treasurer of the City of Redwood City is hereby authorized and
<br />directed to deliver said bonds to THE ANGLO CALIFORNIA NATIONAL BANK upon pay—
<br />ment to said City Treasurer of the said purchase price, to wit: Par, accrued
<br />Q
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