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<br />Considerable discussion ensued concerning the advisability of offering bonds for
<br />I
<br />sale before the election, but it was finally decided, on motion of Councilman
<br />McCarthy, seconded by Councilman Fletcher, to adopt the following resolution
<br />calling for bids on $97,000 of bonds for City Hall and Library to be opened
<br />Friday, November 4.
<br />"RESOLUTION NO.
<br />AUTHORIZING AND DIRECTING THE SALE OF $97,000 PRINCIPAL AMOUNT OF CITY OF
<br />REDWOOD CITY MUNICIPAL I1,TROVEMENT BONDS OF 1939.
<br />1 WHEREAS, the City of Redwood City has heretofore duly authorized the
<br />issuance of $97,000 principal amount of City of Redwood City Municipal
<br />Improvement Bonds of 1938, and it is desirable that said bonds be offered
<br />for sale at this time,
<br />NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Redwood
<br />I� City, California, as follows:
<br />I Section 1. That Friday the 14th day of November, 1938, at the hour of
<br />7:30 o'clock, P. M., is hereby fixed as the time, and the office of the City
<br />Clerk in the City of Redwood City is hereby fixed as the place at which bids
<br />will be received for the purchase of all or any of said $97,000 principal
<br />amount of Municipal Improvement Bonds of 1938, said bids to be considered by
<br />the City Council of the City of Redwood City at the above time and at the
<br />Council Chamber of said Council in the Firehouse on Middlefield Road in
<br />said City.
<br />I
<br />Section 2. That said City Clerk be, and he is hereby,, authorized and
<br />directed to.cause notice of the sale of said bonds to be mailed to such
<br />investment banking firms, barks and trust companies as, in his judgment,
<br />he deems may be interested in the purchase of such bonds, and that such
<br />I, notice shall be substantially in the following form:
<br />OFFICIAL NOTICE OF SALE OF
<br />I_ CITY OF REDWOOD CITY MIINICIPAL IMPROVEMENT BONDS OF 1938
<br />+ NOTICE IS HEREBY GIVEN that sealed bids will be considered by the Council
<br />of the City of Redwood City, State of California, at its usual meeting place,
<br />in the Council Chambers, in Firehouse on Middlefield Road, in said City, at
<br />7:30 o'clock, P. M., of Friday, the 4th day of November, 1938, for the purchase
<br />of $97,000 principal amount of City of Redwood City Municipal Improvement
<br />Bonds of 1938. Said bonds constitute an authorized issue of bonds of said
<br />City, known as "Municipal Improvement Bonds of 193811, aggregating in principal
<br />amount the sum of $97,000, consisting of 97 bonds of the denomination of $1000
<br />feach, all dated November 1, 1938. Bidders must specify the rate of interest
<br />whit$ the bonds hereby offered for sale shall bear and said bonds will be
<br />awarded to the highest and best bidder, considering the rate specified and
<br />the premium offered, if any. Bidders will be permitted to bid different
<br />i rates of interest for different maturities of said bonds. The interest rate
<br />stated in the bid must be in a multiple of one -Quarter of one per cent. per
<br />t annum, payable semi-annually, and the interest rate shall not exceed five (5)
<br />per cent. per annum, payable semi-annually on May let and November let of
<br />it
<br />each year. Said bonds mature as follows, to wit.
<br />$5,000 principal amount of said bonds mature and are payable
<br />on November 1st in each year from 1939 to 1956,
<br />both inclusive; and
<br />$7,000 principal amount of said bonds mature and are payable
<br />on November 1, 1957•
<br />With each bid must be submitted a certified check or Cashier's check in
<br />i the sum of $10,000, payable to the order of the Treasurer of the City of Redwood
<br />City, as a guarantee that the bidder will purchase and pay for said bonds in the
<br />event his bid is accepted. Bids will be received for all or any of said
<br />I. $97,000 principal amount of said bonds, at not less than their par value and
<br />accrued.interest as specified. All bids mast be unconditicn al, and, together
<br />with bidder's check mast be enclosed in a sealed envelope endorsed °Proposal
<br />for City of Redwood City Municipal Improvement Bonds of 193811, and delivered
<br />to the City Clerk prior to the date and hour aforesaid. The City of Redwood
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