BOOK 20_1945-05-21 to 1946-09-03

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286 follow the notice of sal.e.instruotions,and that five sealed bids had been recived by 11:00 A.M. He did not believe the Bank of America's bid should be considered. City Attorney McCarthy advised that he had reviewed the matter with Mr. Herrington and that he and Mr. Herrington were both of the opinion that the Council has the legal right to accept the lowest bid in by 11:00 A.M. or to regard the matter within the provision in the notice of sale; I e., to re- ject any and all bids'and to waive any irregularities in the bids. He said that.if the .Counoil'desired, it could regard the late bid as an irregularity and also the fact that it was unsealed could be regarded as an irregularity. As another alternative, the Council could reject all bids and either read- vertise or sell beh bonds at a private sale;. As to the moral aspects, he said the Council had to consider whether a saving to the city of $1700, which is less than one per cent over the twenty year period, would be desirable if possible discredit to the city's reputation would result by accepting bide after the time they were called for. He said it was general practice that when bids are called for at a certain hour, the bide to be accepted are those in before that hour. There was some discussion in regard'to the matter, Councilman Fletcher and Councilman McNulty being of the opinion that the bid of the Bank of America should be accepted. Mayor Hilton, Councilmen Armstrong @,nd Granger however, felt that it would be to the future advantage of the city not to accept the late bid and that the city's reputation would be hampered if the late bid were accepted. Councilman Fletcher withdrew his second to the resolution and Councilman Granger seconded it. Mr. Bartlett again asked that the Council consider f the Bank of America's bid. On roll call, the resolution was adopted by the following vote: Ayes and in favor of the resolution: Councilman Armstrong, Granger and Mayor Hilton. Noes and against the resolution: "t Councilmen Fletcher and McNulty. Absent: Councilmen Anderson and ck� Britschgi. RESOLUTION No. 293 SELLING CITY OF REDWOOD CITY 1944 CITY PLAN BONDS, SERIES A WHEREAS, the Council of the City of Redwood City heretofore duly authorized the -issuance of $2002000 principal amount of bonds of the City of Redwood City to be known as "City of Redwood City 1944 City Plan Bonds, Series A," (being part of an issue of $998,000 principal amount authorized at an election held in said City on November 7, 1944), consisting of 200 bonds of the denomination of $1,000 each, numbered 1 to 200, both inclus- ive, all dated June 1, 1946, and maturing in consecutive numerical order, from lower to higher. $5900.0 principal amount on June let in each of the years 1947, 1948 and 1949, $109000 principal amount on June let in each of the years 1950 to 1958, both inclusive, $15,000 principal amount on June let in each of the years 1959, 1960 and 1961 and $10,000 principal amount on June let in each of the years 1962 to 1966, both inclusive; to bear interest at a rate not to exceed five (5) per cent, per annum, payable semi-annually on June let and December let in each year, and further duly authorized the sale of said 1944 City Plan Bonds, Series A. at public sale to the highest and best bidder therefor; and WHEREAS, notice of the sale of said bonds has been duly given in the j manner prescribed by said resolution and the following bids for said bonds •were and are the only bide received by said Council to wit: