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<br />Minutes of Regular Adjourned Meeting
<br />REDWOOD CITY COUNCIL
<br />August 22, 1955 - 8:00 P.M.
<br />Devotional was led by Reverand Wilbur Westerdahl, Pastor of the Peninsula Covenant
<br />Church.
<br />ON ROLL CALL, the following were noted present: Councilmen Floyd D. Granger, Paul Jones,
<br />William H. Royer, Carl A. Britschgi, Hiram S. Stout, Mayor Sidney D. Herkner and City
<br />Clerk R. S. Dodge. Noted absent was Councilman Robert V. Spillers. Also present were
<br />City Manager E. A. Rolison, City Attorney C. B. Currie, City Engineer Glenn M. Jain,
<br />Water Superintendent H. L. Winter, Fire Chief Joe Lodi, Building Inspector S. H. Kreiss,
<br />Police Chief Stanley Wood, Assessor -Auditor John J. Brophy, Police Captain William Faul-
<br />stick and Administrative Assistance Orin Wendling.
<br />OPENING OF BIDS, $5009000 PARKING DISTRICT BONDS. The following bids were received:
<br />Gross. Rogers & Co., Los Angeles
<br />"Par $500,000 plus accrued interest to date of delivery for: $225,000.- par value
<br />bonds maturing from July 1, 1958 through July 1, 1975 all bearing interest at the
<br />rate of 3 3/4 % (three and three-quarter per cent) per annum, and
<br />275,000.- par value bonds maturing from July 1, 1976 through July 1, 1985 all bearing
<br />interest at the rate of 32% (three and one-half per cent) per annum..
<br />According to our figures this bid represents a total interest over the,life oft his
<br />issue of 0360,075.00
<br />This is an effective rate of 3.5739%
<br />J. B. Hanauer & Co., Beverly Hills
<br />Par value plus accrued interest to date of delivery, plus a premium of $12,50 subject
<br />to the bonds bearing interest at the following rates:
<br />"For all of the bonds maturing in the years 1958 to 1965s inclusive, interest at the
<br />rate of four per cent (4%) per annum;
<br />For all of the bonds maturing in the years 1966 to 1972, inclusive, interest at the
<br />rate of three and three-quarters ( 3 3/4%) per annum;
<br />For all of the bonds maturing in the years 1973 to 1985, inclusive, interest at the
<br />rate of four percent (4%) per annum".
<br />Taylor and Company, Beverl Hills
<br />Par plus,a premium of $189.00, and accrued interest to date of delivery, subject to
<br />interest rates as follows:
<br />"To all of the bonds maturing in the years 1958 to 1985, inclusive, shall be attached
<br />coupons representing interest at the rate of 3w% per annum.
<br />To all of the bonds maturing in the years 1958 to 1985, inclusive, shall be attached
<br />separate and additional coupons representing interest at the rate of 22% per annum
<br />from January 1, 1956 to January 1, 1958".
<br />The bids were turned over to Mr. Ernest Wilson who will verify the cost and interest
<br />rates and report back at a later time.
<br />RESOLUTION NO, 1914, PRELIMINARY DETERMINATION HIGHLANDS TERRACE NO. 2, SEWER AND WATER
<br />(CANYON ROAD - OAK KNOLL DRIVE AREA). This Resolution, which outlines the work to be
<br />done, the description of the area and establishing the date of hearing for Tuesday,
<br />September 6, 1955, was offered by Councilman Jones who moved adoption, seconded by
<br />Councilman Granger and carried on roll call, Councilman Spillers noted absent. Council-
<br />man Roger was assured that the actual work would commence in October between the 15th
<br />and 30th.
<br />PLANNING COMMISSION RECOMMENDATION APPROVE G. NEWBERG APPLICATION FOR VARIANCE TO ALLOW
<br />FOOT FRONT YARD, 209 LEXINGTON. Councilman Britschgi offered Resolution No. 1915
<br />authorizing variance and moved a doption, seconded by Councilman Royer and carried on
<br />roll call, Councilman Spillers noted absent.
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