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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 /> stich and Administrative Assistance Orin Wendling.
<br /> OPENING OF BIDS, $500,000 PARKING DISTRICT BONDS. The following bids were received:
<br /> Gross, Rogers & Co., Los Angeles
<br /> "Par 4500,000 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 /> S275,000.- par value bonds maturing from July 1, 1976 through July 1, 1985 all bearing
<br /> interest at the rate of 3-i% (three and one -half per cent) per annum.
<br /> According to or figures this bid represents a total interest over the life of this
<br /> issue of $360,075.00
<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 412.50 subject
<br /> to the bonds bearing interest at the following rates:
<br /> "For all of the bonds maturing in the years 1958 to 1965, 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 (L1 %) 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 311 per annum.
<br /> To all or the bonds maturing in the years 1958 to 1985, inclusive, shall be attached
<br /> separate and additional coupons representing interest at the rate of 21% 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 DEJERMINATION 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 e stablishing 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 Royer 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 /> 3 FOOT FRONT YARD, 209 LEXINGTON. Councilman Britschgi offered Resolution No. 1915
<br /> authorizing variance and movedadoption, seconded by Councilman Royer and carried on
<br /> roll call, Councilman Spillers noted absent.
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