Minutes 1946 - Laserfiche WebLink

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i : . . - _� . - _ . - - 2�5 • *Total InteTest Amount Over�•.��Av.eragec3ntereat_ Life of Bonds (20 YeaTS) Rate Hannaford & Talpot �23,922.00 1,0492°� American Trust Company 25,768,00 1,1460� weeden & Company 2ti,560.50 1.1649� Halsey & Stuart 26,692.00 1.1698� Blythe & Company 26,915.50 1.1805°� 'After premi�a were deducted. , The bid of Hannaford and Taloot was the best bid by the sum of between �1700 and $1800. City Clerk Dodge reported that the tabulatione uad been checked and croea checked by both him and City Manager Blom and were correct, Citq Attorney McOartny advised tnat the bids vuere in order, Councilman Armstrong moved, eeconded by Councilman Fletcher, introduction of reeolution for adoption that tne bicl of HannaPord and Talbot be accepted. Under the ques- tion, Mr. Allan Hartlett, Director of Municipal Research of the San Francisoo office of the B�,nk of America, appeared and etated that it was the conten8;ion ' of the Hank of America that the bid which was reoelved several minutes late wae for a 2ower interest rate to the City of Redwood City and that the City Gouncil had both the legal and moral right to �ward the b1d to the Bank oY America. He said he had contacted the city�s bond attorneye, Orrick, Dahlquist, Neff, Brown and Herrington, and that Nr. Herrington had advised him that the city could legally award the oid to the Hank of America if it � were the best bid. Mr. Hartlett quoted from the notice of eale in which it etated that the city reserves the right to reject any and all bide and to waive any irregularities in the bide, He claimed that the bid being re- ceived late wae an irregularity ivhich the Council could waive and that the city could coneider the bid and if it were lower, or the best bid, the a- ward could be made to the Bank of America, He did not believe the aitizens of Redwood City ehould be penalized to pay higher taxes over a long period , of qeare for a difference of two or three minutee that the bid was reoeived late. If the citq accepted the bid of the Bank of America, he said, the city would save a total of $1772 over the life oP tne bonde, He etated that Mr, Herrington had adviaed him that the above mentioned provieion had been inserted in the notice of eale for such an ocoasion aa nad arisen, He asked tnat the Council reconaider and award the bid to the Bank of i. America, � • City Manager Blom advised that the Bank of America repreeentative arrived with his bid at 11:C3 A.M., this date, when the bids were in the process of � being opened and that he had advised him that he could not accept his bid inasmuch as it wae late, The representatine had remained during the open- ing of the bids. City Manager.Blom had refused to accept the Bank oY Amer- ' ica bid, which was unsealed when the representative arrived at the office. Later in the afternoon, the manager of the Bank of America and the firet representative asked that the City Manager accept the bid to hold in cue- tody until the meeting of the Council. The bid was eealed and placed in 1 the custody"of the City Clerk, Councilman Fletcher vras of the opinion the Bank of America bid should be accepted, Mr, Helden Gardner, representatine of the firm of Hannaford and Talbot, ap- peared and atated that one bid had alreadq been read when the bid of the Bank of America came in unsealed and that the representative of the Bank of America sat with an unsealed bid during the time all five bida were • read. He stated that representatines of the inveatment business tried to � •