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<br /> 2 oV ` follow the notioe of sale; and that five sealed bida had beeri
<br /> recived bq 11:00 A,�, He did not believe tne Ba.nk of America�s bid ehould �
<br /> be conaidered. . �=
<br /> '�
<br /> �
<br /> C1ty Attorney McCarthy advised tkiat he had reviewed the matter with Mr, �
<br /> Herrington and that he and Mr,.Herrington were both of tne opinion that the �~
<br /> Council has tne legal right to accept the Towest bid in by 11:-00 A,M, or to '
<br /> regard the matter vuitnin the provision in the notice of eale; i, e„ to re-
<br /> ject any and all oids`and to waive any irregularities in the bids, Iie sald
<br /> � _
<br /> that,if the`Counoil'desired, it could regard the bid ae an irregularlty
<br /> �and also the.fact tnat it wae unsealed oould be regarded ae an irregularitp,
<br /> As another alternative, the Oouncil could re�eet all bide and either read- ,
<br /> vertise or sell beh bonds at a prlvate sale; As to the moral aepects, he
<br /> said the Council had to coneider wheiher a saning to the city of �1700, which
<br /> ,
<br /> is less tha'n one per cent over tkie twentp year period, would be desirable
<br /> if poseible diecredit to the city's reputation would reault by accepting
<br /> bide after the time they were called Yor, He said it was general practice �
<br /> that when bids are called for at a certain hour, tne bids to be accepted
<br /> are those in before that hour, `
<br /> There was some dis,cussion in regard to.the matter, Councilman Fletcher
<br /> „ and Councilman McNulty being of the opinion that the bid of the Bank oP
<br /> America ehould be accepted, Mayor Hilton, Oouncilmen Armetrong @.nd f3ranger
<br /> however, felt that it would be to the future adnantage of the olty not to
<br /> aacept the late bid and that the city�e reputation would be hampered if ,
<br /> Lhe late bid were aocepted,
<br /> �Councilman Fletener xrithdrew hia seaond to the reaolution and Councilman
<br /> Granger aeconded it. Mr. Hartlett again asked that the Oouncil conslder
<br /> the Bank oY America�s bid. On roll call, the reeolution was adopted by
<br /> tne Yollowing vote: Ayee and in favor of the resolution: Councilman
<br /> ��
<br /> �� �'Armetrong, Granger and Mayor Hilton, Noes and againet tne resolution:
<br /> iw
<br /> `" Councilmen Fletcher and MeNulty; Abaent: Councilmen Anderson and
<br /> Britechgi, •
<br /> RESOLUTION No. 293
<br /> $ELLING OITY OF REDWOOD CITY 1944 CITY PLAN BONDS, SERIES A
<br /> PIHEREAS, the Council of the Citq of Redwood Qity heretofore duly
<br /> authorized the iesua.nce of �200,000 principal amount of bonds oY the Citp
<br /> ,� of.Redwood City to be known as °City of Redwood City 1944 City Plan Bonds,
<br /> 's� 3er`ies A,° (being part of an iseue of �998,000 principal amount authorized " '
<br /> at an election held in eaid City on November 7, 1944), oonsisting of 200
<br /> bonds of the denomination of $1,000 each, numbered 1 to 200, both inclue-
<br /> ive, all dated June 1, 1946, and maturing in conaecutive numerical order,
<br /> from lower to higner, �5,000 principal amount on June lst in each of the
<br /> years 1947, 1948 e.nd 1949,��10,000 principal amount on June lst in each oY
<br /> the yeare 1950 to 1958, both incluaive, �15,000 principal amount on June
<br /> lst in each of the yeara 1959, 1960�and 1961 and $l0,Od0 principal amount
<br /> on June lst in each of the yeare 1962 to 1966, both incluaive; to bear
<br /> intereat at a rate not to exoeed five (5) per cent, per annum, payable '
<br /> semi-annua.11y on June lat and December let in eaoh year, and further duly
<br /> authorized the sale of said 1944 City Plan Bonds, Seriee A, at public eale
<br /> to the highest and best bidder therefor; and .
<br /> WHEREAB, notice of the eale of said bonde he,s been duly given in the
<br /> manner prescribed by said reeolution and the followin$ bids for said bonds
<br /> •were and are the only bide received by said Council to wit:
<br /> . • -.
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