|
397
<br />MINUTES OF ADJOURNED MEETING
<br />REDWOOD CITY COUNCIL
<br />April 15th, 1948, 4:00 P.M.
<br />ON ROLL CALL the following werepresent: Councilmen C. A. Britschgi, F. D. Granger, H. E.
<br />Holmquist, George W. McNulty, Wm M. Werder, Mayor W. W. Hilton, and City Clerk R. S.
<br />Dodge. Also present were: City Attorney C. B. Currie, City Manager E. A. Rolison,
<br />POO" Administrative Assistant Richard D. Miller and Assessor -Auditor J. J. Brophy.
<br />Councilman Swift noted absent.
<br />MAYOR HILTON ANNOUNCES THE PRUPOSE of the meeting was to consider bids to purchase
<br />$600,000 - 1944 City Plan Bonds, Series B, which were opened April 15th, 11:00 A.M.
<br />Bids received were as follow:
<br />Net Cost to the City
<br />Bank of America $136,441
<br />Blyth & Company 136.442
<br />American Trust Company 1 4
<br />California Bank 148,4
<br />William R. Staats Company 153,914
<br />Kaiser & Company 154,716
<br />Councilman Granger offered Resolution and moved adoption, seconded by Councilman
<br />Werder, rejecting all bids except the one submitted by the Bank of America award-
<br />ing the bonds to the latter at the rates as specified in their bids. Motion
<br />carried on roll call, Councilman Swift noted absent.
<br />R E S O L U T I O N No- 564
<br />WHEREAS, the Council of the City of Redwood City heretofore duly authorized
<br />the issuance of $600,000 principal amount of bonds of the City of Redwood City
<br />to be known as "City of Redwood City 1944 City Plan Bonds, Series B", (being
<br />part of an issue of $998,000 principal amount authorized at an election held in
<br />said City on November 7, 1944), consisting of 600 Bonds of the denomination of
<br />-01,000 each, nummbered B-1 to B-600, both inclusive, all date June 15, 1948, and
<br />further duly authorized the sale of said 1944 City Plan Bonds, Series B, at public
<br />�... sale to the highest and best bidder therefor; and
<br />WHEREAS, notice of the sale of said bonds has been duly given in the manner
<br />prescribed by said Resolution and the following bids for said bonds were and are
<br />the only bids received by said Council, to -wit:
<br />Name of Bidder Net Interest Cost to City
<br />Bank of America, N.T. & S.A. 2.16573 - $136,441
<br />Blyth & Company, Inc. 2.165746 - 136,442
<br />American Trust Company 2.23014 - 14o,449
<br />California Bank 2.35631 - 148,448
<br />William R. Staats Company 2. 307 - 1 3, 14
<br />Kaiser Company 2.4558 - 154.. 716
<br />AND WHEREAS, the said bid of Bank of America, N.T. & S.A. is the highest and
<br />best bid for said bonds, considering the interest rate(s) specified and the
<br />premium offered,
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Redwood City
<br />as follows, to -wit:
<br />1. Said bid of Bank of America, N.T. & S.A. for $600,000 par value of said
<br />"'"` Series B bonds shall be and is hereby accepted and the Treasurer of the City of
<br />Redwood City is hereby authorized and directed to deliver said bonds to said
<br />purchaser thereof upon payment to said Treasurer of the purchase price, to -wit:
<br />Said par value thereof and a premiun of $59.00, together with accrued interest
<br />at the.following rate(s):
<br />Bond Numbers Interest Rate
<br />(inclusive) per annum
<br />1 to 150 1-3/4
<br />151 to 300 2
<br />301 to 600 2_1/4 %
<br />Said bonds shall bear interest at the said rate(s) hereinabove set forth, payable
<br />semi-annually on June 15th and December 15th.
<br />2. That all bids except the bid of Bank of America, N.T. & S.A. are hereby
<br />rejected and the City Clerk is hereby ordered and directed to return by mail to
<br />the unsuccessful bidders their several checks accompanying their respective bids.
<br />3. The City Clerk is directed to cause to be lithographed, printed or
<br />engraved a sufficient number of blank bonds and coupons of suitable quality, said
<br />
|