HomeMy WebLinkAboutReso 1098-1946RESCLUTION NO. 1098
RESOLVED by the r .... ~ , Ci ~. of -~
vmty uo~.ncml of thc tv South SaP PFxncisco th.a,, two hundred
and twenty (220} munici~3al_ bon.ds, Series lO~5~., of the City of 3outh can Pr.'_nciseo, i'-~ tree
Ou~.O0) authorized at the s'oeoial
~ount of Two ~[undred. and Ten Thousand ~',~lls. rs (~210, ,
election held in said city on 'b~e 31st day o? Au:usb, ]_~45, se so!:~ ccord_~_ ~.~,e terms
time and co~:ditions set forth in tke no'[;ice of sale ac follows:
Notice is hereby [liven that se~led proposals or bids., will ?e received by the C~t_ y
' "~ ' .... ,' until 8 o'clock p.r:. on Tuesday,, the
Comncil of the City of South San Pr~cisco, .... ~h.=or:~ma, , .
14th day of Ray, 1946, for -the purci~ase of the fo!lowinS bonds of bi%} 3ity of ~outh. San ~'ran-
cisco, 'bo-wit:
Two hundred and twenty (220} municipal bonds, Series 1~45, in -hhe amount of Two
Hundred and Ten Thousand Dollars ({j~lO~O00.O0). Said bonds ape twenty-year bonds and are two
hundred and twenty in mm~er. Twenty of said bonds arc of the denomination of rive l}undred
Dollars (;~500.00) each ~md the remainde~ of said bonds are of the denominatiou of One Thousand
Dollsms (r~lO00.O0) each. Said bonds will be dated ):ay 1S, 1945, an~ shall bear 'the rste of in-
terest whicfa shall be trm rate proposed by tt~e succes~ful bidder for said }:ends, as hereinafter
provided. The interest will be payable semi-annually on thc ![~tk 'lays of Zay and !i'ovenfoer of
each year~ principal and inter~:~st payable in lawful money of tke Unitel States of Amcrica, at
the office of the City Treasurer of the City of South Ssa Francisco.
Eleven (11) of said bonds will become due and payable on tko ].5th of ~.'.~ay, 1947, and
eleven (1!) of said bonds will become due and payable on the 15th day of Nay of e~c~., year tnere-
llC_S
after, until said bonds ape~'-~aid. Interest on said co ~ will be evidenced oy eou'3ons_ attached
'thereto.
Said bonds are issued under ~20 authority of an act of the Legislature of tl2e State
of California, entitled: "An act authorizinC the incurring of indebtedness by cities, towns
and municipal corporations for municipal improvements, s~ad regulatin5 the acc!uisition~ con-
struction or completion thereof", which became a !a?7 February 25, 1901, and all acts m~enda-
tory thereof, and in accordsmce with t l~e provisions of law sa~d t2e ordinances of s'.id city.
No bid or proposal for said aonds will be entertained at less that par valet, together with
their accrued interest at the date of delivery, and all bids or proposals su::t'mitted will be
construed by the City Council to mean par and accrued interest to date o:{? delivery of said bonds,
in addition to premitm-~ offered, whether 'the bid or ~.~roposal sets forth the same explicitly of
not.
Said oonds will be awarded to tile r. esponsible bidder wtlo shall offer to pay
par and accrued interest and shall propose to purchase said bonds at the rate of interest
to be specified in his bid, '.:~hich rate of interest shall be the lowest rate at which any
re~ponsible bidder shall offer to purchase said bonds. The rate of interest shall not ex.
teed four per cent (4~) per annum~.
Said bonds will be ready for delivery on or about t~'~e lSth day of June,
and will be delivered at the office of the City Ureasurer of said City of South San i~ran-
cisco or at any designated place, upon the pa.,.~ent by the purchaser of all expenses in-
curred in the delivery of t~.~e bonds and trsmsfer of the money necessary to make delivery
and payment equivalent to a transaction at the office of s~?id City Treasurer in said City
of South San Francisco. Ail bids or proposals providing for delivery at any place other
than said City of South Ssm Francisco '~vill be constza~ed by said City Council to mean the
price bid in addition to the expense of delivery, wl~ther the bid sets forth tl~e
explicitly or not.
Each prooosal, or ~.ma must be enclosed in a sealed envelope ~assed~ to the
City oleri£"' ~ o~_~ said city and endorsed "Proposal for ~onds'', and eac~' ~id or proposal must
be accompanied~by a certified ckeck dra~ u~on. some resnonsible~ bank in t~e~ ota~ te of
Cal~fornma, and pa~a~le to ~he order of tho City Treasurer of the City of South San P ~ -
cisco for an amount of five.eer cent (~%) of the face value of tb.e bonds ~.or~ which came ~ '~
bid or proposal is made, and the guarantee that the ~uccessfut bi!.der will take up and
pay for said bonds in accordance with his bid within fifteen (15) days after said City
Council shall have passed the resolution awarding said bonds to said bm~.~der, oared ci~eck
and said ~ount represented thereby v~ill be forfeited to said city on the faille of
such successful bidder to so take up and pay for Said bonds, in the event the bid or pro-
posal is accepted.
Said City Councf~l reserves the ri~"
gut 'to reject any and all 'bids or proposals,
and to waive any info~mality in any bid, as the interest of said city may require.
A certified abstract of the proceedings of said bond issue may 'be had upon
application to the city clerk of said city.
order o£ t±~e City Council of the City of South San rancm~co.
Dated April 29, 1945.
DANICL J.
~le~
City '~
' ' 0 '~;~'¥~ : ~ oreeoin~7 notice by two (2)
RES L~E~ further That the City Clerk publish the f ~ ....
insertions i'a "The Enter'erise" a newspaper of s. eneral circulation vublished in s~id r'itv
of South San Fras. ciseo.
I hereby certify tlnat the foregoing resolution was regularly introduced and
adopted by the City Council of ~ne City of South San Francisco, this 8gth day of April,
1~48, by the following vote:
Ayes, Councilmen, Geo. W. ilolston, Chas. K. Elder, Leo Yerko
Noes, Councilmen, None
Absent, Councilmen, None.
Adolph Sani, Emilio Cortesi
Attest:
.~d,~ !EL J. I[I~AND
City Clerk