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HomeMy WebLinkAboutReso 1293-1948'228 RESOLUTION NO. 1293 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF 80UTH SAN FRANCISCO CALLING FOR BIDS FOR THE PURCHASE OF MUNICI?AL'~BOVEMMIT BONDS, SERIES 19&7. RE~OLVED by, the City Council of the City 'of South San Francisco that 365 mnni~ipal bonds, series 19~7, of the City of South San Francisco, in the amount of Three Hundred Sixty-Five Thousand Dollars ($365,000.'00) authorized at the special election held in said city. on the 16th day of September, 19~7, be amid. accordingly to the terms, time and conditions set forth in notice of sale as follows: NOTICE OF S$?.~ OF BONDS OF THE cITT OF SOUTH SAN FRANCISCO Notice is hereby ~iven that sealed proposals or bids will be received by the City Council of the City of South San Francisco, California, until 8 o'clock p.m., on Monday, the 19th day of January 19~8, for the purchase of the following bends of, the City of. South ~an Francisco, to wit:. Three Hundred Sixty, five (365) MuniciPal Bonds, series 19&7, in' the amount of Three Hundred S/~ty- five thousand dollars ($365,000.00). Said bonds are twenty-five (25) year bonds and are three hundred sixty-five (365) in number and are of the denomination of One Thousand Dollars ($1,000.OO) each. Said bonds shall be dated December 15, 19&7, and shall bear the rate of interest which whall be the rate proposed by the successful bidder for said bonds, next hereinafter provided. The interest will be Payable semi-annually on the 15th days of June and December of each year, both principal and interest Payable in lawful money of .the United States of America, at the. office of the City Treasurer of the City of South ~an Francisco, California. Ten (10)of said bonds will become due and payable on the 15th day of December in each of the years 19~8 to 1952, inclusive; fifteen (15) of said bonds shall become due and Payable on the 15th day of December in each of the years 1953 to 1969 inclusive$ twenty (20) of said bonds shall become due and payable on the 15th day of December in each of the years 1970 to 1972 inclusive. Interest on said bonds will be evidenced by coupons attached thereto.' Said bonds are issued under the authority of an act of the Legislature of the State of California entitled: "An act authorizing the incurring of indebtedness by cities, towns and municipal corporations for municiPal improvements, and regulating the acquisition, construction, or completion thereof", . which became a law February 25, 1901, and all acts amendatory thereto, and in accordance with the provisions of law and ordinances of said city. No bid or proposal for said bonds will be entertained at less than par value, together with their accrued interest at the date of delivery, and all bids or proposals submitted will be construed by the City Council to mean par and accrued interest to date of delivery of said bonds, in addition to premium offered, whether the bid or proposal sets forth the same or not. ~aid bonds will be awarded to the responsible bidder who 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, which rate of interest shall be the lowest rate at which any responsible bidder shall offer to purchase said bonds. The rate of interest shall not exceed four (~) pereent per annum.- Said bonds will be ready for delivery on or about the 15th day of February, 19~8, and will be delivered at the office of the City Treasurer of said City of South San Francisco or at any designated place, upon the payment by the purchaser of all expenses incurred in delivery of the bonds and transfer of the money necessary to make delivery and payment equivalent to the transaction at the office of said City Treasurer in said City of South San Francisco. Ail bids or proposals prividing for delivery at any place other than said City of South San Francisco will be construed by said City Council to mean the price bid in addition to the expense of delivery, whether the bid sets forth the same explicitly or not. Each proposal or bid must be enclosed in a sealed envelope addressed to the City Clerk of said city at his office and endorsed "Proposal for Bonds", and each bid or proposal must be accompanied by a certified check drawn upon some responsible bank in the State of California, and payable to the order of the City Treasurer of the City of South ~San Francisco for an amount equal to five (5) percent of the face value of the bonds for ~x~ch said bid .or proposal is made, and the guarantee that the successful bidder 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 resoluti°n awarding said bonds to said bidder. Said check in said amount represented thereby shall be forfeited to said city on the failure of such successful bidder to take up and pay for said bonds, in the event the bid or proposal is accepted. Said City Council reserves the right .to reject any and all bids or proposals, and to waive any informality in any bid. as the interest of said city may rea,ire. (36~) in number and are Of the denomination of. On® Thousand Dollars. 1,000.OO) each.' Said bonds shall be dated December 1~, 19~?, and shall bear the rate of interest which whall be the rate proposed by the successful bidder for said bonds, next hereinafter provided. The interest will be payable semi-annually on the lSth days of June and December of each year, both principal and interest payable in lawful money of the United States of America, at the. office of the City Treasurer of the City of South San Francisco, California. Ten (10)~ of said bonds will become due and paYable on the 15th day of December in each of the years 19~8 to 1952, inclusive; fifteen (15) of said bonds shall become due and payable on the 15th day of December in each of the years 1953 to 1969 inclusive; twenty (20) of said bonds shall become due and payable on the 15th day of December in each of the years 1970 to 1972 inclusive. Interest on said bonds will be evidenced by coupons attached thereto.' Said bonds are issued under the authority of an act of the Legislature of the State of California entitled: "An act authorizing the incurring of indebtedness by cities, towns and smmicipal corporations for municipal improvements, and regulating the acquisition, construction, or completion thereof", . which became a law February 25, 1,901, and all acts amendatory thereto, and in accordance with the provisions of law and ordinances of said city. No bid or proposal for said bonds will be entertained at less than par value, together with their accrued interest at the date of delivery, and all bids or proposals submitted will be construed by the City Council to mean par and accrued interest to date of delivery of said bonds, in addition to premium offered, whether the bid or proposal sets forth the same or not. Said bonds will be awarded to the responsible bidder who sb~ll 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, which rate of interest shall be the lowest rate at which any responsible bidder shall offer to purchase said bonds. The rate of interest shall not exceed four (2) percent per annum.- Said bonds will be ready for delivery on or about the 15th daY of February, 1928, and will be delivered at the office of the City Treasurer of said City of South San Francisco or at any designated place, upon the payment by the purchaser of all expenses incurred in delivery of the bonds and transfer of the money necessary to make delivery and payment equivalent to the transaction at the office of said City Treasurer in said City of South San Francisco. Ail bids or proposals prividing for delivery at any place other than said City of South San Francisco will be construed by said City Council to mean the price bid in addition to the expense of delivery, whether the bid sets forth the same explicitly or not. Each proposal or bid must be enclosed in a sealed e~velope addressed to the City Clerk of said city at his office and endorsed "Proposal for Bonds", and each bid or proposal must be accompanied by a certified check drawn upon some responsible bank in the State of California, and payable to the order of the City Treasurer of the City of South San Francisco for an amount equal to five (5) percent of the face value of the bonds for ih~ch said bid or proposal is made, and the guarantee that the successful bidder 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 bidder. Said check in said amount represented thereby shall be forfeited to said city on the failure of such successful bidder to take up and pay for said bonds, in the event the bid or proposal is accepted. ~aid City Council reserves the right to reject any and all bids or peoposals, and to waive any informality in any bid, as the interest of said city may require. & certified abstract of the proceedings of said bond issue may be had upon application to the City Clerk of said city. By order of the City Council of the City of South San Francisco. Dated: January 5, 19~8 Daniel J. ~yland, City Clerk RESOLVED FURTHER: that the City Clerk publish the foregoing notice by two (2) insertions in "The Enterprise", a weekly newspaper of general circulation in said city. I hereby certify that the foregoing resolution was regularly introduced and adopted by the City Council of the City of South San Francisco on the 5th day of January, 19~8, by the following vote: Ayes: Councilmen G. W. Holston, Chas. K. Elder,~Leo Ferko, Adolph Sani,.Emilio Cortesi. Noes; Councilmen None Absent: Councilmen None Attest: City Clerk