HomeMy WebLinkAboutReso 1299-1948RESOLUTION NO. 1299
A RESOL~rflON OF THE CITY COUNCIL OF THE
CITY OF SOUTH SAN FRANCISC~O CALLING FOR
BIDS FOR T.~E PRUCHASE OF MUNICIPAL IM-
PROVEMENT BONDS, S~IES 19~7.
RESOLVED by the City Council of the City of South San Francisco that 365 Municipal bonds,
series 1947, of the City of South' San Francisco, in the amount of Three Hundred Sixty-Five Thousand Dollars
($~65,OOO%00) authorized at the special election held in said c~ty on the 16th day of ~September 19&7, be sold
according to the terms, time and conditions set forth in notice of sale as follows:
NOTICE OF SALE'OF BONDS OF THE CITY OF SOUTH SAN FRANCISCO
Notice is hereby given that sealed proposals or bids will be received by the ~lty Council of
the City of South San Francisco, California, until 8 o'clock p.m., on Monday, the 2nd day of February, 19~8,
for the purchase of the following bonds of the City of South San Francisco, to-wit:
Three Hundred Sixty-five (365) Municipal Bonds, series 19&7 in the amount of Three Hundred
Sixty-Five Thousand DollArs ($365,000.00). Said bonds are twenty-five (25S ~rear bonds and are three hundred
sixty-five (365) innumb~r and are of the denomination of One Thousand Dollars ($t,000.00) each. Said bonds
shall be the rate proposSd by the successful bidder for said bonds, next hereinafter provided. The interest
will be payable semi-anndally on the 15th days of June and December of each year, both principal and interest
payable in lawful money 6f the United States of America, at the office of the City Treasurer of the City of
South San Francisco, California.
Said bondS shall mature and beome payable in consecutive numerial order from lower to higher
as follows: ~5,0OO.O0 principal amount on December 15 in each of the years 19&8 to 19~O, both inclusive, and
$20,000.00 principal amount on December 15, 1971.
Said bond~ are issued under the authority of an Act of the Legislature of the State of Californi~
entitled: "An act authoEizinE the incurring of indebtedness by cities, toes and municipal corporations for
muncipal improvements, a~d 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 thei
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, whe
the bid or proposal sets .forth the same or not. Said bonds will be awarded to the responsible bidder who shall
propose to purchase said ~onds at the rate of interest to be specifiedin his bid, which rate of interest Shall
offer to purchase said bonds, the rate of interest shall not exceed four (&) per cent per annum.
Said bond~ will be ready for delivery on or about the 17th day of February, 19&8, and will be
delivered at the office Qf the City Treasurer of said City of South San Francisco or at any designated place, u
the payment by the pruchaser of all expenses incurred in deliver~ of the bonds and transfer of the money necess
to make delivery and payment equivalent to the transaction at the office of said Cit~ Treasurer in said City of
South San Francisco. All bids or proposals providing for delivery at any place other than said City of South S
Francisco will be construed by said City Council to mean the price bid in addition to ~he expense of delivery,
whether the bid sets forth the same explicitly or not.
Each prop~al or bid must be enclosed in a sealed envelope addressed to the City Clerk of the Ci
of South San Francisco, at his office and endorsed "Proposal for Bonds", and each bid or proposal must be
accompanied by a certifie~ check drawn upon some responsible bank in the State of CaliforniA, and payable to th
order of the City Treasur. er of the City of South San Francisco for an amount equal to five (5) per cent of the
face value of the bonds Eor which said bid or proposal is made, and the guarantee that the successful bidder wi
take up and pay for .said bonds in accordance with his bid within fifteen (15) days after said City Council shal
have passed the resolutiom 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 prop. osal is accepted.
Said City ~ouncil 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 require.
A certifiJ~ abstract of the proceedings of said bond issue may be had upon application to the
City Clerk of said city.
By order o~ the City Council of the City of South San Francisco
Dated: J~uary 19, 19~8.
· DANIEL J. HYLAND
City Clerk
RESOLVED ~RTH~R: that the City Clerk publish the foregoing notice by two (2) insertions in
"South San Francisco Journal", a weekly newspaper of general circulation in said city.
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I hereby certi½y that the foregoing resolution was regularly introduced and adopted by the City
Council of the City of South San Francisco on the 19th 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
·
City Cler~
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