HomeMy WebLinkAboutReso 1308-1948 RESOLUTION AWARDING BONDS.
~REAS, the City Council of the City of South San Francisco did, in open session, on the 2nd day of
February, 19A8, publicly open amd~mamine all bonds or proposals submitted for the purchase of Three/Hundred Sixt~
Five Thousand DOllars($3$~O00.OO) ~$nicipal improvement bonds, Series 1947, authorized at a special election held on
the i6th day o~ September, 19~7, which bonds are fully described in Resolution No. 1298 of said City Council which
resolution was adOpted by said City Council on the 19th day of January, 1948;
RESOLVED by the City Council of said City of South San Francisco that said City Council hereby rejects
all said bonds or proposals, except that next hereinafter mentioned, and hereby accepts the proposals of American
Trust Company to purchase said bonds.
Said City Council hereby fixes the rate of interest which said bonds shall bear, as follows:
$90,000 par value bearing interest at the rate of One and Three-Quarters Percentum (1 3/~%) per
ann~nn - maturing $15,OOO each year December 15, 19A8 to December 15, 1953, both incl.
$105,OOO par value bearing interest at the rate of Two and One-Half Percentum (2 1/2%) per annum
maturing $15,OO0 each year December 15, 195A to December 15, 1980 both incl.
$60,000 par value bearing interest at the rate of Two and Three-Quarters Percentrum (2 3/A%) per
annum - maturing $15,OOO each year December 15, 1961 to December 15, 196A, both incl.
$110,O00 .oar value bearing interest at the rate of Three Percentum (3%) per annum- maturing
$~5,OOO each year December 15, 1965 to December 15, 1970, both incl.
$20,000 December 15, 197~
The City Treasurer is hereby directed to deliver said bonds to said American Trust Company upon the
payment of the sum of Three Hundred and Sixty-five Thousand Dollars ($365,000.00), and interest accrued to the date
of delivery and, in addition thereto, the sum of Nine Hundred and Fifty Dollars ($950.00) the amount of the premium
offered by said American Trust Company in its proposal~to purchase said bonds.
I hereby certify that the foregoing resolution was regularly introduced and adopted by the City Council
of the City of South San Francisco, this 3rd day of February, 19~8, by the following vote:
Ayes, Councilmen G. W. Holston, Chas. K. Elder, Adolph Sani, Emilio Cortesi
Noes, Councilmen None
Absent, Mayor Leo Ferko ~
ATTEST:
(SEAL)
DANIE~ J. HYLAND
City Clerk.