HomeMy WebLinkAboutReso 1312-1948RESOLUTION NO. 1312
RESOLUTION AWARDING BONDS
..~ RESOLVED by the City Council of the City of South San Francisco that, Resolution No. 1308 entitl
"Resolution ~wardingBonds", adopted by said City Council on the 3~d day of February, 19&8, and the s~me is
hereby amended so teat the same shall read as follows:
'~E~AS, the City Council of the City of South San Francisco did, in open sess~.on, on the 2nd da
of February, 19&8, publicly open and examine all bonds or proposals submitted for the purchase of Three Hundred
and Sixty-Five Thousand Dollarp ($365,000.00) municipal improvement bonds, §eries 19~7, authorized st a special
election held on the 16th dsy of. September, 19&7, which bonds are hilly desc~ibed in Resolution No. 1298 of sai
Council which resolution w~s adopted by said City Council on the 19th day. of January, 19~8;.
RESOLVED by the City Council of the said City of South San Francisco that said 9ity Council here
rejects all said bids or proposals, 8xcept that next hereinafter mentioned, and hereby accepts the proposal 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/d%)
Maturing $15,000each ~ear December 15, 19~8, to December 15, 1953, both incl.
$105,000 par value bearing interest at the rate of Two and One-Half Percentum (2~%) per annum
Maturing~5,000 each year December 15, 195&, to December 15, 1960, both incl.
$ 60,000 par value bearing interest at the rate of Two and Three-~uart'ers Percentum (2 3/~%) pex
Maturing $15,000 each year December 15, 1961, to December 15, 196~, both incl.
$110,000 par value bearing interest at the rate of Three-Percentum (3%) per ann,m
Maturing $15,000 each year December 15, 1965,to December 15, 1970, both incl.
$2~,000 December 15, 1971.
The City Treasurer is hereby directed to deliver said bonds to said American Trust Compsny upon
payment of the sum of Three Hundred and Sixty-five Thousand Dollars (#365,000.00), and interest accrued to the
of delivery and, in addition thereto, the sum of Nine Hu~red and Fifty Dollars ~50.00) the amount of the pre~
offered by said American Trust Company in its proposal to purchase sai~ bonds.
I hereb~r certify that the foregoing resolution was regularly introduced and adopted by the City
Council of the City of South San Francisco, this 16th day of February, 19&8, by the following vote:
Ayes, Councilmen G. W. Holston, Chas. K. Elder, Leo Ferko, Adolph SaD_i, Emilio Cortesi
Noes, Councilm~n None
Absent, Councilmen None ATTESTS
DANIEL J. HYLAND ,City C1
(SEAL) ., ~ , ~ ~