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HomeMy WebLinkAboutReso 1495-1949RESOLUTION NO. 1495 PROVIDING FOR THE ISSUANCE OF $1,667,000 PRINCIPAL AMOUNT OF "CITY OF SOUTH SAN FRANCISCO SEWAGE DISPOSAL BONDS - 19&9"; PROVIDING FOR THE ISSUANCE OF SAID BONDS IN SERIES: PRESCRIBING THE AMOUNT, DATE AND FORM OF SERIES A B0~DS OF SAID A~THOR- IZED ISSUE AND OF THE COUPONS TO BE ATTACHED THERETO; AND PRESCRIBING THE MATURI- TIES THEREOF; FIXING THE MAXIMUM RATE OF INTEREST ON SAID BONDS: AUTHORIZING THE EXECUTION OF SAID BONDS AND COUPONS; PROVIDING FOR THE LEVY OF A TAX TO PAY THE PRINCIPAL AND INTEREST OF SAID AUTHORIZED ISSUE; AND DIRECTING NOTICE OF SALE OF SAID SERIES A BONDS TO BE GIVEN. '~EREAS, all the requirements of law have been complied with in ca. lling and holding the special bond election held in the City of South San Francisco on July 26, ~9&9, at which election a measure to issue bond of said City in the principal amount of $1,667,000 for the object and purpose hereinafter stated was submitted tc the voters of said City; and the City Council of said City did duly and regularly canvass the returns of said election and did as the result of such canvass determine and declare, and do hereby certify, that said measure received at said special bond election the affirmative vote of more than two-thirds of all of the votors voting ~ said election, and was thereby carried and adopted by said election, and the issuance of .all of said bonds by said City was du~y authorized. NOW. THEREFORE. BE IT RESOLVED by the City Council of the C~ty of South San Francisco, as follows: Section 1. That all acts, donditions and things required by law to exist, happen and be performec precedent to and in the issuance of said bonds have existed, happened and been performed in due time, form and m~_nner as required by law, and said City of South San Francisco is now authorized pursuant to each and every requirement of law to incur indebtedness in the manner and form as in this resolution provided. Section 2. That bonds of the City of South San Francisco in the aggregate principal amount of $1,667,000 to be known as~ity of South San Francisco Sewage Disposal Bonds - 19&9" shall issue to pay the c~st of the acquisition, construction and completion of the following municipal improvement of said City set forth in the following measure, to-wit: · MEASURE: Shall the City of South San Francisco incur a bonded indebtedness in the principal amount of Sewage $1,667,000 for the acquisition, construction and completion of the following mdnicipal improv Disposal ment, to-wit: A Sewage Disposal System, including sewage treatment plant, digester, clarifer Plant grit chambers, sludge and lift pumps, laboratory and office building, together with outfall, intercepting, connecting and lateral sewers, pipes, pumping station, manholes, lands, easemer rights-of-way and other works, property or structures necessary or convenient for a complete sewage disposs system of the City of South San Francisco,. Section ~3. Said $1,667,000 principal amount of bonds shall be issued in whole or in part as here after set forth and shall be sold in accordance with law at not less than their par value and accrued interest. Said bonds shall be divided into series, whereof $100,000 principal amount of bonds shall constitute Series A the remaining $1,667,000 principal amount of said authorized issue may be divided into one or more series or di- viAions, as the City Council of the City of South San Francisco shall determine at the tLme of the issuance and of all or any part of said remaining $1,567,000 of bonds. Bonds of Series A of said authorized issue shall be negotiable in form, and of the character known as serial, and shall be 100 in number, numbered consecutively A1 to AIO0, both inclusive, of the denomination of $1,000 each. Said Series A bonds shall be dated October 15, 19&9 (which is hereby fixed and determined to be the date of the issue of such Series A bonds). Ail of said bo, shall bear interest from their date until paid at the rate of two and one-quarter (2-1/~) per cent, per annum, payable semi-annually on June 15 and December 15 in each year until and at the respective dates of maturity of bonds (the first coupon on each bond representing interest from October 15, 19&9 to December 15, 19&9~. Said b shall mature and be payable in consecutive numerical order, from lower to hggher, as follows, to wit: ~10,000 principal amount of bonds shall mature and be payable on June 15th in each of the years 1950 to 1959, both inclusive. Both the principal o£dand interest mn said bonds shall be payable at the Office of the Treasurer of the City of South San Francisco, in South San Francisco, California, in lawful money of the Unit~ States of America. Section &. Said bonds shall each be substantially in the following form, the blanks in said fo~ and in the form of coupon given below to be filled with appropriate words or figures, namely: UNITED STATES OF AMERICA STATE OF CALIFORNIA San Mateo County CITY OF SOUTH SAN FRANCI~O SE~$AGE DISPOSAL BOND - 1949 SERIES "A" NO. A__ $1,000 The CITY OF SOUTH SAN FRANCISCO, a municipal corporation, organized and existing under the ~onstitution and laws of the State of California, hereby acknowledges itself indebted and for value received, promises to pay to the bearer (or if this bond be registered, to t~e registered holder hereof) on the 15th day of June, 19 , ONE THOUSAND (1,000) I~S, together with interest thereon at the rate of (~. per cent. per annum until payment of said principal sum in full, payable semi-annually on the 15th day of June and the 15th day of December of each year. Unless this bond is registered such interest, prior to maturity, s .......... ~-- -~ ~ ....... ~-~ ~,,r~n~ hereto attached as they respectiv the voters of said City; and the City C°~n~ii' if- said City di~ duly an~ regularly canvass the returns of said election and did as the result of such canvass determine and declare, and do hereby certify, that said measure received at said special bond election the affirmative vote of more than two-thirds of all of the votors voting said election, and was thereby carried and adopted by said election, and the issuance of-all of said bonds by said City was du~y authorized. NO'~. THEREFORE. BE IT RESOLVED by the City Council of the Ci. ty of South San Francisco, as follows Section 1. That all acts, donditions and things required by law to exist, happen and be performe precedent to and in the issuance of sAid bonds have existed, happened and been performed in due time, form and manner as required by law, and said City of South San Francisco is now authorized pursuant to each and every requirement of law to incur indebtedness in the manner and form as in this resolution provided. Section 2. That bonds of the City of South San Francisco in the aggregate principal amount of $1,667,OOOto be known as ~ity of South San Francisco Sewage Disposal Bonds - 19~9" shall issue to pay the c~st of the acquisition, construction and completion of the following municipal improvement of said City set forth ix the following measure, to-wit: ' MEASURE: Shall the City of South San Francisco incur a bonded indebtedness in the principal amount of Sewage 91,667,000 for the acquisition, construction and completion of the following m~nicipal impro~ Disposal ment, to-wit: A Sewage Disposal System, including sewage treatment plant, digester, clarife~ Plant grit chambers, sludge and lift pumps, laboratory and office building, together with outfall, intercepting, connecting and lateral sewers, pipes, pumping station, manholes, lands, easeme~ rights-of-way and other works, property or structures necessary or convenient for a complete sewage dispos~ system of the City of South San FranciscoZ Section J. Said ~1,667,000 principal amount of bonds shall be issued in whole or in part as her. after set forth and shall be sold in accordance with law at not less than their par value and accrued interest. Said bonds shall be divided into series, whereof $100,000 principal amount of bonds shall constitute Series A a the re~ining 91,~67,000 principal amount of said authorized issue may be divided into one or more series or di viAions, as the City Council of the City of South San Francisco shall determine at the time of the issuance and of all or any part of said remaining $1,567,000 of bo~s. Bonds of Series A of said authorized issue shall be negotiable in form, and of the character known as serial, and shall be 100 in number, numbered consecutively fr A1 to AIO0, both inclusive, of the denomination of $1,000 each. Said Series A bonds shall be dated October 15, 19&9 (which is hereby fimed and determined to be the date of the issue of such Series A bonds). Ail of said bo shall bear interest from their date until paid at the rate of two and one-quarter (2-1/~) per cent, per annum, payable semi-annually on June 15 and December 15 in each year until and at the respective dates of maturity of bonds (the first coupon on each bond representing interest from October 15, 1929 to December 15, 19&9~. Said b shall mature and be payable in consecutive numerical order, from lower to hggher, as follows, to wit: 910,000 principal amount of bonds shall mature and be payable on June 15th in each of the years 1950 to 1959, both inclusive. Both the principal o£dand interest an said bonds shall be payable at the Office of the Treasurer of the City o! South San Francisco, in South San Francisco, California, in lawful money of the .Unite~ States of America. Section ~. Said bonds shall each be substantially in the following form, the blanks in said fox and in the form of coupon given below to be filled with appropriate words or figures, namely: UNITED STATES OF AMERICA STATE OF CALIFORNIA San Marco County CITY OF SOUTH SAN FRANCI~O SE~.~AGE DISPOSAL BOND - 19&9 SERIES "A" NO. A ..... 91,OO0 The CITY OF SOUTH SAN FHANCISCO, a municipal corporation, organized and existing under the ~onstitution and laws of the State of California, hereby acknowledges itself indebted and for value received, promises to pay to the bearer (or if this bond be registered, to the registered holder hereof) on the 15th day of June, 19 , ONE THOUSAND (1,000) D~IJ~RS, together with interest thereon at the rate of (..__ per cent. per annum until payment of said principal sum in full, payable semi-annually on the 15th day of June a~xd the 15th day of December of each year. Unless this bond is registered such interest, prior to maturity, s! be payable only on presentation and surrender of the proper interest coupons hereto attached as they respectiv. become due. Both the principal of and interest on this bond are payable in lawful money of the United States America at the office of the Treasurer of the City'of South San Francisco, in South San Francisco, California. This bond is one of a duly ~lthorized issue of bonds of said City aggregating one million six hundred sixty-seven thousand (1,667,0OO) dollars in principal amount, all of like tenor (exce~ for such varia if any, as may be required to designate varying series,'numbers, maturities or interest rates)and is issued u and pursuant to the Constitution and statutes of the State of California, and under and pursuant to the ordina and proceedings of said City duly adopted and taken and a vote and assent of more than two-thirds-of all the qualified electors of said City voting at a special election duly called and held for that purpose. It is hereby certified, recited and declared that all acts, conditions and things required by 1 exist, happen and to be performed precedent to and in the issuaece of this bond have existed, happened and bee performed in due time, form and manner as required by law, and that the amount of this bond, together with all other indebtedness of said City, does not exceed any limit prescribed by the ConstitUtion or statutes of said State, and that provisions has been made as required by the Constitution and statutes of said State for the collection of an annual tax sufficient to pay the principal of, and interest on, this bond as the same become The full faith and credit of said City are hereby pledged for the punctual payment of the principal and intere this bond. This bond may be registered in the manner provided by lawand thereafter the principal hereof interest heneon shall be payable only to such registered owner. 420 IN WITNESS WHEREOF, the City of South San Francisco has caused this bond to be executed under its official seal, signed by its Mayor and its Treasurer, and countersigned by its Clerk, and has caused the interest coupons hereto attached to be signed by its Treasurer, and this bond to be dated the 15th day of October, 1949. Mayor of the City of South San Francisco Countersigned: Trea~mrer of the City of South San Francisco City Clerk of the City of South San Francisco (Interest Coupon) Coupon No. On the 15th day of , 19 , the City of South San Francisco will (unless the within mentioned bond be registered) pay to bearer at the office of the Treasurer of said City, in South San Francisco, California, Dollars in lawful money of the ~;nited States of America being six months' interest then due on its 1929 Sewage Disposal Bond, Ser&~a A, dated October 15, 1949. Treasurer of the City of South. San Francisco No. A Section 5. The Mayor of said City of South San Francisco and the Treasurer of said City are hereby author- ized and directed, respectively, as such officers, to execute each of said bonds on .behalf of said City, and the City Clerk, or one or more of his deputies, is hereby authorized and directed to countersign each of said bonds and to affix the official seal of said City thereto. Said Mayor and Treasurer are hereby each, respectively, authorized to cause said bonds to be signed by their printed, lithographe~ or engraved facsimile signatures. Said Treasurer is hereby authorized and directed to sign each of the interest coupons by printed, lithographed or engraved facsimile signature. Suoh signing, countersigning and sealing as herein provided shall be a sufficient and binding execution of said bonds and coupons by said City, and all such signatures and countersignatures, excepting that of the City Clerk or his deputies, may be printed, lithographed or engraved. In case any of such officees whose signatures or countersignatures appear on the bonds or coupons shall cease to be such officerlbefore the delivery of such bonds to the purchaser, such signatures or countersignatures shall nevertheless be valid and sufficient for all purposes the same as if they had remained im office until the delivery of the bonds. Section 6. For the purpose of paying the principal of and interest on said bonds, the City Council of the City of South Sa~ Francisco shall, at the time of fixing the general tax levy and in the manner for such general tax levy provided, levy and collect annually each year until said bonds are paid, or until there shall be a sum in the treasury of said City set apart for that purpose to meet all sums coming due for principal and interest on such bonds, a tax suffi- cient to pay the annual interest on such bonds as the same becomes due, and also such part of the principal thereof as shall become due before the proceeds of a tax levied at the time for making the next general tax levy can be made avail-' able for the payment of such principal. Said tax shall be in addition to all other taxes levied for municipal purposes, and shall be collected at the same time and in the same manner as other mumicipal taxes are collected and be used for no other purpose than the payment of said bonds and accuring interest.. Said taxes as collected shall be forthwith paid into the fund for which the same were levied and collected and which shall be designated "1929 Sewer Bond Fund", and all sums to become due for the principal of and interest on said bonds shall be paid from such fund. There shall likewise be deposited in said fund any moneys received on account of interest accrued on said bonds, from their date to the date of delivery and actual payment of the purehase price thereof. Section ~. There is hereby created and established a fund to be known as "1949 Sewer Construction Fund,' which shall be dept by the Treasurer of the City of South. San Francisco, and all proceeds of sale of $100,000 principal amount of said City of South San Francisco Sewage Disposal Bonds - 19&9, Series A, (other than accrued interest received on such sale) shall be placed by the Treasurer to t~e credit of said fund and shall be kept separate and distinct from all other municipal, funds, and shall be applieU exclusively to the acquisiti°n, construction and completion of the afore- said, municipal improvement. ~ection 8. The City Clerk is directed to cause a sufficient number of blank bonds and coupons of suita- ble quality' to be lithographed, printed or engraved, and to cause the blank spaees thereof to be filled in to comply with the provisions hereof, and to procure their execution by the proper officers, anU to deliver them, when so executied, to the Treasurer of said City who shall safely keep the same until they shall be sold bY said City Council, whereupon he shall deliver them to the purchaser or purchasers thereof, o~ receipt o~ the purchase price. Said Mayor, Treasurer and City Clerk are further authorized and directed to make, execute and ~eliver to the p~rchaser of said bonds a signature and ne-litigation certificate in the form usually required by purchasers of municipal bonds generally, certifying to the genuinenegs and due execution of said bonds and further certifying to all facts within their knowledge relative to any litigation which may or might ~ffect said City said officers or said bonds, and said Treasurer is further authorized and directed to make, execute and deliver to the purchaser of said bonds a Treasurer's receip~ in the form usually required by purchasers of municipal bonds, evidencing the payment of the purchase price of said bonds, which receipt shall be con- clusive evidence that said purchase price has been paid and has been received by said City. Any p~chaser or subsequent taker or holder of said bonds is hereby authorized to rely upon and shall be justified in relying upon any such signature and ne-litigation certificate and Treasurer's receipt with respect to said bonds executed pursuant to the authority of this resolution. Sectio~ 9. All of said Series A bonds shall be offered for public sale by the City Council of the City of South San Francisco o~ the 26th day of October, 19~9, and the City Clerk is hereby authorized and directed to cause notice of the sale of said bonds to be published once in "THE S~JTH SAN FRANCISCO JOURNAL", the official newspaper of said City, and such notice shall be substantially in the following form, to wit: OFFICIAL NOTICE OF SALE CITY OF SOUTH SAN FRANCISCO SEWAGE DISPOSAL BONDS - ~o,.o San ~ranctsco, Oaliforr~l.a~ i ..... -~' ]~o11~m .in lawful ~ney of' t~e ~.~i&e~: stat~ of Amex'ica being six months' interest then due on ~its 1949 Sewage Disposal Bond, Se~il A, dated October 15, 19~9. No. A Treasurer of the City of South San Francisco Section 5. The Mayor of said City of South San Francisco and the Treasurerof said City are hereby author- ized and directed, respectively, as such officers, to execute each of said bonds on .behalf of said City, and the City Clerk, or one or more of his deputies, is hereby authorized and directed to countersign each of said bonds and to affix the official seal of said City thereto. Said Mayor and Treasurer are hereby each, respectively, authorized to cause said bonds to be signed by their printed, lithographe~ or engraved facs~m~ le signatures. Said Treasurer is hereby authorized and directed to sign each of the interest coupons by printed, lithographed or engraved facsimile signature. Such signing, countersigning and sealing as herein provided shall be a sufficient and binding execution of said bonds and coupons by said City, and all such signatures and countersignatures, excepting that of the City Clerk or his deputies, may be printed, lithographed or engraved. In case any of such officees whose signatures or countersignatures appear on the bonds or coupons shall cease to be such officer'~before the delivery of such bonds to the purchaser, such signatures or countersignatures shall nevertheless be valid and sufficient for all purposes the same as if they had remained im office until the delivery of the bonds. Section 6. For the purpose of paying the principal of and interest on said bonds, the City Council of the City of South San Francisco shall, at the time of fixing the general tax levy and in the manner for such general tax levy provided, levy and collect annually each year until said bonds are paid, or until there shall be a sum in the treasury of said City set apart for that purpose to meet all sums coming due for principal and interest on such bonds, a tax suffi- cient to pay the annual interest on such bonds as the same becomes due, and a~so such part of the principal thereof as shall become due before the proceeds of a tax levied at the time for making the next general tax levy can be made avail- able for the payment of such principal. Said tax shall be in addition to all other taxes levied for municipal purposes, and shall be collected at the same time and in the same manner as other mmmicipal taxes are collected and be used for no other purpose than the payment of said bonds and accuring interest.. Said taxes as collected shall be forthwith paid into the fund for which the same were levied and collected and which shall be designated "19~9 Sewer Bond Fund", and all sums to become due for the principal oF and interest on said bonds shall be paid from such fund. There shall likewise be deposited in said fund any moneys received on account of interest accrued on said bonds, from their date to the date of delivery and actual payment of the purehase price thereof. Section 7. There is hereby created and established a fund to be known as "1949 Sewer Construction Fund" which shall be dept by the Treasurer of the City of South. San Francisco, and all proceeds of sale of $100,000 principal amount of said City of South San Francisco Sewage Disposal Bonds - 1949, Series A, (other than accrued interest received on such sale) shall be placed by the Treasurer to the credit, of said fund and shall be kept separate and distinct from all other municipal~ funds, and shall be applied exclusively to the acquisition, construction and completion of the afore- said municipal improvement. Bection 8. The City Clerk is directed to cause a sufficient number of blank bonds and coupons of suita- ble quality' to be lithographed, printed or engraved, and to cause the blank spaees thereof to be filled in to comply with the provisions hereof, and to procure their execution by the proper officers, and to deliver them, when so executied, to the Treasurer of said City who shall safely keep the same until they shall be sold bY said City Council, whereupon he shall deliver them to the purchaser or purchasers thereof, oN receipt o~ the purchase price. Said Mayor, Treasurer and City Clerk are further authorized and directed to make, execute and deliver to the pmrchaser of said bonds a signature and ne-litigation certificate in the form usually required by purchasers of municipal bonds generally, certifying to the genuinene~ss and due execution of said bonds and further certifying to all facts within their knowledge relative to any litigation which may or might effect said City said officers or said bonds, and said Treasurer is further authorized and directed to make, execute and deliver to the purchaser of said bonds a Treasurer's receip~ in the form usually required by purchasers of municipal bonds, evidencing the payment of the purchase price of said bonds, which receipt shall be con- clusive evidence that said purchase price has been paid and has been received by said City. Any p~rchaser or subsequent taker or holder of said bonds is hereby authorized to rely upon and shall be justified in relying upon any such signature and no-litigation certificate and Treasurer's receipt with respect to said bonds executed pursuant to the authority of this resolution. Section 9. All of said Series A bonds shall be offered for public sale by the City Council of the City of South San Francisco on the 26th day of October, 1949, and the City Clerk is hereby authorized and directed to cause notice of the sale of said bonds to be published once in "THE SOUTH SAN FRANCISCO JOURNAL", the official newspaper of said City, and such notice shall be substantially in the following form, to wit: OFFICIAL NOTICE OF SALE CITY OF SOUTH SAN FRANCISCO SEWAGE DISPOSAL BONDS - 1949. SERIES A NOTICE IS H~EBY GIVEN that sealed proposals will be received by the City Council of the City of South San Francisco, State of California, at the office of the City Council in the City Hall, Grand Avenue and Maple Avenue, in Sout.h San Francisco, California, on WEDNESDAY. OCTOBER 26. 1~49 at the hour of 11:00 A. M. (P.S.T.) for the pmrchase of $1OO,000 principal amount of bonds of said City designated "City ~f South San Francisco Sewage Disposal Bonds - 1949, Series A~, more particularly described below. Said Series A bonds are part of an issue of $1,667,000 aggregate principal amount authorized at an election held in said City of South San Francisco on July 26, 1949. The remaining $1,567,O00 principal amount of said authorized issue may be sold when and as determined by the City Counci% of said City, but will not be offered for sale prior to February 15, 1950. $100,000 consisting of 100 bonds of the denomination of $1,OOO each, numbered A1 to AiOO, inclusive, all dated October 15, 1949 and designated Series A. MATt~ITI~S.: Said bonds mature aerially in consecutive numerical order, from lower to higher, $10,OO0 on June 15th in each of the years 1950 to 1955, both inclusive, without option of prior payment. ~TEREST RATE: Said Series A bonds shall bear interest at the rat~ of two and one-quarter (2-1/4) per cent. per annum payable semi-annually on June 15th and December 15th in each year, (except the first coupon will repre- sent interest from October 15, 1949 to December 15, 19~9) PA~T: Both principal and interest plyable in lawful money of the United States of America at the office of the T~easurer of said ~ity, in South San Francisco, California. REGISTRATION: Coupon bonds will be issued by the, City. and interest. Such bonds are registerable only as to both principal PURPOSE OF ISSUE: Said bonda are authorized by vote of two-thirds of the qualified Voters voting at a special election for the purpose of authorizing bonds for the acquisition, construction and completion of a sewage disposal system of said City SECURITY: Said bonds are general obligations of the City of South San ~ancisco, and said City has power a~ is obligated to levy ad valorem taxes for the payment of said bonds and the interest there- on upon all property within the City of South San ~rancisco sub,oct to taxation by said City (except certain intangible personal property, which is taxable at ltm~ted rates), without limitation of rate er amount. TAX ~-~X~PT In the event that prior to the delivery of the bonds the income received by private holders from STATUS: bonds of the same type and character shall be declared to be taxable under any Federal Income Tax Laws, either by the terms of such laws or by ruling of a Federal Income Tax authority or official which is followed by the Bureau of IDternal Revenue, or b~Decision of any Federal Court, the ~uc~essful bidder may, at hi option, prior to the tender of said bonds by the City, be relieved of his obligation under the contract to p~cha the bonds and in such case %he deposit accomoanying his bid will be returned. LEGAL OPINION: The legal ppinion of Messrs. Orrick, Dahlquist, Neff & Herrington, of San Francisco, ~alifornia approving the validity of said bonds will be furnished to the suecessful bidder without charge. Hi~hest Bid: by the City. TERMS OF SALE The bonds will be awarded to the highest and best bidder. The p~rchaser must pay accrued interest from the date of the bonds to the date of delivery. The cost of printing the bonds will be borne RiMht of Rejection: .The City of South San Francisco reserves the right, in its dieeretion, to reject any and all bids and to waive any ireegularity or informality in any bid. Prompt Award: The City Council of the City of South San Francisco will take action awarding the bonds or rejecting all bids not later than 23. hours after the expiration of the time herein prescribed for the receipt of proposals; provided that the award may be made after the expiration of the specified time if the bidder shall not have given to the City Council notice in writing of the withdrawal of such proposal. Prompt Delivery: Delivery of said bonds will be made to the successful bidder at the office of the City Treasure in South San Francisco, California, as soon as the bonds can be prepareS, which it is estimated will be about October 31, 19&9. Xi~ht of Cancellation$ The successful bidder shall have the right, at his option, to cancel the. contract of purchase if the City shall fail to tender the bonds for delivery on or before November 14, 19&9, and in such event the successful bidder shall be entitled to the return of the deposit accompanying hi bid. Form of Bid: Ail bids must be unconditional; for not less than all of the bonds hereby offered for sale; and for not less than the par value thereof and accrued interest to date of delivery.. Such bids, together with bidder's check, must be enclosed in a sealed envelope addressed to the City Council of the City of South San Francisco and endorsed "Proposal for City of South San Francisco Sewage Disposal Bonds - 19~9, Series A Bid Check; With each bid must be submitted a certified check or chahier's check for $5,000, drawn on a bank or trust company transacting business in the State of California, payable to the order of the City Treasurer of the City of Sout~ San ~¥ancisco to secure the City from any loss resulting from the failure of the bidder to comply with the terms of his bid. Checks of the unsmccessful bidders will be returned by the City by mail upon the award of the bonds. No interest will be paid upon the deposit made by the successful bidder. FINANCIAL STATEN~NT Further information relative to the financial eondition of the City of South San Francisco will be furnished to any bidder upon request. DATED: October 10, 19&9. DANIEL J. HYLAND City Clerk of the City of South San Francisco, State of California. Section 10. This resolution shall take effect fromand after its passage and approval. PASSED AND ADOPTED this lOth day of October, 19&9, by the following vote: · AYES; Councilmen Victor Boido, Chas. K. Elder, Leo Ferko, Adolpk Sani, Emilio Cortesi. NOES: Councilmen None ABSENT: CounCilmen None LEO FF/~KO Mayor of the City of South San Francisco, California Attest: DANIEL- J. HYLAND City Clerk Presented to and approved by me this lOth day of October, 19&9. LEO FERKO Mayor of the City of South San Francisco, California (sm,.)