HomeMy WebLinkAboutReso 1681-1951RESOLUTION NO. 1681
SELLING CITY OF SOUTH SAN FRANCISCO S~AGE
DISPOSAL BONDS- 19&9, SERIES C
WHEREAS the City Council of the City of South San Francisco has heretofore duly authorized the
issuance of $500,000 principal amount of bonds of the City of South San Francisco, to be known as
"City of South San Francisco Sewage Disposal Bonds - 19A9, Series C", all dated June 15, 195!, and
further duly authorized the sale of said bonds at public sale to the highest and best bidder therefor;
and
~VHEREAS notice of the sale of said bonds has been duly given in the manner prescribed by said
resolution and the following bids for said bonds were and are the only bids received by said City Council,
to wit:
American Trust Company,
R. H. Moulton & 6empany $ ~0.00
'.¥eeden"& Co., and Dean
;~tter & Co.
BankoSf America: National Trust
and Savings Association
589.00
AND '~EREAS the said bid of Bank of America National Trust and Savings Associatiefl is the highest
and best bid for said bonds, cohsidering the interest rate specified and the pr~ offered;
NOW, THEREFORE, be it resolved by the City Council of the City of South San Francisco as follows,
t o-wit:
1. Said bid of Bank of America National Trust and Savings Association for $500,000 par value of
said bonds shall be, and is hereby accepted and the treasurer of the City of 8outh San Francisco is here-
by authorized and directed to deliver said bonds to said pUrchaser thereof upon the payment to said tream~rer
of the purchase price,o~e~ ~'Thepa~' vatue~ thereof and premi~m,,~ft$589,00, together-with accrued interest
at the following rates:
$90,000.00 par value maturing June 15,
1952 to June 15, 1957, in-
clusive, bearing interest
at 3-1/2%, ·
$120,000.00 par value maturing June 15,
1958 to June 15, 1965, in-
clusive, hearing interest'
at
$290,000.00 par value, maturing June 15,
1966 to June 15, 1981, in-
clusive, bearing interest
Said bonds shall bear interest at said rates hereinabove set forth, paYable semi-annually on
June 15th and December 15th.
2. Ail bids, except the bid of Bank of America National Trust and Savings Association, are hereby
rejected, and the City Clerk is hereby ordered and directed to return to the unsuccessful bidder its check
accompanying its bid.
3. The City Clerk is directed to cause to be lithographed, printed or engraved a sufficient number
of blank bonds and coupons of suitable quality, said bonds and coupons to show on their face that the same
bear interest at the rates aforesaid.
RESOLVED, FURTHER, t~at this resolution shall take effect from and after its passage and approval.
Passed and adopted this 17th day of July, 1951, by the following vote:
Ayes, Councilmen Victor Boido, Charles K. Elder, Adolph Sani, Emilio Cortesi
Noes, Councilmen None
Absent, Councilmen Joseph Bracco
Adoll~ S~~ -s-
Mayor of the City of South San Francisco
Attest:
Daniel J. Hyland~
City Clerk
Presented to and approved by me this 17th day of July, 1951.
Adolph Sani
Mayor of the City of South San Francisco, California