HomeMy WebLinkAboutReso - CC - 014-1949RESOLUTION NO. 14-49
SELLING OF CITY OF BURLINGAME GENERAL
OBLIGATION FIRE PROTECTION BONDS OF 1949,
SERIES B
WHEREAS, the City Council of the City of Burlingame
heretofore duly authorized the issuance of �170,000.00 principal
amount of bonds of the City of Burlingame to be known as "City
of Burlingame General Obligation 1,71ire Protection Bonds of
1949, Series B", all dated April 15, 1949, and further
authorized the sale of said bonds at public sale to the highest
and best bidder therefor; and
WHEREAS notice of the sale of said bonds has been duly
given in the manner prescribed by the resolution authorizing
the issuance of said bonds and the following bids for said
bonds were and are the only bids received by said City Council
to -wit:
NAME OF BIDDER NET INTEREST COST TO CITY
AMERICAN TRUST COMPANY
1-3/4% April
15, 1950 - 1965
21April 15,
1966 - 1969
BANK OF AMERICA
20 ril 15,
1950 - 1951
1-3A ' April
15, 1952 - 1963
2% April 15,
1964 - 1969
WEEDEN & CO.
1-3/4o April
15, 1950 - 1959
2�', April 15,
1960 - 1969
KAISER & CO.
171/2% April
15, 1950 - 1956
2April 15,
1957 - 1969
BLYTH & CO.
1-1/2 April
15, 1950 - 1957
1-3/4j April
15, 1958 - 1961
2/ April 15,
1962 - 1969
BLAIR & CO.
25 April 15,
1950 - 1969
SCHWABACHER & CO.
3% April 15,
1950 - 1952
1-1/25 April
15, 1953 - 1956
1-3/4� April
15, 19,97 - 1962
21� April 15,
1964 - 1969
WHEREAS the said bid of the
American Truet Company is
the highest and best bid for said
bonds, considerinZ interest
rates specified and the premium offered.
NOW THEREFORE, BE IT RESOLVED by the City Council of the
(City of Burlingame as follows:
1. That the said bid of the American Trust Company for
$170,000.00 par value of said bonds shall be and is hereby
accepted and the Treasurer of the City of Burlingame is hereby
authorized and directed to deliver said bonds to said purchaser
thereof upon the payment of to the said Treasurer of the purchase
price, to -wit: the par value thereof and a premium of �"''30.00
together with accrued interest at the following rate (s):
1-3/4� April 15, 1950 to 1965 inclusive
2° April 15, 1966 - 1969 inclusive
Said bonds shall bear interest at said rate (s) hereinabove set
orth payable semi-annually on April 15 and October 15.
2. That all bids excepting the bid of the American Trust
Company are hereby rejected and the City Clerk is hereby ordered
and directed to return to the unsuccessful bidders their several
checks accompanying their respective bids.
3. The City Clerk is directed to have lithographed, printed
r 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 rate (s) aforesaid.
BE IT FURTFER RESOLVED that this resolution shall take
affect from and after its adoption.
U. S. Simonds, Jr., - Playor
I, Herbert K. 'White, City Clerk, do hereb certify t the
oregoing resolution was introduced at a regular meeting of the
ity Council held on karch 7, 1949, and adopted thereafter by the
ollowing vote:
I� AYtS�:_ COUNCZlZa N: Dahl -Harper -Hunt -Love -Simonds
NOES: COUNCILMEN: None
ABSLNT QOUNCILIv;EN: None
C er
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