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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 er i_, `.+7i�ie, GAer +eri ty