HomeMy WebLinkAboutReso - CC - 055-1948RESOLUTION NO. 55-48
SELLING CITY OF BURLIHGAT:IE GFIZERAL OBLIGATION
BONDS OF 1949s SERIES A
WEEREAS, the City Council of the City of Burlingame hereto-
fore duly authorized the issuance of155,000.00 principal
amount of bonds of the City of Burlingame to be known as "City
of Burlin a.:ne 'eneral Obligation Bonds of 1949, Series A", all
dated January 15, 1949, and further authorized the sale of said
bonds at public sale to the highest and best bidder therefor; and
WIiEREAS, notice of the sale of said bonds has been duly
given in the manner prescribed by the resolution authorizing; the
issuance o " said bonds and the following bids fbr said bonds were
and are the
only bids received
by said City Council,
to -grit:
NAT,�
OF BIDDER
NET INTEREST COST TO
CITY
AITERICAI? TRUST COMPANY
LAVISON, LEVY c, INI LLIA ,1S
KAISER £s CO.
BL` TH & CO. INC.
V'II_,'EDEN F�: CO.
BANK OF ATv�RICA, Natt 1 Trust 711
Savings Ass ?no
BLAIR & CO.
23 January 15, 1950 - 1953
2-1/4' January 15, 1954 - 1969
2' January 15, 1950 - 1957
2-1/4c' January 15, 1958 - 1969
1-3/4; January 15, 1950 - 1959
2-I/`4� January 15, 1960 - 1969
2�j January 15, 1950 - 1960
2-1/4�; January 15, 1961 - 1965
2-1/23'- January 15, 1966 - 1969
2' January 15, 1950 - 1961
2-1/4 January 15, 1962 - 1969
1-3/4;� January 15, 1950 - 1952
2p January 15, 1953 - 1964
2-1/4% January 15, 1965 - 1969
25 January 15, 1950 - 1957
2-1/4�% January 15, 1958 - 1969
WIEREAS, the said bid of the Band of America, Nattl Trust
Savins Assfn, is the highest and best bid for said bonds,
considering, interest rates specified and the premium offered.
N0V10 T=i✓REFORE, BE IT RE!SOLVI_-,D by the City Council of the
City of Burlingame as follows, to -wit:
1. That said bid of the Rank of America, National Trust
and Savings Ass for 155,000.00 par value of said bonds mall
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 to the said
Treasurer of the purchase price, to -wit: the par value thereof a
and a premium of ?119.00 together with accrued interest at the
following rate(s):
1-3/4% January 15, 1950 to 1952, inclusive
25 January 15, 1953 to 1964, inclusive
2-1/4%J January 15, 1965 to 1969, inclusive
Said bonds shall bear interest at said rate (s) hereinabove set
forth payable semi-annually on January 15th and July 15th,
2. That all bids excepting the bid of tine Bank of America,
National Trust E: Savings Assn are hereby rejected and the City
Clerk is hereby ordered and directed to return to the unsuccess-
ful bidders their several checks accompanying their respective
bids.
3. The City Clerk is directed to have 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 rate (s) aforesaid.
BE 1T 17MTh-ER RESOLVED that this resolution shall take effec
from and after its adoption.
-/ . G% _ '
U. S. Simonds, Jr., - Ma r of the
City of Burlin,. e
I, Herbert K. white, City Clerk do hereby certify that the
foregoing resolution was introduced at a regular meeting- of the
City Council held on November 15, 1948, and adopted thereafter by
the following vote:
AYES: COUPCIUMN Dahl -Harper -FIunt- Love -Simonds____
NOES: COUNCILMEN None
ABSM COUSICIMEN None
rbert -ate, City Clerk of the
City of Burlingame