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RESOLUTION N0.57-240 OF' Ti~ CITY COUNCIL OF THE CITY <br />OF SA2~TA ANA .~ARDI~ ~700, 000 BONDS 0F SAID CITY TO <br />THE BEST BIDDER AND REJECTING ALL OT~ER BIDS. <br /> <br /> WHEREAS, at the time aud place fixed for the opening of bids <br />for the $700,000 bonds of the City of Sauta Ar~, designated LIBRARY <br />BONDS, 1957, and numbered i to 700, both inclusive, all bids were pub- <br />licly opened, examined and read, and a tabulation thereof has been <br />entered in the minutes; and <br /> <br /> WHEREAS, the bid of the bidder hereinafter named is the best <br />bid made by a responsible bidder for said bonds; <br /> <br /> ~OW, THEP~EFOi~E, the City Co~cil of the City of Sauta Ana, DOES <br />HE]~BY RESOLVE, DETER~.~IINE AND ORDER as follows: <br /> <br /> Section 1. That the bid of Bank of America Na~tQnal Trust and Sav~ngs <br />As sociation <br /> <br />offering par, accrued interest to date of delivery and a premium of <br /> <br />for said bonds to bear interest payable annual ly the <br /> <br />first year and semiannually thereafter at the rates of: <br /> $175,000 par value m~turtng October 1, 1958 to October 1, 1962 inclusive, <br /> bearing interest 6%, <br /> $ 35,000 par value maturing October 1, 1963 inclusive, bearing interest 3-3/4~, <br /> $210,000 par value m~turing October 1, 1964 to October 1, 1969 inclusive, <br /> bearing interest <br /> $280,000 par value maturing October 1, 1970 to October 1, 1977 inclusive, bearing <br /> <br />is the bid for said bonds yielding the lowest net interest cost. Said <br />bid is hereby accepted and the bonds awarded to said bidder in accord- <br />ance with the te~s of its proposal. <br /> <br /> Section 2. That ~l bids, other than the one accepted in Section <br />i hereof, are rejected and the Clerk of the Council is directed to <br />return the checks accompanying said ~ejected bids to the respective <br />bidders. <br /> <br /> <br />