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Opening of bids Library Bonds, 1957 First California Company: Proposal, in terms of a net bid for the bonds is $60,026.13. April 24, 1957 and bear interest at the rate of 6% per annum. the sum of $1,800.78 accompanied bid. Bonds are dated Cashier's check in Taylor and Company: Propose to pay $$8,491.28 which is the par value thereof, for bonds bearing interest at the rate of 6% per annum, plus accrued interest to the date of delivery, plus a premium of $777.93. Cashier's check in the sum of $1,754.74 accompanied bid. Dempsey-Tegeler & Company: Propose to pay 100.51% of par, on bonds to bear interest at the rate of 6% per ,nnum. Will pay accrued interest to date of delivery. Cashier's check in the s~m of $1,754.74 accompanied bid. On motion of Councilman Markel, seconded by Hubbard and carried, al ] bids were then referred to the Director of F~e. nce for checking and computation, a report thereon to be given to the Council later in this meeting. This being the time and place fi~ed for the opening of bids for the $700,000 bonds of the City of Santa Aha, California, designated Library Bonds, 1957, and numbered 1 to 700, inclusive, on motion of Counc~lm-~ Hubbard, seconded by Gould and carried~ the Clerk was authorized to open the bids, and the following bids received pursuant to the notice of sale were publicly opened, examined and read: California Bank, Manager, E.F.Hutton & Co. Paine, Webber, Jackson and Curtis, Shearson, ~---,~11 and Company: Bid par, accrued interest t~ date of delivery and a premium of $42.00 for bonds bearing interest payable annually the first year and semi-anm,~l~y thereafter at th~ rates of: Rate ~r ~n~um$~Par Value 1~1 3 3/~% b~O, 000.00 10/1/62-73 10/1/7 -77 Tn azldition to the above amotmt, we will pay accrued interest from the date of the bonds to the date of their delivery. Gross interest payable is computed to be $282,975.00, ith net interest payable amounting to $282,933.00, for a net interest cost of 3.8~9~28%. Cashier's check in the st~ of $~1,000.00 accoml~mied bid. American Trust Company, Harris Trust and Savings Bank, Taylor and Company, Sb,~man, Agnew & Co., Weeden & Co., H.E.Work & Co., First Western Bank and ~rust Company, American Trust Company: Bid par, accrued interest to date of delivery and a premium of $450.00 for bonds bearfng interest payable annually the first year and semi--nnu-lly thereafter at th~ rates of: $1~O,0OO.00 par value bearing interest at 5% per annum. Maturing $35,000.00 each year beginnfng October l, 1958, to October l, 1961, both dates inclusive. $280,000.00 par value bearing interest at 3 3/4% per annum. Maturing $~5,0OO.00 each year beginning October l, 1962, to October l, 1969, both dates inclusive. $280,000.00 par value bearing interest at 4% per annum. Maturing $35,000.00 each year begin-tug October l, 1970, to October l, 1977, both dates inclusive. Cashier's check in the sum of $22,000.00 accompanied bid. Security-First Nationa~ Bank of Los Angeles: Bid par, accrued interest to date of delivery, plus a premium of $1.00. D~ted October 1, 1957, in the denomination of $1,000, bearing interest as follows: $1~0,000 maturing from Oct. 1, 1958 to October 1, 1961, inclusive, at 5% $490,000 maturtng from Oct. 1, 1962 to October 1, 1975, inclusive at 3-3/4%. $ 70,000 maturing from Oct. 1, 1976 to October 1, 1977, inclusive at ~%. Cashier's check in the sum of $21,000.00 acco~pauied bid. Halsey, Stuart & Co. I~c., The First National Bank of Chicago, Burns, Corbett & Pickard, Inc.: Par plus accrued interest to the date of delivery and in addition thereto a premium of $ none. 1958 to 1964, inclusive - 4% 1965 to 1968, inclusive - 3 3/4% 1969 to 1977, inclusive - ~% The net interest cost to the City at this bid, computed in the manner specified in the Notice of Sale, will be $290,675.00, equivalent to 3.95476% per ,nnum. Cashier's check in the sum of $21,000.00 accompanied bid. ~nk of Pay par ~175,000. par value maturing October 1, interest 6%, $ 35,000. par value maturing $210,000. ~ar value maturing interest 3~, interest 3-3/4%. Cashier's America N.T.&.S.A. and Associates: and accrued interest to date of delivery, plus a premium of $459.00. 1958 to October 1, 1962, inclusive, bearing October 1, 1963 inclusive, bearing interest 3-3/4%, October 1, 196~ to October 1, 1969 inclusive, bearing October 1, 1970 to October 1, 1977, inclusive, bearing check in t~e sum of $21,000.00 accompanied bid. On motion of Counci!m~ Markel, seconded by Hall and carried, all bids were then referred to the Director of F~nance for checking and computation, a report thereon to be given to the Council later in this meeting.