HomeMy WebLinkAbout57-240RESOLUTION N0.57-240 OF' Ti~ CITY COUNCIL OF THE CITY
OF SA2~TA ANA .~ARDI~ ~700, 000 BONDS 0F SAID CITY TO
THE BEST BIDDER AND REJECTING ALL OT~ER BIDS.
WHEREAS, at the time aud place fixed for the opening of bids
for the $700,000 bonds of the City of Sauta Ar~, designated LIBRARY
BONDS, 1957, and numbered i to 700, both inclusive, all bids were pub-
licly opened, examined and read, and a tabulation thereof has been
entered in the minutes; and
WHEREAS, the bid of the bidder hereinafter named is the best
bid made by a responsible bidder for said bonds;
~OW, THEP~EFOi~E, the City Co~cil of the City of Sauta Ana, DOES
HE]~BY RESOLVE, DETER~.~IINE AND ORDER as follows:
Section 1. That the bid of Bank of America Na~tQnal Trust and Sav~ngs
As sociation
offering par, accrued interest to date of delivery and a premium of
for said bonds to bear interest payable annual ly the
first year and semiannually thereafter at the rates of:
$175,000 par value m~turtng October 1, 1958 to October 1, 1962 inclusive,
bearing interest 6%,
$ 35,000 par value maturing October 1, 1963 inclusive, bearing interest 3-3/4~,
$210,000 par value m~turing October 1, 1964 to October 1, 1969 inclusive,
bearing interest
$280,000 par value maturing October 1, 1970 to October 1, 1977 inclusive, bearing
is the bid for said bonds yielding the lowest net interest cost. Said
bid is hereby accepted and the bonds awarded to said bidder in accord-
ance with the te~s of its proposal.
Section 2. That ~l bids, other than the one accepted in Section
i hereof, are rejected and the Clerk of the Council is directed to
return the checks accompanying said ~ejected bids to the respective
bidders.
Section 3- That the interest rates on-said bonds are hereby
fixed at the rates stated in Section i hereof.
Section 4. The City Treasurer is hereby directed to deliver
said bonds to the successful bidder upon the payment of par, accrued
interest to date of delivery and the
ADOPTED,
1957.
ATTEST:
Clerk of of the
City of Smta Ana, California
By _ ,~-4..~.~ ~
Assi~ rant Clerk
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF SANTA ANA )
premium above stated.
SIGNED AND APPROVED this 16th day of September . ,
Santa Aha, California [
I, E~A HUNTER, Ch rk of the Council of the City of Santa Ar~,
California, DO HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the City Council of said City by a vote of more than two-
thirds of the members thereof mad was approved by the ~ayor of said
City .at a regular meeting of ssi d City Council held on
the 16th day of September , 1957, and tb~t it was adopted by the
following vote:
AYES,
Councilmen Royal E. Nubbard~. S+~nl,y C. Go~ld~ Jr.;
A.A.N-!!, J. Ogden ~arkel, Ds&e H. Heinly
NOES, Coun ci linen None
ABSENT, Councilmen None
STATE OF CALIFORNIA )
COUNTY 0F ORANGE )
CITY OF SANTA ANA )
SS
Clerk of th8 Council of th'e
City of Santa ABa, California
B /~ ~ ~ ' '-'~
Assist~t Clerk
I, ERNA HUNTER, Clerk of the Council of the City of Santa Ana,
Califo~ia, DO P~REBY CERTIFY that the foregoing is a full, true and
correct copy of Resolution No. 57-240 and that the ssm~e has not been
amended or repealed.
Dated: September 18th , 1957.
Clerk of the'Council of the
City Of santa Ana~ Califormia
Assistant Clerk