Resolution 42
T
T.:otion by George C. Milias, Jr. seconded by S. D. Heck
th::..'t Resolution number 42 be passed and adopted as follmvs:
BE IT RESOLVED by the Common Council of the City of
Gilroy:
..
1. That the City Treasurer be, and he is hereby auth-
orized and directed to sell $29,000.00 principal amount of
the CITY OF GILROY WATER MAIN REPLACEMENT BONDS, and the
hour of ten o'clock A.M. on Monday, the 20th day of August,
1934, be, and the same is hereby, set as the time until which
at the office of the City Treaaurer, bids shall be received
for the purchase thereof.
(,)kO
Jh"((.'~
2. That said City Treasurer be, and he is hereby auth-
orized and directed to cause notice of the sale of said bonds
to be published once in the Gilroy Evening Dispatch, the
official newspaper of the City of Gilroy, and that such notice
shall be in substantially the following form:
OFFICIAL NOTICE OF SALE
of
CITY OF GILROY WATER MAIN REPLAGElvrENT BONDS
NOTICE IS HEREBY GIVEN, that saaled bids will be received
by the City Treasurer of the City of Gilroy, State of Cali-
fornia, at his office at the City Hall in said City until ten
o'clock A.M. of Monday, the 20th day of August, 1934, for
the purchase of $29,000.00 principal amount of the CITY OF
denomination of $1,000.00 each, all dated July 1st, 19341
and will bear interest of not to exceed four (4) per cent
per annum, payable January 1st, and July 1st, in each year.
Said Water Main Replacement Bonds shall mature as follows:
$1,000.00 principal amount of bonds mature
July 1st, 1935 in each of the years 1935
to 1945, both inclusive.
$2,000.00 principal amount of bonds mature
in each of the years 1946 to 1954, both
inclusive.
Said bonds will be issued for the purpose of the ac-
quisition, construction and completion of a main cast iron
pipe line to replace the present main steel pipe line convey-
ing water to the City of Gilroy.
Both principal and interest of said Water Main Replace-
ment Bonds will be payable in lawful money of the United
States of America at the office of the City Treasurer of the
City of Gilroy, California. Said Water Main Replacement Bond:
shall bear interest tt a rate to be stated on the face there-
of, not to exceed (4) four per cent per annum, payable Eemi-
annually. Each bidder shall specify in his bid the rate of
interest he desires said Water Main Replacement Bonds to
bear and the premium offered. The rate of interest for all
of said bonds must be in multiples of i of 1%; but it shall
r
_.....,--~,.~-- ---
2HO
not be necessary that the rate be uniform for any of said
bonds and split rate interest bids will be acceptable. The
highest bid will be determined by deducti.r~g from the total
amount of interest which the City would be required to pay
up to the maturity of said bonds at the Coupon rates spec-
ified in the bid, the amount of the premium offered therefor,
l~V
-
......~
w
r~-:J
Q
and the award will be made at the lowest net interest cost
to the City. Said bonds shall not be sold for less than
their par value and accrued interest thereon to date of del-
ivery. Bids must be made for all of said bonds and not for
any portion thereof.
For the convenience of the City Treasurer bidders are
requested, but not required, to submit a calculation of the
total net interest cost to the City on the basis of their
respective bids, which estimate however, shall not be con-
clusive upon the bidder or upon the City.
The assessed value of all real and personal property
in the City of Gilroy subject to taxation for municipal
purposes is $2,879~287.00. The total bonded indebtedness
is $165,000.00.
The validity of this issue has been approved by Messrs.
Orrick, Palmer and Dahlquist, Attorneys at Law, San Francisco,
California, whose opinion will be furnished the successful
bidder without charge.
With each proposal must be submitted a certified check
or a cashier's check made payable to the order of the City
Treasurer in the sum of $ 9.ROO_OO
, which certified or
cashier's check will be returned to the unsuccessful bidder
in case of the rejection of his proposal. The certified check
of the successful bidder will be forfeited in case he neglects
.
to pay for the bonds bid for by him within ten days after notice
to him in writing, that said bonds have been duly executed and
are ready for delivery. The right to reject any and all bids
is hereby reserved to the City of Gilroy.
-... ~
'~'I'
, ',~,
,~~,..;.
~-,'
~c-
. '~
" .
2- n,~
f ~f f;
This notice is given pursuant to resolution of the Common
Council of the City of Gilroy adopted August 6th, 1934.
P. R. Colson
City Treasurer of the
City of Gilroy, California
3. That said City Treasurer be, and he is hereby authorized
and directed to mail notice of the sale of said Water Main Re-
placement Bonds to the state Treasurer and to the Department
of Finance of the State of California.
4. This resolution shall take effect immediately.
PASSED AND JillOPTED this 6th day of August, 1934, by the
following vote:
AYES: GoulH)ilmen Geor.o"e A. Hentz, q D LIe k .,
'1!"111 T<... ~ u. · l.. c, lxeorge
III . 8.8,..:.L., J. H. Rush,
NOES: Counc ilmen, None,
ABSENT: Counc ilmen Fred C. Approved
Boock, and Ben stewart '~ . /1 /" /
'~ 4~
, ~or
of
.