Resolution 43
RESOLU!ION NO. Iff;
.
RESOLUTION PROVIDING FOR THE SALE OF THE CITY OF
~LROY WATER 1aIN REPLACEMENT BONDS.
THE eO~lQR COUNCIL OF THE CITY OF GILROY DO RESOLVE
.
,18 Fca.wWSt~";c;
{ t
WHEREAS, the Common Council of the City of Gllroy~
..
:l H;)
pursuant to call therefor, has received bids for the
sale of the City of Gilroy Water Main Replacement Bonds,
which bonds are dated July 1st, 1934, and consist of
twenty-nine (29) bonds of the denomination of One Thou-
sand Dollars Uil ,000 000) each. One n1.ousand Dollars
U"l ,000 .00) principal amol.l.nt mature July Is t, in each of
the years 1935 to 1945 l"oth inclv.si ve; Two 'l'housand
Dollars (~:;2,000.00) principal amount bonds mature July
1st, in each of the years 1946 to 1954 both inclusive,
said bonds to bear interest at a rate not to exceed four
(4) per cent per annura, payable semi-annually on July
1st ~d Ja~uary 1st of each veal"; and,
,;;:';':
WlIEREAS, the Common Council did at its meeting on
August 20th, 1934, receive, cause to be opened, and ex-
amined, and did declare publically all proposals or bids 4_'
-
received for said bonds; and,
W}lliFW~AS, this Co~non Council does hereby find that
the bid of the
'i.-.sEDEN and CO.
for the par value
of said bonds, plus accrued interest, ~he first $10,000
of said bonds due, :1;;1,000 each year from July 1st, 1935
to 1944, both inclusive, to bear interest at ~~) four per
cent per annUlll, and the remaining (r;19,000 of said bonds
due ~;:;1,000 July 1st, 1945 and $2,000 July 1st, 1946 to
1954 both inclusive, to bear interest at (3~;:.i) three and
one-half per cent per ap~Ulll.is the best bid offered for
said bonds.
NOW rl'Hl~E.EJ.?OHE, this COTInnon Council doe s hereby order
that said City of Gilroy Water Main Replacement Bonds be
and the same are hereby sold to Weeden and Co. for the sum
of ~l~29 ,000 000. The f:inSt ~~10 ,000 of said bonds due, :'~~l ,000
each year July 1st, 1935 to 1944, to bear interest at (4j&)
four per cent per *annUlll, the remaining ;',;19,000 due, ~:;1,000
July 1st, 1945 and ~$2,OOO due July 1st, HJ46 to 1954, to
.bear interest at (3~-)b) three and one-half per cent per amnlnl
in accordance with its bid.
Upon the payment of the said sum of money into the
treasury of the said City of Gilroy, the City Treasurer
') (\ J
.r. ;)~,
is hereby authorizod to deliver said bonds properly ex-
as
ecuted anV(lirected by Ordinance of the Com,:mon C01.mcil
::'u
:::::::
eo
t'r.1
C':)
to Y;eeden and Company.
The ComJ:non Council does hereby find and determine
that the followinG bids were made and received by the
followinG cO:lpanies, that is to say:
NAME
The Anglo Cali-
fornia 1:Tational
Ba'nk
AEOUN'l" BID
$29,000 Par
Value, and
accr'cJed in-
terest to date
of delivery
HirrEREST A'I:
3 3/4 per cent
per annum
PliliHIUM
None
A.merican 'I'rust
Com-cany
"
It
t:on 00
\;lUO 0
Heller, Bruce
& Company
II
4 per cent per
annum
~t48 000
"
NAME
Biiiamerica Company
~'l>~H".<',f' ~,
"j,..,., ,
',;,'<'.'i,
AlTOUNT BID INTEREST AT
~~29 ,000 Par Value 3 3/4 per cent
and accrued inter- per annum
est to date of
delivery
PREMIUM:
-'39.00
Brown Harriman and
Company
"
It
~':113 .00
Weeden & Co.
"
Firs t ~i:lO ,000 due None
$1,000 each year
July 1st, 1935 to
1944 to bear inte~t
at 45; per annum, re-
~aining ;1\)19,000, due
$1,000 July 1st, 1945
. and $2,000 July 1st,
1946 to 1954, to bear
interest at 3~>> per
annum.
Be it further resolved by this Common Council that
said Water Main Replacement Bonds be executed and issued
in accordance with said bid, the first ;:510,000 of said
bonds due, $1,000 each year frow July 1st, 1935 to 1944,
both inclusive, to bear interest at (4%) four per cent
per annum, and the remaining ;1;19,000 of said bonds due
,', ('.
,/1,000 July 1st, 1945 and ,,2,000 July 1st, 1946 to 1954
both inclusive, to bear interest at (3M;) three and one-
..,
half per cent per annum.
The above and foregoing resolution was duly passed at
an adjourned regular meeting of the Common Council of the
City of Gilroy held on August 20, 1934, by the following
vote l'
.~
Vote, Ayes, Councilmen George A. ;7entz, George C. LIilias, 31'
:Fred C. Boock, S. D. Heck; Noes, Councilmen, None; Absent
~ouncilmen Ben. Stewart, J. H. Hush.
.
?qr,:
_: t'" Go.~