Minutes 1934/08/20
2H2
, ,
Gilroy, Calif., August 20, 1934.
The regular adjourned meeting of the Common Council of
August l3th, 1934, was called to order by His Honor Mayor El-
mer J. Chesbro.
Present Councilmen Fred C. Boock, S. D. Heck, ~.XH.xRNXh+)Q
George A. Wentz, Geor3e C. ~ilias, Jr.;
Absent Councilman
Ben Stewart, J. H. Rush.
By motion of Counncilman George C. Milias, 3r., seconded
by Councilman Fred C. Boock the fllowing Resolution was passed
and adopted:
RESOL~I&N NO. 'fd
..
RESOLUTION PROVIDING FOR THE SALE OF THE CITY OF
~LROY WATER 1~IN REPLACEMENT BONDS.
THE eiP~9N.~C.OUNCIL OF ~HE CITY OF GILROY DO RESOLVE
.,i \(I)~
",J.SFCIaLOWS:
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, WHEREAS, the Common Council of the City of Gilroy,
..
2ua
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 (f::il ,000 000) each. One Thousand Dollars
U~il,OOO.OO) principal amount mature July 1st, in each of
the years 1935 to 1945 ~oth inclusive; Two Thousand
Dollars ($2,000.00) principal amount bonds mature ~lly
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 pel' annum, payable semi-annually on July
lst ~d January 1st of eaoh ~ear; and,
.....
',.,'-~1.:
~~;,~';'~
WHEREAS, 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 1_,
received for said bonds; and,
WHEFfr~AS, this Common Council does hereby find that
the bid of the
WEEDEN and CO.
for the par value
""""'-
of said bonds, plus accrued interest, t'he first $~10,000
of said bonds due, ;11;1,000 each year from July 1st, 1935
to 1944, both inclusive, to bear interest at ~%) four per
.....
cent per annum, and the remaining ~p19 ,000 of said bonds
due $1,000 July 1st, 1945 and $2,000 July 1st, 1946 to
1954 both inclusive, to bear interest at (3t{~) three and
one-half per cent per a:D..num ,is the best bid offered for
said bonds.
~'!IlI.
NOW rfHEREPORE, this Common Council does hereby order
that said City of Gilroy Water Uain Replacement Bonds be
and. the same are hereby sold to Weeden and Co. for the sum
of $29,000.00. The f~ ~~10,000 of said bonds due, $1,000
each year July 1st, 1935 to 1944, to bear interest at (4%)
four per cent per annum, the remaining ~?19,000 due, ~il,OOO
July 1st, 1945 and ~~2,000 due July 1st, 1946 to 1954, to
,bear interest at (3~-;b) three and one-half per cent per annum
.....
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
294
is hereby authorized to deliver said bonds properly ex-
as
ecuted an~directed by Ordinance of the Conmlon Council
to VJeeden and Company.
c:.iJ
::::
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~
The Common Council does hereby find and determine
that the following bids were made and received by the
following compan~, that is to say:
NAME
The'""Anglo Cali-
fornia National
Bank
Al.IOUNT BID
~?29 ,000 Par
Value, and
accF\.Jed in-
terest to date
of delivery
INTERES'l' AT
3 3/4 per cent
per annum
PREMIUM
None
....
-
American 'rrust
Company
It
It
?
.,p88 000
Heller, Bruce
& Company
It
4 per cent per
annum
~~48 000
NA1iflE
~america Company
'.1t\$:;.::/;
AJ10UNT 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
It
~h
.,)113.00
Weeden & Co.
It
First $10,000 due None
$1,000 each year
July 1st, 1935 to
1944 to bear intenEt
at 4% per annlua, re-
lp-aining f:\!l9 ,000, due
~1,000 July 1st, 1945
'and $2,000 July 1st,
1946 to 1954, to bear
interest at 3'M6 per ,\~,
annum .
....
.......
Be it further resolved by this Common Council that
said Water Main Replacement Bonds be executed and issued
in accordance .ith said bid, the first 010,000 of said
bonds due, $1,000 each year fro~ July 1st, 1935 to 1944,
both inclusive, to bear interest at (4%) four per cent
per annum, and the remaining ~~19 ,000 of said bonds due
~:a,ooo July 1st, 1945 and ~::2,000 July 1st, 1946 to 1954
both inclusive, to bear interest at (3~%) three and one-
.....
.....
half per cent per annum.
~~e above and foregoing resolution was duly passed at
an adjourned regular meeting of the Common Council of the
City of Gi~r,y held on August 20, 1934, by the following
vote:
?qG
..;r...i' 1# ~r
Vote, Ayes, Councilmen George A. ~entz, George C. Milias, Jr
Fred C. Boock, S. D. Heck; Noes, Councilmen, None; Absent
';ouncilmen Ben. Stewart, .J. H. Rush.
:Motion by Councilman George A. ',7entz seconde( by Council-
man Fred C. Boock and carried:
That certified checks aCCOill-
panying bids for bonds mede by unsuccessful bidders be ordered re-
turned.
Mot ion by Counc ilman George A. ':.ent z seconded by Counc ilman
George C. Milias, .Jr., that the Princevalle check in the amount
of $
938.68 together with
207.45 from the General Fund ,be
placed in the Bond Fund ( This being Series A. of pGving fund. )
This action was taken on account of its being the City's fault
that the m:'tter was not previously adjusted.
I'otion by Councilman George A. '.'fentz seconded by Council-
man }I'red C. Boock and carried that certcdn double assessments
on the Tax Roll for 1933 and 1934 and other verbal agreements
made by the Board relDtive to the assessments on the Catholic
Church land and Lucy House property be allowed end proper cor-
rections ll!de on the Tax record.
Adjourned subject to the
call of the Chair.
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