HomeMy WebLinkAbout1696 - Purchase of BondsAm
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LAW OFFICES OF
ROLAND THOMPSON
210 SPURGEON BUILDING
SANTA ANA. CALIFORNIA
RESOLUTION NO.
RESOLUTION OF AWARD AND FIXING INTEREST RATE
WHEREAS, pursuant to order of the City Council of the
City of Newport Beach, the City Clerk of the City of Newport Beach
gave notice that the City Council of the City of Newport Beach
would receive sealed proposals for the purchase of bonds of the
City of Newport Beach, designated as Pier Bonds, 1940, up to the
hour of 7:30 o'clock, P. M. of December 27th, 1939, and that all
bide should be filed with the City Clerk of said City and that
said bide would be opened by the City Council at its chambers
In the City Hall ofthe city of Newport Beach,California; and
WHEREAS, said Notice of Sale of Bonds further provided
that said bonds were of the total par value of $130,000.00,
one hundred thirty (130) in number, and numbered 1 to 130
Inclusive, of the denomination of $1000.00 each, to be dated
January 1st, 1940, and to mature Six Thousand Dollars ($6000.00)
annually in consecutive numerical order from January 1st, 1941
until January let, 1950, both inclusive, and Seven Thousand
Dollars (7000.00) annually from January let, 1951 to January let,
1960, both inclusive, and further that said bonds would bear
Interest at a rate not to exceed five percent (5 %) per annum,
payable semi— annually on the let day of July and the let day of
January of each year, such rate of interest to be determined
upon the sale of the bonds; and
WHEREAS, bide were received pursuant to such Notice of
Sale of Bonds, and said bide were duly opened by the City Council
at its said meeting of December 27th, 1939; and
WHEREAS, the bid of "a 4
was in the opinion of the City Council f the city of Newport
Beach, the highest and beet bid made for said bonds; and
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WHEREAS, the bid of J;J'MyJ - bA
was in all respects in accordance with said Notice of Sale of
bonds as aforesaid, and was accompanied by a check
In the amount of G/ �� ® 0 , being an amount not less than
five percent (5 %) of the par value of the bonds bid for,and
payable to the order of the City of Newport Beach.
NOW, THEREFORE, BE IT RESOLVED: That the bid of
/. ..Z, Ia�-YJAL,4 be and the same is hereby
accepted by the City CouncA of the City of Newport Beach, upon
the terms and conditions set forth in said bid.
BE IT FURTHER RESOLVED: That the said sum of $_
be immediately deposited in the 1940 Pier Bond Fund by the City
Clerk of the City of Newport Beach and that the balance of said
to, wit, the
amount bid be paid by the said successful bidder, ts,aLiFe
said Security -First National Bank of Los ngeles,
accordance with the
terms and conditions of its said bid.
BE IT FURTHER RESOLVED that the interest rate on said bonds
be and the same is hereby fixed and determined at ®- percent
per annum, payable semi - annually on the let day of July and the
let day of January of each year hereafter.
BE IT FURTHER RESOLVED that all other bids received be
and the same are hereby rejected and the checks accompanying the
same are ordered returned to the respective unsuccessful bidders
by the City Clerk of the City of Newport Beach.
PASSED, ADOPTED AND APPROVED this 27th day of December,
1939.
TEST:
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32_
LAW OFFICES OF'.
ROLAND THOMPSON
AL-
210 SPURGEON BUILDING
- -
SANTA ANA, CALIFORNIA
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LAW OFFICES OF
ROLAND THOMPSON
210 SPURGEON BUILDING
SANTA ANA. CALIFORNIA
-k
I, Frank L. Rinehart, City Clerk of the City of Newport
Beach, do hereby certify that the above and foregoing Resolution
was duly and regularly passed and adopted by the City Council
of the city of Newport Beach at an adjourned regular meeting
thereof held on the 27th day of December, 1939, by the following
vote, to -wit:
Beach
AYES, COUNCILMEN:
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NOES, COUNCILMEN: 1A p
ABSENT, COUNCILMEN: - a
city or Newpor