19500627 Regular City Council Meeting - Minutes
MI1~TES OF AN ADJOURNED REGULAR MEETING
OF THE CITY COUNCIL OF THE CITY OF VERNON
HELD ON JUNE 27,:b950 AT 2 0 I CLOCK P.M.
IN THE COUNCIL CHAMBE1\s OF THE CITY HALL
LOCATED AT 4305 SANTA FE AVEl-J-uE, VERNON,
CALIFORNIA.
COIDfCILMEN PRESENT: Anderson, Furlong, Mailliard, Paxon, Trowbridge.
COUNCILMEN ABSENT: None.
The meeting was called to order by Mayor R. J. Furlong.
This being the time and place fixed for the opening
of bids on the $1,300,000 Sewage Disposal Bonds, 1950, of the 6ity of
Vernon, dated June 1, 1950, the City Clerk reported that three (3) bids
had been filed. Thereupon the bids were publicly opened, examined and declared.
Said bids are as fallows, to wit:
Security-First National Bank of Los Angeles, Blyth & Co.,
Inc. C. J. Devine & Co., Taylor & Company, R. H. Moulton & Co., bid par,
accrued interest to date ofrdelivery, and a premium of $117.00 for said
$1,300,000 Sewage Disposal BOnds, 1950, dated June 1, 1950 in the denomination
of $1,000, bearing interest as follows:
$195,000 maturing from June 1, 1951 to June 1,
at 2% per annum.
$659,000 Maturing from June 1, 1954 to June 1,
at 1 3/4% per annum.
$455,000 maturing from June 1, 1964 to June 1,
at 2% per annum.
1953 ,
1963,
1970,
incl. ,
~cl. ,
inc 1. ,
Bank of America, N.T. & S.A. & Associates, bid par, accrued
interest to date of delivery, and a premium of $571.00 for said $1,300,000
Sewage Disposal Bonds, 1950, dated June 1, 1950 in the denomination of
$1,000, bearing interest as follows:
$130,000 maturing June 1, 1951 to June 1,
at 2% per annum.
$910,000 maturing June 1, 1953 to June 1,
at 1 3/4% per annum.
$260,000 maturing June 1, 199Z to June 1,
at 2% per annum.
1952,
1966,
1970,
incl. ,
incl. ,
incl. ,
California Bank, Heller, Bruce & Co., Kaiser & Co.,
Dean Witter & Co. and Daniel Reeves & Co., bid par, accrued interest to date
of delivery, and a premium of $31.50 for said $1 300,000 Sewage Disposal
Bonds, 1950, dated June 1, 1950 in the denominatIon of $1,000, bearing interest
as follows:
$715,000 maturing June 1, 1951 to June 1, 1961, incl.,
$130,000 maturing June
at 1 3/4% per annum.
$455,000 maturing June
at 2% per annum.
at 2% per annum.
1, 1962, to June 1, 1963, incl.,
1, 1964 to June 1, 1970, incl.,
Each of the bids was accompanied by cashier's check in the
sum of $39,000.00 as provided in the notice inviting bids. The City Attorney
reported that each of said bids was regular and in accordance with the notice.
Thereafter, upon motion duly made, seconded and carried,
said bids were referred to the City Attorney and tn@ Sp~C!iaiBondAtforney for
checking, said officers to compute the bids and to report back to the City
Council immediately after such computation with their recommendation as to the
best bid.
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. 6/27/50
The City Attorney reported that he and the Special
Bond Attorney, as directed by the City Council, had computed the bids
and that the bid of the Bank of America, N.T. & S.A. & Associates,
bidding par, accrued inte~est to date of delivery, and a premium of
$571.00 for said bonds, bearing interest as follows:
$130,000 maturing June 1, 1951 to June 1, 1952 incl.,
at 2% per annum.
$910,000 maturing June 1, 1953 to June 1, 1966 incl.,
at 1 3/4% per annum.
$260,000 maturing June 1, 1967 to June 1, 1970 incl.
at 2% per annum, is the best bid, and recommended that the City Council
award the bonds to said bidder.
After considering the recommendation and the computation
of the bids, on motion of Trowb~idge, seconded by Poxon, Resolution No.
1493, entitled II Resolution of the City Council of the City of Vernon,
California, awarding $1,300,000 Sewage Disposal Bonds, 1950, of said
City to the best bidder and fixing the interest rates thereonu, was
adopted by the following vote:
Ayes: Anderson, Furlong, Mailliard, Poxon, Trowbridge.
Noes: None
Absent: None
There being no further business to come before the
meeting, it was moved by Trowbridge, seconded by Mailliard that the
meeting adjourn. Motion carried.
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City Clerk
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