CC Resolution No. 234RESOLUTION NO. 234
RESOLUTICU OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
SELLING $905, CITY OF CJPERTINO 1960 WATER F �.�dUE
BONDS, SER IES A
WHEREAS, the City Council of the City o
authorized the issuance of :1,000,300 principal
of said City, to be 1oZOwri as "City of Cupertino
Bonds ", and further duly authorized the sale of
amount of said bonds, all designated "Series A"
February 1, 1960 at public sale to the highest
C Cupertino duly
amount of bonds
1960 Water Revenue
x. 000 principal.
and dated
bidder therefor;
AND WHEREAS, notice of the sale of said bonds has been duly
given in the manner prescribed by said City Council by resolution,
and the following bids for said bonds were and are the only bids
received by said City Council, to wit:
Average Interest
Name of Bidder Cost to City
1. First California Company and Associates 4.978885'
2. Blyth & Co., Inc., and Associates 5.08;'
3. John Nuveen & Co., Schwabacher & Co.,
and Channer Newman Securities Company 4.9187%
AND WHEREAS, said first two bids hereinabove enumerated are
not satisfactory as to price, and said third bid enumerated is not
satisfactory as to price in that said bid fails to state which of
said Bonds are to be purchased below par or face value, and said
City Council accordingly cannot determine whether or not said bid
is within the limitations of Government Code Section 54418;
01
1 t
1ts;6O XMITOAS, J'o'hn 71L`'L eaa Co.,, Salivaba0her & 00. and
.144 (and accivApan;� \itta �y�k 1'c��� �;i,GUO� a�'ft��tr�g tc� pets�s� ae
*i�t4 hryrifi at pri t att) *a Iii t;a the terma her4inef -3er zftt forth,
+1 a snide -d bid It ; of MIki.e
y���[} Se ry �jT ,�.9� yy'' �` p' � �
•.# g Sect� ,�. ��18 s- 'a -" a fyi (xl.�l �QfJ a to p.i".. �.5`` � {i��
V MvIdes for an aversig n Int treat; rate on as-Id btw�.
r
g, 59 IT MCMVEM by tho City Qc=oll oV the
M Y of Cupertino as. follow%
1. All three of arasi 4' hide for ®ald ba :de stehaitted at
wall public oai,v are heivby rejeoted, and the Citjf' 0 Is
iseb r ordered said diructz'd to return to said bidders tlwir
several checks acczcwipanying their reapective bids; and
2. Said amended bld of Joha Nu een & Co., Sahw aMaher &
Co. and Clamer Newman Securities Company (and accompanying
check) offering to pural=ne $905, 000 par value of cald Series A
ids at private hale ahall, be and is heroby aoceptcd, and the
Treasurer of the City of Cupertino is hertiby authrirized and
directed to deliver said bands to said purataoer 'thereof upon
IrAyment to said Treaourer of the purchaun price, to writ
'T, 000 (Sorien A Bonds Nos. Al to A5, both Inclusive,, being
hemby Bold, as provided In aa.Id bid, at the per imluo thereof
mad Series A Bonds Nos. A6 to A90% both xnolusitre, boon' g
w cold, as providid in said bid, at 98% of the spar values
4oreof and at a total d1scowit or $18,000) together with
accrued intoreat at the f'o7l7lowing rates s
OLd bonder Mud), at sa set
tortla,, payable anauall;y - .,he f1re't year fm February 1$' 1961, 'aYad
the after seW.-annt\tIly on February 1 and Auguot i or each year.
3. The 0ity ' C lux* Asi hereby directed to cause+ to ba 11tho.-
Xmphed printad or engraved a sufficient number of bleu bonds
1
and', coupons of nuita'bie quality,, said bonds and .coupons to shou
on their face that the came beau interest at the rate(e) atore-
qid.
IWOLM P'UR2 that, this resolution shall take atfeot
trrm and after its peme►agae and approval.
t �
PAS= AND AArJ1lM thle l8th day of January, 1960, by the
following votes
AY 18 C ouncilmen � , �A►.QQ -+�-�. ` ���/_.,,, �- �.�.Q� �c�,1 ,
VARs:
ABMTi
�s�e�.vo.� V�:�
r.w.raw`...w� +w+�rw'w• un
Date
..an...rw.ww.w rya
Al t0 A21D�
5%
A906 VO 4575
4-3/4%
A S? v3 A
it, 8%
OLd bonder Mud), at sa set
tortla,, payable anauall;y - .,he f1re't year fm February 1$' 1961, 'aYad
the after seW.-annt\tIly on February 1 and Auguot i or each year.
3. The 0ity ' C lux* Asi hereby directed to cause+ to ba 11tho.-
Xmphed printad or engraved a sufficient number of bleu bonds
1
and', coupons of nuita'bie quality,, said bonds and .coupons to shou
on their face that the came beau interest at the rate(e) atore-
qid.
IWOLM P'UR2 that, this resolution shall take atfeot
trrm and after its peme►agae and approval.
t �
PAS= AND AArJ1lM thle l8th day of January, 1960, by the
following votes
AY 18 C ouncilmen � , �A►.QQ -+�-�. ` ���/_.,,, �- �.�.Q� �c�,1 ,
VARs:
ABMTi
x. dwfxu.♦ruwcwcrrraaw w.
Ka'AMd4Wa �'� ,u3w.w.aresar++w
gym O"I :a V *1Afo iaa<,,.axo hareby Oftltlf`y that tzar+ t*"-
it
Is n ftali, a ca coeMot c pyp cif' :a. �a�ea�ult�r .La�► d:�ti�
**Oyt ' at ak rexu2ar *044ULlt or e a My
X11 CC #* Ad GUY +any and regularly avaA le&lly held at
its Via" noettos Placae thereof on we i8th &w or jaiwary,
I90 of v0 dah axle tl all of the members cif' aald My OwAn
*W fte twtlo* &M at which a ma jorlty fMgr of ww pr* rr.6x
that at wald mostArse said resolution was lntxvduc od by Counall..
seam and read in full, and vas themipan,
Upw Notton of ar►aalraae►n , wOs`Ided by
OaumIlaaacasn adopted by the follcwtng
rota: A te ` I (u oq �
An'st Ce ►�tf C� -�ha -m � a 1'
dl+QM
That I have carefully ktompared said resolution w1th the
original minutes of said meotiraQ on file and of record In any
office and that said resolution is a full, true and corresr copy
of the original ro solution adopted at said aseow lug and whored In
asal,d minutes. That sold resolution has not bean amendad, modified
or reaoinded since the date of its ado,pti00 and the same is now
In full foraan and effoot.
WITHUS any hm-id and the sera of aaald City of Cupertino
this day or danua.ry, 196b.
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