CC RESOLUTION 51F�FS`
RESOLUTION 110. 51.
A RESOLUTION OF THE BOARD OF TRUS-
TEES OF THE CITY OF EL SEGMTDO, CALIFCRNIA,
ACCEPTING THE JOII'.T BID OF ' "ILLIrs' R.
STAATS COLLPArY AIM CYRUS PEIRCE E: COI.a. '21IY
FOR $150,000.00 PAR VALUE OF THE $2000000.00
PAR VALUE, CITY OF EL SEGUNDO "LATER TIOM
BONDS, ELECTION 1922, AIM A17ARDIITG SAID
$"150,000.00 PAR VALUE OF SAID BONDS TO
SAID `,'IILLIAM R. STAATS COI'r AMY AND CYRUS
PEIRCE & COTIPANY.
MEFREAS, the Board of Trustees of the City of
E1 Segundo, County of Los Angeles, State of California,
at the regular meeting of said Board held on the 20th
day of Earch, 1923, adopted a resolution, being Resolution
ro. 50 of the said Board, directing that the City Clerk
publish by two insertions in the "E1 Segundo Herald ", a
weekly newspaper of general circulation, published and
circulated within said City of E1 Segundo, a notice of
sale of One Hundred Fifty Thousand Dollars 0150,000.00)
par value of the Two Hundred Thousand Dollars 0200,000.00)
authorized Water ;7orke Bonds, Election 1922, of the said
City of E1 Segundo; which said notice was contained in
said Resolution and was a part thereof; and
WLIEREAS, said Ilotice was duly published by two
insertions in the said "E1 Segundo Herald ", to -wit, on
the 23rd day of March, 1923 and on the 30th day of "arch,
1923, in words and figures as follows:
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"NOTICE OF SALE OF AN ?TICIPAL II;I-
PROVEDIT BONDS OF THE CITY OF
EL SEGUIMO. CALIFORNIA, ELECTIOI;
1922.
ITotice is hereby given that pursuant to
Resolution No. 50, the Board of Trustees of
the City of E1 Segundo, California, will re-
ceive sealed bids or proposals until the hour
Of 8 :00 o'clock P. id. of Tuesday, the 3rd day
of April, 1923, to purchase the following
municipal improvement bonds, election 1922,
of the City of El Segundo, California, to -wit:
Water 7orks Bonds, Election 1922, in the
sum of One Hundred Fifty Thousand Dollars
($1509000.00); said Nater Works Bonds offered
for sale are dated the 2nd day of January,
1923; are numbered from 1 to 150 both inclus-
ive; are of the denomination of One Thousand
Dollars ($19000.00) each, and bear interest
at the rate of five per cent (5 %) per annum,
payable semi - annually, on the 2nd day of Jan-
uary and on the 2nd day of July of every year,
both principal and interest being payable in
lawful money of the United States of America,
at the office of the Treasurer of the City of
E1 Segundo, California; are part of an issue
of Two Hundred Thousand Dollars 0`200,000.00)
par value, for ;later "lorks improvement, author-
ized at a special election, held in said City
of E1 Segundo, California, on the 21st day of
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August, 1922, and directed to be issued by
Ordinance No. 92 of the City of El Segundo,
California, to which ordinance reference is
hereby had for further particulars. Six
of said bonds offered for sale hereunder
mature on the 2nd day of January, 1928, six
thereof on the 2nd day of January, 19299 and
six thereof on the 2nd day of January of
each and every year thereafter until and
including the second day of January, 1952.
No proposal for the purchase of said
bonds, or any of them, at a price less than
their par value, plus interest accrued to
the date of their delivery, will be consid-
ered, and all proposals submitted will be
construed to mean the par value of said
bonds, plus interest accrued to the date
of delivery, in addition to the premium
offered, whether said proposal sets forth
the same explicitly or not. 110 proposal
for less than the full number of bonds
offered for sale, or providing for the pay-
ment of the purchase price thereof later
than the 20th day of April, 1923, will be
considered.
The bonds offered for sale will be
ready for delivery on or about the 15th
day of npril, 19239 and will be delivered
at the office of the Treasurer of the City
of E1 Segundo, California, or at any place
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designated in any proposal that may be
accepted, upon payment in advance by the
bidder, of all expenses necessary to make
delivery at such designated place, and to
transfer the purchase price to the Treas-
urer of the City of E1 Segundo, thereby
making delivery and payment at such place
equivalent to delivery and payment at the
office of the Treasurer of the City of E1
Segundo.
Each bid shall be accompanied by
certified check or bank draft, drawn on
a solvent flank of Los Angeles County, pay-
able to the City Treasurer of the City of
E1 Segundo, for an amount equal to at
least five per cent of such proposal,
as a guarantee that the bidder will pur-
chase and pay for said bonds in accordance
with this Ilotice of Sale and the proposal
of such bidder in event such proposal be
accepted.
A certified copy of an opinion of
Bordwell R Mathews of Los Angeles, Cali-
fornia, special bond attorneys, approving
the validity of the bonds offered for sale,
will be furnished by the City of E1 Segundo
to the successful bidder.
The Board of Trustees of the City of
El Segundo reserves the right to reject
any and all bids or proposals received.
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By order of the Board of Trustees of
the City of El Segundo, California, made
at a regular meeting of said Board, held
on the 20th day of March, 1923.
VICTOR D. 11cCARTHY
City Clerk and ex- officio Clerk
of the Board of Trustees of the
City of E1 Segundo, California."
-D, '.:MREAS, pursuant to said notice, two
bids were received by the said City of E1 Segundo prior
to eight o'clock P. Y. on Tuesday, the 3rd day of April,
1923; and
1BEREAS, said bids or proposals were opened
by the Board of Trustees of said City at eight o'clock
P. 11. on said 3rd day of April, 1923; and
'?HEREAS, said bids were in words and figures
as follows:
"Los Angeles, Cal. April 3rd, 1923.
The Honorable Board of Trustees,
E1 Segundo, California.
Gentlemen:
For .150,000. bonds of the City of El
Segundo, County of Los Angeles, State of
California, of the denomination of 6,10000,
each, dated January 20 1923, maturing six
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of said bonds in each of the years 1928 to
1952 inclusive, bearing interest at the
rate of 5% per annum, payable semi - annually,
we will pay you on delivery to us the sum
of par, accrued interest to date of deliv-
ery, and a premium thereover of 5318.00.
+e enclose herewith as evidence of
good faith our certified check for X7,900.00,
same to be retained by you as part payment
in case the bonds are sold to us, other-
wise to be returned.
This bid is for immediate acceptance
and on the usual condition that we are
furnished a full certified abstract of the
proceedings had to authorize this issue
satisfactorily evidencing to our attorneys
the legality of the same.
Respectfully submitted,
°JIr,LIAM R. STAATS CO.,
-- CYRUS PEIRCE & 00'.,
TKG-K BY Thomas K. Gally. "
"Los Angeles, Cal. April 3rd, 1923.
Board of Trustees,
City of E1 Segundo,
El Segundo, California.
Gentlemen:
For the $150,000. par value CITY OF
EL SEGUIMO 'WATER -ORKS .5% BONDS, of the
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denomination of u1,000, dated January 2,
1923, and maturing X6,000 each year from
January 29 1928 to January 2, 1952, in-
clusive, interest payable semi - annually
January and July 2nd, at the Treasury of
the City of E1 Segundo, California, we
will pay you F150,000, being the par value
of said bonds, accrued interest to date
of delivery, together with a premium of
176.009 One Hundred Seventy -six and
no/100 Dollars.
This bid is made subject to immed-
iate acceptance, and with the understand-
ing that upon delivery you will furnish
us with the approving opinion of Yessrs.
Bordwell & Eathews of Los Angeles, cover-
ing this issue, same subject to the
additional approving opinion of John C.
Thompson of I:ew York at our expense.
As evidence of our good faith, and
to comply with your Notice of Sale, we
hand you herewith Cashier's check of the
Security Trust & Savings Bank for $8,000.00,
being in excess of 5% of the amount of
our bid, said check to be used in part
payment for the bonds when taken up by
us, or to be returned promptly in the
event we are not awarded the bonds under
the terms hereof.
Respectfully submitted,
R. H. I'OULTON & COMPAI'.Y,
By L. W. Stompley. "
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ATTD, t7HEREAS, the said joint proposal of said
William R. Staats Company and Cyrus Peirce & Company was
the highest and best bid received for the said bonds
offered; and
'7HEREAS, said joint proposal offering par plus
accrued interest to date of delivery and a premium of
Three Hundred Eighteen Dollars (318.00) in addition
thereto, for the One Hundred Fifty Thousand Dollars
(0150,000.00) par value of the Two Hundred Thousand
Dollars (,200,000.00) par value, City of E1 Segundo
'.later Works Bonds, Election 1922, of the denomination
of One Thousand Dollars (}1,000.00) each, dated Jan-
uary 2, 1923, maturing six of said bonds in each of
the years 1928 to 1960, both inclusive, and two of
said bonds in the year 1961, drawing interest at the
rate of five per cent (50%) per annum, and being � °ater
Works Bonds, Election 1922, of said City, is the best
bid received for said One Hundred Fifty Thousand Dol-
lars (1;150,000.00) par value of said ''later ^orks
Bonds, Election 1922, -
PTO.`:, THEREFORE, BE IT RESOI VED, that the
said joint bid of said William R. Staats Company and
Cyrus Peirce & Company, offering the sum of par, One
Hundred Fifty Thousand Dollars (A1509000400), plus
accrued interest to date of delivery, plus a premium
thereover of the sum of Three Hundred Eighteen Dollars
(:"318.00) for the One Hundred Fifty Thousand Dollars
(6y15O,000.00) par value of the Two Hundred Thousand
Dollars 0 200,000.00) par value, City of E1 Segundo
Water Works Bonds, Election 1922, of the denomination
of One Thousand Dollars 01,000.00) each, dated Jan-
uary 2, 1923, numbered one (1) to one hundred fifty
(150), both inclusive, maturing six of said bonds in
each of the years 1928 to 1952, both inclusive, bear-
ing interest at the rate of five per cent (5;0) per
annum, payable semi - annually (being part of the author-
ized issue of Two Hundred Thousand Dollars (°200,000.00)
Water Works Bonds, Election 1922, of the City of El-
Segundo, California) be, and the same is hereby
accepted by the City of E1 Segundo, California, and
that the said One Hundred Fifty Thousand Dollars
(0150,000.00) par value Water Works Bonds, Election
19220 be, and the same are hereby sold to said joint
bidders, William R. Staats Company and Cyrus Peirce
& Company, to be delivered as soon as practicable
after the 14th day of April, 1923; and
BE IT FURTHER RESOLVED, that the City Clerk
be, and he is hereby instructed to enter this Eesolution
in the book of resolutions of the said City of E1
Segundo, and make a minute of the passage and adoption
thereof in the minutes of the meeting of the Board of
Trustees of said City, at which the same is passed and
adopted.
Passed, approved and adopted this 3rd day of
April, A. D. 19234
ATTEST:
City Clerk
President of the Board of Trustees
of the City of E1 Segundo, California.
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STATE OF CALIFORNIA
COUNTY OF LOS AFGELES
CITY OF EL SEGUNDO
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SS
I, VICTOR D. McCARTHY, City Clerk of the City
of E1 Segundo, California, do hereby certify that the
foregoing resolution, being Resolution No. 51, was duly
passed, approved and adopted by the Board of Trustees of
the City of E1 Segundo, California, approved and signed
by the President of said Board, and attested by the City
Clerk, all at a regular meeting of the said Board held on
the Ord day of April, A. D. 1923, and that the same was so
passed and adopted by the following vote:
AYES: TRUSTEES: Binder, Rueger, Smiley and Bryson,
ROES: TRUSTEES: Drone .
ABSENT: TRUSTEE:: Davis.
0
ty Clerk of the City of E1
(SEAL) California.
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