CC RESOLUTION 54F.E�101U" Ioi' 110. 54.
A RE50LUTIOl; OF `:HE BOARD OF TRUS-
TEES OF TPE CITY OF EL SEGUIMO, CALI-
FORNIA, ACCEPTING This JOIIIT BID OF
".'ILLIAivI R. STAATS CO"TALY ALD CYRUS
PEIRCE AND 001,T,PALY 2OR 0,7D, IT.UIMED FIFTY
THOUSAI.D DOL;,ARS (: 1509000.00) PAR VALUE
OF Tn'E T+' +0 HUIiDRED �ZHOUSt�M DOLLARS
(0200,000.00) TAR VALUE JITY OF EL
SEGUIMO , ATER :,ORKKS B0 'DS, ELECTION
1922, AI:D A,;ARDII:G SAID OldE HUNDRED
.FIFTY THOUSALD DOLLARS (0150,000.00)
PAR VALUE OF SAID :10,1i TO SAID '.:ILLIAM
i. STAATS COLZ-AlY AID CYRUS r'EIRCE AIM
C OL:PAli Y.
.lHEREaS, the Board of Trustees of the City of
El aegundo, California, has heretofore received sealed
tiroposals or bids pursuant to advertisement requesting the
sw,is, duly published in the El Segundo Herald, on One Hun-
dred Fifty Thousand Dollars (^150,000.00) par value Water
:forks Bonds of said City of E1 Segundo, California, Elec-
tion 1922, with maturities as provided for said bonds in
Ordinance Sao. 92 of said City, on file it the office of
the City Clerk, and to which reference is hereby expressly
made; and
',`iHEREAS, said maturities were not satisfactory
to the successful bidders, 71lliam R. Staats Company and
Cyrus Peirce and Company, and this Board has by Ordinance
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6 A$ L
Lo. 93, au;ending said Ordinance l;o. 92, provided that the
maturities of said bonds, as fixed in said Ordinance l:o.
92, should be changed so as to provide that eight (8) of
said bonds should becoije due on January u, 1931, and eight
(8) of said bonds on the 2nd day of January of each and
every year thereafter, up to and including the year 1955; and
gaREAS, said original successful bidders, y;illiam
R. Starts Company and Cyrus Peirce and Company, are satis-
iced with said corrected maturities and are willing to take
the first maturing One Hundred Fifty 'Thousand Dollars
(w150,000.00) par value of said bonds at the original price
bid therefor, to -wit, the sum of par, plus accrued interest
to date of delivery, and a premium thereover of Three Hun-
dred Eighteen Dollars (:;1318.00), and have submitted their
formal bid to that effect; and
1'iHEREAS, said joint proposal of said William R.
Starts Company and Cyrus Peirce and Company presented to
this Board this date, is the highest and best bid received
` for the said bonds offered; and
WHEREAS, said joint proposal offering par plus
accrued interest to date of delivery, and a premium of
Three Hundred Eighteen Dollars (318.00) in addition there-
to, for the One Hundred Fifty Thousand Dollars (x150,000.00)
par value, being bonds numbered one (1) to one hundred
fifty (150) inclusive, of the 4"wo Hundred Thousand Dollars
(0200,000.00) par value, City of E1 Segundo :'+ater :corks
Bonds, Election 1922, of the denomination of One Thousand
Dollars Q.1,000.JO) each, dated January 2, 1923, said
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415
entire Two Hundred Thousand Dollars 0200,000.00) of
bonds maturing eight (8) of said bonds in each of the
years 1931 to 1955, both inclusive, drawing interest
at the rate of five per cent (5%) per annum, and being
'Dater Works Bonds, Election 1922, of said City, is the
best bid received for said One hundred Fifty Thousand
Dollars 0.1509000.00) par value of said Water 17orks
Bonds, Election 1922, -
TIO'Y', THEREFORE, BE IT RESOLVED, that the said
joint bid of said William R. Staats Company and Cyrus
Peirce and Company, offering the sum of par, One Hundred
Fifty Thousand Dollars (Olb0,000.00), plus accrued inter-
est 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 (O1bO,000.00) par
value of the Two Hundred Thousand Dollars (5200,000.00)
par value, City of E1 Segundo ',later Works Bonds, Election
1922, of the denomination of One Thousand Dollars
01,000.00) each, dated January 2, 1923, said bonds
representing said One Hundred Fifty Thousand Dollars
(w150,000.00) par value, being numbered from one (1) to
one hundred fifty (150), both inclusive, and maturing
eight (8) of said bonds in each of the years 1931 to
1948, both inclusive, and six of said bonds on January
20 1949, bearing interest at the rate of five per cent
(5 %) per annum, payable semi - annually, (being part of
the authorized issue of Two Hundred Thousand Dollars
(6200,000.00) :eater . "orks Bonds, Election 1922, of the
City of El Segundo, California) be, and the same is
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hereby accepted by the City of El Segundo, California,
and that the said One Hundred Fifty Thousand Dollars
(z'?150,000.00) par value, Water Works Bonds, Election 1922,
be, and the same are hereby sold to said joint bidders
'Jilliam R. Staats Company and Cyrus Peirce and Company,
to be delivered as soon as practicable;
AND 3E IT FURTHER RESOLVED, that the Board of
Trustees of said city does hereby determine that said
One Hundred Fifty Thousand Dollars ($150,000.00) of said
bonds shall be sold to said William H. Staats Company
and Cyrus Peirce and Company in the manner and at the
price as hereinabove set forth, and said Board does
hereby confirm the said sale in the manner herein set
forth;
At,D BE IT FURTHER RESOLVED, that the City
Clerk be, and he is hereby instructed to enter this
resolution 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 15th day
of May, A. D. 19230
L3
President of the Board of Trustees
of the City of E1 Segundo, California.
AT iST:
City Clerk.
(SEAL)
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STATE 01' CaiIP(EIIIA
)
COUNTY OF 105 ArGE1NS )
CITY O}' EIS SEGUNDO )
SS
I, VICTOR D. 11CCARTHY, City Clerk of the City
of E1 Segundo, California, do hereby certify that the
foregoing resolution, being Resolution Do. 54, was duly
and regularly passed, approved and adopted by the Board
of 'Trustees of the City of E1 Segundo, California, ap-
proved and signed by the President of said Board and
attested by the City Clerk, all at a regular meeting of
said Board held on the 15th day of May, A. D. 19239
and that the same was so passed and adopted by the
following vote, to -wit:
AYES: TRUISTEES Binder, Dsvia, Rueger, Smiley and Bryson.
DOES: TRUSTEES None.
ABSENT: TMISTEES None.
(SEAL)
City Clerk of the City of E1 Segundo,
9
California.
s ' .