13 of 1919 - A resolution reporting bids received for sale of $1,000.000.00 bonds and accepting bid of National C EMARKS:
Resolution No.... 13
i
By Commissioner ' Y
Reporting bide received for
sale of $1,000,000.00 bonds and
,accepting bid of National City
Company.
READ A .3 ADOPTED
ED
APR 3..1919
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VOTING AYE NAY
Salt Lake City,Utah, April 3rd, ,191 •
Crabbe
Green - J--- I move that the resolution be adopted.
Neslen - -
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Scheid
Mr. Chairman.
RESOLUTION
Result
WHEREAS the Beard of Commissioners of Salt bake
City passed a resolution on the 21st day of Marsh, 1919, math.
'rising and directing the Mayor and City Recorder to advertise
for bite for the sale of $540,000.00 Water Bonds, Series G;
$14,000.00 Water Bonds, Series H; $196,000.00 Sewer Bonds,
Series G; $100,000.00 Paving Bonds, Series Ne. 11; $100,000.00
Bath House Bonds, Series No. 12; and $50,000.00 Park Bonds,
Series No. 13, authorised to be issued and sold by the quali-
fied electors of Salt Lake City at the special eleotion held
en the 25th day of February, 1919; said notice to bidders to
be published daily for a period of ten days in the Salt Lake
Herald and the Deseret Evening News, daily papers of general
oiroulation published in Salt lake City, Utah, and also in five
issues of the Daily Bond Buyer, a paper of general circulation
in financial quarters and published in New York City, New York,
said notice to describe generally the proposed bonds, and re.w
quire that all bids for the purchase of said bonds should be
accompanied by a eortified chock in a sum of not less than one
per lent par value of the bonds bid for, payable to the order
of the Treasurer of Salt Lake City, as a guaranty of good faith
on the part of the bidder and to reimburse said pity for its
loss and expense in this behalf, in case the bidder shall not
perform his bid after acceptance thereof; said bids to be seal..
ed and planet in the hands of the City Recorder on or before
ten o=olook a. m. of April 3rd, 1919i said bids to be opened
at the regular meeting of the Board of Commissioners on said
dates and
QH8REA8 pursuant to and in conformity with said
resolution the Mayor and City Recorder duly advertised for bids,
and
WHEREAS en said third day of April 1919, the follow..
iug tabulated bids for said bonds were received and filed by the
City Recorder, to-wit%
BIDDER TERMS OF BID.
Rational City Company Par accrued interest to date
Redmond & Company. of delivery and premium of
$10,893.00.
E. H. Rollins and Sons Par, accrued interest and
A. B. Leach & Company premium of $7,990.00.
Harris Trust & Savings Bank
MoCorniok and Company Par, &corned interest and
premium of $6,100.00.
Palmer Bond & Mortgage Company Par, scorned interest and
premium of $8,400.00.
Merrill, Oldham and Company Par, &earned interest and
premium of $9,,400.00.
Blodget and Company Par, accrued interest and
onds Brothers premium of $1,980.00.
McCoy and Company Par, &corned interest and
Taylor, Swart and Company premium of $4,760.00; all
Union Trust Company or any part of the proceeds
Bosworth, Chanute and Co. may, if desired, be left on
deposit with them subject to
City's order• on amounts so
left they will pay 696 inter••
est per annum,
and,
MMUA8 after considering all said bids the Board
of Commissioners is of the opinion that the said joint bid of the
National City Ce. of New York City, and Redmond & Company of New
York City, for each and all of said bonds is the highest, best and
most advantageous to the City, which bid was and is as followe%
Chicago, April Sri, 1919.
Hon. Mayor and City Commissioners,
Salt Lake City, Utah.
Oentlemen:b.
?or $1,000000 of Salt Lake City bonds same to be
direct general obligations of said oity and as described in the
attached notice of sale we will pay you S1,010,893.00 and accrued
interest to the date of delivery.
This bid is made for prompt acceptance and prompt
delivery of the bonds to us in Chioago, Ill., you agreeing to
furnish us on or before delivery with the opinion of John C.
Thomson of New York approving legality, together with a certi-
fied copy of the proceedings on which his opinion is based.
In accordance with the terms of your advertisement
and our bid we attach hereto duly certified cheek in the amount
of $10�000 being 1% of the par value of the bonds bid for. This
shook to be promptly returned to us if this bid is not acoepted.
Respectfully yours,
The National City Company
Redmond & Company
By Alois R. Clarke.
NOW TORE be it resolved that the joint bid
aforesaid of the National City Company and Redmond & Company be,
and the same is hereby declared to be the highest, best and most
advantageous to Salt Fake City and the same is hereby accepted.
That the City Recorder is hereby directed to return the checks
of all other bidders.
In the opinion of the Board of Commissioners of
Salt lake City it is neoessary to the peace, health and safety
of the inhabitants of said city that this resolution become
effective immediately.
This resolution shall become effective upon its
passage,.
Adopted by the affirmative vote of the entilto Board of Commiss-
ioners of Salt lake City, Utah, this-3 day of April, 1919.
Mayor. /l
City corder.
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