38 of 1915 - A resolution rejecting various bids received on $300,000 water and sewer bonds. 11;
REMARKS:
Resolution No.
By Commissioner Lawrence
1,
Rejecting various bids re- 11
ceived on $300,000.OD water h
and seaer bonds.
A7OPTEC
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ROLL CALL
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VOTING Yes No Salt bake City,Utah,..._y:...:±,%..........:.r. ,..._.........9191.::'..
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I move that resolution No by Mr._................_.......
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•
Lawrence
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RESOLUTION .
WHEREAS, The Board of Commissioners of Salt Lake City on
June 7, 1915, passed a resolution fixing June 25, 1915, at ten
o'clock A. M. as the time when they would consider offers made up
to that time for the purchase of $300,000.00 in water and sewer
bonds authorized by an election of the qualified electors of said
City February 18, 1914, and directing the City Recorder to addressl
a communication set out in said resolution, to as many persons,
firms and corporations who are purchasers of municipal bonds as
he may be able to ascertain, notifying them that the Board would
consider such offers; and
WHEREAS, The City Recorder addressed the communication afore-
said to divers and sundry purchasers of municipal bonds; and
WHEREAS, On said 25th day of June, 1915, at ten o'clock A. M.
there were in the hands of the City Recorder six bids for the
purchase of said bonds, to-wit:
Estabrook & Company, 93.35 and accrued interest amounting in
the aggregate to $295,050.00 and accrued interest on all but not
on part of the bonds;
and
Palmer Bond & Mortgage Company, Pa jeccrued interest less
$5,730.00 for commission, etc.;
R. M. Grant & Company, Per, accrued interest and premium of
$11.50, less $6,955.00 for expenses;
Sweet, Causey, Foster & Company, Par, accrued interest, less
$6,985.00 for expenses;
Continental & Commercial Trust & Savings Bank, 97.60, being
par, less $7200.00 for commission;
T. M. T. Raborg, Par, less $7500.00 for commission. and
WHEREAS, The resolution aforesaid reserved the right of the
Board of Commissioners to reject any and all offers, or accept any
offer 2e,e4 advantageous to the City; and
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WHEREAS, After considering said bids and offers, the Board
of Commissioners is of the opinion that neither of said offers or
bids is advantageous to Salt Lake City, end each and every of said
bids should be rejected:
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners
of Salt Lake City Utah:
That the bids of Estabrook & Company, Palmer Bond & Mortgage
Company, R. M. Grant & Company, Sweet, Cause,, Foster and Company,
Continental and Commercial Trust & Savings Bank, end T. M. T.
Raborg, for the purchase of the bonds aforesaid, and each of them
be, and the same are hereby rejected.
Thft the City Recorder is hereby directed to return the
certified checks accompanying their bid to each of said bidders, yb
with notification of this action
nbb/y/ the Boardf o 01mm ' ners.
Adopted by the Board of Commissioners of Salt Lake City, June 25,
1915.
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M a7y o r.
i,,j.A AA x i ,
City Recorder.
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