41 of 1915 - A resolution accepting bid of Palmer Bond and Mortgage Company for the $300,000 water and sewer bond .a m w a is m p . i ' amp ® m m CO 0 W f "tt *!s O . - ) - g c, pe g g, . - 'U - o e 0 O cq M ip n ROLL CALL 'a VOTING Yes No Salt Lake City, Utah, June 29, 1915. 4,4 Lawrence arr+awa Morrie I move that thec.a:.,a.rccve pased. Shearman II -- Wells I Mr.Chairman . . Result zrftnattontirson RESOLUTION . WHEREAS, The Board of Commissioners of Salt Lake City on April 19, 1915, duly passed a resolution in end by which it was resolved to sell $200,000.00 of water bonds and $100,000.00 of sewer bonds of en issue of C525,000.00 water bonds and $375,000.00 of sewer bonds authorized by an election of the qualified electors of said City duly held on the 18th day of February, 1914, said bonds issued as aforesaid being dated July 1, 1914, of the denomi- nation of $1,000.00 each, to become due end payable July 1, 1934, without option of prior pre-payment, and to draw interest at the rate of four and one-half per cent per annum, payable semi-annuelly January first and July first each year, principal and interest to be payable at the First National Bank in New York City, New York; C200,000.00 of water bonds and w100,000.00 of sewer bonds having theretofore been sold; and by said resolution authorized and directed the Mayor and City Recorder to advertise for bids for the purchase of said bonds, the same to be placed in the hands of the City Recorder on or before the first day of June, 1915, et 10 o'clock A. PSI. , which bids were to be opened at a meeting of the Board of Commissioners at ten o'clock on the same day; and WHEREAS, The Mayor end City Recorder in accordance with said resolution, dilly advertised for bids for the sale of said bonds as required by said resolution; and WHEREAS, On the said first day of June, 1915, said Board of -1- Commissioners met for the purpose of considering bids for the purchase of said bonds; and F"HEREAS, There had been deposited with the City Recorder three bids for the purchase of said bonds, end after considering said bids, and on the 7th day of June, 1915, the Board of Commissioners duly passed a resolution rejecting each and every of said offers; and rHEREAS, On the 7th day of June, 1915, the Board of Commissioners by resolution duly passed on that day, resolved that said Board on the 25th day of June, 1915, at ten o'clock A. M. would consider all offers made up to that time for the purchase of said bonds, and directed the City Recorder to address a communication set out in said resolution, to as many persons, firms and corporations who were purchasers of municipal bonds as he might be able to ascertain; and THEREAS, On the 25th day of June, 1915, the Board of Commis- sioners met wsad to consider offers for the purchase of said 400,000 in water and sewer bonds, pursuent to the resolution aforesaid; and VHEREAS, At said time there had been deposited with the City Recorder six bids for the purchase of said bonds, and after opening and considering said bids, the Board of Commissioners by resolution duly adopted on that day, rejected each and every of said offers to purchase; and WHEREAS, On said June 25, 1915, the Board of Commissioners of Salt Lake City duly passed a resolution that said Board of Commis- sioners would consider offers for the purchase of the before mentioned 300,000.00 in water and sewer bonds presented to the City Recorder of said City on or before eight o'clock P. M., Monday, June 28, 1915; end THEREAS;' On Monday, June 28, 1915, et eight o'clock P. M., the said Board of Commissioners met to consider offers for the purchase of said bonds; whereupon it was found that there had been four offers to purchase said bonds deposited with the City Recorder, to-wit: Palmer Bond & Mortgage Company, of Salt Lake City; Continental and Commercial Trust & Savings Bank, of Dolt 1e4' -2- ihey; Estabrook & Company, of Chicago, I linois; and P Harris Savings & Trust Company; end 'r rHEREAS, After considering said bids the Board of Commissioners is of the opinion that the bid of Palmer Bond & Mortgage Company, of Salt Lake City, is the highest, best and most advantageous to the City, which bid was end is as follows: To take all of said W300,000.00 water and sewer bonds, and pay for the same par and accrued interest from July firet, 1915, to date of delivery, less 4230.00 for attorney's fees end other services and incidental expenses: NOT THEREFORE, BE IT RESOLVED, That the bid aforesaid of Palmer Bond & Mortgage Company of Salt Lake City, be, and the same is hereby declared to be the highest, best end most advantageous to Salt Lake City, and that said bid be, and the same is hereby accepted. That the City Recorder is hereby directed to return the certi- fied checks accompanying their bid to each of said bid whose offers have not been hereby accepted. Adopted by the Board of Commissioner of Salt Lake City, June 29, 1915. \" h M a y o r . De)kj ity Recorder. ' -3-