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
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ROLL CALL 'a
VOTING Yes No
Salt Lake City, Utah, June 29, 1915.
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Lawrence
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Morrie I move that thec.a:.,a.rccve pased.
Shearman II
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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
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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'
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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. '
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