HomeMy Public PortalAbout77-095 (10-18-77)±,
RESOLUTION N0. 77-95
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LYNWOOD AWARDING $500,000
NOTES OF .SAID CITY TO THE BEST BIDDER
AND REJECTING ALL OTHER BIDS
WHEREAS, at the time and place fixed for the opening
of bids for the $500,000, notes of the City of Lynwood,..
designated "NOTES, 1977", all bids were publicly opened,
examined and read, and a tabulation thereof has been entered
in the minutes; and
WHEREAS, the bid of the bidder hereinafter. named is
the.best bid made by a responsible bidder for said bonds;
~~
NOW, THEREFORE, the City Council of the City of Lynwood
DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
SECTION 1. That the bid of Bank of America
offering par, accrued interest to date of delivery and a
premium of $ -0- for notes bearing interest at the rate of
.three and ninety-six/one-hundreths percent (3.96%) is the
bid for said notes yielding the lowest net interest cost.
.~
Said bid is hereby accepted and the notes awarded to said
best bidder in accordance with the terms~of the proposal.
SECTION 2. That all bids other than the one accepted
in Section 1 hereof are rejected; and the City Clerk is
..directed to return the checks accompanying said rejected
bids to the respective bidders.
SECTION 3. That the interest rate on said notes is
hereby fixed at the rate stated in Section 1 hereof.
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SECTION 4. That the City Treasurer is hereby
directed to deliver said notes to the successful bidder
upon payment therefor and accrued interest, if any, to
date of delivery.
ADOPTED, SIGNED AND APPROVED this 18th day of October,
1977.
. / e
M r of t e City of Lynwood
~'
(SEAL) -
ATTEST:
City C erk of t e City of Lynwood
-2-
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
ss.
I, JOSEPHINE L. SHEPHERD, City Clerk of the City of
Lynwood, do hereby certify that the foregoing resolution
was duly .adopted by the City Council of said City at a
regular meeting of said City Council duly held on the 18th
day of October, 1977, and that it was so adopted by the
following vote:
AYES: COUNCILMEN
NOES:
ABSENT:
COUNCILMEN
COUNCILMEN
BYORK,. GREEN., HIGGINS., MORRIS, ROWE.
NONE...
NONE.,.
~O~c Zt ~
C='ty Clerk of the City of Lynwood
(SEAL)
-3-
..
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, JOSEPHINE L. SHEPHERD, City Clerk of the City of
Lynwood, do hereby certify that the above and foregoing is
a full, true and correct co ~ ;.
py of Resolution No. 77-,5 ,
and that the same has not been amended or repealed.
DATED: October 19 1977.
~C-ity Clerk of the City of Lynwood
(SEAL)