Resolution No. 9066
RESOLUTION NO. 906
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS,
CALIFORNIA, AWARDING $900,000 BONDS 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 $900,000 bonds of the City of Cypress, California, designated
CITY OF CYPRESS 1968 DRAINAGE BONDS, 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 Cypress, California
DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
SECTION 1. That the bid of Security Pacific National Bank and
Associates, offering par, accrued interest to date of delivery, and a
premium of $9.00 for bonds bearing interest payable semiannually at
the rates of:
Rates Years
6.00% 1969 to 1978
5.50% 1979
4.80% 1980 to 1982
4.90% 1983 to 1986
5.00% 1987 to 1991
5.10% 1992 to 1994
is the best bid for said bonds yielding the lowest net interest cost.
Said bid is hereby accepted and the bonds 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 rates on said bonds are hereby fixed
at the rates stated in Section 1 hereof.
SECTION 4. That the Treasurer is hereby directed to deliver said
bonds to the successful bidder upon payment therefor and accrued interest,
if any, to date of delivery.
PASSED AND ADOPTED by the City Council of the City of Cypress at an
adjourned regular meeting held on the 2nd day of October, 1968.
MAYOR OF THE CITY OF CYPRESS
ATTEST:
CITY CLERK OF T
L
ITY 6F CYPRESS
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) SS
I, DARRELL ESSEX, City Clerk of the City of Cypress,D0 HEREBY CERTIFY
that the foregoing Resolution was adopted at an adjourned regular meeting
of the said City Council held on the 2nd day of October, 1968, by the
following vote:
AYES: 5 COUNCILMEN: Harvey, Kanel, Kanode, Noe, and Bowen
NOES: 0 COUNCILMEN: None
ABSENT: 0 COUNCILMEN: None
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CITY L RK OF' THL CITX OF CYPRESS
RESOLUTION NO. 906