Resolution No. 1420RESOLUTION NO. 1420
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CYPRESS, CALIFORNIA, ACCEPTING BID FOR BONDS
OF ASSESSMENT DISTRICT NO. 7403-20
(Walnut Street - Jonathan Channel)
WHEREAS, the City Council of the City of Cypress has heretofore called for
sealed bids on bonds of said City for Assessment District No. 7403-20; and,
WHEREAS, it appears that the City Clerk of said City has caused a notice in-
viting bids to be given by mailing copies of said notice to various individually
recognized municipal bond purchasers in the State of California; and,
WHEREAS, upon the date set for receipt of such bids, to -wit: December 10,
1973, this City has received the following bids:
INTEREST AMOUNT PREMIUM -
NAME RATE BID (DISCOUNT)
Maxfield and Company 5.86% $23,082.03 4.8%
Stone and Youngberg 6.33% $23,082.03 4.6%
Gross and Company 6.34% $23,082.03 1.92%
San Francisco Securities 6.43% $23,082.03 2.97%
Harry C. Zall 7.01% $23,082.03
N. K. McPhail and Company 7.06% $23,082.03 3.12%
and
WHEREAS, the bid of Maxfield and Company is the best bid in response to the
notice inviting bids as set forth in Resolution No. 1411 of said City; and,
WHEREAS, it appears that said bid should be accepted;
NOW, THEREFORE, the City Council of the City of Cypress, DOES HEREBY RESOLVE,
DETERMINE AND ORDER as follows:
SECTION 1. The bid of Maxfield and Company for the purchase of the bonds of
Assessment District No. 7403-20 of the City of Cypress at $23,082.03, with an interest
rate on said bonds of 5% per annum and a discount of 4.8% is hereby accepted.
SECTION 2, Each and all of the aforesaid bids, other than the bid of Maxfield
and Company, hereby are rejected.
SECTION 3, The Treasurer of the City of Cypress is hereby directed to proceed
with the issuance of said bonds, all as heretofore provided in Resolution No. 1411.
PASSED AND ADOPTED by the City Council of the City of Cypress at a regular
meeting held on the 10th day of December, 1973.
ATTEST:
CITY CLERK OF THE CITY OF CYPRESS
- 1 -
yo of the City of Cypress
I\ b
STATE OF CALIFORNIA ) SS
COUNTY OF ORANGE )
I, DARRELL ESSEX, City Clerk of the City of Cypress, DO HEREBY CERTIFY that
the foregoing Resolution was adopted at a regular meeting of the said City Council
held on the 10th day of December, 1973, by the following vote:
AYES: 4 COUNCILMEN: Frankiewich, Harvey, Kanel and Roberts
NOES: 0 COUNCILMEN: None
ABSENT: 1 COUNCILMEN: Lacayo
CITY CLERK OF THE ITY OF CYPRESS