66-466RESOLUTION NO. 66R -466
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM REJECTING ALL BIDS FOR THE SALE
OF CITY OF ANAHEIM BONDS.
WHEREAS, the City of Anaheim was authorized by vote
of the electorate on October 8, 1963, to sell $8,900,000.00
worth of General Obligation Bonds of the City; and
WHEREAS, $2,300,000.00 worth of said bonds remained
unsold; and
WHEREAS, the City called for public bids to be re-
turned on July 12, 1966 at 10:00 A.M. for the sale of said
$2,300,000.00 worth of unsold bonds; and
WHEREAS, the following bids were returned:
Name of Bank Net Interest
Amount Percent
Bank of America $1,128,909 4.2680%
United California Bank $1,140,915 4.309258%
Crocker Citizens Bank $1,154,742 4.365754%
1st Western Bank $1,158,625 4.38043%
Security First
National Bank $1,160,629 4.3880%
AND WHEREAS, the Municipal Bond Index was 3.92% on
July 8, 1966, an increase of .31% since May 12, 1966; and
WHEREAS, the bond market reflects the highest interest
rates since the depression of the 1930's; and
WHEREAS, the rapid increase in interest rates is due
to the great demand for money created by the conflict in
Viet Nam; and
WHEREAS, the facts presently available indicate that
there will be an improvement in the interest rates rather than
an increase in the future.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Anaheim that all bids received on July 12, 1966,
for $2,300,000.00 worth of General Obligation Bonds of the City
of Anaheim be and they are hereby rejected.
THE FOREGOING RESOLUTION is approved and signed by me
this 12th day of July, 1966.
ATTEST:
CI CLERK OF THE CITY OF ANAHEIM
MAYOR OF THE CITY 0 ANAHEIM
STATE OF CALIFORNIA
COUNTY OF ORANGE s.s.:
CITY OF ANAHEIM
I, DENE M. WILLIAMS, City Clerk of the City of
Anaheim, do hereby certify that the foregoing resolution was
passed and adopted at a regular meeting of the City Council
held on the 12th day of July, 1966, by the following vote of
the members thereof:
(SEAL)
AYES: COUNCILMEN: Dutton, Pebley, Chandler
and Krein
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: Schutte
AND I FURTHER CERTIFY that the Mayor of the City of
Anaheim approved and signed said resolution on the 12th day of
July, 1966.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the seal of the City of Anaheim this 12th day of July,
1966.
CIT CLERfC OF THE CITY OF ANAHEIM
I, DENE M. WILLIAMS, City Clerk of the City of Anaheim,
do hereby certify that the foregoing is the original of Resolution
No. 66R -466 duly passed and adopted by the Anaheim City Council on
July 12, 1966.
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City Clerk
City Clerk