HomeMy WebLinkAbout1962-11-07; City Council; Resolution 8584
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RESOLUTION NO. 858
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA, DIRECT-
ING THE CITY CLERK TO PUBLISH NOTICE INVITING SEALED PROPOSALS FOR $675,000 SEWER BONDS OF SAID CITY.
WHEREAS, an ordinance providing for the issuance
of bonds of the City of Carlsbad, California, in the amount
of $675,000 to be designated”l.962 SEWER BONDS, SERIES A”
has been introduced; and
WHEREAS, it is desirable that said bonds be sold;
NOW, THEREFORE, the City Council of the City of
Carlsbad, California, DOES HEREBY RESOLVE, DETERMINE AND
ORDER as follows:
Section 1, That said bonds be sold and that
sealed bids or proposals for the purchase of said bonds
be received up to the time stated in the notice herein-
after set forth,
Section 2. That the City Clerk be and he is
hereby authorized and directed to publish said notice
once in the CARLSBAD JOURNAL, a newspaper of general
circulation published in said city.
Section 3. That said notice shall be substantially
as follows:
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NOTICE INVITING BIDS ON $675,000 GENERBL OBLIGATION BONDS OF THE CITY OF CARLSBAD, CALIFORNIA.
NOTICE IS HEREBY GIVEN that sealed proposals for
the purchase of $675,000 par value general obligation bonds
of the CITY OF CARLSBAD will be received by the City Council
of said city at the place and up to the time below speci-
f ied .
TIME: Tuesday, December 11, 1962, at 7:30 P.M.
PLACE: Council Chambers City Hall 2960 Pi0 Pic0 Drive Carlsbad, California
MPII1;ED BIDS: Mailed bids should be addressed:
Mr. J. H. Price City Clerk 2960 Pi0 Pic0 Drive Carlsbad, California.
ISSUE: $675,000 consisting of six hundred seventy-
five bonds, numbered 1 to 675, both inclusive, of the
denomination of $1,000 each, all dated January 1, 1963,
and designated V962 Sewer Bonds, Series A,"
MATURITIES: The bonds will mature in consecutive
numerical order on July 1 in the amounts for each of the
several years as follows: $5,000 on July 1, 1965, $10,000
on July 1, 1966, $20,000 on July 1 in each of the years
1967 to 1973, inclusive, $30,000 on July,l in each of the
years 1974 to 1982, inclusive, $40,000 on July 1 in each
of the years 1983 to 1987, inclusive, and $50,000 on July 1,
1988.
2.
INTEREST: The bonds shall bear interest at a
rate or rates to be fixed upon the sale thereof but not
to exceed six (6) per cent per annum, payable annually
the first year and semiannually thereafter.
PAYMENT: Said bonds and the interest thereon
are payable in lawful money of the United States of America
at the Office of the City Treasurer of the City of Carlsbad,
California, in said city, or, at the option of the holder
thereof, at the paying agent of the city in Los Angeles,
California, Chicago, Illinois, or in New York, New York.
REGISTRATION: The bonds will be coupon bands
registrable only as to both principal and interest.
CALL PROVISIONS: The bonds maturing on or prior
to July 1, 1982, shall not be subject to call or redemption
prior to maturity. The bonds maturing on or after July 1,
1983, or any of them, may be called before maturity and
redeemed, at the option of the City, in inverse order of
maturity and number, on July 1, 1973, or on any interest
payment date thereafter prior to maturity, at a redemption
price for each redeemable bond equal to the principal
amount thereof, plus the following premiums if redeemed
at the following times:
On or After And Prior
July 1 to July 1 Premium
1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987
1974 4% 1975 3-3/4
1977 34/4 1978 3 1979 2-3/4 1980 24/2
1982 2 1983 1-3/4 1984 1-1/2
1986 1
1987 3/4 Maturity 1/2
1976 3-1/2
1981 2-1/4
1985 1-1/4
PURPOSE OF ISSUE: The bonds are part of an
authorized issue of $2,122,000 for the acquisition and
construction of sewers in the City of Carlsbad voted at
an election held January 16, 1962.
SECUFiITY: Said bonds are issued pursuant to
Article 1, Chapter 4, Division 4, Title 4, (Sections
43600 et seq.) of the Government Code of the State of
California, sometimes known as the Municipal Bond Act
of 1901.
interest of said bonds, said Act requires that the City
For the purpose of paying the principal and
Council shall at the time of fixing the general tax levy,
and annually thereafter-until said bonds are paid or
until there is a sum in the treasury of said city set
apart for that purpose sufficient to meet all payments
of principal and interest on said bonds as they become
due, levy and collect a tax suffici to pay the interest
on said bonds as it falls due and such part of the principal
thereof as will become due before the proceeds of a tax
levied at the next general tax levy will be available.
Said tax shall be in addition to all other taxes levied
4.
Highest Bidder: The bonds will be awarded to
the highest responsible bidder or bidders considering the
interest rate or rates specified and the premium offered,
if any. The highest bid will be determined by deducting
the amount of the premium bid (if any) from the total
amount of interest which the city would be required to
pay from the date of said bonds to the respective maturity
dates thereof at the coupon rate or rates specified in the
bid, and the award will be made on the basis of the lowest
net interest cost to the city. The purchaser must pay
accrued interest from the date of the bonds to the date of
delivery. Such accrued interest, if any, shall be com-
puted on a 360-day year basis.
bonds will be borne by the city.
The cost of printing the
Right of Rejection: The city reserves the right,
in its discretion, to reject
extent not prohibited by law
informality in any bid.
Prompt Award: The
any and all bids and.to the
to waive any irregularity or
city will take action awarding
the bonds or rejecting a11 bids not later than twenty-six
(26) hours after the time herein prescribed for the receipt
of proposals; provided that the award may be made after the
expiration of the specified time if the bidder shall not
have given to the City Council notice in writing of the
withdrawal of such proposal.
Place of Delivery: Delivery of said bonds will be
made to the successful bidder at Jeffries Banknote
6.
Company,
Los Angeles, California, or at any other place agreeable
to both the successful bidder and the City Treasurer.
Prompt Delivery; Cancellation for Late Delivery:
* It is expected that said bonds will be delivered to the
successful bidder within 30 days from the date of sale
thereof. The successful bidder shall have the right, at
his option, to cancel the contract of purchase if the city
shall fail to execute the bonds and tender them for delivery
within 60 days from the date of the sale thereof, and in
such event the successful bidder shall be entitled to the
return of the deposit accompanying his bid.
Form of Bid: Each bid, together with the bid
check, must be in a sealed envelope, addressed to the city
with the envelope and bid clearly marked:
"PROPOSAL FOR CITY OF CARLSBAD 1
SERIES A."
Bid Check: A certified or cashier's check on a
responsible bank or trust company in the amount of $5,000,
payable to the order of the city must accompany each proposal
as a guaranty that the bidder, if successful, will accept
and pay for said bonds in accordance with the terms of his
bid. The proceeds of the check accompanying any accepted
proposal shall be applied on the purchase price or, if such
proposal is accepted but not performed, unless such failure
of performance shall be caused by any act or omission of
the city, shall then be retained by the city. The check
Change in Tax Exempt Status: At any time before
the bonds are tendered for delivery, the successful bidder
may disaffirm and withdraw the proposal if the interest
received by private holders from bonds of the same type and
character shall be declared to be taxable income under
present federal income tax laws, either by a ruling of the
Bureau of Internal Revenue or by a decision of any federal
court, or shall be declared taxable by the terms of any
federal income tax law enacted subsequent to the date of
this notice.
Legal Opinion: The unqualified opinion of O'Melveny
& Myers, attorneys, approving the valid ty of said bonds will
be furnished the successful bidder at or prior to the date of
delivery of the bonds, at the expense of the city. A copy of
such opinion, certified by the City Treasurer by his facsimile
signature, will be printed on the back of each bond unless the
purchaser requests that such printed copy be omitted. No
charge will be made to the purchaser for such printing or
certification.
No Litigation Certificate: At the time of payment
for and delivery of said bonds, the city will furnish the
successful bidder a certificate that there is no litigation
pending affecting the validity of the bonds.
INFORMATION AVAILABLE: Requests for information
concerning the city should be addressed to
8.
Mr. J. H. Price
City Clerk or 1314 Russ Building 2960 Pi0 Pic0 Drive
Carlsbad, California San Francisco, California
Stone & Youngberg
235 Montgomery Street
GIVEN by order of the City Council of the City
of Carlsbad, California, adopted November 7, , 1962.
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ADOPTED, SIGNED AND APPROVED this 7th day Of
November 1962.
STATE OF CALIFORNIA COUNTY OF SAN DIEGO
CITY OF CARLSBAD
- __ - - -_ICE , City Clerk ,rlsbad , California, DO HEREBY renoinn resolution was duly adoDted
J. H- PR' I, of the City on CERTIFY that theFo__, ----) by the City Council of said city and was approved by the Mayor of said city at a-
said City Council held on the 1962 -' and that it was so adopted as follows:
regular meeting of
7th ' day Of November
Neis wender and Huphes
NOES : Councilmen me
ABSENT: Councilmen None