Loading...
HomeMy WebLinkAbout1964-01-07; City Council; Resolution 969RESOLUTION NO. 969 RESOLUTION OF THE CITY cou" OF THE cm OF CARLSBAD, CALIFORNIA, DIRECT- ING CITY CmRK TO PUBLISH NOTICE INVITING SEALfID PROPOSAIS FOR $1,000,000 SEkJER BONDS OF SAID CITY. WHEFEAS, an ordinance providing for the issuance of bonds of the City of Carlsbad, California, in the amount of $1,000,000 to be designated "1962 SEWER BONDS, SERIES B," 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 substan- tially as follows: NOTSCE INVITING BIDS ON $1,000,000 GENERAL OBLIGATION 30NDS OF THE CITY OF CARISBAD, CALIFORNIA. NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of $1,000,000 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 specified: TIME: Tuesday, February 18, 1964 7:30 o’clock, P.M. PLACE : Council Chambers City Hall 2960 Pi0 Pico Drive Carlsbad, California MAILED BIDS: Mailed bids should be addressed to: Mxxx&~- Mrs. Margaret E. Adams City Clerk 2960 Pi0 Pic0 Drive Carlsbad, California. ISSUE: $1,000,000 consisting of 200 bonds, numbered 1 to 200, inclusive, of the denomination of $5000 each, all dated January 1, 1964, and designated “1.962 ’ SEWER BONDS, SERIES B. ‘I MATURITIES: The bonds will mature in consecutive numerical order on July 1 in the amounts for each of the several years as follows: Principal Amount $ 10,000 20,000 30, ooo 40 000 go, 000 100,000 Years, Inclusive 1966 1967 - 1970 1971 - 1979 1980 - 1988 1989 - 1990 1991 INTEREST: The bunds shall bear interest at a rate or rates to be fixed upon the safe thereof but not to exceed six per cent (6%) 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 bonds registrable either as to principal only or as to both principal and interest, and the form of registration may be changed, or the bond discharged from registration, all in accordance with provisions in the ordinance providing for the issuance of said bonds. CALL PROVISIONS: The bonds maturing on or prior to July 1, 1983, shall not be subject to call or redemption prior to maturity. The bonds maturing on or after July 1, 1984, 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, 1974, orm any interest 3. payment date thereafter prior to maturity, at a redemption price for each redeemable bond equal to the principal amount thereof, plus interest to the date of redemption plus a premium equal to one-quarter of one per cent of the principal amount for each year or portion thereof remaining from the date of redemption to the maturity date of the bonds, or July 1, 1990, whichever occurs first . PURPOSE OF ISSUE: The bonds are part of an authorized issue of $2,122,000 for the acquisition and constructfon of sewers in the City of Carlsbad voted at an election held January 16, 1962. SECURITY: Said bonds are issued pursuant to Article 1, Chapter 4, Division 4, Title 4 (Sections 43600 et seq.) of the Government Code of the State of California, sometimes known as the Municipal Bond Act of 1901. For the purpose of paying the principal of and interest on said bonds, said Act requires that the City Council shall at the time of fixing the general tax levy, and annually thereafter until said bonds are paid or until there is a sum in the treasury of said city set apart for that purpose sufficient to meet a11 payments of principal and interest on said bonds as they become due, levy and collect a tax sufficient to pay the interest on said bonds as it falls due and such part of the principal thereof as will become due before the proceeds of a tax levied at the next general tax levy will be available. 4. Said tax shall be in addition to all other taxes levied for municipal purposes and shall be levied and collected as other city taxes. Interest Rate: The maximum rate bid may not exceed 6% per annum, payable annually the first year and semiannually thereafter. Each rate bid must be a multiple of 1/20 of 1%. No bond shall bear more than one interest rate, and all bonds of the same maturity shall bear the same rate. Only one coupon will be attached to each bond for each installment of interest thereon, and bids providing for additional or supplemental coupons will be rejected. The rate on any maturity or group of maturities shall not be more than 1=1/2$ higher than the interest rate on any other maturity or group of maturities. Award: The bonds shall be sold for cash only. All bids must be for not less than a11 of the bonds hereby offered for sale and each bid shall state that the bidder offers par and accrued interest to the date of delivery, the premium, if any, and the interest rate or rates not to exceed those specified herein, at which the bidder offers to buy said bonds. Each bidder shall state in his bid the total net interest cost in dollars and the average net interest rate determined thereby, which shall be considered informative only and not a part of the bid. 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 amount of the premium bid (if any) from the total The highest bid will be determined by deducting mount 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 any and all bids and to the extent not prohibited by law to waive any irregularity or informality in any bid. Prompt Award: The city will take action awarding the bonds or rejecting all 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. 6. .. e Place of Delivery: Delivery of said bonds will be made to the successful bidder at Jeffries Banknote Company, 117 Winston Street, 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 herein fixed for the receipt of bids, and in such event the successful bidder shall be entitled to the return of the check accompanying his bid. Fomn 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, 1962 SEWER BONDS, SERIf3S B. " 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. applied on the purchase price or, if such proposal is The check accompanying any accepted proposal shall be 7. accepted but not performed, unless such failure of per- formance shall be caused by any act or omission of the city, shall then be cashed and the proceeds retained by the city. The check accompanying each unaccepted proposal will be returned promptly. 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 Internal Revenue Service 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 & Ivtyers, attorneys, approving the validity of said bonds will be furnished the successful bidder at or prior to the time of delivery of the bonds, at the expense of the city. A copy of such opinion, certified by an officer of the city by his facsimile signature, will be printed on the back of each bond. No charge will be made to the purchaser for such printing or certification. No Litigation Certificate: At the time of pay- ment for and delivery of said bonds, the city will furnish the successful bidder a certificate that there is no 8. litigation pending affecting the validity of the bonds. INFORMATION AVAILABLE: Requests for information concerning the city should be addressed to: rs. Mar aret E. Adams &xx&x& xZbx&xe Stone C% Youngberg City Clerk 1314 Russ Building 2960 Pi0 Pic0 Drive or 235 Montgomery Street Carlsbad, California San Francisco, California GIVEN by order of the City Council of the City of Carlsbad, California, adopted January 7 1964. %$&z,i?gi? City Clerk of the City of Carlsbad, California. 9. ADOPTED, SIGNED AND APPROVED this 7th day of January , 1964. Mayor af the City of Carlsbad, California. ATTEST: %.dPH& CiVy Werk of the City of Carls%ad, California. (SEAL) 10. STATE OF CALIFORNIA 1 COUNTY OF SAN DIEGO CITY OF CARLSBAD Margaret E. Adams of the City o-f caris -nia, a DO HEREBY CERTIFY that the foregoing resolution was duly adopted I, SRXX , City Clerk by the City Council of said city and was approved by the Mayor of said city at a 1964 -J and that it was so adop-follows: regular meeting of said City Council held onthe 7th day of January , AYES : Councilmen -aCTuevara. Neisw ender and Hughes NOES : Councilmen None ABSENT: Councilmen None (SEAL)