HomeMy WebLinkAbout1968-02-06; City Council; Resolution 1493c
NOTICE INVITING BIDS ON STREET
IMPROVEMEXI BONDS OF THE CITY
OF CARLSBAD, CALIFORWIA
ASSESSMENT DISTRICT NO, 3-1964 (JAMES DRIVE, ET AL)
RESOLUTION NO. 1493
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF
BONDS FOR THE ACQUISITION OF CERTAIN RIGHTS OF
WAY AND FOR THE CONSTRUCTION OF CERTAIN IMPROV!3"TS
IN THE CITY OF CARLSBAD, CALIFORNIA,
WHEREAS, the City Council of the City of Carlsbad, California,
has heretofore instituted and conducted proceedings for the
acquisition of rights of way and the construction of improvements
in ASSESSMENT DISTRICT NO, 3-1964 (JAMES DRIVE, ET AL) uhder the
provisions of the "Muhicipal Improvement Act of 1913"; and
WHEREAS, said City Council in its Resolution of Intention
thereih determined and declared that bonds should issue under the
provisions of the "Improvement Act of 1911" for each unpaid
assessment or portion thereof which amounts to Fifty Dollars ($50.00) I
or more, to finance said acquisition and improvement; and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, RESOLVES AND DETERMINESz
SECTION 1, That bonds shall issue in accordance with the
provisions of Division 12 of the Streets and Highways Code and
Division 7 of said Code for the purpose of paying the costs of
the acquisition and improvement as proposed under ASSESSMENT DISTRICT
NO. 3-1964 (JAMES DRIVE, ET AL.)
SECTION 2, That said bonds shall be issued for all unpaid
assessments or portions thereof which amount to Fifty Dollars ($50.00)
or over, and shall be in the respective amounts as set forth in
the assessment for ASSESSMENT DISTRICT NO, 3-1964 (JAMES DRIVE, ET AL.)
Said bonds will be dated the 31st day after the recording of the
assessment and shall bear interest at a rate to be determined at
the sale thereof, provided, howeverc that said rate shall be the
..
same for all bohds, shall not exceed the maximum rate of six per
cent (6%) per annum, and shall be in multiples of one-tenth (1/10)
of one (1) per cent,
Said bonds and the coupons thereof shall be issued substantially
in the form authorized for the issuance of bonds under Division 7
of the Streets and Highways Code of the State of California. These
bonds shall be serial bonds and shall extend over a period ending
nine (9) years from the second day of January next succeeding the
next September first following their date, and an even annual
proportion of the principal sum thereof shall be payable, by coupon,
on the second day of January every year after the next September
first following their date, until the whole is paid, and the interest
shall be payable semi-annually, by coupon, on the second days of
January and July, respectively, of each year following the date of
the bonds.
The total number of bonds to be sold can only be determined
at the expiration of thirty (30) day period for the cash payment of
assessments either in whole or in part, The total number of
assessments for which bonds may issue is 65 in a total aggregate
amount of $214,886.00,
Said bonds will be sold for cash only to the bidder whose bid
in the opinion of the City Council will best serve the interest of
owhers of land included in the assessment district.
Each bid must state that the bidder offers accrued interest to
the date of delivery, and state separately the premium, if any, and
the rate of interest offered for the bonds, Any premium offered
will not be taken into consideration in determining the best bid
except for the purpose of breaking a tie between two bids stating
the same net interest cost, A bidder may offer a premium but such
premium will be payable only if such premium is used to break a tie
between that bid and some other bid or bids stating the same net
interest cost. Each bid shall be for the entire amount of the
bonds to be issued at a sihgle rate of interest, and any bids for
less than the entire amount of said bonds or for varying rates of
interest will be rejected, No bid will be considered for less than
ninety-seven per cent (97%) of par,
Payment for and delivery of bonds will be made in the office of
the City Treasurer.
A certified or cashier's check for a sum of $10,000 payable to
the order of the City of Carlsbad must accompany every bid as a
guaranty that the bidder, if successful, will accept and pay for the
bonds described in the accepted bid in accordance with the terms of
his bid, and said check shall remain in the possession of the City
Council until payment for said bonds has been received,
Council reserves the right to reject any and all bids, The City
Council also reserves the right to disregard insubstantial irregularities
The City
and technical defects in bids,
SECTION 3. Pursuant to Section 6464 of the Streets and Highways
Code the redemption provisions of said bonds will provide for a
premium of five per cent (5%) of the unmatured principal of said
bond.
SECTION 4. The unqualified opinion of F, Mackenzie Brown,
Los Angeles, Attorney, approving the validity of said bonds will be
furnished to the successful bidder at or prior to the date of
delivery of the bonds at the expense of the City,
printing bonds will be borne by the City and will not be payable
The cost of
by the successful bidder.
SECTION 5, Sealed bids or proposals will be received up to
7:oo ( .) .m. on Friday the 15th day of March I
1968, by the City Manager of the City of Carlsbad, State of
California, at Council Chambers located at 2960 Pi0 Pic0 Drive,
Carlsbad, California, for the purchase of bonds to be issued in
accordance with the provisions of Division 12 of the Streets and
Highways Code (Municipal Improvement Act of 1913), and Division 7
of the Streets and Highways Code for the cost of the acquisition of
rights of way and for the construction of improvements in
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ASSESSMENT DISTRICT NO, 3-1964 (JAMES DRIVE, ET AL) under the
provisions of the "Municipal Improvement Act of 1913 'I
SECTION 6, The City Clerk shall cause a notice of the sale
of bonds, stating the terms of sale as hereinabove provided, to
be published in the "CARLSBAD JOURNAL", a newspaper of general
circulation published in the City of Carlsbad, State of California,
once a week for a period of at least two weeks previous to the date
of sale.
APPROVED and ADOPTED this 6th day of February I 1968.
CALIFORNIA
ATTEST :
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0
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO 1 ss
CITY OF CARLSBAD 1
I, Margaret E. Adams /
I City Clerk of the City of CARLSBAD -
California, DO HEREBY CERTIFY that the foregoing
Resolution , being Resolution No. 1493 , was
duly p3ssed, approved and adopted by said City Council,
approved and signed by the Mayor, and attested by the
City Clerk, all at a regular meeting of
said City Council held on the 6th day of Februarv
19 68 , and that the same was passed and adopted by
the following vote, to wit:
AYES: COUNCILMEN WQRTHING, MEISWENDER,
<~ DUNNE AND JARDINE. J
%
NOES : COUNCILMEN NONE.
ABSENT: COUNCILMEN NONE.
(SEAL) RK OF THE