HomeMy WebLinkAbout1961-02-21; Municipal Water District; Resolution 129RESOLUTION NO. 129
RESOLUTION OF THE BOARD OF DIRECTORS OF
ING ITS INTENTION TO SELL BONDS OF SAID
DISTRICT FOli IMPROVEMENT DlSTRICT NO. 3 TIBREOF IN THE AMOUNT OF $800,000 AND FIXING TIME AND PLACE FOR TAKIXG BIDS AND DIRECTING PUBLICAT'ION OF NOTICE IiWIT'ING BIDS.
CARLSBAD MUNICIPAL WATER DISTRICT DECLAR-
WHEREAS, this Board of Directors deems it proper
and the necessity therefor appears that bids be invited
for $800,000 bonds of
CARLSBAD MUHICIPAL WATER DISTRICT
FOR IMPROVEPIE" DISTRICT NO, 3
(said amount being part of the $1,000,000 authorized at an
election held in said improvement district December 20,
1960);
NOW, THEREFORE, the Board of Directors of
CARLSBAD KUNICIPAL WATER DISTRICT
does hereby RESOLVE, DETERIUNE AND ORDER as follows :
Section 1. "hat sealed proposals for the pur-
chase of all of said $800,000 bonds be received by
this Board of Directors at its meeting place 2698 State
Street, Carlsbad, California, up to the hour of 2:OO
o'clock P.M., on March '7, 1961, and in the manner con-
tained in the notice set forth herein.
Section 2. That the Secretary of this Board
. . --
is hereby authorized and directed to publish notice
inviting such sealed proposals once in the
CARLSBAD JOURNAL,
a newspaper of general circulation, circulated within
said district, said publication to be at least ten (10)
days prior to the date of opening bids stated in said
notice.
Section 3. That the Secretary of this Board
is hereby authorized and directed to cause to be
furnished to prospective bidders copies of the notice
inviting proposals and of an official statement relat-
ing to the properties, operations and finances of said
district, but failure in whole or in part to comply with
this section shall not in any manner affect the validity
of the sale.
Section 4. That said notice shall be substan-
tially as follows:
2.
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NCrrICE INVITING BIDS ON $800,000 OENERAL OBLIGATION BONDS OF CARISBAD MUNICIPAL
MENT DISTRICT NO. 3. WATW DISTRICT FOR IMPROVE-
NOTICE 19 KEREBY GIVEN that sealed proposals
for the purchase of $800,000 par value general obliga-
tion bonds of
CARUBAD MUNICIPAL WATER DISTRICT, FOR IMPROVEMENT DISTRICT NO. 3,
San Diego County, California, will be received by the
Board of Directors of said district at the place and up
to the time below specified:
TIME: Tuesday, March 7, 1961, at
2:OO o'clock P.M.
PLACE: At the meeting place of the Board
of Directors, 2698 State Street,
Carlsbad, California.
MAILED BIDS: Mailed bids should be
addressed to the district,
c/o Mr. Richard R. Coe, Secretary,
Carlsbad Municipal Water District,
2698 State Street, Carlsbad,
California.
ISSUE: $800,000, designated ELECTION 1960,
SERIES 1 (part of an issue of $1,000,000 authorized at
an election held in said Improvement District No. 3 on
December 20, 1960) consisting of eight hundred bonds,
numbered 1 to 800, both inclusive, of the denomination
of $1,000 each, all dated March 1, 1961.
MATURITIES: The bonds will mature in consecu-
tive numerical order on March 1 in the amounts for each
of the several years as follows:
Year
1966 1967 1968 1969
-
1974 1975 1976 1977 1978
Year
1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991
-
PAYMENT: Said bonds and the interest thereon
are payable in lawful money of the United States of
America at the office of the Treasurer of the district,
Carlsbad, California, or at the main office of Bank of
America National Trust and Savings Association in Los
Angeles, California, or San Francisco, California, or at
any fiscal agency of the district in Chicago, Illinois, or
New York, New York, at the option of the holder.
REGISTRATION: The bonds will be coupon bonds
registrable only as to both principal and interest.
CALL AND FUDBMPTIOPJ: Bonds maturing on or
prior to March 1, 1990, shall not be subject to call or
redemption prior to maturity. The bonds maturing on
March 1, 1991, or any of them, may be called before
maturity and redeemed in consecutive numerical order,
at the option of the Board of Directors on March 1 of
the years shown in the column to the right of the respec-
tive bond numbers as shown on the schedule below, or on
4.
any interest payment date thereafter prior 'Go maturity
at a redemption price for each redeemable
the principal amount thereof.
REDEMPTION SCHEDULE
Bond Numbers, Total (Inclusive) Principal Amount
126 - 139 140-153 154-163 164-174 175-186
200-213 214-227 228-242 243-258 259-275 276-293
313-333 334-355 356-378 379-403
430-457 458-487 488-519 520-552 553-587 588-624 625-663 664-704 705-748
187-199
294-312
404-429
$14,000 14,000 10,000
11,000
12,000 13, ooo 14 , 000 14,000
15,000 16,000 17, ooo 18,000 19,000
21,000 22,000
23,000 25, ooo 26, 000 28,000 30, ooo 32, ooo
33,000 35,000 37 9 000 39 , 000 41,000 44,000
bond equal to
Year
1964
_I_
1965 1966
1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
PURPOSE OF ISSUE: Said bonds were authorized
for the acquisition and construction of water transmis-
sion pipelines with appurtenances and appurtenant works.
SECURITY: Said bonds are issued pursuant to
the provisions of the Municipal Water District Act of 1911,
Under said Act if the revenues of the district or of the
5.
improvement district are or in the judgment of the Board
of Directors will probably be inadequate for any cause
to pay the principal of or interest on these improvement
district bonds as it becomes due the Board of Directors
must cause a tax to be levied as provided in said Act
upon the taxable property within the improvement district
sufficient to pay the amount of such principal and inter-
est as will become due before the proceeds of a tax levied
at the next general tax levy will be available. Provision
is also made in the Resolution of Issuance, Resolution No,
128 , for a Sinking Fund levy to be made, some of the
proceeds of which may be transferred into a Bond Redemption
Fund for the call and redemption of bonds prior to maturity.
TJBMS OF SALE
Interest Rate or Rates: Bids shall state the
rate or rates of interest for all bonds of this series,
Each rate must be a multiple of 1/20 of 1%.
shall have attached thereto interest coupons numbered
consecubively, payable annually for the first year and
semiannually thereafter extending from the date of the
bond to its maturity date, referred to herein as regular
coupons.''
regular coupons may be bid and, if so, such interest will
be represented by supplemental interest coupons attached
to the bond. Interest, if any, represented by supple-
All bonds
II
Interest in addition to that represented by
mental coupons, shall commence with the date of the bonds
and shall continue for such consecutive period (ending
with a regular interest payment date) as may be specified
in the bid. Such interest represented by supplemental
h
coupons shall be payable annually the first year and, if
applicable, semiannually thereafter. Supplemental coupons,
if any, shall bear the coupon number corresponding to the
number of the regular coupon payable on the same interest
payment date, and said number on the regular coupon shall
be preceded by the letter "A" and on the supplemental
coupon by the letter "B'l .
four interest rates for regular coupons. No bid shall
provide more than three interest rates for supplemental
coupons. The repetition of any rate will not be con-
sidered the bidding of an additional rate.
supplemental coupons are bid no bond shall bear more than
one interest rate. In case supplemental coupons are bid
no bond shall bear more than two interest rates, to wit:
one rate during the period for which supplemental interest
is payable (being the combined total of the regular rate
during such period and the supplemental rate during such
period) and one rate during the term of the bond following
the period for which supplemental interest is payable.
Not more than one regular coupon and one supplemental coupon
on any bond shall be payable on any one annual or semiannual
interest payment date. The total interest payable for any
interest period shall not exceed 5% per annum.
No bid shall provide more than
In case no
Award: The bonds shall be sold for cash only.
All bids must be for not less than all 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 and the premium, if any. Each bidder shall
7.
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 the highest responsible bidder or bidders.
bid will be determined by deducting the amount of the
premium bid (if any) from the total amount of interest
which the district would be required to pay from the
date of said bonds to the respective maturity dates
thereof and the award will be made on the basis of the
lowest net interest cost to the district. The purchaser
must pay accrued interest computed on a 360-day year
basis from the date of the bonds to the date of delivery.
The cost of printing the bonds will be borne by the
district.
Right of Rejection: The district reserves the
right, in its discretion, to accept the best bid or 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 district will take action
awarding the bonds or rejecting all bids not later than
twenty-six hours after the expiration of 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 gfven to
8.
said Board 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 Company, 117 Winston Street, Los Angeles,
California, or at any place agreeable to both the
Treasurer of the district and the successful bidder.
Prompt Delivery, Cancellation for Late Delivery:
It is expected that said bonds will be delivered to the
successful bidder within forty 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
district shall fail to execute the bonds and tender them
for delivery within sixty 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
district with the envelope and bid clearly marked
"Proposal for Carlsbad Municipal Water District - Improve-
ment District No. 3 - Election 1960, Series 1 Bonds."
Bid Check: A certified or cashier's check on a
responsible bank or trust company in the amount of 3$ of
the principal amount of the bonds, payable to the order of
the district 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 district, shall then be retained by the
district. 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 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 validity 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 district.
No Litigation Certificate: At the time of pay-
ment for and delivery of said bonds the district will
furnish the successful bidder a certificate that there
is no litigation pending affecting the validity of the
bonds.
10.
INFORMATION AVAILABLE: Requests for information
concerning the district should be addressed to:
Mr. Richard R. Coe, Secretary
Carlsbad Municipal Water District 2698 State Street
Carlsbad, California
-or-
Schwabacher & Co.
100 Montgomery Street San Francisco 4, California
GIVEN by order of the Board of Directors of
CARLSBAD I\.IUNICIPAL WATER DISTRICT
adopted February 21 , 1961.
RICHARD R. COE Secretary of the Board of Directors of Carlsbad Municipal Water District
11.
ADOPTED, SIGNED AND APPROVED this 21st.
day of February , 1961.
Municipal Water District
ATTEST :
q,
7
)& CiClzJ L I io--
Secretary of the Board of Directors of Carlsbad Nunicipal Water District
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(SEAL)
12.
S'IATE OF CALIFORNIA
COTJNTY OF SAN DIEGO 1 ss.
I, RICHARD R. COE, Secretary of the Board of Directors of Carlsbad Mu-nicipal Water District, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Board of Directors of said district at a regular meeting of said
and that it was so adopted by the following vote: Board held onxe 21st. day of February 3 1961,
AYES : Directors Kelly, Carnohan, Coe, Greek,
Maerkle
NOES : Directors None
ABSENT : Directors None
7 .'\ 1
Ili"c.c-I:L-dc L 0%
Secretary of Carlsbad Municipal Water District and of the Board of Directors thereof.