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HomeMy WebLinkAbout1961-10-17; Municipal Water District; Resolution 149RESOLUTION NO. 149 RESOLUTION OF THE BOARD OF DIRECTORS OF CARLSBAD P”IUICIPAL WATER DISTRICT DECLARING ITS INTEiWION TO SELL BONDS OF SAID DISTRICT FOR IMPR0VEEI”T DIS- TRICT NO. 4 THEREOF IN THE AMOUNT OF $690,000 AND FIXING TIME AND PLACE TION OF NOTICE INVITING BIDS. FOR TAKING BIDS AND DIRECTING PUBLICA- WHEREAS, this Board of Directors deem it proper and the necessity therefor appears that bids be invited for ~690,000 of bonds of CARLSBAD IRJNICIPAL WATER DISTRICT for IMPROVEMENT DISTRICT NO. 4 thereof, and that if bids are satisfactory- said bonds be sold in the manner and at the time and place hereinafter set forth; NOW, THEREFORE, the Board of‘ Directors of CARLSBAD Pl”1CIPAL WATER DISTRICT DOES HEFU3BY RESOLVE, DETERMINE AND ORDER as follows: Section 1. That sealed proposals for the purchase of said $690,000 of bonds be received by this Board of Directors at the office of the district at 2698 State Street, Carlsbad, California, up to the hour of 2:OO P. PI. on Noveriber 21, 1961. Section 2. That the Secretary of this Board is hereby authorized and directed to publish notice inviting such sealed proposals by one insertion in the CARLSBAD JOURNAL, a newspaper of general circulation, 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 the official statement relating 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 of the bonds. Section 4. That said notice shall be substantially as follows: 2. NOTICE INVITINO BIDS ON $690,000 GENERAL OBLIGATION BONDS OF CARLSBAD MUNICIPAL WATER DISTRICT FOR IMPROVEMENT DISTRICT NO, 4. NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of $690,000 bonds of CARLSBAD MUNICIPAL WATER DISTRICT par value general obligation FOR ITPROVEMENT DISTRICT NO, 4 of 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, November 21, 1961 at 2:OO o'clock P.14. PLACE : Office of the District 2698 State Street Carlsbad, California MAILED BIDS: c/o Richard R. Coe, Secretary Carlsbad Municipal Water District 2698 State Street Carlsbad, California ISSUE: $ 690,000 consisting of 690 bonds, numbered 1 to 690 , both inclusive, of the denomination of $1,000 each, all dated December 1, 1961, and designated "CARLSBAD M"1CIPAL WATER DISTRICT FOR I1 IT4PROvEMEIfF DISTRICT NO , 4, WATERWORKS BONDS, ELECTION 1961. 3. Dist. Bonds - Notice Inviting Bids MATURITIES: The bonds will mature in conse~utfve numerical order on December 1 in the amounts for each of the several years as follows: Maturity Years Principal Amount 1962 - 1963 1964 - 1971 1972 - 1977 1978 - 1982 1983 - 1986 1987 - 1989 1990 - 1991 $10 , 000 15,000 20,000 25,000 30, ooo 35 > 000 40,000 INTEREST: The bonds shall bear Interest at a rate or rates to be fixed upon the sale thereof but not to exoeed 5 $ 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 Amerlua at the office or" the Treasurer of the district, in Cp-rlsbad, California, or at the Main Office of the Bank of Anerica National Trust and Savings Association in Los Angeles or San Francisco, California, or at any fiscal agency of said district in Chicago, Illinois, or New York, New York at the option of the holder. 4. REGISTRATION: The bonds will be coupon bonds registerable only as to both principal and interest. CALLABLE: The bonds maturing on or prior to December 1, 1976, shall not be subject to call or redemption prior to maturity. The bonds maturing on or after December 1, 1977, or any of them, may be called before maturity and redeemed at the option of the Board of Directors of the district on December 1, 1976, or on any interest payment date thereafter prior to maturity. All or any of the bonds subject to call may be called for redemption at any one time, If less than all 02 the bonds are redeemed at any one time, such bonds shall be redeemed only in inverse order of maturity and number beginning with the highest numbered bond. Bonds called prior to maturity shall be redeemed at a redemption price equal to the principal amount thereof plus tine following redemption premiums (percentage of par value) if' redeemed at the following times : REDENPTION DATES AND pmmur,Is On or after And prior to December 1 December 1 1976 1977 1976 1979 1980 1981 1982 1983 1977 1978 1979 1980 1981 1982 1983 maturity Premium 474 3-1/2$ 3% 2-1/2$ 2% 1-1/2$ 1% 1/2$ 5. PURPOSE OF ISSUE: Said bonds were authorized for the acquisition and construction of a waterworks system, including a dam and a reservoir, and including for the foregoing conduits, pipelines, works, machinery and other property (including lands and easements) useful or necessary to store, convey, supply or otherwise make use of' water for the lands and inhabitants within the exterior boundaries of said Improvement District No. 4, and including expenses of all proceedings for the authorization, issuance and sale of the bonds. 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 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 interest as will become due before the proceeds of' a tax levied at the next general tax levy will be available. 6. Dg@t. Bonds- resln. & Notice Inviting / ,I .. , TERMS OF’ SALE Interest Rate: The maximum rate bid may not exoeed 5 $ per annum, payable annually the first year and eem~annually thereafter, Each rate bid must be a multiple . of v8 or %oaf 1s. No bond shall bear more than one interest rate, and all bonds of the same maturity shall bear the 8am rate. Not more than three interest rates may be bid. The repetition of any rate will not be considered the bidding of an additional rate. 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 maturi- ties. AWARD: The bonds ahall be sold for cash only. All bide muet 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, the premium, if any, and the interest rate or rates not to exceed those apeclfied herein, at which the bidder offers to buy said bonds. Eaoh bidder shall state in his bid the total net interest oost in dollars and the average net interest rate determined thereby, which shall be considered informa- tive only and not a part of the bid. J Hfghert Bidder; The bonds will be awarded to the higheet responafble bidder or bidders considering the Interest rate or raters specified and the premium offered, if any. the amount of the premium bid (if any) from the total amount of interest which the district would be required to pay The highest bid will be determined by deducting Dlst .Bonds-Resn. & Notice Inviting from the data of said borids 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’district. The purohaser must pay aoarued Interest (computed on a 360-day year basis) from the date of the bonds to the date of delivery. The coat of printing the bonds will be borne by the district, Right of ReJection: The district reserves the right, in its discretion, to reject any and all bids and, to the extent not prohibited by law, to waive any irregu- larity or informality in any bid. Prompt Awardr The district will taka action award- ing the bonds or rejecting all bids not later than twenty-six (26) hours after the expiration of the time h@rein prescribed for the receipt of proposals; provided that the award may be made aftel, the expiration of the specified time if the bidder shall not have given to said Board notice’.in writing of the withdrawal of such proposal. Place of Delivery: Delivery of said bonds will be made to th% successful bidder at Jeffries Banknote Company, 117 Winston Street, Los Angeles, California, or at any other place agreed to by the purchaser and the Treasurer of the District. __ PrORpt Delivee, Cancellation for Late Delivery: It la expected that said bonds will be delivered to the auocesaful bidder within 30 days from the date of sale thereof. The successful bidder shall have the right, at 8. hi8 option, to ornael the oontraat of purohare if the district rhell fall to exeoute the bonds and tender them for delivery within sixty days from the date of the sale ' thereof, and in ruoh even% the suocesaful bidder shall be e$tled to the return of the deposit accompanying his bid. Form of Bid: Each bid, together with the bid cheok, must be in a sealed envelope, addressed to the dis- trlat, with the envelope and bid olearly markedz "PROPOSAL FOR CARLSBAD IVl[fNICIPAL WATER DISTRICT FOR IMPROVENENT DISTRICT NO. 4 WATERWORKS BONDS, ELECTION 1961, 11 Bid Check; A certified or cashierls cheok on a responsible bank or trust company in the amount of 3s of the principal amount of the bonds, payable to the order of the dlstriot, must aocompany each proposal as a guaranty that the bidder, if sucoessful, will aaoept and pay for aald '. but not performed, unlerr ruoh irllurr, of porfom8nee rball be oauseb by any a& or oalrrion of bb. birttrlot, #hall then k ret8ined by the diatrlot. Tho obok 8oeomprnylng errh unroaepted proposal will be rotwned promptly. J \ Change in T8x Exempt Staturt At any time before tho bond6 am tendered for deltrew the suooessful bidder mat dlrrPtim and wltbbrrw tho proposal if the lnterert ro- twived by prtvats holdera from bonds of the sa= type and ohraoter shall be beolarcad to be taxable lnoome under preaent federal lnoome tax 1aW8, either by a ruling of the I. bond8 In aeoorbanoe with the terms of his bld. of the eheok aacompanylng any aooepbed p~oposal shall be applied on the purohare price or, if rucrh proposal is aooepted The proOeed8 DISC;. Bonds - RePsln. & Notice Inviting Bureau of Internal Revenue or by a decision of any federal oourt, 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 6 #@err, attorneys, approving the validity of said bonds will be furnished the suooessful bidder at or prior to the date of delivery of the bonds, at the expense of the distriot. If requested In the bid of the eucaeseful bidder, a copy of the logal opinion certified by an officer of the distriot by hi6 faosimile signature will be printed on the bauk of eaoh bond, at the expense of the distriot. No Litigation Certificate: At the time of payment for and delivery of staid bonde the district will furnish the suooesrful bidder a certiffoate that there is no litiga- tion pending affecting the validity Qf the bonds. INFORMATION AVAILABZnEt Requests for information oonoernlng the dlstriot should be addreaaed to Schwabacher & Co. 100 Montgomery Street San Francisco 4, California QZVEN by order of the Board of Direotors of CARLSBAD MUNICIPAL WATER DISTRICT 8 19 61 0 adapted on OCTOBER 17TH RICHARD R. COE Secretary of the Board of Dfrectorrs of Carlsbad Municipal Water District, 10. Dist .Bo,nds-Resn & NoS;lce Inviting ADOPTED, SIGNED AND APPROVED this day of 61 OCTOBER, 9 19-* of Directors of' drlsbad Munic ip a1 Water District ATTEST: -/c 1 cc /I Secretary of the Board Of Directors Of Carlsbad Municipal Water District. ( SEAL) 11. STATE OF CALIFORNIA COUNTY OF SAN DIEGO 1 ss. I, RICHARD R. COE , Se retary of the Board of Directors of Carlsbad Municipal Water District 7RT IFY th at th e foregoing resolution was duly adopted by the Board of Directors of said district at a regular meeting of said Board , 19 61, and that It held on the -r?fH d was so adopt-the following &te: aY of OCTOBER - NOES : Directors "E ABSENT: Directors W@, (SEAL) thereof.