HomeMy WebLinkAbout2214 RESOLUTION NO. 221
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF EDLA , CALIFORNIA,
DIRECTING THE CITY CLERK{ TO PUBLISH
NOTICE INVITING SEALED PROPOSALS FOR
$ 5 00 M
OF SAID CITY.
WHEREAS, an ordinance providing for the issuance
of bonds of the City of Rodlmds , California, in
the amount of $ 750,000 to be designated
" MUM
"
has been introduced; and
WHEREAS, it is desirable that said bonds be sold;
NOW, THEREFORE, the City Council of the City of
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 hereinafter
set forth.
Section 2 . That the City Clerk be and he is hereby
authorized and directed to publish said notice once in
DAILYthe RKMANIKS' ,,. , a newspaper
of general circulation published in said city.
Section 3. That said notice shall be substantially
as follows :
;i ty Bonds-Resn.
'c Notice Inv.Bids
NOTICE INVITING BIDS ON g;50 OW
GENERAL OBLIGATION BONDS Tfig
.
NOTICE IS HEREBY GIVEN that sealed proposals for
the purchase of $ 7,W40Wpar value general obligation
bonds of the
will be received by the City Council of said city at the
place and up to the time below specified,
TIME: Tueiftyp Jum 26, 1962
at 2s00 P,X.
PLACE : Council Chmberz
1
Vine and Cajon Ztreeu
o
CallfomU
MAILED BIDS : ,1
1 � Harry R. Whaaey
4 Clark
.t
Streets
ISSUE: $ 750,,000 consisting of Seven
bonds, numbered Al to , both inclusive, of the
denomination of $1,000 each, all dated 1,1,y , 1021
City/Notice Inv.Bids/Gen.Obl .
MATURITIES The bonds will mature in consecutive
numerical order on in the amounts for each
of the several years as follows $3,OVOW on
INTEREST: The bonds shall bear interest at a
rate or rates to be fixed upon the sale thereof but not to
exceed six per annum, payable annually the first year
and semiannually thereafter.
PAYMENT: Said bonds and the interest thereon are
payable in lawful money of the United States of America at
o office of the GUY Ttvaftr " the Ot Radlandes CaUtomia,
1111P.01'a'sar Now �n.
regleterable only as to both prinalpal ,,
CALL PROVISIONS- The boadsprior
to y not In su
lojeot to call or ra&Mtlon prior
to . � The bonds watuzdzza , 1984,o or
wW of o my be ealledthe
option of tkie City$ IA inverse order of maturity =d n=bar�
,
prior to maturltyo at a :
thereofs, plua the tolloWina
f redeamed at the 90110VU4 ti=S,.-
On
19T5
� `
113778 1979 24/9
1999 19. 0 � ,
puRpow op issm. fte benda are paxtf an aubhor-
lZed ,
a
*ewersof ty of Podlands voted at au election hold Oato-
b,*r
296 ,
SWURMZ �,
chapter 40
, : 4j, (section the
ftver== o
f gowtimes known as
the Munialpal Bond Art of ,., o
px-IMIgal and interest
the City Cowiall shall at the . f fIxIng the Seneral ta%
it said
UntIl gate Is a sum in thea
and interest n seld bondz as they became due,,
the ;tnterest on said bOnds as It fallsdue and sueh part of the priftelpal thereof as .
ill �te ; ,
Wore the proceeds or a tax UVIed at the nextal tax
levy will be . .
leviedle. &ad tax shall be in addition tO all
other tarms Tor =nlolpal PurP*se$ ° , e lavlOd.
. .
City/Notice Inv. Bids G.O.
TERMS OF SALE
Interest Rateo The maximum rate bid may not exceed
% per annum, payable annually the first year and semi-
annually 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 in-
stallment of interest thereon, and bids providing for addi-
tional or supplemental coupons will be rejected. NgXXMM
tft 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 % 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 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 speci-
fied 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 there-
by, which shall be considered informative only and not a part
of the bid
Hi-hest 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
City Bonds G/0
Notice Inv. Bids
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 computed on a 36o-day
year basis. The cost of printing the bonds will be borne by
the city.
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.
Prom t Awards 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 pro-
posals, provided that the award may be made after the expira-
tion 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 jefrr1az Sgzgmota CoMarWO
,4 Joao Ange.laa.* . - o or at aw of
her
place aff�meable to both the ameeSaft%1 bidder and e OUY TrelAurar.
Prompt Deliver Cancellation for Late Deliver
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
4
Wall fall to Vvi,,t boada SAd taadaV them for 401MAIN,
ulthin sIxty C60) dayS We the datV at the We thereofs SaMid
In oudh evrwanxt the Wdar An& be entitled to While
return of the depoolt aospnpan#ag bla bid.
ZSj,Sj.M&g; Zaah bids tagethe;r AM the bld
aheakj zuet be In a sealed envelopeo addreseed to tha altzi
with the envelope and bid cloarly marked:
TOR, CITY OF SEMMMAMM
196e 'aaawn man's", Sisu A ,"",
jQj.jfQQj It oertlfled ev emahlar's chaos on a
rVoponsille bank or truat 00upany ill too W or 0,0 00,�
pagablo to the or a the alty ,zmwt esah pvepoaal
as a Lm, ==,tty that the bIddery If aumeaful, W111 aooept and PM,
for sWA 11,,�cadz Ja ascovdaboo with tha tevzo of h1a bid. TrIble,
Procceds Of W cbeek MW acceptod PMVP4001 aball
he appluled , th purehme PrI00 or, it SUM poposal Is
age opted but W Performedo unless such ralluve ot performance
shall be caused by v,74, act or oplaslan of the alto;"p shall thakill
be retained bq the city. The check amapanying esoh unacceptod
propona! All bie �iv- tvun,,wed prorqptly.
St any time bera-z"t
trig aSw WSW for dvilvaryo tho Sueea0eful b1d4or
Xaq 410MIrm and AM= M x0posal to We Interest
rozelved by private hol&vvs rxnn"� ot W some type awnd
ahoxqater aball be doolarad to be taxable Saame u0sr
pvvsant federal Wome tat Mal elther bW a vullng of WhIle
701,
City Bonds G/O
Notice Inv.Bids
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.
LeeZal 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 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
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
Mr, Harry R. Whaley 'none & Youngbe;rz
city Valli ,,
n- 2235 Dbnt5.=erY Street
Vine and Cajon Streeta 3= rrwolsao 44 California
, � calumnia
GIVEN by order of the City Council of the City of
Redlaadz_, California, adopted / 19
;' ��-
City Clerk of the City of
HadjandAp
CalUomia
1.
Section 4. That the City Clerk Is also hereby
direr,ted to cause an advez"tiament
journal "
haw ` ,�e but f
A\e r mV dofeoVa
shall mt invaUdate or in anY mmnar afroof the procehadLng
for the eale of bonds.
$Ootjon 5, That said advertisement shall be
substantl,aI12 as follows:
$7505000
CM OF RMANDS
The City Clark or the 04-ty of Redlands,
2:00 P.M. on
,.
in the counoil c "ra of the city , . Vine and Cajon S
Callfomia" for the l 1, 7 �
as followal
& H elusive Amount
4 to P
The blez l W publiely opened and read at the
time and plece set torth above.
Vzo bouds, w111 be scoaManiodthe approvUa
OpInion o;C OOV: lveny & 9yezvo., Los AnVlas,,
he boaft maturin$ -on or after July Is 1984s
suWeat t d sae WIth the tenm of the
Notice lnvlt�blg Kda.
interestThe rate aZ which :: sold,* the
f the bid obeek and other Items am set forth In the
Notice Invitine Bids,
Upon request a copy of the gotize 1AV2t1x6 Bida and
Orgicial - I' ffaxw
0, Vine and Cajon Streets$ Redlands,% 1.
Stoneor .: , .
San Praneinao 4,,
APPROVED this
ftdlarids,
E
y 0 a O.C.
r ��
STATE OF CALIFORNIA
COUNTY OF ss .
CITY OF
I , it. WHPJM City Clerk
of the City o , a ornia, DO HEREBY
CERTIFY that the foregoing reso u ion was duly adopted
by the City Council of said city and was approved by the
Mayor of said city at a regular meeting of
said City Council held on to 15th day of _ kv ^,
19 62 and that it was so adopted as follows :
AYES: Councilmen Martinez 1tTa ner-Burrou hsWil.son
Mayor Parker
NOES : Councilmen None
ABSENT: Councilmen None
n
City glerk or the ' i y o
(SEAL) , :f le
STATE OF CALIFORNIA )
COUNTY OF SAN BMWARDT90 ) ss
CITY OF REDLANM )
I, , City Clerk of
the City of Rodlandg Cali ornia, DO HEREBY
CERTIFY that the above andf'oregoing is a full, true and
correct copy of Resolution No. , and that the
same has not been amended or repeealea..
DATED: May 15 l9
'City rko e i o y i
(SEAL} ,p JI