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RESOLUTION NO. Q O
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF REDLANDS , CALIFORNIA,
DIRECTING THE CITY CLERK TO PUBLISH
NOTICE INVITING SEALED PROPOSALS FOR
BONDS OF SAID CITY IN THE AMOUNT OF
$250 ,000.
WHEREAS, an ordinance providing for the issuance
of bonds of the City of Redlands , California, in
the amount of $ 250,000 to be designated "City
of Redlands , 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
Redlands , California, DOES HEREBY RESOLVE, DETER-
MINE 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
sip to the time stated in the notice hereinafter set forth.
Section 2. That the City Clerk be and is hereby
authorized and directed to publish said notice once in
REDLANDS DAILY FACTS , a newspaper of gener-
al circulation published In said city, said publication to be
at least seven days prior to the date for receiving bids.
Section 3. That said notice shall be sub.%tantiall.y
as follows:
NOTICE INVITING BIDS
$250,000
GENERAL OBLIGATION BONDS
CITY OF REDLANDS
NOTICE IS HEREBY GIVEN, that sealed proposals
for the purchase of $250 ,000 par value general obligation
bonds of CITY OF REDLANDS of San Bernardino County,
California, will be received by the City Clerk of said
City at the place and up to the time below specified:
TIME: 2:00 o' clock P.M. , Pacific Standard
Time, January 30, 1973.
PLACE: city Hall
30 Cajon Street
Redlands, California
MAILED Mailed bids should be addressed to
BIDS: City of Redlands
% City Clerk
P. O. Box 280
Redlands, California 92373
OPENING OF BIDS: The bids will be opened by the
City Clerk subsequent to 2 :00 P.M. and presented to the
City Council at the meeting of the City Council to be
held January 30, 1973, at 4:00 P.M. at Safety Hall.
ISSUE: $250,000 designated "1962 Sewer Bonds,
Series B" , consisting of 50 bonds, numbered 1 to 50 both
inclusive, of the denomination of $5,000 each, dated
February 1, 1973 .
SCHEDULE OF MATURITIES: The bonds are offered
for sale in the principal amount of $250, 000, maturing
serially in consecutive numerical order, from lower to
hiqner, on February I of each year, as set forth in
the following schedule .
matarity Date Maturity Date
Fehruar 1 A"ount February I-- Amount
1974 $25 ,000 1979 $25 ,000
1975 25, 000 1.980 25 , 000
1976 25 ,000 1981 25 , 000
1977 25 ,000 1982 25,000
1978 25, 000 1983 25,000
INTERESTt The bonds shall bear interest at a rate
or rates to be fixed upon the sale thereof but not to
excoed six per cent (6%) per annum, payable semi-annually.
PAYMENT: Said bonds and the interest thereon are
payable in lawful money of the unitod states of America
at the office of the Treasurer, or at the option of the
holder, at toe office of the paying agent of the City in
Los Angeles , California, Chicago, Illinois or New York,
New York.
RLGISTRATION: The bonds will be coupon bonds,
which may be exchanged for fully registered bonds at the
option of toe polder, .
NOT CALLABLE: The bonds are not callable prior
to maturity.
PURPOSE OF ISSUL ; Said bonds were authorized for
the purpose of construction of and additions to and im-
provements of the City sewer facilities .
SECURITY: Said bonds are issued pursuant to
Article 1, Chapter 4 , Division 4, Title 4 (Section
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 sai6j. bonds , said Act requires that -trie
City Council sl-iall at the time of fixing the general
tax levy, and annually thereafter until said bonds are
paid or until there a :sum in the treasur�,, of said
City set apart for purpose sufficient to meet all
payments of principal an(". interest on s-aid bonds as
they oecome due, levy and collect a tax sufficient to
pay the interest on �;<-id bonds as it falls due and such
part of the principal thereof as will ;_,e-come due before
toe proceeds of a tax levied at the next general tax
levy will be available. Said tax shall. be in addition
to all other taxes levied for municipal purposes and
shall oe levied and collected as other City taxes .
TLRMS OF SALE
Interest Rate: The maximum rate bid may not
exceed 6% per annum, payable semiannually . Each rate
bid must be a multiple of 1/20 of 1% . No bond shall
bear more than one interest rate. ).ach bond must bear
interest at tie rate specified in the bid from its date
to its fixed maturity date . only one coupon will be
attached to each bond for each installment of interest
thereon, and !Ads providing for additional or supple-
mental coupons will '-e rejected. TAe rate on any
maturity or group of maturities small not 1)e more t;-ian
2% nigher than the interest rate on any other maturity
or group of maturities .
Award : The bonds shall be sold for cash only.
All i)ids must be for not less than all of the bonds
hereby offereci for sale and each bid shall state twat
the bidder of fers par and accruea interest to t-,e date
of delivery, the premium, if a'1---!, and the interest
rate (--)r rates at whit the bidder offers to buy said
bonds. Laclft bidder shall state in his bid the total
net interest cost in dollars and tl'ie average net in-
terest rate determined thereby, which shall be con-
sidered informative only and not a part of the bid.
Highest Bidder: The bonds will be awarded to
t4ie 'aigliest responsible bidder or bidders considering
tine interest rate or rates specified and the premium
offered , if any . The highest bidder %-jill '')e determined
by deducting the amount of the premium bid (if any) from
tlie total amount of interest which the city would be
required to pay from the date of said bonds to the res-
pective inaLurity dates thereof at t1he coupon rate or
rates specified in the bid and tile aware: Will be made
on the basis of the lowest net interest cost to the city.
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 city.
of Rejection; The city reseives the right
in its discretion, to reject any and all bids and, to
tile extent not prohibited by law, to waive any irregu-
larity or informality in any bid.
Prompt Awn r4: The city will take action award--
inn tile bonds or rejectinq all bids not later than
tw(-ntv--si% (26 ) '.nours after the expiration of tic, tiz,,.ie
herein prescribed for the receipt of proposals; pro-
vi(.,'cd t",at t x. award nay be made after the expiration
of tile specif-Led time if lie bid(.'Ler shall not 7icive
given to 5aid Council notice in ariting of the with-
drawal of such proposal .
Place of Delivery; .,Porm o." Pa�rment. Delivery
of said bonds will be made to the successful bidder
at Jeffries Banknote Company, 1330 West Pico Boulevard,
Lo:: Angeles , California. Payment for said bonds shall
be made in Federal Reserve Bank Funds which are imme-
diately available to the city or other comparable
funds .
Prompt Delivery, Cancellation for Late Delivery:
It is expected that said bonds will be delivered to the
successful iAdderv4thin thirty (30) days from the date
of the sale thereof . The successful bidder shall have
the rigint, at his option, to cancel the contract of
purchase if the city shall fail to execute the bonds
and tender t1iem for delivery within sixty (60) days
from the date herein fixed for the receipt of bids ,
and in such event the successful bidder shall be en-
titled to the return of the clieck accompanying his bid.
Porm of Bid . Bach bid, together with the bid
check. , ;,iiust 1je in a sealed envelope, addressed to the
city, with t.ie envelope and bid clearly marked:
"Proposal for 1962 Sewer Bonds , Series B. "
13id Clieck : A certified or cashier's check on a
re 3ponsible bank or trust company in the amount of
�5 '000 ' payable to the order of the city, must accom-
pany each proposal as zi guaranty that the bidder, if
successful , will accept and pay for said :ponds in
accordance with tiie terms of Jiis bid. The cher:?-,
accompanying any accepted proposal s'-all 'be applied on
the purchase price: or , if such propo:: :,l is accepted but
not performed , unloss such failure of pi.,,,rformance shall
i)e caused iiy an,,, act or omission of ti-le city, shall
ti,e-n be casned and the proceeds retained 'Dy the city.
Tiie check accompanying each unaccepted proposal will
be returned promptly ,
Change in Tax Exepj..)t Status : At any time before
Uie 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 tyT,--te
and character shall be declared to be taxable income
under present federal income tax lavas , either by a rul-
inq of the Internal Revenue Service or by a decision
of any federial coo rt , or shall 1)e declared taxable or
required tou-, taken into account in computing any
federal income taxes by the terms of any federal income
tax law onacted su;,)sequent to the date of this notice.
Lealpinion; Tete unqualified opinion of
O"Ielveny & Myers , attorneys, approving the validity
of said bonds will 6e furnished to the successful bidder
at or prior to tiie date of delivery of the bonds , at the
expense of the city. Copy of such opinion, certified
by an officer of the city b,,,, his facsimile signature
will .)e 1-)rinted oz-! t1lie bac; of each bond. No charge
will rtif oe made to the ---r si,'P-111 prirntinq <,j--
ce
No Litigatiol, tAL the Urne of pay-
ment for and delivery of said bonds the city wil"L.
4
fs.�
urni -t tiie successful bit.:dlt?r a 'ertLficate t.'iat there
i.z no litici-Ation af f ecting the validity of the
oonds .
INFORMATION AVAILA15LE.- Requests for further
.information con(-erninq the city should be addressed to:
Stone & Youngk)erg Municipal Financing
Consultants , Inc.
1541 Wilshire Boulevard, Suite 402
Los Angeles , California 90017
GIVEN by order of the City Council of the CITY
OFREPLANDS , CALIFORNIA, adopte+.l on January -1 , 1973.
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o-T'the City of Reala—n-d-s
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Section 4. That the City Clerk is further author-
ized and directed to publish said notice (or an advertise-
ment referring thereto) once in THE BOND BUYER, a financial
Journal published in New York, New York, and to cause to be
furnished to prospective bidders copies of said notice and
of an official statement relating to the properties, opera-
tions and finances of said city; but the failure, in whole
or in part, to comply with this section shall not in any
manner affect the validity of the sale of said bonds.
ADOPTED, SIGNED ANIS APPROVED this 2nd day of
January 1973.
ffayo r of the City .
Redlands , California
ATTEST:
Deputy City Clerk of the City of
Redlands , California
(SEAQ,)
STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO
CITY OF REDLANDS
I, PEGGY A. MOSELEY City Clerk of
the City of Re_d1an_d_s, California, Do HEREBY CERTIFY that
the foregoing resolution 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 ffie 2nd day of January
19 73 , and that it was so ado--pt—ea—as follows :
AYES : Councilmen DeMirjyn, Knudsen, Miller,
Sewall, Magor Cummings
NOES: Councilmen None
ABSENT : Councilmen None
City Clerk of the ;Hty Of
Redlands, California.
(SEAL)
STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO ss.
CITY OF REDLANDS
1, PEGGY A. MOSELEY City Clerk
of the City cid-Redlands, California, DO HEREBY CERTIFY that
the above and foregoing is a full, true and correct copy of
Resolution No. 3007 and that the same has not been
amended or repe-ale-T.—
DATED: January 19 19 73
City Clerk of the City o?
Redlands , California
(SEAL)