HomeMy Public PortalAboutResolution 65-433RESOLUTION NO. 65 -433
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF TEMPLE CITY, CALIFORNIA, CALLING
FOR SEALED BIDS ON BONDS TO BE ISSUED TO
REPRESENT UNPAID ASSESSMENTS UPON LANDS
IN VEHICLE PARKING DISTRICT NO. 2 OF
SAID CITY
WHEREAS, by Ordinance No. 64 -133 of the City of Temple City,
California, adopted May 11, 1964, this City Council fixed and establish-
ed the boundaries of Vehicle Parking District No. 2 of said City, de-
clared that said district had been duly formed under the provisions of
the Vehicle Parking District Law of 1943, Part 1 of Division 18 of the
Streets and Highways Code of the State of California, and found that
the public interest and necessity require, and ordered, certain acqui-
sitions and improvements for said district: and
WHEREAS, an assessment of the cost and expense of said ac-
quisitions and improvements was duly made and filed,and a hearing was
duly had thereon, and said assessment was thereafter duly confirmed by
this City Council and was duly recorded by filing the same in the
office of the Superintendent of Streets of said city and by filing
notice of said assessment in the office of the County Recorder of Los
Angeles County on December 18, 1964; and
WHEREAS, following the elapse of thirty (30) days after the
date of filing said notice in the office of the County Recorder, the
said Superintendent of Streets filed in the office of the City Treas-
urer of said city a list of all assessments contained within said
assessment which are unpaid (there being no unpaid assessments upon
public property) and the amounts thereof unpaid; and
WHEREAS, it is necessary and desirable that this City Council
sell the bonds to be issued to represent said unpaid assessments, as
provided in the above mentioned Law;
NOW, THEREFORE, the City Council of the City of Temple City,
California, DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
Section 1. That this City Council does hereby call for
sealed bids on the said bonds proposed to be issued, to be received
up to the time specified in the notice hereinafter set forth.
Section 2. That this City Council hereby selects and speci-
fies as the date of the bonds the date specified for that purpose in
the notice hereinafter set forth.
Section 3. That the City Clerk shall cause a notice invit-
ing such bids to be given by two publications in the TEMPLE CITY TIMES,
a newspaper published in said city, the first publication to be at
least ten (10) days before the bids are to be opened. Said notice
shall be in substantially the following form:
NOTICE INVITING BIDS ON VEHICLE
PARKING DISTRICT ASSESSMENT BONDS
NOTICE IS HEREBY GIVEN that the City Council of the City
of Temple City, California, will receive sealed bids for the
purchase of the following described bonds at its Chambers in
the City Hall in said city up to the hour of 7:30 o'clock
P. M., February 22, 1965.
The bonds to be sold are bonds to be issued to re-
present unpaid assessments levied upon the lands within
VEHICLE PARKING DISTRICT N0. 2 of said city to pay the
cost of the acquisition and improvement of certain parking
lots and related facilities under the Vehicle Parking District
Law of 1943, Part 1 of Division 18 of the Streets and High-
ways Code of the State of California. Said bonds are twelve
(12) in number and of varying principal amounts totaling the
598
Resolution No. 65 -433, page 2
sum of $52,0009.79. Said bonds are dated March 2, 1965, and
bear interest from that date at a rate of not to exceed six
per cent (6 %) per annum. The first interest is payable on
January 2, 1966, and thereafter the interest is payable semi-
annually on July 2 and January 2. The principal of said bonds
is payable by coupon in twenty (20) even annual installments
payable on January 2 of each year beginning January 2, 1966.
Said bonds are similar to bonds issued under the Improvement
Act of 1911, Division 7 of the Streets and Highways Code, and,
except as otherwise provided in said Vahicle Parkins District
Law of 1943, the provisions of Part 5 of said Improvement Act
of 1911 apply to said bonds and govern as to the issuance,
collection and enforcement thereof.
In each of said bonds the right will be reserved to re-
deem such bond at any time before maturity upon payment of the
then unpaid principal with interest thereon to the due date of
the next maturing interest coupon, PLUS A PREMIUM of three per
cent (3 %) of said unpaid principal.
Each bond is a lien upon the property upon which the
assessment represented by such bond was levied. For a descrip-
tion of the respective lots, pieces and parcels of land upon
which the several bonds are liens, and for other information,
reference is made to the assessment recorded in the office of
the Street Superintendent of said city and to the List of Un-
paid Assessments in said matter on file in the office of the
City Treasurer of said city.
Said bonds are to be sold for cash only to the best re-
sponsible bidder at not less than the par principal amount
thereof. Each bid shall state that the bidder offers to buy
said bonds at the par value thereof, and shall state the inter-
est rate, not to exceed six per cent (o %) per annum, payable as
above provided, at which the bidder offers to buy said bonds,
Bidders are directed to bid on a par flat basis WITHOUT ACCRUED
INTEREST. Any accrued interest bid will be entirely disregard-
ed and need not be paid. 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
interest rate. 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
interest rate. Only one interest rate may be bid which rate
may be stated in any multiple of 1 /lOCth of 1% or any multiple
of 1 /8th of 1 %. No bid for a part of said bonds will be con-
sidered.
A certified or cashier's check on a responsible bank or
trust company, in the amount of three per cent (3 %) of the
principal amount of the bonds bid for, payable to the order
of the City of Temple City, 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 ac-
cepted but not performed, unless such failure of performance
shall be caused by any act or omission of said city, shall
then be retained by the City. The check accompanying each
unaccepted proposal will be returned promptly.
The 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
no expense to the bidder. Payment for and delivery of said
bonds shall be made in the office of the City Treasurer.
It is expected that delivery of said bonds will be made
on or about March 16, 1965.
599
Resolution No. 65 -433, page 3
The bids will be opened at the meeting of the City Coun-
cil of said city to be held February 22nd, 1965, at 7:30
o'clock M., in the Council Chanters in the City Hall. Bids
will be opened during said meeting at or after 7 :30 o'clock
P. M.
The City Council reserves the richt to reject any or
all bids, and to waive any irregularity or informality in
any bid to the extent permitted by law.
Given by order of the City Council of the City of Temple
City adopted January 25, 1965.
City lark o t e ity o
Temple City, Calif 'P nia.
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss
CITY OF TEMPLE CITY )
I, William Woollen, Jr„ City Clerk of the City of Temple
City, 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
the 25th day of January, 1965, and that it was so adopted as follows:
AYES: Councilmen - Dickason, Harker, Nunamaker, Merritt
NOES: Councilmen -None
ABSENT: Councilmen - Tyrell
/
City Cie" rk of the City of/
Temple City, Cal fornia
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss
CITY OF TEMPLE CITY )
I, William •'oollett, Jr„ City Clerk of the City of Temple
City, California, DO HEREBY CERTIFY that the above and foregoing is
a full, true and correct copy of Resolution No. 65 -433, and that the
same has not been amended or repealed.
DATED: January 25, 1965
ty
C er o t e ity of
Temple City, Calif
nia
600