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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