HomeMy Public PortalAboutResolution 65-486RESOLUTION NO. 65 -486
RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF TEMPLE CITY, CALIFORNIA,
CALLING FOR SEALED BIDS ON BONDS TO
BE ISSUED TO REPRESENT UNPAID ASSESS-
MENTS UPON LANDS IN VEHICLE PARKING
DISTRICT NO. 1 OF SAID CITY.
WHEREAS, by Ordinance No. 64 -136 of the City of Temple City,
California, adopted July 13, 1964, this City Council fixed and estab-
lished the boundaries of Vehicle Parking District No. 1 of said city,
declared 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
acquisitions and improvements for said district; and
WHEREAS, an assessment of the cost and expense of said
acquisitions and improvements was duly made and filed, and a hearing
was duly had thereon, and said assessment was thereafter duly con-
firmed 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 May 5, 1965; 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 assess-
ments, 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 seaied bids for the purchase
of the following described bonds et its Chambers in the City Hall in
said city up to the hour of o'clock .M.,
The bonds to be sold are bonds to be issued to represent
unpaid assessments levied upon the lands within VEHICLE PARKING DIS-
TRICT NO. 1 of said city to pay the cost of the acquisition and im-
provement of certain parking lots and related facilities under the
Vehicle Parking District Law of 1943, Part 1 of Division 18 of the
Streets and Highways Code of the State of California. Said bonds are
in number and of varying principal amounts totaling the sum of $
. Said bonds are dated June 5, 1965, and bear interest from
that date at a rate of not to exceed six per cent (6 %) per annum.
678
The first interest is payable on January 2, 1966, and thereafter the
interest is payable semiannually on July 2 and January 2. The prin-
cipal 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 Vehicle Parking District Law of 19+3,
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 redeem
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 assess-
ment represented by such bond was levied. For a description 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 Unpaid 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 respon-
sible 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 interest rate, not to exceed six
per cent (6 %) 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 disregarded and need not be paid. Any premium of-
fered 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 pre-
mium will be payable only if such premium is used to break a tie be-
tween 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 /100th of 1% or any multiple of 1 /8th of 1 %. No
bid for a part of said bonds will be considered.
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 bid-
der, 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 accepted 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 bid-
der. Payment for and delivery of said bonds shall be made in the
office of the City Treasurer.
or about
It is expected that delivery of said bonds will be made on
The bids will be opened at the meeting of the City Council
of said city to be held at o'clock .M„ in the
Council Chambers in the City Hall. Bids will be opened during said
meeting at or after o'clock .M.
The City Council reserves the right 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 , 1965.
Caerte of the C:tv ri
679
Resolution No. 65 -436, page 3
PASSED AND ADOPTED this 1st day of June, 1965.
ATTEST:
IICity Clerk of he ity o em�,"p e ity,
CaVifornia
yyy
Mayor of the City of Temple City,
California
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss
CITY OF TEMPLE CITY )
1, WILLIAM WOOLLETT, 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 1st day of June, 1965, and that it was so adopted as follows:
AYES: Councilmen- Dickason, Merritt, Tyrell, Harker
NOES: Councilmen -None
ABSENT: Councilman- Nunamaker
City Clerk of the City of
Temple City, California
IISTATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss
CITY OF TEMPLE CITY )
1, WILLIAM WOOLLETT, 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 -486, and that the
same has not been amended or repealed.
Dated: June 1, 1965
1
sty C er o t o ty o
Temple City, California
680