HomeMy Public PortalAboutResolution 65-496RESOLUTION NO. 65-G96
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
established tilt boundaries of Vehicle Parkins,• District No. 1 of said
city, declared that said district has been duly formed under the pro-
visions of the Vehicle Parking District Law of 1943, Part 1 of Divi-
sion 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
JHEREAS, 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 confirm-
ed 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 record•
ing 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 recording said notice in the office of the County Recorder
the said Superintendent of Streets filed in the office of the City
Treasurer 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
specifies as the date of the bonds the date specified for that purpos4
in the notice hereinafter set forth.
Section 3. That the City Clerk shall cause a notice
inviting 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., August 17, 1965.
The bonds to be sold are bonds to be issued to represent un-
paid assessments levied upon the lands within VEHICLE PARKING DISTRICT
NO. 1 of said City to pay the cost of the acquisition and improvement
of certain parking lots and related facilities under the Vehicle Park-
ins District Law of 1943, Part 1 of Division 18 of the Streets and
Highways Code of the State of California. Said bonds are forty -four
(44) in number and of varying principal amounts totaling the sum of
$160,756.89. Said bonds are dated August 16, 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 semiannually on July 2 and January 2. The princi-
691
Res. 65-496, page 2
pal of said bonds is payable by coupon in twenty (20) even annual in-
stallments 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 1943, the
provisions of Parts of said Improvement Act of 1911 apply to said
bonds and govern as to the issuance, coliection and enforcement there-
of.
In eacif of said bonds the right will be reserved to redeem
such bond at any time before maturity upon payment of the then unpaid
IIprincipal 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 offer-
ed 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.
II
Only one interest rate may be bid which rate may be stated In any
Multiple of 1 /100ths of 1/ or any multiple of 1 /Cth 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 Tempi
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 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
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 September 17, 1965.
II The bids will be opened at the meeting of the City Council
of said City to be held August 17, 1965, at 7:30 o'clock P. M., in the
Council Chambers 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 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 July 6, 1965.
WILLIAM W00LLETT, JR.
City Clerk of the City of
Temple City, California
692
Res. 65 -496, page 3
ADOPTED, SIGNED AND APPROVED this 6th day of July, 1965.
ATTEST:
II C_,),_
City Clerk of the City o
Temple City, California
1
1
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF TEMPLE CITY
) ss
l a o`r of the City of--
Temple City, California
I, 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 6th day of July, 1965, and that it was so adopted as follows:
AYES: Councilmen- Dickason, Merritt, Nunamaker, Tyrell, Harker
NOES: Councilmen- None
ABSENT: Councilmen- None
Ci y Clerk of the City of
Temple City, California
693