HomeMy Public PortalAboutResolution 66-587RESOLUTION NO. 66 -587
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF TEMiPLE CITY, CALIFORNIA, CALLING
FOR SEALED GODS ON BONDS TO BE ISSUED
TO REPRESENT UNPAID ASSESSMENTS UPON
LANDS IN VEHICLE PARKING DISTRICT NO. 3
OF SAID CITY,
WHEREAS, by Ordinance No. 65 -148 of the City of Temple City,
California, adopted tisrch 22, 1965, this City Council fixed and es-
tablished the boundaries of Vehicle Parking District No. 3 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 19 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 ac-
quisitions and improvements was duly made and filed, and a hearing wa
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 recording
notice of said assessment in the office of the County Recorder of Los
Angeles County on February 2, 1966; 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 amc ;nts thereof unpaid; and
WHEREAS, it is necessary and desirable that this City Coun-
cil 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 spec
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 :liven by two publications iri the TEMPLE CITY
Tit'IES 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., April 5, 1966.
The bonds to be sold are bonds to be Issued to represent
unpaid assessments levied upon the ;ands within VEHICLE PARKING DIS-
TRICT NO, 3 of said City to pay t:i, cost of the acquisition and im-
provement of certain pricing lots and related facilities under the
Vehicle Parking District Law of 192, t_ 1 of Division 18 of the
Streets and Highways Code of the i,`.r,te of California. Said bonds are
seventeen. (17) in number and oi= varying principal amounts totaling
the sum of $60,401.73. Said bonds are dated April 16. 1966, and bear
interest from that date at a rat_ of not to e,:ceed six per cent (6%)
per annual. The first interest I s payab 1 '. on January 2. 1567, and
thereafter the interest is paya'b:e .-.ertiannuafly on July 2 and Januar•
2. The principal of said bonds `;!"..sic ;;yy co%ipon In vaenty (20)
845
Resolution' No. 66 -537, page 2
even annual installments payable on January 2 of each year beginning
January 2, 1967. 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 Part 5 of said Improvement Act of 1911
apply to said bonds and govern as to the issuance, collection and en-
forcement 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 offer-
ed will not he 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 /100ths 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
bidder, if successful, will accept and pay for said bonds in accord-
ance with the terms of his bid. The proceeds of the check accompany-
ing 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 un-
accepted 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 April 26, 1966.
The bids will be opened at the meeting of the City Council
of said City to be held April 5, 1966, at 7 :30 o'clock P. M., in the
Council Chambers in the City Hall. Sids will be opened during said
meeting at or after 7 :30 o'clock Pfl M.
The City Council reserves the right to reject any or all
bids, and to waive any irregularLv or informality in any bid to the
extent permitted by lave.
Given by order of the Clty Council of the City of Temple
City, adopted,, March 15, 1966.
F' JEI;mp
Tic`. :o" ,e:i
846
Resolution No, 66 -587, page 3
ATTEST:
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ADOPTED, SIGNED AND APPROVED this 15th day of March, 1966,
6,,c :e A 24e-
City C er of-the City of
Temple City, California
oyor o t e ity of
Temple City, California
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