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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: 1 1 1 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 847