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Home My Public Portal AboutResolution 66-648RESOLUTION NO. 66 -643 A 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.4 OF SAID CITY. WHEREAS, by Ordinance No. 65 -161 of the City of Temple City, California, adopted June 1, 1965, this City Council fixed and established the boundaries of Vehicle Parking District No. 4 of said city, declared that said district has 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 neces- sity 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 hear- ing 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 recording notice of said assessment in the office of the County Recorder of Los Angeles County on July 6, 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 con- tained 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 recei- ved 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 purpose 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 publica- tion 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 pur- chase 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., September 6, 1966. The bonds to be sold are bonds to be issued to represent unpaid assessments levied upon the lands within VEHICLE PARKING DISTRICT NO. 4 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 Highways Code of the State of California. Said bonds are fourteen (14) in number and of varying principal amounts totaling the sum of $46,711.00. Said bonds are dated October 2, 1966, and bear interest from that date at a rate of not to exceed six percent (6 %) per annum. The first interest is payable on July 2, 1967, and thereafter the interest is payable semiannually 944 Resolution No. 66 -648 on January 2 and July 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, 1968. Said bonds are similar to bonds issued under the Improvement Act of 1911, Divi- sion 7 of the Streets and Highways Code, and, except as otherwise provided in said Vehicle Parking District Law of 1943, the pro- visions 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 tha next maturing interest coupon, PLUS A PREMIUM of three percent (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 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 Supe- rintendent 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 responsible 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 percent (6 %) per annum, payable as above pro- vided, 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 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 1/100ths 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 percent (3 %) of the princi- pal 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 pur- chase 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 October 2, 1966. The bids will be opened at the meeting of the City Council of said city to be held September 6, 1966, 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. 945 Resolution No. 66 -648 Given by order of the City Council of the City of Temple City, adopted August 16 , 1966. 1966. City Clerk of the City of Temple City, California. ADOPTED, SIGNED AND APPROVED this 16th day of August, ATTEST: , x/6%4 0L City Clerk STATE OF CALIFORNIA COUNTY OF LOS ANGELES CITY OF TEMPLE CITY ) ss I, KARL L. KOSKI, 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 16th day of August, 1966, and that it was so adopted as follows: AYES: Councilmen- Clemson, Harker, Merritt, Tyrell NOES: Councilmen- None ABSENT: Councilmen- Beckley STATE OF CALIFORNIA COUNTY OF LOS ANGELES CITY OF TEMPLE CITY ) ss I, Karl L. Koski, 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. 66 -648, and that the same has not been amended or repealed. DATED: August 16 , 1966. 946