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HomeMy WebLinkAboutRES NO 76-55 .. . . ". RESOLUTION NO. 76-55 APPROVING OFFICIAL STATEMENT AND AUTHORIZING AND DIRECTING THE SALE OF $880,000 PRINCIPAL AMOUNT OF CITY OF BAKERSFIELD OFF-STREET PARKING REVENUE BONDS, SERIES A WHEREAS, the Council of the City of Bakersfield has heretofore, by Resolution NO. 75-55 , adopted November 14, 1955 (hereinafter called the "Resolution"), duly authorized the issuance of $880,000 principal amount of City of Bakersfield Off-Street parking Revenue Bonds, Series A, and it is desirable that said Bonds be offered for sale at this time, subject to the terms and conditions of the Notice of Sale hereinafter set forth; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Bakersfield, as follows: Section 1. Tuesday, the 6th day of December, 1955, at the hour of 8:00 P M. (P.S.T.), is hereby fixed as the time and the Council Chambers, City Hall, Bakersfield, Kern County, California, is hereby fixed as the place, at which bids will be received for the purchase of $880,000 principal amount of City of Bakersfield Off-Street Parking Revenue Bonds, Series A, subject to the terms and conditions of the Notice of Sale hereinafter set forth. 1 e . Section 2. Messrs. Stone & Youngberg, financial consultants to the City, are hereby authorized and directed to cause to be printed for mailing by the City to prospective bidders for said Bonds, copies of the Resolution, said Notice of Sale and the Official Statement of the City (hereinafter referred to) relating to said Bonds, the cost of printing said OffiCial Statement, Resolution and Notice of Sale and the cost of mailing said documents to be borne by the City. Section 3. The Council hereby approves the Official Statement of the City of Bakersfield relating to said Bonds in substantially the form thereof submitted at the meeting at which this resolution is adopted, and hereby directs the City Clerk to file said form with the minutes of this meeting. Section 4. The City Clerk is hereby authorized and directed to cause the Notice of Sale of said Bonds to be published once in THE BAKERSFIELD CALIFORNIAN, a newspaper printed, published and circulated in the City, and such notice shall be in substantially the following form: OFFICIAL NOTICE OF SALE 880,,000 ,CITY OF BAKERSFIELD OFF-STREET PARKING REVENUE BONDS, NOTICE IS HEREBY GIVEN that sealed proposals will be received by the Council of the City of Bakersfield, a municipal corporation duly organized and existing under the Constitution and laws of the state of California, at the Council Chambers" City Hall, Bakersfield, Kern County" California, on TUesday, December 6, 1955 at 8:00 P.M. (P.S.TJ for the purchase of $880,000 principal amount of City of BakerSfield Off-Street parking Revenue Bonds" Series A, authorized to be issued under the provisions of a Resolution of the Council adopted November 14, 1955 (hereinafter called the "Resolution") and pursuant to the provisions of Sections 33.1, 33.2 and 33.3 of the Charter of the City. The Bonds are more particularly described in the Resolution (which is incorporated herein by reference) and copies thereof will be furnished to any interested bidder up~n request. The Bonds are generally described as follows: 2 . . : ISSUE: $880,000, consisting of 880 bonds of the denomination of $1,000 each, numbered Al to A880, both inclusive, all dated December 1, 1955" and comprising all of the Bonds of Series A authorized by Resolution (hereinafter called lithe Bonds"), Bonds of one or more additional series" unlimited in aggregate principal amount, may be issued and sold pursuant to the Resolution, but subject to the conditions and limitations set forth in the Resolution. INTEREST RATE: Maximum not to exceed six per centum (6%) per annum, payable semi-annually on June 1 and December 1 in each year. Bidders must specify the rate or rates of interest which the Bonds hereby offered for sale shall bear. Bidders will be permitted to bid different rates of interest" except that the maximum differential between the lowest and highest coupon rates named in any bid shall not exceed three quarters of one per centum (3/!J. of 1%,). Subject to the foregoing limitation, bidders may split rates irrespe,ctive of the maturities of the bonds. The interest rate or rates stated in each bid must be in a multiple of one-eighth of one per cent per annum, payable semi-annually. MATURITIES: The Bonds mature serially in consecutive numerical order, from lower to higher, as follows: Principal Amount Maturity Date December 1 (both years inclusive) $20,000 25,000 30,,000 35,000 40,000 45,000 50,000 1956 1957 to 1961 1952 to 1966 1967 to 1970 1971 to 1974 1975 to 1977 1978 to 1980 REDEMPTION: Bonds maturing on or before December 1, 1962 are not redeemable prior to th~ir fixed maturity dates. Bonds maturing on or after December 1, 1963 are redeemable on or after December 1" 1957, but not prior thereto" at the option of the City" either (a) as a whole, and only as hereinafter provided, on any interest payment date prior to maturity, from funds derived by the City from any source" at the principal amount thereof and accrued interest to date of redemption, together with premiums as follows, or (b) as a whole, or in part from time to time, and only as hereinafter provided, on any interest paYment date prior to maturity, from the Series A Sinking Eund provided for in and subject to the provisions of the Resolution, at the principal amount thereof and accrued interest to date of redemption, together with premiums as follows: 3 . . Bonds Redeemed on and after December 1 and Prior to December 1 Premium if Red13emed as a Whole from Any Source Premium if Redeemed in Whole or in Part from Series Al Sinking Fund 1957 1951 1963 1965 1967 1969 1971 1973 1975 1961 1963 1965 1967 1969 1971 1973 1975 Maturity 5% 4-1/2% 4% 3-1/2% 3% 2-1/2%' 1-1/2% 1% None 3-1/2% 3-1/4% 3% 2-1/2% 2% 1-1/2% 1% 1/2% None provided, however, that in case less than all of the outstanding redeemable Bonds are called for redemption, they are redeemable in part only in inverse numerical order from higher to lower. PAYMENT: Both principal and interest payable in lawful money of the United states of America at the principal office of Anglo California National Bank, in San Francisco" California (the City's Fiscal Agent) or, at holder's option, at the principal office of The First National City Bank of New York, New York, N.Y. (the City's New York Paying Agent), or at the principal office of Continental Illinois National Bank and Trust Company, Chicago, Illinois (the City's Chicago Paying Agent). REGISTRATION: Coupon bonds will be issued by the City. Said bonds are registerable either as to principal, or as to both principal and interest" at holder's option, with privilege of deregistration and conversion into coupon bonds. PURPOSE: The Bonds are authorized for the purpose of the acquisition, construction and improvement of a project to be completed by June 1, 1956, and to be operated and maintained by the City for off-street vehicular parking facilities" all as described in and subject to the terms of the Resolution. All of the proceeds of sale of the Bonds will be applied to paYment of the costs and expenses of acquiring and improvement of the project, including all incidental costs. SECURITY: The Bonds are revenue bonds" payable exclusively from the Revenues of the project (as defined in the Resolution), including the Pledged Net Parking Meter Revenues of the City which comprise all net revenues of the City from the establishment and maintenance of on-street parking meters in the City, as more fully set forth in the Resolution. Bidders are referred to the Resolution and to the Official Statement for further particulars. A Reserve Fund will be initially created from the proceeds of sale of the Bonds in the sum of $50,,000 and thereafter will be maintained at that amount. 4 . . COVENANTS: The Resolution contains covenants for the further protection of the Bonds, including provision for a Series A Sinking Fund, covenants to establish and collect fees, rates and other charges for the use of the project and covenants to establish, maintain and enforce on-street parking regulations, to maintain parking meters and to collect parking meter fees in order to provide for bond service requirements and for the expenses of maintenance and operation of the project. Charges must be established to produce annual net revenues equal to at least the minimum amounts thereof specified in the Resolution. The Resolution and the Bonds may be,amended and modified subject to the restrictions as set forth in the Resolution. Bidders are referred to the Resolution for further details as to the covenants of the City. FISCAL AGENT: Anglo California National Bank, San Francisco, California, has been appointed Fiscal Agent for the payment of the principal and interest of the Bonds and the registration thereof :and will hold in trust the Interest Fund, Principal Fund, Reserve Fund, and all moneys paid to it out of Revenues of the project for the paYment of Bond principal and interest and sinking fund purposes. TAX EXEMPT In the event that prior to the delivery of the STATUS: Bonds the income received by private~,holders from bonds of the same type and character shall be declared to be taxable under any Federal Income Tax. laws, either by the terms of such laws or by ruling of a Federal Income Tax Authority or official which is followed by the Internal Revenue Service, or by decision of any Federal Court, the successful bidder may, at his option, prior to the tender of the Bonds by the City, be relieved of his obligation under the contract to purchase the bonds and in such case the deposit accompanying his bid will be returned. LEGAL OPINION: The legal opinion of Messrs. Orrick, Dahlquist, Herrington & Sutcliffe, of San FranciSCO, california, approving the validity of the Bonds will be furnished to the successful bidder without cost. TERMS OF SALE Highest Bid: The Bonds will be awarded to the highest bidder considering the interest rate or rates specified and the premium offered, if any. The highest bid will be determined by deducting the amount of the premium ' bid (if any) from the total amount of interest which the City would be r~quired to pay from the date of the Bonds to their respective maturity dates at the coupon rate or rates specified in the bid, and the award will be made on the basis of the lowest net interest cost to the City. The lowest net interest cost shall be computed between the dates aforesaid on a 360-day year basis. The purchaser must pay accrued interest from the date of the Bonds to the date of delivery. The cost of printing the Bonds will be borne by the City. 5 . . -" Right of ReJectIon: The Council reserves the right, in its discretion, to reject any and all bids and to waive any irregularity or informality in any bid. prompt A:ward: The Council will take action awarding the Bonds or rejecting all bids not later than 24 hours after the expiration of the time herein prescribed for the receipt of proposals; prOVided that the award may be made after the expiration of the specified time if the bidder shall not have given to the Council notice in writing of the withdrawal of such proposal. Delivery of one temporary Bond without coupons in the principal amount of $880,000, registered as to both principal and interest, will be made to the successful bidder against payment of the purchase price of the Bonds at the principal office of the Fiscal Agent in San Francisco, California, as soon as the temporary Bond cap be prepared" whidh the City estimates will be on or abou~ December 12, 1955. Thereafter and as soon as definitive Bonds can be pre~ared, which the City estimates will be within thirty (30) days after date of delivery of the temporary Bond, the City will deliver definitive Bonds in bearer form with appurtenant coupons in exchange for the temporary Bond at said office of the Fiscal Agent, without any Charge for such exchange, but otherwise at the risk and expense of the registered owner of the temporary Bond. Prompt Dellvery: Right of The successful bidder shall have the right, at Cancellation: his option, to cancel the contract of purchase if the City shall fail to execute the Bonds and tender the same for delivery, in temporary form, within thirty (30) days from the date of sale, and in such event the successful bidder shall be entitled to the return of the deposit accompany- ing his bid. Form of Bid: All bids must be for not less than all of the Bonds hereby offered for sale, and for not less than the par value thereof and accrued interest to date of delivery. Each bid, together with bidder1s check, must be enclosed in a sealed envelope addressed to the Council of the City of Bakersfield, City Hall, BakerSfield, california, and endorsed "proposal for City of Bakersfield Off-Street Parking Revenue Bonds, Series An. Bid CheCk: With each bid must be submitted a certified check or cashier's check for $5,000, drawn on a bank or trust company transacting business in the State of California, payable to order of the City to secure the City from any loss resulting from the failure of the bidder to comply with the terms of his bid. In addition, bidders are requested, but not required, to supply an estimate of the total net interest cost to the City on the basis of their respective bids, which shall be considered as informative only and not binding on either the bidder 'or the City. 'Checks of the unsuccessful bidders will be returned by the City by mail upon the award of the Bonds. No interest will be paid upon the deposit made by any successful bidder. 6 e . Official Statement: The city has prepared an official statement, a copy of which will be furnished upon request. There is no controversy or litigation pending or threatened concerning the validity of the Bonds, and the City will furnish to the successful bidder a no-litigation certificate certifying to the foregoing as of and at the time of the delivery of the Bonds. Dated: November 14, 1955. MARIAN S. IRVIN City Clerk of the City of Bakersfield, California. Section 5. This Resolution shall take effect from and after its passage and approval. PASSED AND ADOPTED this 14th day of November, 1955, by the following vote: AYES: Councilmen NOES: ABSENT: AYES: CARi'\IAKIS, eMml, CROES, DOOLIN. EVELETH, SCHWEITZER, SULlIVAT,', NOES: None ABSENT: CD 11ins !11r~~~leld' California Attest: ~~.b'mfY' ~)~ .. .~.,_Y C er [SEAL] <'I!"? \ ~ . 7 . . ~ CLERK'S CERTIFICATE . ~--. ~ I, MARIAN S. IRVIN" City Clerk of the CITY OF BAKERSFIELD, California, do hereby certify that the foregoing is a full, true and correct copy of a resolution duly adopted at a regular meeting of the Council of said City dUly and regularly held at the regular meeting place thereof on the 14th day of November, 1955, of which meeting all of the members of said Council had due notice and at which a majority thereof were present; that at said meeting said resolution was introduced by Councilman Ken Croes and read in full, and was thereupon adopted by the following vote: AYES: NOES: ABSENT: Councilmen AYES: CARNAKIS, ~, Cfl5ES, Elf)e~IN, ~V~lHH, aqHW~If~~a, a4l~IVAit~ NOES: None -. ABSENT: Collins ~ ~'~_Ch~'<'C. _'_.' -n ", _..,........_..............~....".~~ -....:;._. That I have carefully compared the same with the original minutes of said meeting on file and of record in my office and that said resolution is duly entered of record in the minute book of said Council and that said resolution is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes. That said resolution has not been amended, modified or rescinded since the date of its adoption and the same is now in full force and effect. WITNESS my hand and the seal of the City of Bakersfield this 14th day of November, 1955. ..A' .~ &&f~~ .~.~ ~ J~ Ci Y er 0 he C1. y 0 a erS1"1.elU, California (SEAL]