HomeMy WebLinkAboutRES NO 76-55
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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.
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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:
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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:
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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.
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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.
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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.
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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]
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CLERK'S CERTIFICATE
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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
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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.
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Ci Y er 0 he C1. y 0 a erS1"1.elU,
California
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