HomeMy WebLinkAboutRES NO 74-65· 6/65j1'
RESOLUTION NO. 74-65
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF BAKERSFIELD , CALIFORNIA,.
.DIRECTING THE CITY CLERK TO PUBLISH
NOTICE INVITING SEALED PROPOSALS FOR
BONDS OF SAID CITY.
WHEREAS, an ordinance providing for the issuance
of bonds of the City of Bakers'field , California, in
the amount of $1,125,000 to be designated* "MUNICIPAL
IMPROVEMENT BONDS, 1966, SERIES A"
has been introduced; and
WHEREAS, it is desirable that said bonds be sold;
NOW, THEREFORE, the City Council of the City of
Bakersfield , California, DOES HEREBY RESOLVE, DETERMINE
AND ORDER as follows:
Section 1. That said bonds be sold and that
sealed bids or proposals for the purchase of said bonds be
received up to the time stated in the notice hereinafter
set forth.
Section 2.- That the City Clerk be and is hereby
authorized and directed to publish said notice once in
THE BAKERSFIELD CALIFORNIAN , a newspaper
of general circulation published in said city, said publica-
tion to be at least seven days prior to the date for receiving
bids.
Section 3-
follows:-
That said notice shall be.substantially
Rev
.n/64.- la
NOTICE INVITING BIDS ON $ 1,125,000
GENERAL OBLIGATION BONDS OF THE CITY
OF BAKERSFIELD ~, CALIFORNIA.
NOTICE IS HEREBY GIVEN that sealed proposals for
the purchase of $1,125,000 par value general obligation
.bonds of the
CIT~ OF BAKERSFIELD
will be received by the City Council of said city at the
place and up to the time below specified.
TIME:
PLACE:
8:00 o'clock P.M.
January 4, 1966
City Hall
1501 Truxtun Avenue
Bakersfield, California
MAILED BIDS: Mailed bids should be addressed to:
City'Clerk
City-Hall - 1501.TruXtunAvenue
Bakersfield, California
OPENING OF BIDS: The'bids will be opened at the
meeting of said City Council to be held January 4 , 196~
at 8:00 o'clock P .M. at the City Hall of said city.+
ISSUE: $1,125,000 designated "iMUNICiPAL
IMPROVP_dvENT BONDS, 1966, SERIES A,"
all in the denomination of $1,000, or all in the denomina-
tion of $5,000, at the option'of the purchaser, and either
......... 1,125 -in-number, numbered I t..;to 1,125 ,. inclusi~e,_or
225 in number, numbered 1 to 225., inclusive,
lng upon the denomination specified, dated January 1
depend-
, 19 66.
MATURITIES: The bonds will mature. in consecutive
numerical order on January i ~n the amounts for each of
the several yea~s as follows:
Years Principal
Inclusive Amount
1968-1969
197o
197l
1972
1973'
1974
1975
1976-1977
1978-198o
1981-1982
1983-1984
1985-1987
1988-1989
199o-1991
$ 5,000
10,000
20,000
25,000
30,000
~000
000
45,000
50,000
55,000
60,000
65,000
70,000
- 75,000
INTEREST: The bonds shall bearintereSt at a rate Or
rates to be fixed~upon the sale thereof but not to exceed 4-1/2 %
per annum, payable annually the first year and semiannually there-
after.
PAYMENT: Said bonds and the interest thereon will be
payable in lawful money of the United States of America at the
office of the City Treasurer of said city in Bakersfield,
California, or at the option of the holder thereof,. at the main
office of Bank of America National Trust and Savings Association,
Los Angeles or San Francisco, California, or at any fiscal agent
of the ~ity in Chicago, Illinois, or New York, New York.
REGISTRATION~ The bonds will be coupon bonds
registrableas to principal o~ly or as to both principal and
interest, andsthe form of registration may be changed, or the
bonds discharged from registration, all in accordance with the
provisions in the ordinance providing for the issuance of the
bonds,
REDEMPTIONc The bonds maturing on or prior to
January 1, 1976, shall not be subject to call or redemp-
tion'prior to maturity. The bonds'maturing on or after
January. 1, 1977, or any of them, may be called before
maturity and redeemed at the option of the City Council .of
said city on January 1, 1976, or on any interest
payment date thereafter prior to maturity, at a redemption
price for each redeemable bond equal to the. principal amount
thereof, plus accrued interest, plus a premium equal to 1/4
of 1% for each year or fraction of a year from the redemption
date to the maturity date of the bond, but in no event shall
the premium exceed 3-3/4%..
All or any of the bonds subject to call may be called for re-
demption at any one time. If less than all of the bonds are
redeemed at any one time, such bonds shall be redeemed only
in.inverse order of maturity and number.beginning~ith the_
highest numbered bond.
PURPOSE OF ISSUE: $1~000~000 of said bonds were
authorized for the purpose of the acquisition a'nd construc-
tion of additions to and improvements of the sewer system
of said city~ $125~000 of said bonds were authorized for the
purpose of the acquisition and construction of additions to
the fire fighting system of said city.,
SECURITY: Said bonds are issued pursuant to Article 1,
Chapter 4, Division 4, Title 4 (Section 43600. et seq.) of the
Government Code of the State of,California, sometimes known as
the Municipal Bond Act of 1901. For the purpose of paying the
principal of and interest on said bonds, said Act requires tha~
the City Council shall at the time of fixing the general tax
levy, and annually thereafter until said bonds are paid or
until there is a sum in the treasury of said city set apart
for that purpose sufficient to meet all payments of principal
and interest on said bonds as they become due, levy and collect
a tax sufficient to pay the interest on said bonds as it falls
due and such part of the principal thereof as will become due
before the proceeds of a tax levied at the next general tax
Ievy will be available. Said tax shall be in addition to all
other taxes levied for municipal purposes and shall be levied'
and collected as other city taxes.
Rev.
TERMS OF SALE
Interest Rate: The maxim rate bid may not exceed
4-1/2 % per annum, payable annually the first year and semi-
annually thereafter. Each rate ~bid must be a multiple of
1/20 or 1/8 of 1%. No bond shall bear. more than one
interest rate, and all.bonds of the same maturity shall bear
the same rate. Each bond must bear interest at the rate
specified in the bid from its date to its fixed maturity date.
0nly.one coupon will be attached to'each bond for each install-
ment of interest thereon, and bids providing for'additional
or supplemental coupons will be rejected.
~XXXXXXX~~X~X~YX~H~X~XXX~XE~E~X~X
m Kx a u mmmxxxxxxxx x
Denominations: Allbonds will be of the same
denomination. Each bidder shall also state in his bid
whether he wishes bonds all in the denomination of $1,000
each or bonds all in the denomination of $5,000 each. In
the event the successful bidder fails to specify the denomi-
nation in his bid, the bonds will be issued'and delivered to
him +in a denomination of $ 5,000 each.'
Award: The bonds shall be sold for cash only. All
bids must be. for not less than all of the bonds hereby offered
for sale and each bid shall state that the bidder offers par
and accrued interest to the date of delivery, the premium, if
any, and the interest'rate or rates not to exceed those speci-
fied herein, at which the bidder offers to buy said bonds.
Each bidder shall state in his bid the. total net interest'
cost in dollars and the average net interest rate determined
thereby, which shall be considered informative only and not
a part of the bid.
Highest Bidder: The.bonds will be awarded to
the highest responsible bidder or bidders 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
mount of interest which the'city would be required to pay
from the date of said bonds to the respective maturity.dates
thereof 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 purchaser must pay accrued interest
from the date of the bonds to the date of delivery computed
on a 560-day year basis. The cost of printing the bonds will
be borne by thecity."
Right of ReJection~ The. city reserves the right,
in its discretion, to reject any and all bids and to the
extent not prohibited by law to waive any irregularity or
informality. in any bid.
Prompt Award: The city will take action awarding
the bonds or reJectingallbids not later than twenty-six (R6)
hours after theltime herein prescribed for'the receipt of pro-
posals; provided that the~award maybe made. after the eXpira-
tion of the specified time if the biddersshall not have'given
to the City Council notice in w~iting of the withdrawal of
such proposal,
Place of Delivery: Delivery of said bonds will
made to the successful bidder at the office of the Treasurer
Of the city unless some other place of delivery is agreed
upon between the city and the purchaser..,
Prompt Delivery; Cancellation for Late Delivery:
It is expected that said bonds will be delivered to..the
successful bidder within 30 days from the date of sale
thereo~. The successful bidder. shall have the right,.at his
option,~.tol. cancel the contract of purchase if the city.
shall fail to execute the bonds and tender them for delivery
within 60 days from the date herein. fixed for the. receipt
of bids, and in such event the successful bidder shall be. en-
titled to thereturn of the check accompanying.his bid.~
Form of Bid:~ Eachbid,'together with the'bid check,
must be in a sealed envelope, addressed to the city with the
envelope and bid clearly marked '?roposal for Municipal
IImprovement Bonds, 1966','Series A."
Bid-Check: A certified or cashier,s check on a
responsible bank or trust company in. the amount.of~of the
principal amount ofthe'bonds, payable to the order of the
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-ch~ck'accompany
ing any accepted'proposal shall be applied on the purchase
11/64=-7. ~
price or, if such proposal is accepted but not performed,
unless such failure of performance shall be caused by any act
or omission of the city, shall then be cashed and the proceeds
retained by the city. Thecheckaccompanying each unaccepted
proposal will be returned promptlyo~
Change in Tax Exempt Status: At any time before
the bonds. are tendered for 'delivery, the successful bidder
may disaffirm and withdraw the proposal if the interest
received by private holders from bonds o~ the same type and
character shall be declared to be taxable income under
present ~federal income tax laws, either by a ruling of the
Internal Revenue Service or by a decision of any federal
court., or shall ~be declared taxable by~ the 'terms of'any
federal. income tax law enacted subsequent to the date of
this notice. "
Legal Oplnlon~ The unqualified opinion of.O,Melveny'
& Myers, attorneys, approving_the'validityof said bonds will
be furnished the successful bidder~at or prior to the time of
delivery of the bonds, at th~ exp~nse of the city. A copy
of such opinion, certified by an officer of the city by his
facsimile signature will be printed on the back of each' bond.
No charge will be made to thelpurchaser ~or such printing or
certification.
No Litigation Certificate:
At the time of payment
for and delivery of said bonds, the city will furnish the
successful bidder a certificate that there is no litigation
pending affecting the validityOf the bonds.
INFORMATION AVAILABLE: Requests for information
Concerning the city should be addressed to City Clerk,.Oity Hall,
1501 'TruxtunAvenue, Bakersfield, California 93301,. or
Rafferty & Co., 625 Market Street, San'Francisco, California
94105- ~
Bakersfield
GIVEN by order of ~he City. council-of-the City of
,California,..adopted .December !3, 1985.
C ~ e ~ f
Bakersfield, California.
6/65:3~
ADOPTED, SIGNED AND APPROVED this
December , 19 65 .
13th day of
Ma~o~f the City of ·
Bakersfield' , California
ATTEST:
Bakersfield , California
( SEAL )
lO.
STATE OF CALIFORNIA
COUNTY OF KERN
CITY OF BAKERSFIELD
ss.
I, MARIAN S. IRVIN , City Clerk
CERTIFY that the eso!ut~o 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 ~the t'3th day-of December
19 65, and that it was so adopted as follows:
AYES:
Councilmen Balfanz, Doolin, Hoskin~,
Park, Rucker, Stiern, Whittemore
NOES: Councilmen None
ABSENT: Councilmen. None
O~
Bakersfield~ California.