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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.