HomeMy WebLinkAboutRES NO 110-68RESOLUTION NO. 110-68
RESOLUTION OF THE CITY.COUNCIL OF THE CITY
OF BAKERSFIELD~ CALIFORNIA~ DIRECTING THE
CITY CLERK TO GIVE NOTICE INVITING SEAleD
BIDS FOR THE PURCHASE OF IMPROVEMENT BONDS
AND THE CONSTRUCTION OF STREET IMPROVEMENTS.
(Public Improvement District No. 801-A,
White Lane and Hughes Lane)
WHEREAS, the.City Council adopted a resolution approving a
Report' of the City'Engineer under'the Municipal Improvement Act
of 1913 and Resolution of Intention No. 801~A , and provided
for a hearing thereon; and '
'WHEREAS, it is desirable that, prior to said hearing, bids
be'received for the purchase of bonds to be issued to represent
unpaid assessments and also for the construction of the proposed
street improvements.
NOW, THEREFORE, the City Council of the.City of Bakersfield,
California,-DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:.
Section 1. 'Sealed bids for the construction of the improvements
described in the Report shall be received by the City Clerk up'to
10:00 iA.M., December 31 , 1968. The City Clerk is directed
to give notice, in the usual form, inviting such bids, such notice
to be given in the manner provided by law.
Section 2. ·Sealed bids for the purchase of said bonds shall
be received at the time and in the manner stated in the following
notice. The City Clerk is directed to publish said notice once
in THE BAKERSFIELD CALIFORNIAN. Said notice shall be substantially as
follows:
Said acquisitions and improvements and the district to be
assessed to pay the costs and expenses thereof are located
within the incorporated territory of the City of Bakersfield and
in the unincorporated territory of 'the County .of Kern, all as
more particularly'described in the Report.of the City Engineer on
file in the office of the City Clerk.
ESTIMATED ASSESSMENT, The estimated cost of the project as
shown on theReport of'the City Engineer is:
Estimated costs of rights of way
and easements.
$157,494. O0
Estimated cost of construction
of street improvements
414,503. O0
Estimated cost of incidental expenses.
Total estimated cost.
LESS contribution by the City
of Bakersfield and the County of
Kern.
167,883.00
$7'39,880.00
209,618.00
Remainder of estimated costs
and expenses to be assessed upon
property within the assessment
district.
$530,262.00
Until the.approval of said Report and the confirmation of the
diagram and' assessment contained therein, the City Council of
said city has the power and reserves the right to make changes in
the proposed assessment district, the acquisitions, the improvements,
the assessment·and diagram and any other act, determination, or
provision made,.or permitted to be made, by the City Council under
the Municipal Improvement Act of 1913. C'onstruction bids are to be
received prior to confirmation of the diagram ·and assessment.
Changes may be made in the amount of the assessment, as may be
required by reason of the best responsible bids made upon construction
and upon the sale of the bonds.
CONSTRUCTION BID OPENING, HEARING ON REPORT, CONFIRMATION
AND RECORDATION OF ASSESSMENT AND AWARD OF ·BONDS. Bids for the
construction of street improvements are to be opened afterlO:00 A.M.
on' December 31 , 1968, by the City Clerk in her office,
City Hall, 1501 Truxtun Avenue, in said city. The above-mentioned
Report and the proposed assessment contained therein 'has been set
for hearing· by the City Council of said city at. 8:00 P.M. on
January 13 , 1969. Upon the Conclusion of the hearing
the City Council, in its discretion,. may abandon the proceedings,
make changes therein or may confirm said assessment as filed with
the,City Clerk or as modified or corrected'by the' City Council.
The award of the bonds, if any, will be made following the conclusion
of said hearing and the confirmation of said'assessment. The assess-
ment will be recorded'not later'=than the day fOllowing-its confirmation.
DESCRIPTION OF BONDS. Pursuant to-the Municipal. Improvement
Act of 1913, the City Council has determined that bonds are to be
issued under the ImprovementAct'of 1911 (commencing with Section.
5000', Streets and Highways Code). Said .bonds are to be issued· to
.represent each assessment of $50 or over remaining unpaid for
thirty (30) days after the date of recordation of the assessment.
Said bonds will be serial bonds·and will extend over a period·
ending nine (9) years from the second day of January next
succeeding the next September 1st following their date. Pursuant
to Section 6464, Streets and Highways Code, the City Council has
elected to have the redemption provisions of said bonds provide
-for a premium of 5% of the unpaid principalof said bonds.
It is expected that the bonds will be dated on or about
February 14 , 1969· .The bonds will be payable in ten(10)
annual installments represented by principal coupons payable on
January 2 of the years 1970 to 1979, inclusive. The first interest
coupon will represent interest from the date of the bonds to
July 2, 1969. and thereafter interest Coupons will represent semi-
annual interest on the unpaid balance.
PRINCIPAL AMOUNT OF BONDS. The principal sums of the individual
bonds will. vary in amounts. The aggregate principal amount of bonds
to be issued cannot, and will not, be determined until after the
expiration of thirty (30) days from the date of recording the
assessment.
'INTEREST RATE. The interest'rate may not exceed 6% payable
semiannually. The interest rate must be a multiple of 1/100th of
1%. Only a single interest rate shall be bid for all of the bonds
to be issued.
AWARD. The bonds will be sold for cash only~ All bids must
be for not less than all of the bonds to be issued, and any bid
for less than all of the bonds or for varying rates of interest
will be rejected. The bonds will be awarded to the highest
'responsible bidder, considering the interest rate specified and
[he premium or discount, if any, designated by the bidder~. For
the purpose only of comparing bids it will be assumed (i) that
bonds will be issued in a principal amount equal to the total
estimated amount to be assessed upon property within 'the assessment
district, namely the sum of $53D,262o00 and (ii) that the bonds
will be dated February 14 , 1969. 'The highest bid will be
determined by deducting the premium from, or adding the discount
to, the total amount of interest which would be required to be
paid from the date of the bonds on the decreasing balances thereof
to January 2, 1979 at the coupon rate specified in the bid. The
award will be made on the basis of the lowest net interest cost. If
there shall be tie bids, the highest bid will be determined by lot.
Bidders are directed to bid on a par flat basis without accrued
interest. Any accrued interest will be entirely disregarded and
need not be paid.
TIME OF AWARD. The city will take action awarding the 'bonds
or rejecting the bids not later than'72 hours after the time above
specified for the filing of bids; provided, that. the award may be
made after the expiration of such time if the unsuccessful bidder shall
not have given the City Council notice'in writing of the withdrawal
of his. bid.
A certified or cashier's check on a
GOOD. FAITH CHECK.
responsible bank or trust company in the amount of $15,000.00 payable
to the order of the city must accompany each proposal as a guarantee
that the bidder, if successful, will accept and pay for the bonds
in accordance with the terms of his bid. The proceeds of'the check
accompanying any accepted proposal will be applied on the purchase
price; provided, that if the successful bidder fails to perform in
accordance with the terms of this notice and of his bid ~id proceeds
will then be retained· by the city. The check accompanying .each
unaccepted proposal will be returned promptly.
LEGAL OPINION; COST OF PRINTING BONDS. ·The unqualified opinion
of Franklin T. Hamilton of Los Angeles and Bradley, Wagy, Bunker,
Hislop, Gibbons and Leddy of Bakersfield., attorneys, approvingthe
validity of said bonds will be furnished to the successful bidder
at or prior to the date of delivery of the bonds at the expense
of the .city. The cost of printing bonds will' be borne by the
city and will not be payable by the successful bidder.
RIGHT OF'REJECTION, The City Council reserves.the· right in
its discretion to reject any and all bids an~ to the extent authorized
by law, to waive any irregularity or informality'in any bid.
GIVEN BY ORDER of the City'Council of the City of Bakersfield,
California, on November 25 , 1968.
Marian S. Irvin
City Clerk and Ex-Officio Clerk
of the City. Council, City of
Bakersfield, California
ADOPTED this 25th
day of November ,1968.
ATTEST:
APPROVED this 25th day
of. November , 1968.
Mayor~oof th~City~ of.
Ba~ei. slf ie l~'Ca 1 ~-~f0rnia
?
Ci y
of the City COuncil of the City
of Bakersfield, California
STATE· OF CALIFORNIA )
COUNTY OF KERN )
CITY~ OF BAKERSFIELD )
SS.
I, MARIAN S. IRVIN, City Clerk and Ex-Officio.Clerk of the
City Council of the City of Bakersfield, California, DO HEREBY
CERTIFY that the foregoing resolution was duly adopted by the
City Council of said city at a regular meeting
of said City Council held on t~ 25th day of November
1968, was approved by the Mayor of said city, and that it was so
adopted as follows:
AYES:
Councilmen: Heisey, Hoskin~, Rees,
Rucker, Stiern, Vetter,
Whittemore
NOES:
Councilmen: None
ABSENT:
Councilmen: None
of 'the City Council of the City
of Bakersfield, California