HomeMy WebLinkAboutRES NO 72-68RESOLUTION NO. 72-68
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 Bakersfield , California, in
the amount of $2,525,000 to be designated "MUNICIPAL
IMPROVEMENT BONDS, 1966, SERIES B"
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 lo 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 R. 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
as follows:
That said notice shall be substantially
NOTICE INVITING BIDS ON $ 2,525,000
GENERAL OBLIGATION BONDS OF THE CITY
OF BAKERSFIELD , CALIFORNIA.
NOTICE IS HEREBY GIVEN that sealed proposals for
the purchase of $ 2,525,000 par value general obligation
bonds of the
CITY 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.
Pacific Daylight Saving Time
City Hall
1501Truxtun Avenue
Bakersfield, California
MAILED BIDS~
Mailed bids should be addressed to:
City Clerk
City Hall.- 1501 Truxtun Avenue
Bakersfield, California
OPENING OF BIDS~ The bids will be opened at the
meeting of said City Council to be held September l0 , 1968,
at 8:00 o~clock PoM. at the City Hall of said city.
$ 2,525,000
ISSUEm
IMPROVEMENT BONDS, 1966, SERIES A,"
consisting of 505- .bonds, numbered- 1
inclusive', of the denomination of $ 5,000
October I , 19 68 o
designated "MUNICIPAL
to 505 ,-both'
each, dated
MATURITIES: The bonds will mature in consecutive
numerical order on October 1 in the amounts for each
of the several years as follows:
Years Principal Years Principal
Inclusive Amount Inclusive Amount
.... 1981 $ 95,000
1970 25 000 1982 95,000
1971 25,000 1983 145,000
1972 25,000 1984 145,0o0
1973 55,000 1985 145,000
1974 70,000 1986 145,000
1975 70,000 1987 145,000
1976 70,000 1988 145,000
1977 70,000 1989 155,000
1978 75,000 1990 155,000
1979 75,000 1991 165,000
1980 95,000 1992 165,000
1993 170,000
· INTEREST:. The bonds shall bear interest at a
rate or rates to be fixed upon the sale thereof but not to
exceed 6 ~ per annum, payable annually the first year
and semiannually thereafter.
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 city in Chicago, Illinois, or New York, New York.
REGISTRATION= The bonds will be coupon bonds
registrable as to principal only or as to both principal and
interest, and the 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
October 1, 1979 shall not be subject to calA or redemp-
tion prior to matur~tyo The bonds maturing on or after
October 1, 1980 or any of thems may be called before
maturity and redeemed at the option of the City Council of
said city on October 1, 1979 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.
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 with the
highes~ numbered bond.
PURPOSE OF ISSUE: Said bonds were authorized for
the purpose of the acquisition and construction of additions
to snd improvements of the sewer system of said city.
SECURITY: Said bonds are issued pursuant to Article 1,
Chapter 4, Division 4, Title ~ (Section 43600 et seq.) of the
Government Code of the State of Cslifornia, sometimes known as
the Municipal Bond Acts.of 1901. For the purpose of paying the
principal of and interest on said bonds, said Act requires that
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 ihterest 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
levy will be available. Said tax shall be in addition to all
other taxes'levled for municipal purposes and shall be levied
and collected as other city taxes.
TERMS OF SALE
Interest Rate~ The maximum rate bid may not exceed
6 % 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.
Only 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°
xxxxxxxxxxxxl~e~ea~x~a~eaxma~x~exbi~xxxT~ex~e~i~ax~x
~eK The rate on any maturity or group of maturities
shall not be more than 11/2 % higher than the interest
rate on any other ~turity or group of mturities.
Dememimatioms ~ - -All -be~ds -will -be -o~ -the -
whethe~-he-wlshes-bQm~$-all-~m-~he-~ememl~atl~-G~-$1~O00-
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 0rlrates not to exceed those speci-
fied herein, at which the bidder offers to buy said bonds.
n/6 5
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 Bidders 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
amount 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 360-day year basis° The cost of printing the bonds will
be borne by the city°
Right of Rejections 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 Awards The city will take action awarding
the bonds or rejecting all bids not later than twenty=six (26)
hours after the time herein prescribed for the receipt'of prod
posals~ provided that the award may be made after the expira~
tion of the specified time if the bidder shall not have given
to the Ci-t-y-Council notice in writing of the'withdrawal of
such proposal.
ll/6&-6 = ~
Place of Delivery: Delivery of said bonds will be
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
thereof. The successful bidder shall have the right, at his
option, to 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 bids0 and in such event the successful bidder shall be en=
titled to the returnof the check accompanying his bid°
Form of Bid~ Each bid, together with the bid check,
must be in a sealed envelope, addressed to the city with the
envelope and bid clearly marked "Proposal for Municipal
Improvement Bonds, 1966, Series B."
Bid Check~ A certified or cashier, s check on a
1%
responsible bank or trust company in the amount of Y~ of the
principal amount of the bonds, payable to the order of the
city must accompany each proposal as a guaranty that the
bidders if successful, will accept and pay for said bonds
in'accordance with the terms of his bido'+'The check accompany~
ing any accepted proposal shall be applied on the purchase
11/6~-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° The check accompanying each unaccepted
proposal will be returned promptly°
Change in Tax Exempt Status~ Ateany time before
the bonds are tendered for delivery, the successful bidder
my disaffirm and withdraw the proposal if the interest
received by private holders from bonds of the'same type and
character shall be declared to be taxable income under
present federal income tax iaws, 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 opinions The unqualified opinion of O,Melveny
& Myers, attorneys, approving the validity of said bonds will
be furnished the successful bidder at or prior to the time of
delivery of the bonds, at the expense 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 the purchaser for such printing or
certification.
No Litigation Certificates 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
peDding affecting the validity~of~the bonds.~
11/64-8
INFORMATION AVAILABLE ~ Requests for information
concerning the city should be addressed to City Clerk, City
Hall, 1501 Truxtun Avenue, Bakersfield, California 93301, or
Schwsbacher-Rafferty & Co.,~625 Market Street, San Francisco,
California 94105.
GIVEN by order of the City Council of the City of
Bakersfield , California~ adopted August 19 , 1968.
Bakersfield, California.
ADOPTED, SIGNED AND APPROVED this
August , 19 68 .
ATTEST:
Bakersfield , California°
19th day of
(SEA )
STATE OF CALIFORNIA
COUNTY OF KERN
CITY OF BAKERSFIELD
I, MARIAN S. IRVIN , City Clerk
of the City of ~akersfield , California, DO
HEREBY CERTIFY that 'the foregoing resolution;was duly
adopted by the City Council of said Icity and was approved
by the MayOr of said city at a regular
meeting of said City Council held on the 19th day
of August , 19 68 , and that it wasso adopted
as follows:
AYES:
Councilmen Heisey, Rees, Rucker,
NOES:
Stiern. Vetter. Whittemore
Councilmen None
ABSENT:
Councilmen Hoskin~
( SEAL )