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HomeMy WebLinkAboutCC RES 73-64 RESOLUTION NO. 73-64 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN, CALIFORNIA, CALLING FOR SEALED BIDS ON BONDS TO BE ISSUED TO REPRESENT UNPAID ASSESSMENTS UPON LANDS IN ASSESSMENT DISTRICT NO. 2, IN SAID CITY WHEREAS, In accordance With the terms and provisions of the "Municipal Improvement Act of 1913", Division 12 of the Streets and. Highways Code of the. State of California, and pursuant to Resolution of Intention No. 73-62 adopted the 17th day of September, 1973~ proceedings were initiated for the con- struction of certain public improvement work together with appurtenances in what is known as ASSESSMENT DISTRICT NO. 2. .. WHEREAS, said City Council has determined that serial bonds shall be issued pursuant to and as set forth in the "Improvement Act of 1911" being Division 7 of the Streets and Highways Code of the State of California. NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF TUSTIN, CALIFOP~NIA AS FOLLOWS: SECTION 1. The above recitals are all true and correct. SECTION 2. This City Council does hereby call for sealed ,bids on the bonds proposed to be issued, to be received up to the time specified in the not'ice hereinafter set forth. · , SECTION 3. This City Council hereby selects and specifies · , as the date of the bonds representing assessments against private property, the date specified for that purpose in the Notice of Sale, attached hereto, said' date to be the 31st day after the recording of the assessment in the office of the Superintendent of Streets of the City of Tustin, California. -1- 194 SECTION 3. The City Engineer is hereby directed to mail copies 'of the attached Notice of Sale to all persons determined by said 0 . · Engineer to be prospective purchasers and interested in bidding on. the bonds to be issued for these proceedings, said bonds to be issued pursUant to .the provisions of,the "Improvement Act of . 1911" being D_~vision 7 of the Streets and Highways Code of the ~ , · State of California. . APPROVED and ADOPTED this 17th day of September , 1973. ATTEST: CI'TY'~t~JRK O.F THE CITY OF ~-- · TUSTIN, ~A~LI F OPeN I A -2- 195 ASSESSME~,T DIC'r~ ~ ~RICT NO. 2 CITY OF TUSTIN, CALIFOI%NIA , NOTICE OF SALE ON IMiPROVEMENT BONDS · NOTICE IS ~{EREBY GIVEN that the City of Tustin California, on behalf of and as~ authorized by the City Council of said City, wil1 receive sealed bids at the city Clerks office in the City Hall of said city, up to the hour of =~_10:30 .... o'clock A.M. . on ___NOVEMBER_ ! .... ~_1_~73 . . Said bids will thereafter be referred to the Council for consideration at the next regular meeting of the City Council. Mailed bids .should be addressed as follows: City Council Re: Assessment District No. 2 c/o City Clerk City Hall 135 West 3rd Street Tustin, California 92680 BONDS. The bonds to be sold will be secured by unpaid assessments levied.upon private property within said assessment · district, and are authorized Ly proceedings taken pursuant to the "Municipal Improvement Act of 1913" being Division 12 of tP~e Streets and Highways Code of the State of California, and are to be issued pursuant to the provisions of the "Improvement Act of 1911" being Division o7 of said Code. Proceeds from the sale such bonds will be used to pay the costs of the improvement projec- . as authorized by said proceedings. . AMOUNT. The total number and aggregate of bonds to be sold can only be determined upon the expiration of the thirty (30) ~. day cash collection payment period following the confirmation and recordation of the assessment and during said period, assessmenus may be paid either in whole or in part. Total estimated aggregaue ~96 amount of assessments to be confirmed is $__~_l~~.flD___ .... · Said bonds shall be issued for all unpaid assessments or · portions thereof which amount to Fifty ($50.00) Dollars or over and shall be in the respective amounts as set forth in the confirmed · ~ ,, .. .and recorded assessment for said district. Said bonds will be dated the' 31st day a~fter the recording of the assessment and shall bear interest at a rate to be determined at the salve thereof, provided, however, that said rate shall be the sa~e for all bonds, shall not exceed the maximum rate of seven (7%) percent per annum. Said bonds and the coupons thereof shall be issued substantially in the form authorized for the issuance of bonds under Divisi~on 7 of the Streets and Highways Code of the State of California, and · shall extend over a period ending =_n_i_n~~_ .( 9 ) years from the second day of January next succeeding the next September first following their date, and an even annual proportion of the principal sum thereof shall be 'payable, by coupon, on the second day of January every year after the next September first followin~ thei~ date, until the whole is paid, and the interest shall be payable semi-annually, by coupon, on the second days of January and July, respectively, of each year following the date of the bonds. BID. Said bonds will be sold for cash only to the bidder whose bid in the opinion of the City Council will best serve the . interest of owners of land included in the assessment district. Bids will be accepted on a .flat___b~i~ S~, with no requirement of payment of accrued interest and bidders shall state separately the pr~mimn, if any, and the rate of interest offered for said bonds. Any premium offered will not be taken into consideration in determJ, ning the best bid except for the purpose of breaking tie between two b'ids stating the same net interest cost. bidder may offer a premium but such premium will be payable only -2- 197 if such premium is used to break a tie bc~tween that bid and some' other bid or bids stating the same net interest cost. Each bid shall be for the entire amount of the bonds to be issued at a single rate of interest, and any bids for less than the entire amount of said secur~t'~es or for varying rates of interest will be rejec, ted. No bid 'will be considered for less than ~_ni. Det_v_ six _~(_9_6~_%~)~ percent of par. Any discount will be based on and con- sidered only as it relates to bonds actually issued. PAYMENT. Said bonds, and the interest thereon are payable in lawful money of the United States of America at the office of the City Treasurer of said city. LEGAL OPINION. The unqualified .opinion of F. Mackenzie Brown, Attorney, approving the validity of said bonds will be furnished to the successfuI bidder upon delivery of the securities at the expense of the City. The cost of printing securities will be borned by the ,City and will not be payable by the successful bidder. SECURITY DEPOSIT.. A certified or cashier's check for a sum of $!~000.00 .... payable to the order of said city must accompany every bid as a guaranty that the bidder., if successful, , will accept and pay for 'the securities described in the accepted bid in accordance with the terms of his bid, and said check shall . remain in the possession of the City Council until payment for said securities has been received. The City Council reserves the right to reject any and all bids. The City Council also reserves the right to disregard insubstantial irregularities and technical defects in bids. AWARD. The bonds will be. sold for cash only. Ail bids must be for not l~ss than all. of the bonds hereby offered for,. sale. Each bidder should state in his bid the total net interest cost in , dollars and the average net interest rate determined t~ereby, whick '--3-- 198 shall be considered informative only and not a part of the~bid. For purpose of this computation, bidders are to assume that the maximum aggregate amount of bOnds shall be issued. The City will consider making an action on award on the . or rejecting all bids at the next regular, meeting of the City Council .following. the opening of the bids; however,, the award · may be made after the' expiration of the specified time if the bidder shall not have given to said City Council, notice in writing of the withdrawal of such proposal. ' DELIVERY OF SECURITIES. Delivery of said bonds shall be made to the successful bidder at the City Hall, or at any other place agreed upon by the City and the successful bidder..' Payment shall be made in cash or Federal Reserve Bank funds. TAX EXEMPT STATUS. At any time before 6he bonds are tendered for delivery, the successful bidder may 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 taxs .e income under present federal income tax laws, either by a ruling of the Internal Revenue Service or by a decision o~. 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. NO LITIGATION CERTIFICATE. At the time of pa]anent for and delivery of said bonds the City wil.1 furnish the successful bidder a certificate that there is no '.litigation pending ~ffecting.the validity of the bonds'°and certificates. ASSESSMENT .DESCRIPTION 2kND AMOUNTS. For a description of the respective lots, pieces and parcels of land upon which the s'everal assessments and bonds are issued, and for other reference .is hereby made to the assessment presently on file i.n the office of the City Clerk and upon confirmation to be recorded in the office of the Superintendent of Streets .of the City o.. -4- ' , Tustin , California. 199' , APPROVED BY the City Council of the City of Tustin, California the !7th ~ day of s__eptember · , 1973. ~TY k~llR2~ OF THE CITY TUSTIN, CALIFOP~NIA · . , ! -5- STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF TUSTIN -) )' ss ) RUTH C.~?.OE ...... -. _ ........... , City Clerk of the City of T___u_s__ti_~n~ ..................... , California, DO HEREBY CERTIFY that the foregoing Resolution, .being Resolution No.~__7_3_6~ ........ , was duly p.assed, approved and adopted by said City Council, approved and signed by the Mayor, and attested by the City clerk, all at a ____P~.~l]~7 ................. _meeting of said City Council held on the___]_-ath_day of_s~~~~r___- 19_7,3 ....... , and that.the same was passed, and. adopted by the f. ollowing vote, to wit: · , AYES: COUNCILMEN SALTARELLI, LANGLEY WELSH, WOODRUFF · NOES: COUNCILMEN NONE ' ABSENT: COUNCILMEN NONE DATED this ...... l~-_h ..... day of__~,~%~ ............ _19 7__3___ (SEAL) CITI CLERKN~F THE CITY OF ~' ~.