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Home My WebLink AboutCC RES 71-44 RESOLUTION NO. 71-44 RESOLUTION OF THE CITY C0UNCIL, OF THE CITY OF TUSTIN CALIFORNIA, DIRECTING THE CITY CLERK TO P8UBLISH NOTICE INVITING SEALED PROPOSALS FOR BONDS OF SAID CITY , W}[ERE,.AS, an ord~nance,provtd~ng for tl~e f. ssuance. of bonds of the City o£ .TUstin , California' in ~ * the amount of $ 1,200,009 to be designated ,. , ~, "CITY OF TUSTIN 19 71 PARK. BONDS" ' .. q . h.as .been lntrod'uced; and / MINE AND ORDER as follows W}[E. RFAS, it is desirable that said bonds be sold; .~. · . NOW, THEREFORE, the ~ity Council of the City o£ Tus tin ,. California, DOES HEREBY RESOLVE, DRS'ER- · .., . 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 th/e notice hereinafter set forth / / . Section 2. ThatI the City' Clerk be and is hereby, authorized and directed to publish said notice once in : Tustin News : · .. , a newspaper of .~ener- al circulation publ, ished in said cl~y, said publication to be at least seven days Prior to ~he date for receiving, bids. Section 3. That said no~ioe shall be subst:antlall¥ as follow S'~ · · , · . . NOTICE INVITING BIDS ON $ 1,200,000 GENERAL OBLIGATION BONDS OF THE CITY OF TUSTIN , CALIFORNIA NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of $ 1,200,000 par value general obligation bonds of the CITY OF TUSTIN · ~ will be reqeived by the City' Council of said city at the · place and up to the time below specified. 11: 00 A.M. SePtember 14, 1971 PLACE: Office of Bank of America, N.T. & S.A. 111 West Seventh St., Room 1201 Los Angeles, California MAILED BIDS: Office of Bank of America N.T. & S.A. 111 West Seventh Stre~u, RooA, 1201 ,. Los Angeles, California C/o City Clerk OPENING OF BIDS: The bids will be opened on behalf of said City.~ C~nci! on September 14, 1971, at 11:00 o'clock · A.M.. at the office of Bank of America, N.T. & S.A. CONSIDERATION OF 'BIDS: The bidsWwill be considered at an adjourned meeting of the City Coun.cil on September 14, ,~:,~. 1971, at 6:00 P.M' , .. . ISSUE: $1,200,000 designated "City of Tustin 1971 Park Bonds" consisting of 240 bonds, numbered 1 to 240, both inclusive, of the denomination of $5,000 each, dated October 1, 1971.. . , · · MATURITIES: The bonds will mature 'in consecutive numerical order on April .1 · : of the several, years as follows: in the amounts ~for'each Da t__e .. Amount _ 1973 1974 1975 1976-1979 1980-1989 1990-1991 $ 10,000 15,000 25,000 50,000 ?$,000 100,000 . · . INTEREST:. The bonds shall bear interest at a rate or rates to be fixed upon the sale thereof but not to · exceed 7 % per annum, payable annually the first o. year and semiannually thereafter. 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 the City of Tustin, California, in said City, or at the option of the holder .. hereof, or at paying agents of 'the City in the cities of Los Angeles, California, Chicago, illinois and New York, New 'York. REGISTRATION: The bonds will be coupon bopds . -. registerable only as to both principal and in~erest, and · the bonds discharged from registration, all in accordance with the Provisions tn~ the ordinance providing for the issuance of the bonds. REDEMPTION: The bonds maturing on or prior to , April 1, 1985 shall not be subject to call or redemption prior to maturity. The bonds maturing on or. after 'April 1, 19~'6 or any of them, may be Called before maturity and redeemed at the option of the City Council of said city on April 1, 1985 or on any Interest payment date thereafter prior to maturity, at a red.erupt, ion price for each redeemable bond equal to the principal amount thereof, plus accrued interest and a p~emium equal to one-half of one percent (1/2%), of the principal amount of said bond per year or. fraction of a year from the date of redemption to the date of maturity of the respective bond. All or any of the bonds subject to call may be called for. redemption 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 by lot within a maturity. · of 'cer~:ain . ., ., '. . .. · o '. · , ,. PURPOSE OF ISSUEr' To provide for the acqu~s£.t£on municipal improvements, to wit: Community park .and recreation facilities, ~ including the :development of three neigh- borhood park sites.~: and one central park, with youth sports facilities, lighted tennis and other athletic courts, family . picnic areas, recreation buildings, landscaping, recreation equipment, utilities, furnishings, equipment and other property necessary or incidental thereto. , SECURITY~ Sa~d bonds are issued pursuant to Article 1, . , Chapter 4, Dlvla~on /$, .Title ~4. (Section ~3600 et seq.).of the · Government Code of the State of Ca11£ornla, sometimes known as , .e the Municipal Bond Att..of 1901.. FO~ the purpose of paying the principal of and Interest on said Donds, sald Act mequlres that the Clty Councll Shall at the tlme of flxlng the ~eneral tax levy, and annually there&fte~ untll said bonds are pald o~ until there is a sum in the treasury of said city set apart for that purpose su'fflctent 'to meet all payments of principal 8nd 1Btet'est on sa~d bonds as they beoome due, le~' and collect a tax sufficient to pay the lnterest on said bonds as It fall~ due and such part of the principal thereof as w111 become due before the p~oceeds of & tax levied at the next general tax levy w111 be available. Bald .tax shall be In addltlon to all other, t'axes levled for municipal purposes anP shall be levled and collected aa other city taxes. ~ ,. 5. TER~ OF SALE ~Interest_~Rgt..e: The maximd:~ rate bid may not exceed 7% per annum,, payable semiannually. Each rate Bid must be a multiple of 1/20th 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. The rate on an~ maturity or group of maturities shall not be more than 1 1/2% higher ,/ than the interest rate 'on any other maturity or group of maturities. Award: The bonds shall be sold for cash only. Ail 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/da~e of deliVery, the premium, if any, and the interest rate Or rates not to exceed those speci- . fled herein, at which the bidder offers to buy said bonds. , Each bidder shall st;age in his bid ghe t~tal net: interest cost: in dollars and the ,average net interest, rate determined ~here- by, 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 amount of inter- est which.the city would be required to pay fr~om the date of said bonds to the ~espective 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 bond~ to the date of de live~' computed on a 360-day year basis. The cost of printing the bonds will be borne by the city. · ' : · ~" in any bid. ~..ight 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 , ~r.omot Award: The city will take action awarding the bonds or rejecting all bids not later than twenty-six (26) hours after the time herein p~escribed for t~he receipt of pro- posals; .provided that the aWard may be made after the expira- ,. tion of the specl£ied time if the bidder' shall not have given to the City Council notice in writing of the withdrawal of such propOsal. · Place qf~ Delivery: Delivery of said bonds will be made to the successful bidder at... Such place as shall be agreed upon by purchaser and the City. Prompt. Delivery; CMnc~,l, la~ion_f,or' Late_ Del iverp: It is exoected that said bonds will be delivered to the success~ ful bidder within 6hirty 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 sixty days from the date herein fixed for the receipt of bids, and in such event the successful bidder shall be entitled to the return of the check accompanying his bid. . Fg~9~Bld,,: 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 City of Tustin 1971 Park Bonds." Bid' Check: A certified or cashier's check on a responsible bank or trust company in the amount of $10,000, 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 bon~. in accordance with the terms of his bid. The check accompanying any accepted proposal shall he applied on the purchase price 'or, if such proposal iF, 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 ..E. xemp_t s tatu. s: At any time before the bonds are tendered for deliver, the successful bidder may · disaffirm an~ withdraw the proposal if the interest received by private holders from bonds o~ the same type and eh&~acte~ · shall be declared to be taxable income under present federal income tax laws, either by a rul.in~ ..of the Internal Revenue Service or by a decision of any federal court, or shall be declared taxable or be required ~to be taken into. account ~n notice. computir~ any federal income taxes, by the terms o~ any fed- .. eral. income tax la~ enacted subsequent to the date of this · L~gal _Opin. ion.. The unqualified opinion of O'Nelveny & ~vers, attorneys, .approvln~ the Validity of said .bonds be furnlshed..the successful bidder ..at or prior to the time of delivery of the bonds, at the expense of the city. A.copY of suoh opinion, oert~.fl, ed by an .offioer of .~he o~.ty by o. bond. ~o ch~rl~ ~ill ~ ~d~ ~o th~ 'par~h&~r for ~uoh l:}r~.nt- lr~ or certificat ion. No Llti~ation Certificate.. At the time of ~ayment for and delivery of said bonds, the c~ty w~ll furnish the successful bidder a certl, flcate that there pendi~ affecti~ the validity of. the bonds. INFOi~TI~N AVAILABLE: .. Requests for informat ion concernin~ the c lt. y should be add:reseed to Bartle Wells Associates .150 Post Street ~, San Francisco, California 94108 O~rEN by order of the C~ty Council .of the C~ty of ~,.:. Tustin , California, adopted, August 2, 1971. the c~ty Tus tin, Cali forn~a' · Section ~. ~?hat the City Clerk is hereby authorized and d~'rected also to publish said not~ce an advertisement referring thereto) once in the BUYER, a financial Journal published in New York, New York,. but failure to publish said notice or advertise- . men~ in the BOND .BUYER or any defect in such publication shall not invalidate o~ in any manne~ affect the pro- . ceedings for the sale of the bonds. ' ' 10. of ADOPTED,. SIGNED AND APPROVED this 2nd day of August, 1971. MaYc/r~-6f '}.he CitY-of .... California ATTEST: · city' Clerk<of the City of · California ' /' (SEAL) ., , $ STATE OF CALIFORNIA $OUNTY OF "ORANGE CITY OF TUSTIN ~ ~ RUTH' C POE . · ........... , ...... , City Clerk of tb~ City o-f- T6'stin - . ..~' California, DO HEREBY CERTI~Y-~that- ~6h'~-f0reg0ing resolution was duly 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--6nthe - - 2nd ..... da'y-of August ......... , 19 71 , and that it was S-o ad°P=2~d aS follows: ---~-" AYES: Councilmen COO0, C. MILLER, MARSTERS, L. MILLER, OSTER NOES: , ABSENT~ Councilmen NONE Counc l linen NONE Tus tin, California STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF TUST, IN 88. I, RUTH C. POE , City Clerk , , _L' '__ '- _ - ~ .-_.._- ;~: - - - ,_ ,,. of the City of. .Tust.in_ _ ,-California, DO HEREBY CERTIFY that the abov-'e-:and-f~regoin-g is a full, true and correct copy of Resolution No. 71-44 , ~, and that the same has not been amended or rePealed,~.,, DATED:_~ ~uqus.t 3 , 19___ (SEAL) City Cleh'.k_of- the ~CitY' Tustin, California