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HomeMy WebLinkAbout4380 '.' 4380 RESOLUTION NO. RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, CALLING FOR SEALED BIDS ON BONDS TO BE ISSUED TO REPRESENT UNPAID ASSESSMENTS UPON LANDS IN ASSESSMENT DISTRICT NO. 72-1 (ARCADIA INDUSTRIAL PA~) ,- WHEREAS, in accordance with the terms and provisions of the "Muncipal Improvement Act of 1913", Division 12 of the Streets and Highways Code of the State of California, and pursuant to Resolution of Intention, Resolution No. 4346, adopted the 3rd day of July, 1973, proceedings were initiated for the construction of certain public street improvements together with acquisition where necessary, and appurtenances in what is known as ASSESSMENT DISTRICT NO. 72-1 (ARCADIA INDUSTRIAL PARK) . WHEREAS, said City Council has determined that serial bonds respresenting unpaid assessment against private property shall be issued pursuant to and set forth in the "Improvement Bond Act of 1915", being Division 10 of the Streets and Highways Code of the State of California. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, DOES HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. This City Council does hereby call for sealed bids on the serial bonds proposed to be issued, to be received up to the time specified in the Notice of Sale, hereinafter set forth, and herein approved. SECTION 2. This City Council hereby selects and specifies '- as the date of the bonds representing assessments against private property, to be November 2, 1973. SECTION 3. The City will furnish the legal opinion of F. Mackenzie Brown, Attorney at Law, unqualifiedly approving the -1- 4380 legality of the proceedings and the issuance of said bonds. SECTION 4. Stone and Youngberg, Municipal Financing Consultants, Inc., is hereby directed to mail copies of the attached Notice of Sale to all persons determined to be pro spec- tive 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 Bond Act of 1915", being Divi- sion 10 of the Streets and Highways Code of the State of California. APPROVED and ADOPTED this 2nd day of October. 1973 c,/~~ MAYOR OF THE CITY OF ARCADIA, CALIFORNIA ~~L CITY CLERK OF THE CITY OF ~ ARCADIA, CALIFORNIA -2- 4380 STATE OF CALIFORNIA COUNTY OF LOS ANGELES CITY OF ARCADIA ) ) SS ) I, CHRISTINE VAN MAANEN City Clerk of the City of Arcadia -' California, DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 4380 , was duly passed, approved and adopted by said City Council, approved and signed by the Mayor, and attested by the City Clerk, all at a regular meeting of said City Council held on the 2nd day of October 1973 . and that the same was passed and adopted by the following vote, to wit: AYES: COUNCILMEN Hage, Helms, Scott and Arth NOES: C-OONG-:t-hMSN None ABSENT: COUNCILMEN Butterworth " day of October 1973 DATED this 2nd (SEAL) 0lK/~4)r?4( ~ CITY CLERK OF THE CITY OF ARCADIA, CALIFORNIA 4380 ASSESSMENT DISTRICT NO. 72-1 (ARCADIA INDUSTRIAL PARK) CITY OF ARCADIA NOTICE OF SALE ON IMPROVEMENT BONDS NOTICE IS HEREBY GIVEN that the City Clerk of the City of Arcadia, California, on behalf of and as au1ihorized by the City Council of said City, will recei ve sealed bids at the office of the City Clerk in the City Hall ,of said city, up to the hour of 4:30 o'clock P. M. on October 16, 1973. Said bids will thereafter be referred to the City Council for con- sideration at the next regular meeting of said City Council. Mailed bids should be addressed as follows: City Council c/o City Clerk City Hall 240 West Huntington Drive Arcadia, California 91006 Re: Assessment District No. 72-1 (ARCADIA INDUSTRIAL PARK) CITY OF ARCADIA TITLE OF DISTRICT: ASSESSMENT DISTRICT NO. 72-1 (ARCADIA INDUSTRIAL PARK) BONDS. The bonds to be sold will be secured by unpaid assessments levied upon private property within said assess- ment district, and are authorized by proceedings taken pur- suant to the" Municipal Improvement Act of 1913", being Division 12 of the Streets and Highways Code of the State of California, and are to be issued pursuant to the provisions of the" Improvement Bond Act of 1915", being Division 10 of said Code. Proceeds from the sale of such bonds will be used to pay the costs of the improvement project as authorized by said proceedings. BOND DATE. The bonds will be dated November 2, 1973. MATURITIES AND DENOMINATIONS. The bonds shall be in the aggregate amount of $339,270.46, be numbered 1 to 167,. inclusive, shall mature on each July 2, commencing July 2, 1975, and shall be in denominations and maturities as follows: Bond Numbers (Inclusi vel Denomination Maturity Date (July 2) 1 2-4 5-9 10-14 15-19 20-24 25 26-30 1,270.46 1,000 1,000 1,000 1,000 1,000 5,000 1,000 1975 1975 1976 1977 1978 1979 1979 1980 -1:" 31 32-36 37 38-42 43 44-48 49 SO-54 55 56-60 61 62-66 67 68-72 73-74 75-79 80- 81 82-86 87-88 89-93 94-95 96-100 101-102 103-107 108-109 110-114 115-116 117-121 122-124 125-129 130-132 133-137 138-140 141-145 146-148 149-153 154-157 158-162 163-167 5,000 1,000 5,000 1,000 5,000 1,000 5,000 1,000 5,000 1,000 5,000 1,000 5,000 1,000 5,000 1,000 5,000 1,000 5,000 1,000 5,000 1,000 5,000 1,000 5,000 1,000 5,000 1,000 5,000 1,000 5,000 1,000 5,000 1,000 5,000 1.000 5,000 1,000 5,000 1980 1981 1981 1982 1982 1983 1983 1984 1984 1985 1985 1986 1986 1987 1987 1988 1988 1989 1989 1990 1990 1991 1991 1992 1992 1993 1993 1994 1994 1995 1995 1996 1996 1997 1997 1998 1998 1999 1999 INTEREST RATE. The bonds shall bear inter'est from their date at a rate or rates to be determined at the sale thereof, not to exceed the legal maximum of seven (7%) percent per annum. Said bonds shall be represented by coupons payable semi-annually on January 2, and July 2 in each year except the first coupon which will be for interest from the date of said bonds to January 2, 1975. Bidders will be permitted to bid different rates of interest, however, the difference be- tween the highest and lowest coupon rates specified in any bid s hall not exceed two percent (2 %); each interest rate specified must be in a multiple of 1/20 of 1% and a zero rate of interest cannot be specified; no bond shall bear more than one rate of interest, no interest payment shall be evidenced by more than one coupon and supplemental coupons will not be permitted; each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; all bonds of the same maturity shall bear the same rate of interest; and any premium must be paid in bank funds as -2- part of the purchase price, and no bid will be accepted which provides for the cancellation and surrender of any interest coupon or for the wai ver of interest or other conces sion by the bidder as a substitute for payment in full of the purchase price in bank funds. Bids which do not conform to the terms of this paragraph will be rejected. LEGAL OPINION. The unqualified opinion of F. Mackenzie Brown, Attorney at Law, approving the validity of said bonds will be furnished to the successful bidder upon deli very of the bonds at no charge, and a copy of said legal opinion will be printed on each bond. DISCOUNT. No bond discount will be allowed unless the cOupon rate for all maturities is the legal maximum rate of 7% per annum. REGISTRATION. The Coupon bonds as originally issued may be registered as to principal and interest. PROCEEDINGS. Said proceedings were authorized by the City of Arcadia under the terms and provisions of the" Munici- pal Improvement Act of 1913", being Division 12 of the Streets and Highways Code for the construction of certain public im- provement 'work within the assessment district; including appurtenances with authorization for the bonds being pursuant to the provisions contained in the" Improvement Bond Act of 1915", being Division 10 of said Code. Full compliance has been had with the" Special ASsessment Investigation, Limita- tion and Majority Protest Act of 1931", being Division 4 of said Code. NEGOTIABLE. The bonds are negotiable instruments pay- able to Bearer, and unless registered, title passes by phYSical delivery. 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 dis- trict. All bids should be unconditional. Eac:h bid must state that the bidder offers accrued interest to the date of delivery, and state separately the premium or discount, if any, and the rate of interest offered for said securi- ties. The highest bid will be detennined by deducting the amount of the premium bid (if any) from, or by adding the amount of the discount bid (if any) to, the total amount of interest which would be paid from the date of the bonds to their respective maturity dates at the coupon rates specified in the bid, and the award will be made on the basis of the lowest net interest cost. Bids shall be for all of the bonds to be issued and any bids for less than the entire amount of said bonds will be rejected. The cost of printing the bonds will be borne by the City. REDEMPTION. Any'bond may be redeemed on any Janu- at)' 2 or July 2 prior to its fixed maturity date, at the option of the Treasurer of thE) City, upon gi ving 60 days prior notice, -3- . and upon the payment of the principal amount thereof and interest accrued thereon to the date of redemption, plus a redemption premium of five percent (5%) of the principal amount thereoL SECURITY. The bonds are issued upon and secured by un- paid assessments levied in said proceedings, and such unpaid assessments, together with interest thereon, constitute a trust fund for the redemption and payment of the principal of the bonds and the interest thereon, and all the bonds are secured by the moneys in the Redemption Fund created pursuant to said proceedings and by the unpaid assessments made for the pay- ment of said improvement, and, including principal and interest, are payable exclusively out of said Redemption Fund. The unpaid assessments are collected in annual install- ments, together with ,interest on the reducing balances, on the tax roll on which general taxes of the City on real property are collected, and are payable and become delinquent at the same time and in the same proportionate amounts and bear the same proportionate penalties and interest and are subject to the same provisions for redemption and sale as are properties for non-payment of general City Taxes. In the event of a delinquency in the payment of any in- stallment of principal and interest appearing on the tax roll, the City is obligated to advance from available funds the amount of Clny such delinquency to the Redemption Fund. If the City has no available funds, it is obligated to levy a tax against all taxable property in the City in an amount neces sary to meet such delinquency, but not to exceed $.10 per $100 of assessed valuation per year. The duty to levy the tax is mandatory and continues through each year until principal and interest on the bonds are fully paid. AWARD. The bonds will be sold for cash only. All bids must be for not less than all of the bonds offered for sale and each bid shall state the price the bidder offers, the discount, or the premium, if any, and the interest rate or rates not to exceed those sp~cified herein, at which the bidder offers to buy said bonds. The successful bidder shall be required to pay accrued interest from date of bonds to date of deli very calculated on a 360-day year basis. Each bidder is request- ed to 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. PROMPT AWARD. The City will take action awarding the bonds or rej ecting all bids not later than twenty six (26) hours after the expiration of the time herein prescribed for the re- ceipt of bids; provided that 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 with- drawal of such bid. DELIVERY OF SECURITIES. Deli very of said bonds shall be made to the successful bidder at City Hall, ,City of Arcadia, , -4:' 1--; California, or at any other place agreed upon by the City and the successful bidder. Payment shall be made in cash, Federal Reserve Bank funds, or other funds immediately available to the City. It is expected that the bonds will be ready for deli very to the successful bidder on or about November 2, 1973. The successful bidder shall have the right, at his option, to cancel the contract for purchase if the City shall fail to execute the bonds and tender them for deli very within 60 days from the date of sale thereof. TAX EXEMPT. In the opinion of the Bond Counsel, interest on the bonds is exempt from income taxes of the United States of America under present Federal Income Tax laws and also from personal income taxes of the State of California under present State Income Tax Laws. 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 affect- ing the validity of the bonds. ASSESSMENT DESCRIPTION AND AMOUNTS. For a des- cription of the respecti ve lots, pieces and parcels of land upon which the several assessments are levied, the amount of the assessments, and for other infonnation, reference is hereby made to the assessment as recorded in the Office of the Superintendent of Streets of said City. ' SECURITY DEPOSIT. A certified or cashier's check for the sum of $5,000.00 payable to the order of the City of Arcadia must accompany every bid as a guaranty that the bidder, if successful will accept and pay for the securities des- cribed in the accepted bid in accordance with the terms of his ' bid, and said check shall remain in the possession of the City until payment for said securities has been received. The City reserves the right to disregard insubstantial irregularities and technical defects in bids. APPROVED BY the City Council of the City of Arcadia on the 2nd day of Oc~ober, 1973. , . a, r ~~THE C~ ARCADIA, CALIFORNIA -5- \