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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~)
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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
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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
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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
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MAYOR OF THE CITY OF
ARCADIA, CALIFORNIA
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CITY CLERK OF THE CITY OF ~
ARCADIA, CALIFORNIA
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4380
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF ARCADIA
)
) SS
)
I,
CHRISTINE VAN MAANEN
City Clerk of the City of
Arcadia
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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
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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
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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,
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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,
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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
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