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RESOLUTION NO. 3113
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
VEHICLE PARKING DISTRICT NO. 2 OF
SAID CITY.
~IHEREAS, by Ordinance No. 976
of the City of
Arcadia
, California, adopted December 18, 1956,
this City Council fixed and established the boundaries of
Vehicle Parking District No. 2 of said city, declared that
said distr:l.ct had been duly formed under the provisions of
the Vehicle Parking District Law of 1943, Part 1 of Division
18 of the Streets and Highways Code of the State of California,
and found that the public interest and necessity require,
and ordered, certain acquisitions and improvements for said
district; and
WHEREAS, an assessment of the cost and expense of
said acquisitions and improvements was duly made and filed,
and a hearing was duly had thereon, and said assessment was
thereafter duly confirmed by this City Council and was duly
recorded by filing the same in the office of the Superinten-
dent of Streets of said city and by filing notice of said
assessment in the office of the County Recorder of Los Angeles
County on February 18 , 1959; and
WHEREAS, following the elapse of thirty (30) days
after the date of filing said notice in the office of the
County Recorder, the said Superintendent of Streets filed
in the office of the City Treasurer of said city a list of
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3113
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Parking D1st.-1943 Act
Resn. & notice re bidlJ
all assessments contained within said assessment which are
unpaid (there being no unpaid assessments upon pub11c prop-
erty) and the amounts thereof unpaid; and
WHEREAS, it is necessary and desirable that this
City Council sell the bonds to be issued to represent said
unpaid assessments, as provided in the above mentioned Law;
Arcadia
NOW, THEREFORE, the City Council of the City of
, California, DOES HEREBY RESOLVE,
DETERMINE AND ORDER as follows:
Section 1. That this City Council does hereby
call for sealed bids on the said bonds proposed to be issued,
to be recel.ved up to the time specified in the notice herein-
after set 1'orth.
Section 2. That the City Clerk shall cause a
notice inviting such bids to be given by two pUblications
in the ARCADIA TRIBUNE AND ARCADIA NEWS,
a newspaper published in said city, the first publication
to be at least ten (10) days before the bids are to be
opened. Said notice shall be in substantially the following
form:
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1/58 - 150c
NOTICE INVITING BIDS ON VEHICLE
PARKING DISTRICT ASSESSMENT BONDS
NOTICE IS HEREBY GIVEN that the City Council of
the City of
Arcadia
, California, will receive
sealed bids for the purchase of the following described
bonds at its Chambers in the City Hall in said city up to
California Daylight Saving Time,
the hour of 8:00 0 'clock P.M,I, May 5 ' 1959.
The bonds to be sold are bonds to be issued to
represent unpaid assessments levied upon the lands within
VEHICLE PARKING DISTRICT NO.2 of said city to pay the
cost .of the acquisition and improvement of certain parking
lots and related facilities under the Vehicle Parking Dis-
trict Law of 1943. Part 1 of Division 18 of the Streets
and Highways Code of the State of California. Said bonds
are
twenty-four
( 24
)
in number and of varying principal amounts totaling the sum
of $ 79.759.84
Said bonds are dated February 18, 19 59,
and bear interest from that date at a rate of not to exceed
six per cent (6%) per annum. The first interest is payable
on
July
2, 19 59, and thereafter the interest is payable
semiannually on January 2 and
July 2. The principal of
said bonds is payable by coupon in twenty
(20) even annual
installments payable on January 2 of each year beginning
January 2, 19 60. Said bonds are similar to bonds issued
under the Improvement Act of 1911, Division 7 of the Streets
and Highways Code, and, except as otherwise provided in said
Vehicle Parking District Law of 1943. the provisions of Part 5
of said Improvement Act of 1911 apply to said bonds and govern
as to the issuance, collection and enforcement thereof.
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In each of said bonds the right will be reserved
to redeem such bond at any time before maturity upon pay-
ment of the then unpaid principal with interest thereon to
the due date of the next maturing interest coupon, PLUS A
PREMIUM of' three per cent (3%) of said unpaid principal.
Each bond is a lien upon the property upon which
the assessment represented by such bond was levied. For a
description of the respective lots, pieces and parcels of
land upon which the several bonds are liens, and.for other
information, reference is made to the assessment recorded
in the office of the Street Superintendent of said city and
to the List of Unpaid Assessments in said matter on file
in the office of the City Treasurer of said city.
Said bonds are to be sold for cash only to the best
responsible bidder at not less than the par principal amount
thereof. Each bid shall state that the bidder offers to buy
said bonds at the par value thereof, and shall state the
interest rate, not to exceed six per cent (6%) per annum,
payable as above provided, at which the bidder offers to buy
said b~nds. Bidders are directed to bid on a par flat basis
WITHOUT ACCRUED INTEREST. Any accrued interest bid will be
entirely disregarded and need not be paid. Any premium
offered will not be taken into consideration in determining
the best bid except for the purpose of breaking a tie between
two bids stating the same interest rate. A bidder may offer
a premium but such premium will be payable only if such
premium is used to break a tie between that bid and some
other bid or bids stating the same interest rate. Only one
interest rate may be bid which rate may be stated in any
multiple of l/lOOth of 1% or any multiple of 1/8th of 1%.
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No bid for a part of said bonds will be considered.
A certified or cashier's check on a responsible
bank or trust company, in the amount of three per cent (3~)
of the principal amount of the bonds bid for, payable to
the order of the City of Arcadia , must accompany
each proposal as a guaranty that the bidder, if successful,
will accept and pay for said bonds in accordance with the
terms of his bid. The proceeds of the check accompanying any
accepted proposal shall be applied on the purchase price
or, if such proposal is accepted but not performed, unless
such failure of performance shall be caused by any act or
omission of said city, shall then be retained by the City.
The check accompanying each unaccepted proposal will be
returned promptly.
The opinion of O'Melveny & Myers, attorneys,
approving the validity of said bonds will be furnished the
successful bidder at or prior to the date of delivery of the
bonds, at no expense to the bidder. Payment for and delivery
of said bonds shall be made in the office of the City
Treasurer.
It is expected that delivery of said bonds will
be made on or about June 4 , 19 59.
The bids will be opened at the meeting of the City
Council of said city to be held May 5 , 19 59, at 8:00
o'clock P.~I., in the Council Chambers in the City Hall.
Bids will be opened during said meeting at or after 8:00
o'clock P.M., Californ1a Daylight Saving Time.
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The City Council reserves the right to reject any
or all bilis, and to waive any irregularity or informality in
any bid to the extent permitted by law.
Given by order of the City Council of the City of
Aroadia,
adopted April 7
, 19 59.
CHRISTINE VAN MAANEN
City Clerk of the City of
Aroadia , California.
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ADOPTED, SIGNED AND APPROVED this 7th day of
April , 19 59.
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Arcadia , California.
ATTEST:
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Arcadia , California.
(SEAL)
STATE OF CALIFORNIA ~
COUNTY OF LOS ANGELES ss.
CITY OF ARCADIA
I, CHRISTINE VAN MAANEN, City Clerk of the City
of Arcadia.. California, DO HEREBY CERTIFY that the fore-
going 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
onthe 7th day of April, 1959, and that it was so adopted
as follows:
AYES:
Councilmen Jacobi, Camphouse, Balser,
NOES:
ABSENT:
Councilmen
Reibold and Phillips
None
Councilmen
None
(SEAL)
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~tl~k otthe City of
Arcadia, California
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