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HomeMy WebLinkAbout2856 I ~. RESOLUTION NO. 2856 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, CALLING FOR SEALED BIDS ON BONDS TO BE ISSUED TO REPRESENT UNPAID ASSESSMENTS PURSUANT TO ORDINANCE NO. 892 AND ORDINANCE NO. 896 OF SAID CITY. WHEPSAS, by Ordinance No. 892 of the City of Arcadia, adopted May 18, 1954, this City Council declared its intention to order that the following improvement be made, to wit: The opening and extending of Louise Avenue in said city from a point 194.37 feet more or less southerly of the southerly boundary of Christina Street, being the present point of termination of Louise Avenue to a point 1004 feet more or less southe~ly therefrom and the opening and extending of leRoy Avenue from the easterly line of Santa Anita Avenue to a point 434.84 feet more or less easterly therefrom and found and determined that the publiC interest and necessity required such improvement, and found and determined that certain land was necessary and convenient to be taken for such improvement and that the improvement was of more than local or ordinary benefft; and WHEREAS, by Ordinance No. 896 of said city, adopted June 15, 1954, the City Council of said city ordered said impI'ovement to be done and the acquisition of said land, all as set forth in said Ordinance No. 892; and WHEREAS, an assessment of the cost and expense of said acquisition and improvement was duly made and filed and a hearing duly was had thereon and said assessment thereafter duly was con- firmed by this City Council by Resolution No. 2818 of said city adopted on October 16, 1956, and said assessment thereafter duly was recorded in the office of the Superintendent of Streets of said city on October 17, 1956, and notice of said assessment duly was filed in the office of the County Recorder on October 17, 1956; and -1- 2856 .HD5XIiD WHEREAS, at the time of the confirmation of the assess- ment pursuant to notice duly given, the City Council adopted Reso- lution No. 2819 on October 16, 1956; by said resolution said City Council determined that serial bonds should be issued to represent unpaid assessments; and WHEREAS, following the elapse of thirty days after the date of filing said notice of assessment 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 all assessments contained in said assessment which are unpaid and the amounts thereof unpaid. there being no unpaid assessments upon public property; and WHEREAS, it is necessary and desirable that this City Council sell the bonds to be issued to represent said unpaid assess- ments, pursuant to the provisions of the Street Opening Bond Act of 1911, being Division 6, Part 2 of the Streets and Highways Code of the State of California. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA DOES RESOLVE AS FOLLOWS: SECTION 1. That this City Council hereby does call for sealed bids on the said bonds proposed to be issued, said bids to be received up to the time specified in the notice hereinafter set forth. SECTION 2. That the City Clerk shall cause a notice in- viting such bids to be given by two publications in the Arcadia Tribune and Arcadia News, a responsible publication in said city, the first publication to be at least ten days before the bids are to be opened. Said notice shall be in substantially the following form: NOTICE INVITING BIDS ON STREET OPENING ASSESSMENT BONDS. hereby Notice/is given that the City Council of the City of Arcadia, California, will receive sealed bids for the purchase of -2- 2856 the following described bonds at the Council Chambers in the City Hall of said city up to the hour of 8:00 o'clock P.M.. February 5. 1957. The bonds to be sold are bonds to be issued to represent unpaid assessmenw levied upon the lands within that certain assess- ment district declared to be the district to be benefited as de- scribed in Ordinance No. 892 of said city adopted May 18, 1954. to pay the cost of the acquisition and improvement described in said ordinance, all pursuant to the Street Opening Act of 1903. said act being Part 1 of Division 6 of the Streets and Highways Code of the State of California. Said bonds are thirteen in number and of vary- ing principal amounts, totaling the sum of $9,792.98. Said bonds are dated October 17, 1956, and bear interest from that date, at a rate of not to exceed 6% per annum. The first interest is payable on July 2, 1957. and thereafter the interest is payable semi- annually on January 2 and JUly 2. The principal of said bonds is payable by coupon in ten even annual installments payable on July 2 of each year beginning July 2, 1957. In each of said bonds the right will be reserved to re- deem such bond at any time before maturity upon payment of the then unpaid principal with interest thereon, as shown on the two interest coupons maturing first after the date of such payment. Each bond is a lien upon the property upon which the assessment represented by such bond was levied. For a description of the representative 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 Superin- tendent of said city and to the list of unpaid assessmen~ 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 re- sponSible bidder at not less than the par principal amount thereof. Each bid shall state that the bidder offers to buy said bonds at the -3- 2856 par value thereof and shall state the interest rate, not to exceed 6% per annum, payable as above provided, at which the bidder offers to buy said bonds. 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 premi~, but such premium will be paya- ble 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 1%. All bids must be for the entire bonds to be issued and no bid for part of said bonds will be considered. A certified or cashier's check on a responsible bank or trust company in the amount of 3% of the principal amount of the bonds upon which the bid is made, payable to the order of the City of Arcadia, must accompany each bid proposal as a guaranty that the bidder, if successful, will accept and pay for said bonds in accord- ance with the terms of his bid. The proceeds of such check accompany- ing any accepted proposal will be applied on the purchase price. If, however, such proposal is accepted but not performed, unless such failure of performance shall be caused by any act or omission of the City of Arcadia, then the proceeds of such check shall be retained by said city. Any check accompanying an unaccepted proposal will be returned. A judgment was entered on Febnuary 17, 1956, in Book 3046, Page 82 in the case of City of Arcadia vs Isakson, et al., said case being No. pasa C-5057 in the Superior Court of the State of Cali- fornia in and for the County of Los Angeles. by which judgment it was determined that the City of Arcadia had jurisdiction to proceed and condemn land pursuant to the proceedings initiated by Ordinance -4- 2856 No. 892 of sald city and Ordinance No. 896 of said city, being re- spectively the ordinance declaring the intention of the City Coun- cil of said city to order the improvement of opening and extending Louise Avenue under and pursuant to the street Opening Act of 1903, and the ordinance of said city ordering the improvement of opening and extending Louise Avenue, pursuant to said Ordinance of Inten- tion No. 892. The opinion of Burke, Williams & Sorenson, attorneys, ap- proving the validity of said bonds will be furnished the successful bidder at or prior to the date of delivery of said bonds at no ex- pense to the bidder. Payment for and delivery of said bonds shall be made in the office of the City Treasurer of the City of Arcadia. It is expected that delivery of said bonds will be made on or about March 15. 1957. The bids will be opened at the meeting of the City Coun- cil of said city to be held February 5, 1957, at 8:00 o'clock P.M., in the Council Chambers in the City Hall. Bids will be opened dur- ing said meeting at or after 8:00 o'clock P.M. The City Council reserves the right to reject any or all bids and to waive any irregularity or infomality in any bid to the extent permitted by law. Given by order of the City Council of the City of Arcadia, adopted the 22nd day of January. 1957. ~?~~~ City Clerk of the City 0 rca ia, a ifornia SECTION 3. That the City Clerk shall certify to the adoption of this resolution and thenceforth and thereafter the same shall be in full force and effect. APPROVED AND ADOPTED 1957. (SEAL) ATTEST: ~4 City CIerI<: -5- 2856 ... IfF I hereby certify that the foregoing resolution was duly adopted by the City Council of the City of Arcadia at a regular ad- journed meeting thereof held on the 22nd day of January, 1957, by the fOllowing vote of the Countil: AYES: Councilmen Jacobi, Phillips, Reibold and Camphouse NOES: None ABSENT: Councilman Dennis c~e1[tf~ia ( SEAL) -6- 2856