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HomeMy WebLinkAboutCity Council - 331 i f RESOLUTION NO. 331 A RESOLUTION OF THE BOATED OF TRUSTEES OF THE CITY OF HUNTINGTON BEACH, DECLAR- ING ITS INTENTION TO SELL BONDS. WHEREAS, it is necessary for the carrying out of the ;purpose set forth in Ordinance No. 202 of the City of Huntington Beach, passed and adopted September 24, 1919, at a regular adjourned meeting of the Board of Trustees of said City to issue and offer for sale and to sell the bonds in said Ordinance No. 202, ordered to be issued as herein- after mentioned. THEREFORE, BE IT RESOLVED that it is the intention of the Board of Trustees of the said City of Huntington Beach to issue and sell all of said bonds by said Ordinance No. 202 directed to be issued, to-wit: Huntington Beach Gas Distri- buting Bonds, 1919, numbered from 1 to 80 both inclusive, and of the denomination of $500.00 each as in said Ordinance No. 202 set forth, and BE IT FURTHER RESOLVED that the City Clerk of said City be directed to advertise for sale to the highest bidder the entire issue of 40,000 Huntington Beach Gas Distributing Bonds, 1919, in conformity with that certain "Notice Inviting Sealed Proposals" for at least one insertion in the Huntington I Beach News, a weekly newspaper printed, published and cir- culated in said City of Huntington Beach, and by such other notices as said City Clerk may be advised as most likely to give notice to prospective purchasers, and BE IT FURTHER RESOLVED that said sale of said bonds be had at the time and in the manner and under conditions set forth in the following "Notice Inviting Sealed Proposals" NOTICE INVITING SEALED PROPOSALS Notice of Sale of Gas Distributing Bonds of the City of Huntington Beach, California Sealed Proposals will be received by the under- signed City Clerk of the City of Huntington Beach, County of Orange, State of California, at the office of said City Clerk in said City until the hour of 7:30 P. M. of Monday, October 20, 1919, for the purchase of bonds in the sun. of $40,000 designated as Huntington Beach Gas Distributing Bonds, 1919, and said bonds shall be 80 in number, and shall be issued in denomination of $500.00 each, and all of said bonds shall be dated November 1, 1919, and shall be payable at the office of the City Treasurer of the City of Huntington Beach, County of Orange, State 'of California, in said City on the lst day of November of each year beginning November 1, 1920, two of said bonds being payable each year, in numerical order as the same are numbered, all of said bonds shall bear interest 2. at the rate of five and one—half per cent (5-�14o) per annum, payable semi—annually on the 1st day of May, and the lst day of November of ea.ch year beginning Yp.y 1, 1920, at the office of the said City Treasurer of said City of Huntington Beach, in said City, and the principal and. interest thereof shall be payable in lawful money of the United States P.t the said office of said City Treasurer of said City of Huntington Beach. Said bonds shall be issued in accordance with the provisions of an Act of the Legislature of the State of Calif— ornia, entitled "An Act Authorizing the Incurring of Indebted— ness by Cities, Towns and Municipal Corporations for Municipal Improvements and Regulating the Acquisition, Construction or Completion Thereof" , which became a law February 25, 1901 and all acts or parts of acts amendatory thereof or supplementary thereto, and in accordance with the General Incorporation Acts of the State of California for Cities of the Sixth Class and the Ordinances of said City of Huntington Beach, California, Proposals will be received for all or any portion of said bonds. No proposal for the purchase of said bonds will be entertained for less than their face value, together with accrued interest to date of delivery of said bonds. Eadb proposal must be accompanied by a certified check drawn upon some responsible bank in the State of Calif— ornia, and payable to the City Treasurer of said City of Huntington Beach for the sum of $2,000.00 as a guarantee that the bidder will purchase and pay for said bonds in accordance with his proposal in the event his bid is accepted. 3. • Proposals will be addressed to the City Clerk of the City of Huntington Beach, Orange County, California, and will be endorsed "Proposals for Purchase of Bonds". The Board of Trustees of said City reserves the Tight to reject any and all bids and to waive any formality in any bid as the interest of said City-may require. By order of the Board of Trustees of the City of Huntington Beach, made at its regular meeting held on October 6, 1919. _ Chas. R. Nutt City Clerk of the City of Hunting- ton Beach, California. The foregoing Resolution was adopted at a. regular meeting of the Board of Trustees of said City of Huntington Beach held on the 6th day of October, 1919,by the official vote of at 'least four (4 ) trustees, to-wit : AYES: Andrews, Manning, Chapin, Drew, Vavra NOES: None ABSENT: None Joseph Vavra President of the Board of Trustees of the City of Huntington Beach, California. ATTEST: Chas, R. Nutt City Clerk of the City of Huntington Beach, Calif. 4.