HomeMy WebLinkAboutCity Council - 390 RESOLUTION
NO. 390
A RESOLUTION OF THE BOARD OF TRUSTEES
OF THE CITY OF HUNTINGTON BEACH, DECLAR-
I ?I ITS INTENTION TO SELL BONDS.
WHEREAS, it is necessary for the carrying out of
the purpose set forth in Ordinance No. 259 of the City of
Huntington Beach, passed and adopted the 7th day of March,
1923, at a regular adjourned meeting of the Board of Trust-
ees of said City, to issue and offer for sale and to sell
the Bonds in said Ordinance No. 259 directed to be issued
as hereinafter mentioned.
THEREFORE, be it resolved that it is the intention
of the Board of Trustees of the City of Huntington Beach to
issue and sell all of said Bonds by said Ordinance No. 259
directed to be issued, to-wits "Huntington Beach Improvement
Bonds, 1923, "No. 1 to 300 both inclusive, and of the denomi-
nation of 11,000 each ?a in said Ordinance No. *?59, 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 $300, 000.00 "Huntington Beach
Improvement Bonds, 1923, 11 in conformity with that certain
"Notice inviting sealed proposals" for at least ten (1C) days
in the `Huntington Beach News, a weekly newspaper of general
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circulation, printed, published nzrd circulated in said City
of Huntington Beach, by causing same to be published therein
in three consecutive issues thereof, and by such other notices
as the said City Clerk Ynay be advised as most likely to give
notice to prospective purchasers ;
And be it further resolved that the sale of said
Bonds be had at the time and in the manner and under the con-
ditions set forth in the following "Notice inviting sealed
nrono S al s
"NOTICE INVITING SEALED PROPOSALS"
NOTICE OF SALE OF MUNICIPAL BONDS OF THE
CITY OF HUNTINGTON REACH, ("PALI1":ORN1A.
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, at the City Ha.11 of said City, until the hour of
7:30 P. Y. on 1"onday the 9th Day of April, 1923, for the
purchase of Bonds in the sum of $300,000.00, designated as
"Huntington Beach Improvement Bonds, 192311, and said Bonds
shall be three hundred ( 300) in number of the denomination
of one thousand (41, 000.00) dollars each and all of said
Bonds shall be dated May lst, 1923, and shall be payable
at the office of the City Treasurer of the City of Hunting-
ton Beach, California, as follows : fifteen of said Bonds
on the first day of 11ay of each year beginning May lst, 1924,
and all of said Bonds shall bear interest at the rate of
2.
5%, per annum, payable semi-annually on the first day of
May and the first day of November of each and every year,
interest payments beginning November lst, 1923, at the
office of the City Treasurer of said City of Huntington
Beach and the principal and interest thereof, shall be pay-
able in lawful money, of the United States at the office of
said City Treasurer of said City of Huntington Beach.
Said Bonds are to be issued in accordance with
the provisions of an Act of the Legislature of the State of
Cs,lifornia, entitled, "An Act authorizing the incurring of
indebtedness by Cities, Towns and Municipal Corporations
for 11unicipal Improvements and regulating the AcOUisition,
Construction or Cora-)letion thereof, " which became a law
February 25th, 1901, and all Acts or parts of Acts amen-
datory thereof or supplemental thereto, and in accordance
with the general incorporation Acts of the State of Calif-
ornia for cities of the sixth class, and the Ordinances
of said City.
Proposals will be received for all or any portion
of said Bonds. No proposals for said Bonds will be enter-
tained for less than their face value, together with"accrued
interest to date of delivery of said Bonds.
All proposals must be accompanied by a certified
check drawn upon a responsible bank of the State of Calif-
ornia and payable to the City Treasurer of the City of
Huntington Beach, for the sum of three thousand ( 3,000.00)
3.
s
dollars as a guarantee that the bidder will purchase and
pay for said Bonds in accordance with the proposal in the
event such bid is acceDted.
Proposals will be addressed to the City Clerk of
the City of Huntington Beach and will be endorsed "Proposals
for Purchase of Bonds" .
The Board of Trustees of the said City reserves
the right to reject any and all bids and to waive any form—
ality in any bid as the interests of said City may require.
By order of the Board of Trustees of the City of
Huntington Beach made at its regular adjourned meeting, held
March 19, 19230.
W. R. Wright
City Clerk and Ex—officio
Clerk of the City of Hunting—
ton Beach, Ca-lifornia,.
The foregoing Resolution was adopt ed ,at a regular
meeting held Ilsrch 19, 1923, of said Board of Trustees, by
an affirmative vote of at least four Trustees, to—wit:
AYES: ' Onson, Obarr, Andrews, Drew
NOES:. None ABSENT: Macklin
Signed and approved this 19th day of March, 1923.
President of the Board of Trustees
of the City of Huntington Beach,
California.
ATTEST:
City Clerk and Ex—officio Clerk of the
Board of Trustees of the City of
Huntington Beach, California.
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