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HomeMy WebLinkAboutCity Council - 1248 r i RESOLUTION NO. 1248 I RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH, CALIFORNIA, DIRECTING THE CITY CLERK TO PUBLISH NOTICE INVITING SEALED PROPOSALS FOR $860,000 BONDS OF SAID CITY. WHEREAS, the City Council of the City of Huntington Beach, California, has introduced an ordinance providing for the issuance of bonds of said city in the amount of eight hundred sixty thousand dollars ($860, 000) to be designated WATER BONDS, 1955; and WHEREAS, it is desirable that said bonds be sold; NOW, THEREFORE, the City Council of the City of Huntington Beach, California, DOES HEREBY RESOLVE, DETER- MINE AND ORDER as follows: Section 1. That said bonds be sold and that sealed bids or proposals for the purchase of said bonds be received up to the time stated in the notice herein- after set forth. Section 2. That the City Clerk be and he is hereby authorized and directed to publish said notice once in THE HUNTINGTON BEACH NEWS, a weekly newspaper of general circulation in said city, such publication to be at least ten days prior to July 18, 1955. Section 3 . That said notice shall be substantially as follows: I I 1 NOTICE INVITING BIDS ON $860,000 WATER BONDS, 1955, OF THE CITY OF HUNTINGTON BEACH, CALIFORNIA. NOTICE IS HEREBY GIVEN that the City Council of the City of Huntington Beach, California, will receive sealed proposals for the purchase of $860,000 par value general obligation bonds of said city, at its Council Chambers in the City Hall in the City of Huntington Beach, California, up to the hour of 7:30 o 'clock P.M. , California Daylight Saving Time, Monday, July 18., 1955 . The bonds on which sealed bids will be received are $860,000 bonds of the City of Huntington Beach which are designated WATER BONDS, 1955, are eight hundred sixty in number, numbered 1 to 860, inclusive, of the denomination of $1,0b0 each, to be dated August 1, 1955, and are payable in consecutive numerical order $30,000 on August 1 in each of the years 1956 to 1958, both inclusive, and $35 000 on August 1 in each of the years 1959 to 1960, both inclusive. Said bonds are to bear interest at a rate or rates to be determined upon the sale thereof, but not to exceed six per cent (6%) per annum, payable annually for the first year and semi- annually thereafter. The bonds and the interest thereon are payable in lawful money of the United States of America at the office of the City Treasurer of the City of Huntington Beach, California, in said city, or at the main office of Security-First National Bank of Los Angeles, in Los Angeles, California, at the option of the holder thereof. Said bonds were authorized at an election held September 14, 1954, and are to be issued .to provide funds for the acquisition and construc- tion of certain facilities for the transmission of water, including facilities to be owned and used jointly with other public corporations or public agencies . Each bid shall state that the bidder offers par and accrued interest to date of delivery, the premium, if any, and the interest rate or rates, not to exceed six per cent (6%) per annum, payable annually for the first year and semiannually there- after, at which the bidder offers to buy said bonds . Each rate bid must be a multiple of 1/4 of 1%. Not more than three interest rates may be bid. No bid for part of said bonds will be considered. No bond shall bear more than one interest rate . The bonds shall be sold for cash only and for not less than par and accrued interest to date of delivery. 2 . For the information of the City Council, each bidder shall state in his bid the total interest cost, in dollars, and the net interest rate deter- mined thereby. 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, payable to the order of the City of Huntington Beach, 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 accompany- ing any accepted proposal shall be applied on the purchase price, or, if such proposal is accepted but not performed, unless such failure of perform- ance shall be caused by any act or omission of the City of Huntington Beach, shall then be retained by the city. The check accompanying each unaccepted proposal will be returned promptly. At any time before the bonds are tendered for delivery the bidder may disaffirm and with- draw the proposal if the interest received by private holders from the bonds of the same type and character shall be declared to be taxable income under present federal income tax laws, either by a ruling of the Bureau of Internal Revenue or by a decision of any federal court, or shall be declared taxable by the terms of any federal income tax law enacted subsequent to the date of this notice . The unqualified legal opinion of O'Melveny & Myers, attorneys, approving the validity of said bonds shall be furnished the successful bidder at or prior to the date of delivery of the bonds, at the expense of the city. 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 affecting the validity of said bonds . Payment for and delivery of said bonds shall be made at the office of Jeffries Banknote Company, 117 Winston Street, Los Angeles, California. The City Council reserves the right to reject any or all bids or to waive any irregularity or informality- in any bid. The bids will be opened at the meeting of the City Council to be held Monday, July 18, 1955, at 7:30 o 'clock P.M., California Daylight Saving Time, in the Council Chambers in the City Hall in the City of Huntington Beach, California. GIVEN by order of the City Council of the City of Huntington Beach, California, adopted dime litho 1955. J. L. HENRICKSEN City Clerk of the City of (SEAL) Huntington Beach, California 3 . ADOPTED, SIGNED AND APPROVED this 6th day of June 1955. !,'A)1 J— Mayorlof t59 C y of ('� Huntington Beach, California ATTEST: y Clerk of the city or tington Beach, California (SEAL) STATE OF CALIFORNIA COUNTY OF ORANGE as . CITY OF HUNTINGTON BEACH 1,, J. L. HENRICKSEN,, City Clerk of the City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing 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 on the 6th day of June , 1955, and that it was so adopted by the following vote, to wit: AYES: Councilmen Lockett, Terry,, Bartlett, IABard, Seabridge. NOES: Councilmen N'Ons- ABSENT: Councilmen None. Ct Clerk or the City of (SEAL) Hufft ington Beach, California 4 .