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RESOLUTION N0. 6
A RESOLUTION OF THE PARKING AUTHORITY FOR THE
CITY OF HUNTINGTON BEACH AUTHORIZING THE PUBLI-
CATION OF NOTICE INVITING BIDS ON 1968 PARKING
REVENUE BONDS OF THE PARKING AUTHORITY OF THE
CITY OF HUNTINGTON BEACH.
WHEREAS, the Parking Authority for the City of Huntington
Beach -has ad.opted. Resolution No. 5 authorizing the issuance of
parking revenue bonds in the amount of $2,300,000.00, and. said..
Parking Authority does desire to publish notice that such bond.s
are being issued. and. to invite bids for the purchase of said.
,bonds,
NOW, THEREFORE, the Parking Authority for the City of
Huntington Beach does hereby resolve as follows :
1. That the date for opening bids for the purchase of said,
bonds shall be October 21, 1968 at the hour of 2 :00 o ' clock P.M.
or as soon thereafter as may be feasible;
2. That the Notice Inviting Bids attached, hereto and. marked.
Exhibit ' "A" shall be published. at least once in the Huntington
Beach News, a newspaper of general circulation in the City of
Huntington Beach, and, shall be distributed. to potential bid.d.ers
in such manner as the Secretary of the Parking Authority d.eems
advisable.
PASSED,AND ADOPTED this 30th day of September, 1968.
PARKING AUTHORITY FOR THE ITY
OF HUNTI BEACH
By
Chairman
BY 6
Acting Secretary
EXHIBIT "A"
9/23/68
NOTICE INVITING BIDS ON
1968 PARKING REVENUE BONDS OF THE PARKING
AUTHORITY OF THE CITY OF HUNTINGTON BEACH
NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of $2,300,000 par value
1968 PARKING REVENUE BONDS OF THE PARKING AUTHORITY OF THE CITY OF
HUNTINGTON BEACH functioning by resolution of the City Council of the City of Huntington Beach
in accordance with the provisions of the Parking Law of 1949 will be received by the governing body
of said Authority at the place and up to the time below specified.
TIME: 2:00 o'clock P.M. Pacific Standard Time
October , 1968i
PLACE: Office of City Clerk
City Hall
Huntington Beach, California
MAILED BIDS: Mailed bids should be addressed to:
Clerk of the Authority
Office of the City Clerk
City Hall
Huntington Beach, California
OPENING OF BIDS: The bids will be received by the Clerk of the Authority on October-F3 , 1 968,
at 2:00 o'clock P.M. (P.S.T.) at the Office of the City Clerk of the City of Huntington Beach, California.
The bids will be opened by the Clerk of the Authority immediately following receipt and will be presented
to the governing body of the Authority later during said day.
ISSUE: $2,300,000 designated "1968 Parking Revenue Bonds of the Parking Authority of the
City "of Huntington Beach," consisting of 460 Bonds, numbered 1 to 460 both inclusive, of the
denomination of $5,000 each, dated September 1, 1968.
MATURITIES: The Bonds will mature on September 1 in each year and mature in the amounts
and on the dates as follows:
Maturity Principal Maturity Principal
Date Amount Date Amount
1970........................ $ 45,000 1982------------------------ $ 90,000
1971........................ 50,000 1983......_..___._.__....__. 95,000
1972------------------------ 55,000 1984---------------.-------- 105,000
1973________________________ 55,000 1985------------------------ 110,000
1974------------------------ 60,000 1986------------------------ 115,000
1975........................ 65,000 1987------------------------ 120,000
1976------------------------ 65,000 1988------------------------ 125,000
1977------------------------ 70,000 1989------------------------ 135,000
1978........................ 75,000 1990------------------------ 140,000
1979------------------------ 80,000 1991------------------------ 150,000
1980........................ 85,000 1992------------------------ 160,000
1981________________________ 85,000 1993........................ 165,000
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9/23/68
INTEREST: The Bonds shall bear interest at a rate or rates to be fixed upon the sale thereof but
not to exceed six percent (6%) per annum, payable semiannually on the first day of March and the
first day of September in each year.
PAYMENT: Said Bonds and the interest thereon will be payable in lawful money of the United
States of America at the office of the Fiscal Agent, Bank of America National Trust and Savings
Association in the City of Los Angeles, California, or at the option of the holder, at any paying
agency of the Authority in Chicago, Illinois or New York, New York.
REGISTRATION: The Bonds will be issued as coupon Bonds registrable only as fully registered
Bonds as to both principal and interest, and the form of registration may be changed, or the Bonds
discharged from registration, all in accordance with the provisions in the Resolution Providing for the
Issuance of the Bonds.
REDEMPTION PROVISIONS: Bonds maturing on or prior to September 1, 1979, are not
subject to call and redemption prior to maturity. Bonds maturing on or after September 1, 1980, are
subject to call and redemption prior to maturity and by bond number, from funds derived by the
Authority from any source, on September 1, 1979, or on any interest payment date thereafter, upon
payment of a redemption price equal to the principal amount thereof plus a premium (percentage of
par value) equal to one-fourth of one percent for each year or fraction of a year from the redemption
date to the maturity date of the Bonds, but in no event shall the premium exceed three and one-half
percent (31/2%).
In the event of loss of or substantial damage to or condemnation of the whole or any substantial
part of the Project, all or any part of the Bonds may be redeemed at any time by payment of the total
principal amount and accrued interest to the date of redemption plus a premium as set forth above, but
applied to all outstanding bonds whether callable or not.
PURPOSE OF ISSUE: The proceeds from the sale of 1968 Parking Revenue Bonds of the Parking
Authority of the City of Huntington Beach will be used for the construction and financing of public
parking facilities.
�S�'2o�---- - -'— SECURITY: These Revenue Bonds are issued pursuant to the Parking Law of 1949 (Part 2 of
Division 18, § seq. of the Streets'and Highways Code of the State of California). These Bonds
and the interest hereon (to the extent set forth in the Resolution) are payable from, and are secured by
a charge upon the Pledged Revenues derived by the Authority from the Project.
The term "Pledged Revenues" as used in the Resolution shall include: all rentals payable by the
City to the Authority under the terms of the Lease Agreement, all moneys credited upon rentals as
provided in the Lease Agreement or in this Resolution, all gross revenues, if any, received by the
Authority from the re-letting or operation of the Project, and any other moneys which under this
resolution are required to be placed in the Bond Service Fund.
Bond principal and interest coming due each year are payable from annual lease payments for use
of the facilities payable by the City. Under the terms of the Lease Agreement, the City agrees to pay
the Authority an annual fixed rental which will be sufficient to pay bond principal and interest plus
additional rental in an amount sufficient to meet other necessary expenses of the Authority. The City
has agreed to make appropriations in its annual budget for the amount of the rental and a reasonable
estimate of additional rental.
These Bonds are a special obligation of the Authority only, and are not a debt, liability or obli-
gation of any other public agency, or a.lien or charge against the property or funds of the Authority,
except to the extent of the Pledged Revenues, as provided by the Resolution pursuant to which the
Bonds are issued. Neither the payment of the principal of these Bonds or any part thereof nor any
interest thereon constitutes a debt, liability or obligation of the City of Huntington Beach or the State
of California.
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9/23/68
TERMS OF SALE
INTEREST RATE: The maximum rate bid may not exceed six percent (6%) per annum,
payable semiannually on the first day of March and the first day of September in each year. Each
rate bide must be a multiple of 1/20 of 1%. No Bond shall bear more than one interest rate, and all
Bonds of the same maturity shall bear 'the same rate. Each Bond must bear interest at the rate
specified in the bid from its date to its fixed maturity date. Only one coupon will be attached to each
Bond for each installment of interest thereon, and bids providing for additional or supplemental
coupons will be rejected. The rate on any maturity or group of maturities shall not be more than
two percent (2%) higher than the interest rate on any other maturity or group of maturities.
AWARD: The Bonds shall be sold for cash only. All bids must be for not less than all of the
Bonds hereby offered for sale and each bid shall state that the bidder offers par and accrued interest
to the date of delivery, the premium, if any, and the interest rate or rates not to exceed those specified
herein, at which the bidder offers to buy said Bonds. Each bidder shall state in his bid the total net
interest cost'in dollars and the average net interest rate determined thereby, which shall be considered
informative only and not a part of the bid.
HIGHEST BIDDER: The Bonds will be awarded to the highest bidder considering the interest
rate or rates specified and the premium offered, if any. The highest bid will be determined by deducting
the amount of the premium bid (if any) from the total amount of interest which the Authority would be
required to pay from the date of said Bonds to the respective maturity dates thereof at the coupon rate
or rates specified in the bid, and the award will be made on the basis of the lowest net interest cost
to the Authority. The purchaser must pay accrued interest from the date of the Bonds to the date of
delivery computed on a 360-day year basis. The cost of printing the Bonds will be borne by the
Authority.
RIGHT OF REJECTION: The Authority reserves the right, in its discretion, to reject any and
all bids and to the extent not prohibited by law to waive any irregularity or informality in any bid.
PROMPT AWARD: The Authority will take action awarding the Bonds or rejecting all bids not
later than twenty-six (26) hours after the time herein prescribed for the receipt of proposals; provided
that the:award may be made after the expiration of the specified time if the bidder shall not have given
to the governing body notice in writing of the withdrawal of such proposal.
PLACE OF DELIVERY: Delivery of said Bonds will be made to the successful bidder at.
Jeffries Banknote Company, 1330 West Pico Boulevard, Los Angeles, California, or at such other
place agreeable to both the successful bidder and the Authority. Payment for said Bonds shall be made
in cash or certified'or cashier's check or other comparable funds.
PROMPT DELIVERY; CANCELLATION FOR LATE DELIVERY: Subject to the next suc-
ceeding paragraph regarding temporary bonds, the successful bidder shall have the right, at his option,
to cancel the contract of purchase if the Authority shall fail to execute the bonds and tender them
for delivery prior to November 5, 1968, and in such event the successful bidder shall be entitled to the
return of the deposit accompanying his bid.
The right is reserved by the Authority to deliver temporary bonds to the extent permitted by law
in order to make delivery of the bonds prior to November 5, 1968, and the successful bidder shall
be required to accept the same as good delivery under this notice. In the case of delivery of temporary
bonds, definitive bonds shall be issued in place of temporary bonds within thirty (30) days from the
date of delivery of the temporary bonds. Temporary and definitive bonds shall be issued only to the
original purchaser of the bonds. The form .and provisions of temporary bonds shall be sufficient if
they refer to the Resolution of Issuance, set forth the interest rates at which the bonds were awarded
and provide that they are exchangeable for definitive bonds in accordance with this notice.
FORM OF BID: Each bid, together with the bid check, must be in a sealed envelope, addressed
to the Clerk of the Authority with the envelope and bid clearly marked "Proposal for the 1968 Parking
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9/23/68:
Revenue Bonds of the Parking Authority of the City of Huntington Beach." Each bid must be in
accordance with the terms and conditions set forth in this notice and must be submitted on, or in
substantial accordance with the bid form provided by the Authority.
BID CHECK: A certified or cashier's check on a responsible bank or trust company in the
amount of $25,000 payable to the order of the Authority 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 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 the Authority, shall then be cashed and the proceeds retained by the Authority.
The check accompanying each unaccepted proposal will be returned promptly.
CHANGE IN TAX EXEMPT STATUS: At any time before the Bonds are tendered for delivery,
the successful bidder may disaffirm and withdraw the proposal if the interest received by private holders
from 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 Internal Revenue Service or by a .decision of any
federal court, or shall be declared taxable by the terms of any federal income tax law enacted subse-
quent to the date of this notice.
LEGAL OPINION: The unqualified opinion of O'Melveny & Myers, attorneys, approving the
validity of said Bonds will be furnished the successful bidder at or prior to the time of delivery of the
Bonds, at the expense of the Authority. A copy of such opinion, certified by an officer of the Authority
by his facsimile signature will be printed on the back of each Bond. No charge will be made to the
purchaser for such printing or certification.
NO LITIGATION CERTIFICATE: At the time of payment for and delivery of said Bonds, the
Authority will furnish the successful bidder a certificate that there is no litigation pending affecting the
validity of the Bonds.
INFORMATION AVAILABLE: For details as to the items referred to in this notice prospective
bidders are invited to examine the Official Statement and the Legal Documents authorizing the issuance
of the Bonds. Any requests for such documents and other information concerning the Authority and
this proposed financing should be addressed to:
Stone & Youngberg
Municipal Financing Consultants
1314 Russ Building
San Francisco, California 94104
GIVEN by order of,the governing body of the Parking Authority of the City of Huntington Beach;
California, adopted __Sep .4___30___, 1968.
Acting Secre "a,ry AM&X df the Authority
BID
FOR THE PURCHASE OF
Approved as to form 1968 Parking Revenue Bonds of the Parking Authority
of the City of Huntington Beach
Ass't. City Attorney
4
9/23/68
Parking Authority of the City of Huntington Beach
c/o Clerk of the Authority
Office of the City Clerk
Huntington Beach, California
In behalf of a group which we have formed, consisting of
and pursuant to the notice inviting proposals hereinafter mentioned, we offer to purchase $_________________
principal amount, all or none, of the Bonds designated as "1968 Parking Revenue Bonds of the Parking
Authority of the City of Huntington Beach," particularly described in said notice, with interest rates as
set forth in the following schedule, entitled "Schedule of Interest Rates," and to pay therefor the par
value thereof plus a premium of $---------------- (making an aggregate sum of $--------------------) plus interest
accrued on such Bonds to the date of delivery thereof.
Maturity Principal Interest Maturity Principal Interest
Date Amount Rate Date' Amount Rate
1970-------------------- $ 45,000 1982-------------------- $ 90,000
1971____________________ 50,000 1983-------------------- 95,000
1972-------------------- 55,000 1984-------------------- 105,000
1973____________________ 55,000 1985-------------------- 110,000
1974-------------------- 60,000 1986-------------------- 115,000
1975____________________ 65,000 1987-------------------- 120,000
1976------------_------- 65,000 1988-------------------- 125,000
1977-------------------- 70,000 1989------------,------- 135,000
1978____________________ 75,000 1990-------------------- 140,000
1979____________________ 80,000- 1991--------------...._. 150,000
1980-------------------- 85,000 1992-------------------- 160,000
1981____________________ 85,000 1993-------------------- 165,000
This proposal is made subject to all the terms and conditions heretofore published, all of which
terms and conditions are made a part hereof as fully as though set forth in full in this proposal.
This proposal is subject to acceptance within not less than twenty-six (26) hours after the expira-
tion of the time for the receipt of proposals, as specified in the said notice inviting proposals.
There is enclosed herewith a `k-------------------------------- check for $25,000, payable to the order of
the Parking Authority of the City of Huntington Beach.
* Insert "certified" or "cashier's".
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9/23/68 .
There is.submitted herewith a memorandum (which shall not constitute a part of this proposal)
stating the exact total amount of interest payable on the Bonds, during the life of the issue, under this
proposal.
MEMORANDUM OF INTEREST REQUIREMENTS
(For Information Purposes Only)
1968 Parking Revenue Bonds of the Parking .Authority
of the City of Huntington Beach
The exact total amount of interest payable on the Bonds during the life of the issue under the
above proposal is $----------------------------- Net interest rate is ____________________.___.
6
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS :
CITY OF HUNTINGTON BEACH )
I. ERNESTINA 'DI FABIO, Acting Secretary of the Parking
Authority of the City of Huntington Beach, California, DO HEREBY
CERTIFY that the foregoing resolution was duly adopted by the
Parking Authority of the City of Huntington Beach at a meeting
of said Parking Authority held on the 30th day of September, 1968,
by the following vote :
AYES : Councilmen :
Shipley, Bartlett, McCracken, Kaufman, .Matney, Breen, Coen
NOES : Councilmen :
None
ABSENT : Councilmen:
None
('Ming Secretary of .the
Parking Authority of the
City of Huntington Beach,
California
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