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HomeMy WebLinkAboutResolution No. 314 437 RESOLUTION NO 3 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY AUTHORIZING THE ISSUANCE AND SALE OF BONDS ON DOWNEY IMPROVEMENT NO. 4-M. (Smallwood Avenue) WHEREAS, the City Council of the City of Downey has heretofore in- stituted and conducted proceedings, for Downey Improvement No. 4-M (Small- wood Avenue) for the acquisition of necessary rights of way and the con- struction of curb, gutter and pavement under the provisions of the Muni - cipal Improvement Act of 1913; and -" WHEREAS, the City Council, in its resolution of intention therein determined and declared that bonds should issue under the provisions of the Improvement Act of 1911 for each unpaid assessment or portion thereof which amounts to twenty -five dollars ($25.00) or over to finance said acquisition and improvement; and WHEREAS, said Council has acquired jurisdiction in said proceedings, has ordered the work done and acquisition made, has confirmed the assess - ment and diagram; and WHEREAS, the assessments have been duly levied upon the respective subdivisions of land in the assessment district, the diagram and assess - ment recorded and the full thirty day period for payment of assessments having expired; and . WHEREAS, all proceedings, notices and acts have been duly and regu- larly conducted, given and done, and all the provisions of law relating to the issuance of bonds in said proceedings have been complied with so as to authorize the issuance thereof; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DOWNEY AS FOLLOWS: SECTION 1. That, bonds shall issue in accordance with the provi- sions of Division 12, Streets and Highways Code (Municipal Improvement Act of 1913) and Division 7, Streets and Highways Code (Improvement Act of 1911) for the purpose of paying the costs of the aforesaid acquisition and improvements; that a bond shall issue for each unpaid assessment or portion thereof which amounts to twenty -five dollars ($25.00) or over as shown on the certified list of unpaid assessments in said proceedings; that each bond to be issued shall be in the amount of the respective un- paid assessments and shall be dated the 16th day of October, 1958. SECTION 2. That, the bonds shall be serial bonds and shall extend over a period ending nine (9) years from the second day of January next succeeding the next October fifteenth following their date, and an even annual proportion of the principal sum thereof shall be payable, by coupon, on the second day of January every year after the next October fifteenth following their date, until the whole is paid, and the interest shall be payable semiannually, by coupon, on the second days of January and July, respectively, of each year following the date of the bonds. The bonds shall bear interest at a rate to be determined on the sale thereof, provided, how- ever, that said rate shall be the same for all bonds and shall not exceed the maximum rate of six (6) per cent per annum, and provided further that the interest rate bid shall be in multiples of one- fourth (1) of one per cent (170. Said principal and interest on said bonds shall be payable in lawful money of the United States at the treasury of the City of Downey, State of California. Said bonds and the coupons thereof shall be issued substantially in the form provided for the issuance of bonds under Division 7 of the Streets and Highways Code of the State of California. SECTION 3. Said bonds shall be offered for sale and sold to the bidder whose bid in the opinion of the Council will best serve the interest of 438 owners of land included in the assessment district. Sealed bids will be received by this Council up to 7:45 a.m., on the 12th day of November, 1958, for the purchase of said bonds. Said bonds will be sold for cash only. Each bid must state that the bidder offers accrued interest to the date of delivery, and state separately the premium, if any, and the rate of interest offered for the bonds bid for. Each bid shall be for the entire amount of said bonds at a single rate of interest, and any bid for less than the entire amount of said bonds or for varying rates of interest will be rejected. Any bid for less than par and accrued interest to date of delivery must provide for an interest rate on the bonds of not less than the maximum rate ad six (6) per cent per annum. Payment for and delivery of bonds will be made in the office of the City Council. A certified or cashier's check for a sum not less than three per cent (3 %) of the amount of the bonds bid for, payable to the order of the Mayor of the City of Downey, must accompany each bid as a guarantee that the bidder, if successful, will accept and pay for said bonds in accordance with the terms of his bid. Said check shall remain in the hands of the City Council until all of said bonds are paid for. The Council reserves the right to reject any and all bids and to disregard any insubstantial irregularities and tech- nicalchfects in bids. SECTION 4. The Clerk of this City Council shall cause a notice of the sale of said bonds stating the terms of sale as hereinbefore provided, to be published in the "Downey Live Wire" , a newspaper of general circulation published in the City of Downey, State of California, once a week for a period of at least two (2) weeks previous to the date of sale. SECTION 5. The City Clerk shall certify to the adoption of this resolution. APPROVED AND ADOPTED THIS 12 DAY OF , 1958. O Mayor • ATTEST: C. , 4/4,4--- " .et City Clerk I hereby certify that the foregoing resolution was duly adopted by the City Council of the City of Downey at a regular meeting thereof held on the / V j day of Q r..� ;4,A) , 1958 by the following vote of the Council, to wit: a. .t AYES: Councilmen: c O o NOES: Councilmen: (? ABSENT: Councilmen: A&A:- * City Clerk 1