HomeMy WebLinkAboutResolution No. 507 743
RESOLUTION NO. . 4 /
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
DOWNEY AUTHORIZING THE ISSUANCE AND SALE OF BONDS
ON ASSESSMENT DISTRICT 18 (TENTH STREET)
WHEREAS, the City Council of the City of Downey heretofore
has instituted and conducted proceedings for Assessment District 18
(Tenth Street) for the acquisition of * necessary rights of way and
the construction of certain improvements, all as set forth and de-
scribed in Resolution No. 412 of said city, under the provisions
of the Municipal Improvement Act of 1913; and
WHEREAS, the City Council, in its Resolution of Intention,
being said Resolution No. 412, 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 $25.00 or over, to finance said acquisition and improve-
ment; and
WHEREAS, said City Council has acquired jurisdiction in said
proceedings, has ordered the work done and acquisition made, and
has confirmed the assessment and diagram; and
WHEREAS, the assessments duly have been levied upon the re-
spective subdivisions of land in the assessment district, the dia-
gram and assessment recorded, and the full thirty day period for
payment of assessments having expired; and
WHEREAS, all proceedings, notices, and acts duly and regularly
have been conducted, given, and done, and all the provisions of
laws relating to the issuance of bonds in said proceedings have
been complied with, so as to authorize the issuance thereof;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
RESOLVE AS FOLLOWS:
SECTION 1. That bonds shall issue in accordance with
the provisions of Division 12 of the Streets and Highways Code of
the State of California (Municipal Improvement Act of 1913) and
Division 7 of said Streets and Highways Code (Improvement Act of
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1911) for the purpose of paying the costs of the aforesaid acqui-
sition and improvements; that a bond shall issue for each unpaid
assessment or portion thereof which amounts to $25.00 or over as
shown on the certified list of unpaid assessments in said proceed
ings; that each bond.to be issued shall be in the amount of the
respective unpaid assessments and shall be dated the 16th day of
October, 1959.
SECTION 2. That the bonds shall be serial bonds and
shall extend over a period ending nine 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 semi - annually 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,
however, that said rate shall be the same for all bonds and shall
not exceed the maximum rate of 6% per annum and provided, further,
that the interest rate bid shall be in multiples of 1 /4th of 1%.
Said principal and interest on said bonds shall be pay-
able in lawful money of the United States out of the treasury of
the City of Downey, State of California.
Said bonds and the coupons thereof shall be issued sub-
stantially in the form prescribed for the issuance of bonds under
Division 7 of the Streets and Highways Code of the State of Cali-
fornia.
SECTION 3. Said bonds shall be offered for sale and
sold to the bidder whose bid, in the opinion of the City Council,
,..� will best serve the interest of the owners of land included in
the assessment district. Sealed bids will be received by this
City Council up to 7 :45 otclock A.M. on the 10th day of November,
1959, for the purchase of said bonds.
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Said bonds will be sold for cash only. Each bid must
state that the bidder offers accrued interest to the date of de-
livery and state separately the premium, if any, and the rate of
interest offered for the bondsbid for. Each bid shall be for the
entire amount of the 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 of 6% per annum.
Payment for, and delivery of, bonds will be made in the
office of the City Council.
A certified or cashier t s check for a sum of not less
than 3% of the bonds bid for, payable to 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 insub-
stantial irregularities and technical defects in bids.
SECTION 4. The City Clerk shall cause a notice of the
sale of bonds, stating the terms of sale as hereinabove 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 weeks previous to the
date of sale.
SECTION 5. The City Clerk shall certify to the adoption
of this resolution.
APPROVED AND ADOPTED this day of X , 1959.
/ Mayor
r
A .;t.
City Clerk
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I HEREBY CERTIFY that the foregoing resolution was adopted
at a . , � meeting of the City Council of the City of Downey
held or the /3 day of Q . , 1959, by the affirmative vote
of at least z councilmen, to wit:
.�.�
.AYES: Councilmen
r
NOES: Councilmen
/ ABSENT: Councilmen:
City erk
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