HomeMy WebLinkAboutResolution No. 0668 RESOLUTION NO. 668
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
AUTHORIZING THE ISSUANCE AND SALE OF BONDS ON ASSESSMENT
DISTRICT 33 (Phlox Street and Pivot Street)
WHEREAS, the City Council of the City of Downey heretofore has instituted
and conducted proceedings for Assessment District No. 33- (Phlm$ Street and
Pivot Street) for the acquisition of necessary rights of way and the construction
of certain improvements, all as set forth and described in resolution No. 617 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. 617, 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 $50.00 or over, to finance said acquisition
and improvement; 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 respective sub-
divisions of land in the assessment district, the diagram 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 (Improve-
ment Act of 1911) for the purpose of paying the costs of the afresaid acquisition
and improvements; that a bond shall issue for each unpaid assessment or portion
thereof which amounts to $50.00 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 unpaid assessments and shall be dated the 1st day of
September, 1960.
SECTION 2. The bonds shall be serial bonds and shall extend over a period
ending nine years from the 2nd day of January next succeeding the next September
1st following their date, and an even annual proportion of the principal sum
thereof shall be payable by coupon on the 2nd day of January every year after the
next September 1st following their date until the whole is paid, and the interest
shall be payable semi - annually by coupon on the 2nd 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 4 of 1 %.
Said principal and interest on said bonds shall be payable inlawful 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 substantially in the form
prescribed 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 City Council, will best serve the interest of the
owners of land included in the assessment district. Sealed bids will be received
by thisCity Council up to 7:300o'clock P.M. on the 10th day of October, 1960,
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 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 of 6% 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 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 insubstanital irregularity 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 LiveWire"
a newspaper:..ofgeneral 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 12th day of September, 1960.
,•,.
Mayor
ATTEST: 4146„
City Clerk
I HEREBY CERTIFY that the foregoing resolution was adopted at a regular
meeting of the City Council of the City of Downey held on the 12th day of
September, 1960, by the affirmative vote of at least 5 councilmen, to wit:
5 AYES: Councilmen: Temple, Dunnum, Corgin, Giddings, Peavey
NOES: Councilmen:
ABSENT: Councilmen:
City Clerk /C�