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HomeMy WebLinkAboutResolution No. 0680 9/22/60 A € !. RESOLUTION NO . 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) AND RESCINDING RESOLUTION NO. 668. WHEREAS, the City Council of the City of Downey heretofore has instituted and conducted proceedings for Assessment District No. 33 (Phlox 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 of Downey under the provisions of the Municipal Improvement Act of 1913; and WHEREAS, the City Council, in its Resolution of Intention, being said Resolu++ tion 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 subdivisions 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 con- ducted, 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 19 13) and Division 7 of the Streets and Highways Code (Improvement Act of 19 11) for the purpose of paying the costs of the aforesaid acquisition and improve- ments; 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. - 1 - A i 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 67 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 payable 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 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 this City Council up to 7:30 o'clock P.M. on the 10th day of October, 1960, for the pur- chase 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 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'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 - 2 - ti 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 technical defects in bids. SECTION 4. That Resolution No. 668 be rescinded. SECTION 5. The City Clerk shall cause a notice of the sale of bonds, stating the terms of sale as hereinabove provided, to be published in "Downey Live Wire". a newspaper of general circulation published in the City of Downey, State of Cali- fornia, once a week for a period of at least two weeks previous to the date of sale. SECTION 6. The City Clerk shall certify to the adoption of this resolution. APPROVED AND ADOPTED this 27th day of September , 1960. ,r ATTES 1r: 4 110 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 27th day of September , 1960, by the affirmative vote of at least 5 councilmen, to wit: AYES: 5 Councilmen Temple, Dunnum, Giddings, Corbin, Peavey NOES: Councilmen ABSENT: Councilmen Cit Clerk 3