HomeMy WebLinkAboutResolution No. 0724 r
11SOLUTION IO. 72L.
A RIMLUTIOI, OF THL CITY COUNCIL OF TH CITY OF
DOi1REY AUTHORIZING THE IS 1:1U CE ArD SALE OF Baa)S
ON ALssILET DISTRICT - 10.o. 10 (KLOI'DYhE AVEITUE
AND OTHER SIREETS)
VilLaEAS, the City Council of the City of Downey heretofore has
instituted and conducted proceedings for Assessment District No. 10
(Klondyke Avenue and other streets) for the acquisition of necessary
rights of way and the construction of certain improvements, all as
set forth and described in resolution No. 597 of said city, as mod-
ified by resolution No. 656 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. 597, therein determined and declared that bonds
should issue under provisions of the Improvement Act of 1911, for
each unpaid assessment or portion thereof which amounts to ,:60.00 or
over, to finance said acquisition and improvement; and
ITIEREAS, said City Council has acquired juris diction in said
proceedings, has ordered the work done and acquisition made, and has
confirmed the assessment and diagram; and
the assessments duly have been levied upon 'the respec-
tive 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
WEItEAS„ 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 com
plied with, so as to authorize the issuance thereof;
hOW, THEREFORE, THE CITY COUNCIL OF TI CITY OF DOS DOES
RIL AS FOLLOgS:
SECTION 1. That bonds shall issue in accordance with the pro-
visions 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 1;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 respectite unpaid assessments and shall
be dated the 15th day of December, 1960.
Si' LTION 2. The bonds shall be serial bonds and shall extend
over a period ending nine years from the 2nd day of January next suc-
ceeding the next September lst following their date, and an even an-
nual proportion of the principal sum thereof shall be payable by cou-
pon on the 2nd day of January every year after the next September lst
following their date until the whole is paid, and the interest shall
be payable semi-annually by cou 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 tLe sale
thereof, provided, however, that said rate shall be the sane for all
bonds and shall not exceed the maximum rate of per annum and pro-
vided, firather, that the interest rate bid shall be in multiples of
1/4th of
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 HiLhways Code of the State of California.
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SLLTIOI 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 tills City Council up to
7:45 o'clock P.h. on the 9th day of January, 1961, 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 premimun, 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 varyinL 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 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 3c,'
of the bonds bid for, payable to the City of Downey must accompany
each bid as a liarantee 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
techiical defects in bids.
S..,CTIO 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
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.
APPROVRU) AND ADOPTED this 12th day of Decer 1960.
hayor
ATTEtT: r\
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tity ler
I HII,REBY CERTIFY that the foregoink, resolution was adopted at a
regular meeting of the City Council of the City of Downey held on. the
12th day of December, 1560, by the affirmative vote of at least 4
councilmen, to wit:
AYES: 4 Councilmen: Temple, Dunnum, Corbin, Peavey
110S: Councilmen:
AT3SET: 1 Councilmen: Giddings
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City C trk
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