HomeMy WebLinkAboutResolution No. 0752 1200
RESOLUTION NO. 2
A RESOLUTION OF THE CITY COUNCIL OF THE CI'T'Y OF
DOWNEY AUTHORIZING THE ISSUANCE AND
SALE OF BONDg ON ASSESSMENT DISTRICT 64 (STAMPS
AVENUE)
WHEREAS, the City Council of the City of Downey
heretofore has instituted and conducted proceedings for Assessment
District No. 64 (Stamps Avenue) .
for the acquisition of necessary rights of way and the construction
of certain improvements, all as set forth and described in resolution
No. 669 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. 669 , 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
$50.00 or over, to finance said acquisition and improvement; and
WHEREAS, said City Council has acquired jurisdiction in said
proceedings, has ordered the work done and acquisition made, and has
confirmed the assessment and diagram; and
WHEREAS, the assessments duly have been levied upon the respec-
tive subdivisions of land in the assessment district, the diagram and
assessment recorded, and the full thirty day period for payment of
assessments having expired; and
WHEREAS, all proceedings, notices, and acts duly and regularly
have been conducted, given, and done, and all the provisions of laws
relating to the issuance of bonds in said proceedings have been com-
plied with, so as to authorize the issuance thereof;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF D( _
DOE$ 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 1911) for the
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purpose of paying the costs of the aforesaid acquisition and improve-
ments; that a bond shall issue for each unpaid assessment or portion
A-- 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 31st day of December , 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 suc-
ceeding the next September 1st 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 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 pro-
vided, further, that the interest rate bid shall be in multiples of
1/4-th 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 substan-
tially in the form prescribed for the issuance of bonds under Divi-
sion 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
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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 o'clock P.M. on the 13th day of February , 1961, 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
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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 31St day of Dc •
SECTION 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 1st 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 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 pro-
vided, further, that the interest rate bid shall be in multiples of
1 /4th of 10.
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 OOMS , State of California.
Said bonds and the coupons thereof shall be issued substan-
tially in the form prescribed for the issuance of bonds under Divi-
sion 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
7:45 o'clock p .M. on the nth day 04Nommaltry , 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
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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 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 irregulari-
ties 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 pro-
vided, 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.
1
APPROVED AND ADOPTED this . , 1Wn day of - January , 61 �.
Mayor
ATTEST:
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I HEREBY CERTIFY that the foregoing resolution was adopted at a
regular meeting of tine City Council of the City of Downey
held �����
h 1961,
e on the i day of January , 19 1, by the affirmative
vote of at least councilmen, [ -to wit: -7
.5 ` YES • �� � \ `� / "
A Councilmen. �� _/-? - /,la, ,,,_',. �
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NOES: Councilmen
c% ABSENT: Councilmen
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