HomeMy WebLinkAboutResolution No. 1363 RESOLUTION NO. 1363
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY,
CALIFORNIA, CALLING FOR SEALED BIDS ON BONDS TO BE ISSUED
TO REPRESENT UNPAID ASSESSMENTS UPON LANDS IN VEHICLE
PARKING DISTRICT NO. 1 OF SAID CITY
WHEREAS, by Ordinance No. 198 of the City of Downey, California,
adopted March 27, 1962, this City Council fixed and established the
boundaries of Vehicle Parking District No. 1 of said city, declared that
said district had been duly formed under the provisions of the Vehicle
Parking District Law of 1943, Part 1 of Division 18 of the Streets and
Highways Code of the State of California, and found that the public
interest and necessity re-quire, and ordered, certain acquisitions and
improvements for said district; and
WHEREAS, an assessment of the cost and expense of said acquisitions
and improvements was duly made and filed, and a hearing was duly had
thereon, and said assessment was thereafter duly confirmed by this City
Council and was duly recorded in the office of the Superintendent of
Streets of said city on March 12, 1964, and notice of said assessment was
filed in the office of the County Recorder of Los Angeles County on
March 12, 1964; and
WHEREAS, following the elapse of thirty (30) days after the date of
filing said notice in the office of the County Recorder, the said Super-
intendent of Streets filed in the office of the City Treasurer of said
city a list of all assessments contained within said assessment which are
unpaid (there being no unpaid assessments upon public property) and the
amounts thereof unpaid; and
WHEREAS, it is necessary and desirable that this City Council sell
the bonds to be issued to represent said unpaid assessments, as provided
in the above mentioned Law;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY, CALIFORNIA, DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. That this City Council does hereby call for sealed bids
on the said bonds proposed to be issued, to be received up to the time
specified in the notice hereinafter set forth.
SECTION 2. That the City Clerk shall cause a notice inviting such
bids to be given by two publications in the Downey Live Wire, a newspaper
published in said city, the first pu blication to be at least 10 days before b Y
the bids are to be opened. Said notice shall be in substantially the fol-
lowing form:
NOTICE INVITING BIDS ON VEHICLE
PARKING DISTRICT ASSESSMENT BONDS
NOTICE IS HEREBY GIVEN that the City Council of the City of Downey,
will receive sealed bids for the
California, purchase of the following i w P
described bonds at its Chambers in the City Hall in said City up to the hour
of 4:30 o'clock P.M., June 1, 1964.
r"m The bonds to be sold are bonds to be issued to represent unpaid assess-
ments levied upon the lands within Vehicle Parking District No. 1 of said
city to pay the cost of the acquisition and improvement of certain parking
lots and related facilities under the Vehicle Parking District Law of 1943,
Part 1 of Division 18 of the Streets and Highways Code of the State of
California. Said bonds are One Hundred Ninety Five (195) in number and of
varying principal amounts totaling the sum of $391,754.87. Said bonds are
l i
dated June 16, 1964
� and bear interest from that date at the
rate of not to exceed six per cent (6 %) per annum. The first interest
is payable on January 2, 1965, and thereafter the interest is P a Y
abl
e
semiannually on January 2 and July 2. The principal of said bonds is
payable by coupon in twenty (20) even annual installments payable on
January 2 of each year beginning January 2, 1965. Said bonds are
similar to bonds issued under the Improvement Act of 1911, Division r-. P vision 7 of
h Streets treets and Highways Code, and, except as otherwise provided in said
ehicle Parking District Law of 1943, the provisions of Part 5 of said
Improvement Act of 1911 apply to said bonds and govern as to the issuance,
collection and enforcement thereof.
In each of said bonds the right will be reserved to redeem such bond
and
at any time before maturity upon payment of the then unpaid principal with
interest thereon to the due date of the next maturing interest coupon plus
a payment of a premium of three per cent (3 %) of the unpaid principal.
Each bond is a lien upon the property which the assessment represented
by such bond was levied. For a description of the respective lots, pieces
and parcels of land upon which the several bonds are liens, and for other
information, reference is made to the assessment recorded in the office of
the Street Superintendent of said city and to the List of Unpaid Assessments
in said matter on file in the office of the City Treasurer of said City.
Said bonds are to be sold for cash only to the best responsible bidder
at not less than the par principal amount thereof. Each bid shall state that
the bidder offers to buy said bonds at the par value thereof, and shall state
the interest rate, not to exceed six per cent (6 %) per annum, payable as
above provided, at which the bidder offers to buy said bonds. Bidders are
directed to bid on a par flat basis without accrued interest. Any accrued
interest bid will be entirely disregarded and need not be paid. Any premium
n
offered will not be taken into consideration in
determinin g the best bid
except for the purpose of breaking a tie between two bids stating the same
interest rate. A bidder may offer a premium but such premium will be payable
only if such premium is used to break a tie between that bid and some other
bid or bids stating the same interest rate. Only one interest rate may be
bid which rate may be stated in any multiple of 1 /100th of 1% or any multiple
of 1 /8th of 1 %. No bid for a part of said bonds will be considered.
A certified or cashier's check on a responsible bank or trust company,
in the amount of three per cent (3 %) of the principal amount of the bonds bid
for, payable to the order of the City of Downey, must accompany such proposal
as a guaranty that the bidder, if successful, will accept and pay for said
bonds in accordance with the terms of his bid The proceeds of the check
accompanying any accepted proposal shall be applied on the purchase price or,
if such proposal is accepted but not performed, unless such failure of per -
formance shall be caused by any act or omission of the City of Downey, shall
then be retained by the City. The check accompanying each unacce unaccepted Y Y- P pro -
posal will be returned promptly.
The opinion of O'Melveny & Myers, attorneys, approving the validity of
said bonds will be furnished the successful bidder at or prior to the date
of delivery of the bonds, at no expense to the bidder.
Payment for and delivery of said bonds shall be made in the office of
r„N‘ the City Treasurer of the City of Downey.
It is expected that delivery of said bonds will be made on or about
June 15, 1964.
The bids will be opened at the meeting of the City Council of said City
to be held June 1 1964, at 4:30 o'clock P.11, in the
Council Chambers in the City Hall. Bids will be opened during said meeting
at or after 4:30 o'clock P.M . The City Council reserves the
,
right to reject any or all bids, and to waive any irregularity or
informality in any bid to the extent permitted by law.
Given by order of the City Council of the City of Downey on the
28th day of April , 1964.
City Clerk
APPROVED AND ADOPTED this 28th day of April, 1964.
A
Mayor
AT EST:
City C erk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) SS.
CITY OF DOWNEY )
I, DELLA DOYLE, City Clerk of the City of Downey, do hereby certify
that the foregoing resolution was duly adopted by the City Council of said
city and was approved by the Mayor of said city at a regular meeting of
said City Council held on the 28th day of April, 1964, and that it was
adopted by the following vote, to wit:
AYES: 4 Councilmen: Dickerson, Temple, Dunnum, Morton
NOES: 0 Councilmen: None
ABSENT: 0 Councilmen: None i- r, .
ABSTAIN: 1 Councilman: Corbin
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City C1 /'rk
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