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Home My WebLink AboutReso 1954-1526 1954-1526 Recreational Facilities Bonds 1954 , , . . � RESOLUTION N0. 1526 • � RESOLUTION OF 'THE CZTY COUNCIL OF THE CITY OF CHULA VISTA, CALIFORNIA; � DIRECTING THE CITY CLERK TO PUBLISH � .- . NOTICE INVITING SEALED PROPOSALS FOR $375,000 BONDS OF SAID CITY. ' _ � - WHEFtEAS , an ordinance providing for the issuance of bonds of the .City of Chula Vista, California, in the ' . amount, of $375,000 to be designated RECREATIONAL FACILITIES BONDS, �i954, has been introduced; and ' . � • , WHEREAS, it is desirable that said bonda be sold,• • � p . . � n 4 � . • v . � I a , .. N04J; •THEREFORE,= the City Council� of .the City of Ctiula Vista DOES HEREBY, RESOLVE, DETERMINE AND ORDER as � , . � 1 � � ' :. � .. _ ':.:_ - . follows : • . . .. , , . . t . - . _ . . � t Section 1'. That said bonds be solc�� and that sealed bids or proposals for the purchase of said bonds be � received up to the time stated in the .notice. hereinafter set forth. • ' . . Section 2. That the City Clerk be and he is hereby � authorized and directed to publish said notice once in the CHIILA VISTA STAR, a .newspaper 'of general circulation� pub- lished in said city. . � . . Section 3. That said riotice •shall be substantially as follows : . . . . . . . . � . . , . ' • , : � ' . � . . . . ' • � • • . ' •� _ .'�'!♦ N. � - . . � ' . ' � O ��, �( � . �� .� . ' ' . . . r ,' ' . . ' '. �' - '• � . �. •�(• , i . . - NOTICE INVITING BIDS ON . . . . �375,000 BONDS OF THE CITY � , ' ' OF CHULA VISTA, CALIFORNIA. • . ' � � NOTICE IS HEREBY. GIVEN that- the City Council • � . of the City of Chula ,Vista,California will receive � • sealed proposals for the purchase of �375,OOO. par value general obligation bonds. of said city, at its • . ' • ' Council Chamber in the City Hall •in :the City of Chula Vista, California, up to the hour of 7:00 o 'clock P.M. , February 25, 195�+. - , � � � The bonds on which sealed bids will be received ' are $375,000 bonds of the City, of Chula Vista which ' � �are designated RECRiATIONAL FACILITIES BONDS, 1954, � are three hundred .seventy,five in .number, numbered. . 1 to 375, inclusive', of the denomination of .$1,000, • � each, to be dated February 1, i954', and are payable � in consecutive numerical order; . $20,000 on February 1 in each of the years 1955 to.. 1969, both inclusive,. arid $15,000 on February 1 in each� of the years 1970: � to • 1974, both i'nclusive. . , . . ' . . ' � Said bonds are_ to bear•interest at a rate or . �rates to .be determined upon the� sale• thereof, but � . • not to exceed- four per cent (4�) per. annum, payable annually for the flrst year and "semtannually there- after. . The bonds are payable in lawful money of' the � � United States of America at the office of the Finance Officer of the City of Chula Vista, California, in � • said� city, or at the main offices of Bank of America ' , National Trust and Savings Association in the City . of. Los Angeles, California, and in the City of Sari � � Diego, California; or at any fiscal agency of the City of Chula Vista. in the City of Chicago, Illinois, � � or in the City of New York, New _Yorlc, .at the' option ' of the holder thereof. .:' � . . , • �_ Said bonds were authorized. at an election held January 20, 1953', and are .to �be issued for the aequi- sition and construction of recreational .facilities ' • consisting of terinis `courts; a� swimming pool, a buildin�- for a bathhouse and gymnasium, together with a parking area for .persons �.using� said facilities . ' �Each bid shall state that the bidder offers par -., , and_.accrued .interest to date of delivery, the premium; if .any; -and�the`.interest; rate; - not to exceed four per , '• - cent ('4�)� per aririum, payable� arinually for' the first year and semiannually ttiereafter, �at wriich the bidder � - offers to• buy�.said• bonds . Said rate must be a multiple - of 1/4=of 1�. 'Not more 'tham three interest rates. may '• � be bid. ` -No bid for' part �of said. bonds will be con- sidered. No. bond shall� bear more than one interest rate . The boads shall -be sold for cash only and for . . not less than par and ,accrued interest to date of de=. .. 3lvery.. . . • ' � • - . . 2,'" . ' . . � - • A certified or cashier's check on a responsible " barik or trust company in the amount of $11,250, pay- . able to the order of the City. of Chula Vista must . accomp�ny� each 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 � � performance shall be caused by, any act or omission of � � the ,City of .Chula Vista, shall then be retained by the city. ' The check accompanying each unaccepted proposal . will be returned promptly. . � . � " At any time before the bonds are tendered for ' . delivery, the bidder may _disaffirm and v:ithdraw the � proposal if the interest received by .private holders • from bonds 'of the same type and character shall• be •, � declared to be �taxable income under present federal • income taz 'laws, either by a ruling of the. Bureau of . Internal Revenue or by a decision of any federal court, or. shall be declared taxable by the terms of any fed-� eral income tax law enacted subsequent to the date of . this notice. . � • The unqualified legal opinion of 0 'Melveny' & . Myers; attorneys, approving the .validity of said bonds . will be furnished• the successful bidder at or prior to� the date of d'elivery. of the. bonds, at the expense . - � of the city. At the time of payment , for and: delivery . of- said .bonds , the city will furriish trie. successful _ bidder a certificate that there is no litigation pend- ing affecting the validity of said bonds .", . �_ . . • Payment for and delivery of said bonds shall be ' . . made in the office� of the Finance Officer' of the City .of Chula Vista.� - � The City Council reserves � the right to re,ject any or �all bids or to waive any irregularity or informality in any bid: � The bids w11T be opened at �the meeting of the . � City Council°to be held Thursday, February 25, 195�, ; � .at 7:00 o 'clock .P.M. , in the Council Chamber in the �; City Hall in the, City of Chula Vista, California. , �. .. - ., � s� -Giveri' by Order ±of t�kie. City 'Counci�l��of �the City � t� �• -� of Chula Vista,• Californi'a; adopted February 4, 195?+. ._ , . � ' � , - ,;`. ' . . . "' �.KENNETH CAMPBELL r , ° ' City Clerk of the City of . � ; (SEAL) � . ", ChuTa Vista, California_ . 3 . ADOPTED, SIGNED AND APPROVED �this 4th aay of . � February . . , 1954. � ' , ` • . ' .. ' . �. ' ' L�L �l.J � , . - Mayo c e ity o Chula Vista, Califo ia � ATTEST: • . .%1 . �� - ' . City erk of .t e ty ,of � Chula Vista, California . (SEAL) • _ ' � STATE OF CALIFORNIA • • ' � , COIINTY OF SAN DIEGO � ss . . ' : . , . . - CITY OF CHULA VISTA ) . . _ - - Z, KENNETH CAMPBELL, City Clerk of the City of Chula Vista, California, 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 n adjourned . regular meeting of saiii City Council held 'on the tt� o�` ' � Pebruars� , 195�+, and that it was: so. .adopted b�he follow- ing vote, to wit : : , - . AYES : CounCilmen Hiesl�nd, HobeL, Logan, Dei'iolfe ' - � NOES : Councilmen lJone • ' ! ABSENT: Councilmen _ Helrerty ' ' r � � �1-¢.-f�i � D��L�f'.�"O � ' . _ , • " C�ty erk�� ity _of (SEAL)� .,. ' . . � , . � Chula Vista; California • : ' . . i• • � . . '� � . ',:+•. _ � ' :t � • . . . �� '; . " ' - ' . � � ' • � , . ; ` • • • _ . . n ti C T f _ _ . � � . ` '- 4� .• I � ' • . . - . . •. � • • • . _