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HomeMy WebLinkAboutReso 1960-2429 '9{x'. T `w' 1 ' . • kY RESOLUTION NO. - 2429 • RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA, CALIFORNIA, . DIRECTING THE CITY CLERK TO PUBLISH . NOTICE ,INVITING SEALED PROPOSALS FOR $1,250,000 .HARB©R DEVELOPMENT BONDS . OF SAID CITY. • . • WHEREAS, an ordinance' providing for the issu- ance. of bonds of the City of Ohula Vista, California, . ' in the amount of $1,250,000 to be designated . HARBOR DEVELOPMENT BONDS, 1960; . has been-introduced; and WHEREAS, it, is desirable that said bonds be - sold; . \ NOW, THEREFORE, the City Council- of the City ` of Chula Vista, California, DOES HEREBY RESOLVE, DETER- . ,,. \ MINE AND ORDER' as follows : , . Section 1. That said bonds be , sold .and that s aled bids or proposals for the purchase of said bonds be `: eceived up to the time' stated in the notice herein- aftet`*Y et forth. ''; Section .2. That the City Clerk be and he is ' hereby autl..rized and directed to publish said notice ' . once in the . - ULA' VISTA STAR NEWS, ' a. newspaper• of ge eral circulation published in said city. < A . . . . , ., . s Y, Z As to - . y y, . °Sgction ' Th t the,'-Adman strative Officer to of the dfftis'3ereby aut ®rized and directed to cause . to be furn1'Shed to 'ptospeetive bidders copie. of the ' • notice inviting proposals and Of' an official, statement relating to the properties, operations and finances of said city, but failure ih whoie or in part to comply . ° • with this section shall. not in=any •manner affect the . I. validity "of the sale.V ' • ' . • Section 4. . That said notice shall•be sub -• • , stantially aS follows: ° . , • • 2. . , • , ty- Not.Inv.13 ida/Gene.Ob1. , 4. , • NOTICE INVITING BIDS ON $1,250,000 - . . 4ENERAL`OBLIGATION BONDS OF THE . . ' CITY OF CHULA VISTA, CALIFORNIA. . 4} ' NOTICE IS :HEREBY' GIVEN that sesled proposals for . the purchase of $1,250;00.0' par value 'general obligation' - .bonds 'of the ' - CITY OF CHULA -VISTA, CALIFORNIA, `, • • will be , received -.by the City Council of said city at the • place',and up to the 'time ;below specified. , TIME: Tuesday, June .21; 1860, ` at 7:00 o e c],.ock P.M„ ', California Daylight Saving Time.. PLACE: Civic Center, Chula Vista, California.' • ' . MAILED .BIDS: Mailed bids should be addressed to the city, c/o Mr: .Kenneth P. Gampbel],, City" Clerk, ' Civic Center; Chula Vista, California.. ' • . . • ISSUE:'-, $1,250$000 conaistj.nga of. 1,250 . . bonds, numbered. 1 'to •1,250 , �,• both,'inc lue iVe, of the . denomination, of $10.000.-each,. all. de~ ed July 1, 1960. . 3. . 7:':. f.'1, �y ;ity,Notice, Inv.Bids/Gen; : 0bl. .k ;k ' ' t t • ,a. ,. - ' x�� ♦ . r - ' ' r ' + ,. - r;1x, o v ' r : " '. .r. 4f E ! t , MATURTIES.: " I he ,bonds will mature in consecutive • numerical order on • July, I in 'th a e "mounts :for each . • of the several years as follows: 60,000 on July 1 in each + ` of the years 1961 •to 1970;- both inclusive, and $65,000 on July 1 inl each-'o'f the .dears 1971 to 19$0,, both inclusive. , • INTEREST: -:The bonds shall bear interest at a ' ' ' rate or rates,;,too ,be. fixed ;upon the ' sale thereof but not to • , exceed '6 �S° pe'r, annum,' payable annually the first year ' ' and semiannua113r, thereafter, . , ' . k '. , PAYMENT: Said :bonds and, the interest thereon are - - . payable: in lawful money of the United States, of America at r ' - • the' office of the:Fii anee Officer r of the 'city of Chula Vista, , , • ` : ,California, In said :city, or at the main offices of Bank of America:National Tru .t ;and Savings''Association in the City of • _ ., •Los Angeles,, California, and in the City of 'San 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 York, at the; op' ioin of the ,holder thereof. ` t . . ; .ty/Notice Inv,Bids/Geh.Obl. REGISTRATION: The' bonds will be coupon fronds registerable 'only as to both principal and interest. NOT CALLABLE: The bonds are not callable before maturity, PURPOSE .OF •ISSUE: Said bonds were, authorized for the purpose of `harbor 'works and facilities. • SECURITY: Said bonds are issued pursuant to ' Article 1,' Chapter 4,-'Division 4, Title 4 .(Section 43600 et seq. ) of the Government Code of the State of California, sometimes known as the Municipal Bond Act of 1901. For the purpose of paying the principal and interest of said bonds, said Act<requi.res. that the City Council shall at the time of fixing the general tax leyy,' and annually thereafter • r . . until said bonds are paid or 'until. there ,is .a. sum in the treasury of said city set apart' for that purpose sufficient to meet all payments of .principal and interest on said bonds as they become due, levy and collect a tax sufficient to pay the interest oti said bonds as it falls due and such part' of the, principal thereof as 'will become due before the proceeds. of a tax' levied at the next general tax' levy will be avail- . able. Said tax shall' be in addition to all other taxes levied for municipal purposes and' shail be levied and collected , as other city taxes. .' ' 5 . 's _ ;Ct ° City/Notice Invo;Bids/Ge' o0b1 • . '�4" :' k° rr. + ��' fix, �r` ... .„ • • , , TERMS of SALE; • , . • „ ' Interest Rate: The maxitum rate bid may not • exceed 6 % per annum; payable ,annually the first°°year• • •and semiannually ,there4arter.,• ,..'Each' rate bid must be a ' + . multiple or 1/4 of :%. No .bond shall bear more than one ' , • interest rate., and all bonds of the same,,maturity shall - , bear 'the same .rate , . Not more than the interest rates may be bid.' The repetition„of any rate will not be con- ' ' ' ' r sidered the* bidding`.of an additional rate . The •rate. on'•a•ny, '• mat r3'ty'or° e� roiii)...of iraturitie,s shall ',hot :be, more than ` 2% 'highei' 'than the interest 'rate..bri ar y other maturity: ' ° , or ,group of mattiri'ti,�es ,' ' °, ,' S• . . • , - •' Awake The bonds' shall tie sold for Gash',only:- ,' •All bids, must be . for •not less thatr all of the bonds hereby'. • - . • , offered for .sale and +each•`b'id shall state that the bidder • offers, par and accrued .interest to the •date of delivery, , • the premium, if -any, and the interest• rate or ' rates not to - • exceed -those s:pecifie#i herein, at which the bidder offers ' ' . to buy said 'b,onds o .Each bidder shall state' in his bid the ' ; - total net interest cost• in dollars and ...the Average, net • , interest. rate `determined thereby,.• which shall be cons-idered' ,e ', informative- only arid'.-not 'a• part, of the bid; ' • ' Hthest• bidders ` The bonds, will ,be awarded, to' • , , the, highest responsible bidder. or bidders considering the . intereat rate or, rates specified and t 'e premium offered, if any. The highest bid will. be ,determined by deducting • the amount of the premium bid (if any) .from the total amount of interest which` the} city would' be required to *pay T . 4 _, • . • • ' 6'. • ' ' ty Bonds G/0 • Lice Inv;• Bids * , `, ' from the date of ;said bonds to the respective maturity dates ' thereof at the coupon rate or rates spectfied- in the bid, and the award will be made on the basis of the. lowest .net .interest "" , cost to the city. The purchaser must pay accrued interest , from the date of the bonds to•, the 'date of delivery. ‘ Such accrued interest, if • any', shall be computed ,.on a 360-day year basis. The cost of "printing the bonds will be borne by the city. ' Right `of Rejections. The city reserves the right, in its ,discretion, to reject. any and all bids and tp the, extent- , not prohibited_ by law to waive any irregularity `or .informality in `any bid. ` , ' Prompt 'Award: The city will take ,action awarding the bonds or rejecting all bids not later than twenty-six "(26) , 'hours .after the •time herein' prescribed for the receipt of , proposals; provided that . the award may be made after -the , expiration• of the specified time if the bidder Shall not, have given to.the City Council' notice in writing of the •withdrawal , of such proposal. "Place of Delivery:• Delivery of said bonds will be , made to the successful bidder at 4e fries Banknote Company,. ' 117 Winston Street; Los Angeles, California; Or at any other- place agreeable to both the Finance Officer and the successful ' bidder: , ' - , . , g ' ' ' Prompt .Deliver'y; , 'Cancellation for Late Delivery: It .is expected that Said bonds will be delivered to .the' ' successful bidder within thirty days , from the date of sale ' thereof. The, successful bidder shall have the right, at • his option, to cancel the contract of purchase' if the city . . 7• • � r . . .. . . . . . A 5, ;:v :.i . . . ty/Notice Inv,Bids/Gen.Obl. • _; r, ; , shall fail to execute the bonds and tender them for delivery ' within sixty . 'days from the date of the sale thereof, and ' in such event the successful b•idder' shall be entitled to the return of the deposit accompanying-his bid. ' ' Form of,,Bid: Each bid, together with the bid . check, must' be in a sealed envelope, 'addressed to ,the city • with the, envelope and bid clearly marked: ' PROPOSAL FOR CITY OF CHULA VISTA HARBOR DEVELOPMENT ' BONDS, 196©. , ' • • . Bid Check: A certified or cashier's check on a responsible bank or trust coivpany in the amount of .3% of the principal amount. of the bonds, payable to,the order' of the ` ' . . city must accompany each, proposal as a guaranty that the bidder, if successful, will accept 'and ,pay for'.said bonds in accordance with the , terms of his ' b•id. The proceeds of . the' check .accompanying-'any,ac cepted .-proposal shall be, applied ' . ' , • op- 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, • shall ' then be , , ` , retained by the city. The check accompanying each' unaccepted proposal will be returned promptly. Change. in Tax Exempt Status: At any time before the bonds- are tendered for delivery, the successful bidder may disaffirm and withdraw the proposal if the interest ' _ , received by private holders from bonds of the same type and • r , character shall be declared to be taxable income under ' ` „ present;"federal income 4 tax laws,, either by a' ruling of .the 8. , ty Bonds=Resn , 6 ,, " , � Notice Inviting Bureau of Internal .Revenue or by' a• decision of any federaa.' court, or shall be declared taxable by the terms of any ' ' federal income 'tax law enacted 'subsequent, to the date of , this notice, • . „ Leea1 bpinion; The unqualified 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' the expense of ,the city. ' ' If requested 1.n• the bid of the successful, bidder, a wcopy.of . . the legal opini.op certified by' ,°an; officer' off the' city 'by his ' facsimile signature will, be ,printed on• the back of each bond,' ' . at the expense, of the successfui= `bidde`r',`� --''r :.. ' No Litigation Certificate: At the time of• payment for and delivery of said, bonds, the city will,,furnish, the , , • successful bidder,a certificate that there is. no., litigation , , `pending affecting the validity of the bonds. , . INFORMATION AVAILABLE: Requests for information • . concerning-the city should be addressed 't'o :" , . ; ' Mr. Gordon K. Grant - • Finance Officer' " , Civic Center ' ' ' ' Chula Vista, California. ' .. • ' , GIVEN by ojrc#er 'of the City Council of the' City • , of Chula Vista. • , California, adopted May 10 ' , .. , 19, 60 . " - ` 1 . ' KENNETH P: 'CAMPBELL . ' . • City Clerk of the City of • Chula Vista, California. ', • ' 9. , , _ " , . ' : Section 5 That the city Clerk is also hereby directed to 'cause, an:advertisement to be` published once . in THE BOND BUYER, a financial. journal published in New + . York, New Yo+r1t,, but failuZe to;,publish 'said advertise- . merit in THE" BOND BU448R`or. any defect, ,int such publication • , shall not invalidate •or -in" any manner affect the ;proceed- . .... . .„,. , ' ings for the- sale of` the bonds ' . Section 6 ' That, said .dvertisemeit •,shall be substantially as follows : . Y ■ • , • ' • 10. , , . .. . 1. ' ■ 17 , lY � �,c «# Y " . • Cdr ` bi. b4,.,• a` - `f; $1,250,00'o- ¢< , • t ' CITY ,OF CHULA VISTA . .. CALIFORNIA, . HARBOR DEVELOPMENT BONDS, 1060: ,-. . 4 The City Clerk of the r,C1ty. of Chula Vista, , . California, will receive sealed .bids Until, 7:00 o'clook P.1' ., California Daylight .Sav4.ng Time, , on , , , r . JUNE 21, ,196 , . . . ,• •• at-the Civic Center in the City-0f Chula Vista, ' California; for the sale oft $l,250;00O HARBOR - ` , DEVELOPMENT BONDS, 1960,. to --be• dated July 1,'4 • 1060, maturing in consecutive numerical order « in the amounts' for each ,of :the several years , ' as follows $60,000 on July 134 each of the , . . • • . years 1961 to. 1970, both inclusive, .and ' . ' $65,000 on July ,1 in ..each of the yews 1971 to 1980,• both, inclUsive. 4 . • , ' . The bonds gill, be accompani 4 ed by the , approving opinion pf '0'Melveny & Myers; Los Angele`s`, California. . The. interest rate at which the, bonds may ' be sold, the amount of the bid cheek' and other ' items are set forth in.♦ the •Notice Inviting Bids , Ua oet t Ofa icpal Sf ate e � l Irvit'in ' Bids g , . , , furnished by' Mr, Gordon K. Grant, Finance • Officer, Civic Center, Chula Vista,. California: • . ' KENNETH P. CAMPBELL . City Clerk of the:City of . . ' Chula Vista, California • , a 5 , • + .k i `� ♦ • ' ' ' ..,ir • t ,' . tl .t . ' { , y . '' ,r d . .• • w �, . K a x ' �•g °' *� e e • ^y� :o ,axe ± it 1` ADOPTED, SIGNED AND-` APPROVED this �,0 day of I" , - • . ` May ;' 19 60 . ' . ,, . . . . . or � :rt�ii,7.�L'/ ��w"` ,...•740' o ,•-�f y o Chula vista; California ATTESTR - - y r o ' e . ,y o . . Chula Vista, • California- s1 '„ , % , . tx . , • . x t k • ' , • . x _ a•,. , ■ . l2. . . . , . . { it., dN it.,#, r51 �. e +J �? STATE OF' CALIFORNIA '« ' ' ' COUNTY OF ` SAN' DIEGO ss. • . CITY OF CHULA VISTA ' , e ` z ,, , ' I , KENNETH P. CAMPBELL ; , City Clerk of thet City 'off Chula ,Vista , , California, DO HEREBY • CERTIFY that' the; `foegoing resolution was duly adopted ' . by, the.,City •Council'of said city and, was, approved by the . _ . , Maror 'of said city, ,at a , • , ° • 'regular meeting ' of . said City Council held on the i tltt, : day. of • May , ' 1960 , and that it was so adopted as follows ' ' A gS: ' Counc i linen* ,�'MdMains, McA11 js•tex - . --, ' -D Graaf, Menzel ' _ . , _ , ' NOES: • Councilmen, I -Nmu, x ABSENT: Councilmen f' ' r.''' :1',: _ ;Smith k. ,.,,.<' '.0``.,,` �; ' -• ler o e . ?ity o w4i�`Sr •) � „ `. .� ` • Chula Vista, California ` ' . r { Air q 1, , , , « , ■ • • •