Loading...
HomeMy WebLinkAboutReso 1953-1483 RESOLUTION NO. 1483\ RESOLUTION NO -4g3 - RESOLUTION ,OF THE CITY 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. WHEREAS, 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, 1954, haa been introduced; and WHEREAS, it is desirable that said bonds be 'sold; NOW, THEREFORE, the City Council of the City of Chula Vista DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows : Section 1. That said bonds be sold 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 CHULA VISTA STAR, a newspaper of general circulation published in said city. Section 3. That said notice shall be substan- tially as follows: • NOTICE INVITING BIDS ON $375,OOO'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 $375,000 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. , December ,1.7, - _' t i i - The bonds on which sealed bids will be ' received are $375,000 bonds of the City of Chula Vista which { are, designated RECREATIONAL FACILI' IES. BONDS,''2954,"-e ' are three '.hundred seventy-five `s number 'numbered 1 to 375, inclusive, Of the denomination of' $1',000 each, to be, dated January 1, 1954, and are payable in consecutive numerical order, $20,000 on January 1 in each- of the years 1955 to 1969, both inclusive, and $15,0 00 on January 1 in each of the' years 1970 to 1974; both inclusive. 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 first year and semiannually ther`re- 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, Cali- fornia, in said city, or at the main offices of Bank of America National, Trust and Savings Associ- ation 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 option of the holder thereof. Said bonds' were authorized at an election -held January 20, 1953, and are to be issued for the acquisition and construction of recreational facili- ties consisting of tennis courts, a swimming °,pool, a building 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 annum,, payable annually for the first year and semiannually thereafter, at which the bidder offers to buy said bonds. Said rate must be a multiple of 1/4 of 1%. Not more than three inter- est- rates may be bid. 'No bid for part of said bonds will be considered. No bond shall bear more than one interest rate. The 'bonds shall be sold for cash 'only ` and for not less than par and accrued interest to date of delivery. • 2. . ' 7 A certified or .cashier 's check on a responsible bank or trust company in the amount of $11,250, payable to the order -of •the City of Chula Vista 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 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 withdraw 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 tax 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 Federal income tax law enacted subsequent to the • date of this notice. The unqualified legal 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. 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 said bonds. Payment .f:or ..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 reject : any 'or"" all bids or to waive any,, irregularity or informality In any `bid. The bids will be opened at the meeting of the City Council to be held Thursday, becember 17, 1953, at 7:00 o 'clock P.M. , in the Council .Chamber in the City Hall in the City of Chula Vista, California. Given by Order' of the City Council of the City 'of Chula Vista, California, adopted November 24 , 195 «'# . at KENNETH CAMPBELL gryy` '`' i City Clerk of the City of ��- Chula Vista, California • • 3; - wti • • • • sky , '""��' '' ;� ADOPTED, SIGNED AND APPROVED this 24th day of November , 1953. or �e Cit • �aY Y Chula Vista, California ATTEST: • Ci y ler o th Ci y of ' �-� . Chula Vista, California o IN STATE OF CALIFORNIA ) _ COUNTY OF SAN DIEGO ss. CITY OF CHULA VISTA I, 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 an adjourned regular, meeting of said City Council held on the 24thday of November , 1953, and that it was so adopted by the follow- ing vote, to wit: AYES: Councilmen Riesland, Logan, Halferty, DeSlolfe • NOES : Councilmen None ' ABSENT: Councilmen Nobel { • SY, � Cit Clerk o City of ilk •( EA" iArte° ;. Chula Vista, California wy °' fie , t, 4.