HomeMy WebLinkAboutCC Resolution 4689RESOLUTION NO. 4689
RESOLUTION FIXING DATE OF BONDS AND DIRECTING PUBLICA-
TION OF OFFICIAL NOTICE INVITING BIDS FOR PURCHASE OF
BONDS, MOORING ROAD SEWER ASSESSMENT DISTRICT, CITY OF
SAN RAFAEL, MARIN COUNTY, CALIFORNIA
WHEREAS-, the period of collection of assessments in Mooring
Road Sewer Assessment District, Marin County, California, has
terminated; and
WHEREAS, it is necessary to fix the date of bonds to be
issued and authorize sale of bonds which will be issued to repre-
sent unpaid assessments;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of San Rafael, Marin County, California, that bonds issued
in said proceedings shall be dated the 2nd day of May, 1974, and
shall bear interest from said date; and
BE IT FURTHER RESOLVED that the City Clerk is hereby authorized
to publish Official Notice Inviting Bids for the purchase of bonds,
which Notice is attached hereto, marked "EXHIBIT A" and made a part
hereof, said bids to be received at the hour of 2:00 o'clock P.M.
on the lst day of April, 1974, in the office of the City Clerk of
the City of San Rafael, Marin County, California, at which said time
and place said proposals will be publicly opened, examined and
declared; and
BE IT FURTHER RESOLVED that said Notice shall be published
twice, once a week for two (2) consecutive weeks.
I HEREBY CERTIFY that the foregoing resolution was duly and
regularly adopted by the City Council of the City of San Rafael,
Marin County, California, at a regular meeting thereof, held on
the 18th day of March, 1974, by the following vote, to wit:
AYES: Councilmen : Jensen, Miskimen, Nixon and Mayor Bettini
NOES: Councilmen : None
ABSENT: Councilmen: Mul ryan
MARION A. GRADY, City Clerk, City of San
Rafael, Marin County, California
OFFICIAL NOTICE INVITING BIDS FOR THE PURCHASE OF BONDS,
MOORING ROAD SEWER ASSESSMENT DISTRICT, CITY OF SAN
RAFAEL, MARIN COUNTY, CALIFORNIA, UNDER THE PROVISIONS
OF THE MUNICIPAL IMPROVEMENT ACT OF 1913 AND THE
IMPROVEMENT ACT OF 1911
NOTICE IS HEREBY GIVEN that sealed proposals will be
received by the City Clerk of the City of San Rafael, Marin County,
California, located at the City Hall, 1400 Fifth Avenue, San Rafael,
California, at the hour of 2:00 o'clock P.M."on the lst day of
April, 1974, for the purchase of bonds of the City of San Rafael,
designated as, "Mooring Road Sewer Assessment District, City of
San Rafael, Marin County, California," in the principal amount
of $75,321.22. Said bids will be publicly opened, examined and
declared at said time and place.
These bonds are authorized to be issued, and the assessments
are authorized to be levied, under the provisions of Resolution of
Intention No. 4456 of the City Council of the City of San Rafael,
adopted on the 16th day of April, 1973, and proceedings subsequent
thereto. The Resolution of Intention provides with relation to said
bonds as follows:
NOTICE IS HEREBY GIVEN that serial bonds to represent
unpaid assessments, and bearing interest at the rate
of not to exceed seven per cent (7b) per annum shall
be issued in the manner and form provided in Part 5,
Division 7 of the Streets and Highways Code of the
State of California (Improvement Act of 1911) to repre-
sent unpaid assessments of Fifty Dollars ($50.00) or
over, the last installment of which bonds shall
mature nineteen (19) years from the 2nd day of
January next succeeding the next September lst follow-
ing their date. Said bonds shall be payable to bearer,
and may be redeemed as provided in the Improvement Act
of 1911, and there shall be added to the redemption
clause in said bonds the following words:
"....together with a premium of five per cent (5s) of
the unmatured principal."
AMOUNT OF BONDS: Said bonds will be in the amount of $75,321.22.
The total amount of the bid will, therefore, be based on the
sum of $75,321.22 for the bonds.
FILED & j_ 7.1 -1-
BY )
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PJ�AE;ICN A. GRAr'Y - City Clerk rT
DATE OF BONDS AND INTEREST RATES: Bonds are to be dated
the 2nd day of May, 1974, and will bear interest from said date.
Interest rate is fixed in the Resolution of Intention at the rate
of not to exceed seven per cent (7%) per annum. Such interest
shall be evidenced by coupons attached to each bond, and each of
said coupons shall represent six months' interest on the bond to
which it is attached. The first coupon will be for interest from
May 2, 1974 to January 2, 1975.
PURPOSE OF ISSUE: Said bonds are authorized to be issued
by the City Council of the City of San Rafael, Marin County,
California, by Resolution of Intention No. 4456, and proceedings
subsequent thereto. The purpose is for the installation of a
sanitary sewer system, including the construction of a lift station
and a collection trunk and lateral sewers, and all appurtenances
to provide a system of sanitary sewage collection, together with
necessary acquisitions. The assessment district is designated as,
"Mooring Road Sewer Assessment District, City of San Rafael, Marin
County, California," and reference for details is made to the pro-
ceedings for the formation and completion of said assessment district.
PAYMENT: Both the principal and interest are payable in
lawful money of the United States of America at the office of the
County Treasurer of the County of Marin, Civic Center Building,
San Rafael, California 94901.
AUTHORITY FOR ISSUANCE: Said bonds were authorized to
be issued by the proceedings in said assessment district, and said
assessment district was organized and consummated under the pro-
visions of the Municipal Improvement Act of 1913 and bonds provided
to be issued under the Improvement Act of 1911 of the State of
California.
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CALLABLE_ BONDS: All bonds are subject to redemption pur-
suant to the provisions of the Improvement Act of 1911. Any property
owner may redeem any bond at any time by paying the unpaid principal,
five per cent (5%) of the then unmatured principal as premium, and
interest to the next succeeding interest coupon date plus all
penalties accrued and paid.
DENOMINATIONS: The bonds will vary in amounts according
to the assessment against each parcel of land.
LEGAL OPINION:
The legal opinion of the law firm of
Sturgis, Den-Dulk, Douglass & Anderson, 1322 Webster Street, Oak-
land, California, 94612, approving the validity of said bonds will
be furnished to the successful bidder without charge. In the opinion
of Counsel, interest on the bonds is exempt from all federal income
taxes, and from State of California personal income taxes, under
presently existing statutes, regulations and court decisions, and
the bonds are also exempt from all California taxes except inheri-
tance, gift and franchise taxes.
SECURITY: Said bonds are secured by real property against
which each bond is a lien, as provided by the Improvement Act of 1911.
HIGHEST BID: Bonds will be awarded to the highest bidder
considering the interest rate specified and the discount offered, if
any. The highest bid will be determined by adding the amount of any
discount to the total amount of interest which the City of San Rafael
would be required to pay from the date of the bonds to their maturity
date, at the coupon rate specified in the bid, and the award will be
made on the lowest net interest on the bonds. All bids must provide
for payment of accrued interest from the date of bonds to date of
delivery. The cost of printing the bonds will be borne by the assess-
ment district. No bid of less than 950 of par will be considered.
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RIGHT OF REJECTION: The City of San Rafael reserves the
right at its discretion, to reject any and all bids and to waive
any irregularity or informality in any bid. Any bid submitted
must be in strict conformity with this Official Notice Inviting
Bids, and without any qualification.
PROMPT AWARD: The City of San Rafael will take action
awarding the bonds or rejecting all bids, not later than forty-
eight hours (48) after the expiration of the time herein prescribed
for the receipt of proposals.
PROMPT DELIVERY:
Delivery of the bonds will be made to
the successful bidder at the office of the City Treasurer, City
Hall, 1400 Fifth Avenue, San Rafael, California, as soon as said
bonds can be prepared but not earlier than the date of said bonds.
Successful bidder, by making a bid, agrees to pay for and take
delivery of the bonds within forty-eight (48) hours after notifi-
cation by the City of San Rafael that the bonds are ready for
delivery, but bidder is not obligated to take delivery earlier
than the date of the bonds. The successful bidder shall have the
right at his option to cancel his offer to purchase if the bonds
are not tendered for delivery within 45 days from the date of bonds.
FORM OF BID: All bids must be for not less than all of the
bonds herein offered for sale. Each bid, together with bidder's
check, must be enclosed in a sealed envelope addressed to the
City Clerk, City Hall, City of San Rafael, 1400 Fifth Avenue,
San Rafael, California, and endorsed "Proposal for Bonds, Mooring
Road Sewer Assessment District, City of San Rafael, Marin County,
California."
BID CHECK: With each bid must be submitted a certified
check or cashier's check for $1,000.00 drawn on a bank or trust
company transacting business in the State of California, payable
to the order of the City of San Rafael to secure the City of
San Rafael from any loss resulting from the failure of the bidder
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to comply with the terms of his bid. Checks of the unsuccessful
bidders will be returned by the City of San Rafael by mail upon
the award of the bonds. Check of successful bidder will be credited
upon the purchase price of the bonds, but no interest will be paid
on the deposit of any successful bidder. Check of the successful
bidder will be forfeited to City if the bidder fails to pay for
and take delivery of the bonds within the time provided for in this
notice as liquidated damages.
NO -LITIGATION CERTIFICATE:
The City of San Rafael will
furnish to the successful bidder, at the time of the delivery of
the bonds a no -litigation certificate, certifying that there is no
controversy or litigation pending or threatened concerning the
validity of the bonds.
DATED: March 181 1974
MARION A. GRADY, City Clerk,
City of San Rafael, Marin County,
State of California
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