HomeMy WebLinkAboutCC Resolution 2787RESOLUTION NO. /
RESOLUTION DIRECTING PUBLICATION OF NOTICE INVITING BIDS
FOR THE PURCHASE OF BONDS OF THE CITY OF SAN RAFAEL, COUNTY
OF MARIN. STATE OF CALIFORNIA, IN CHULA VISTA ASSESSMENT DISTRICT.
BE IT RESOLVED that the City Clerk of the City of San Rafael
be, and he is hereby, authorized to offer for sale all bonds to be
issued in Chula Vista Assessment District of the City of San Rafael,
County of Marin, State of California; and
BE IT FURTHER RESOLVED that the form of the Official Notice
Inviting Bids for the Purchase of Bonds to be published by the City
Clerk is affixed hereto marked "Exhibit A" and by this reference
incorporated herein and made a part hereof.; and
BE IT FURTHER RESOLVED that said Official Notice Inviting Bids
for the Purchase of Bonds shall be published once a week for two suc-
cessive weeks in the San Rafael INDEPENDENT -JOURNAL, the first of
which publications shall be as soon as possible.
I HEREBY CERTIFY that the foregoing Resolution was adopted by
the City Council of the City of San Rafael at a regular meeting
thereof held on the 6th day of May, 1963, by the following vote, to
wit:
AYES: Councilmen
Ay, Baar, Barbier, Jensen,
NOES: Councilmen
ABSENT: Councilmen Mayor McInnis
W. L. MORGAN
W. L. MORGAN, City Clerk,
City of San Rafael, County of
Marin, State of California.
(SEAL)
O
W. ORNWELL — Deput ity Clerk
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OFFICIAL NOTICE INVITING BIDS FOR THE PURCHASE OF BONDS
OF THE CITY OF SAN RAFAEL, COUNTY OF MARIN, STATE OF
CALIFORNIA, ISSUED 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 of San Rafael at the meeting place of the City Council
located in the City Hall, San Rafael, California, on Monday, the 3rd
day of June, 1963, at the hour of 8:00 o'clock P.M. of said day, for
the purchase of $112,898.57 principal amount of bonds of the City
of San Rafael, designated "Improvement Bonds, Chula Vista Assessment
District, City of San Rafael, Marin County, California, Series 1963-1,"
at which said time and place said proposals will be publicly opened,
examined and declared by the City Clerk of the City of San Rafael.
Said bids will be calculated and the results thereof will be reported
to the City Council of the City of.San Rafael.
These bonds are authorized to be issued under the provisions
of Resolution of Intention No. 2467 as amended, of the City Council
of the City of San Rafael, adopted on the 3rd day of April, 1962, and
proceedings subsequent thereto. The Resolution of Intention provides
with relation to said bonds as follows:
NOTICE IS HEREBY GIVEN that serial bonds 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 represent unpaid assessments of Fifty Dollars
($50.00) or over, which said bonds shall bear interest at the
rate of 6% per annum and the last installment of which bonds
shall mature fourteen (14) years from the 2nd day of January
next succeeding the next September 1st following their date.
Said bonds shall be payable to bearer, and there shall be added
to the redemption clause in said bonds the following words:
".:.together with a premium of five per cent (5%)
0fsaid unpaid principal."
DATE OF BONDS AND INTEREST RATE: Bonds are to be dated June 10,
1963, and will bear interest from said date. Interest is fixed in
the Resolution of Intention at six per cent (6%) per annum.
PURPOSE OF ISSUE: Said bonds are authorized to be issued by
the City Council of the City of San Rafael by Resolution of Intention
No. 2467,as amended, and proceedings prior and subsequent thereto.
The purpose is to construct sewers and street improvements in the area
as described and shown on the plans and as 'required in the specifications.
The assessment district is designated as "Chula Vista Assessment Dis-
trict, City of San Rafael, Marin County, California", and reference
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for all details is made to the proceedings for the formation and
completion of said assessment district.
The original amount of the assessment was $121,512.14. The sum
of $8,613.57 has been paid in cash, leaving unpaid in bonds to be
issued the sum of $112,898.57.
DENOMINATIONS: Bonds vary in amount from $346..27 to $7,259.61.
Most of the bonds are less than $1,500.00 in amount. Average assess-
ments are not applicable because the assessments vary with the size
of the properties. This is all acreage property. The purpose was to
construct streets, and bring them up to city standards, and sanitary
sewers. This is a substantially developed part of a residential
area.
PAYMENT: Both the principal and interest are payable in lawful
money of the United States at the office of the City Treasurer of
the City of San Rafael, located in the City Hall, San Rafael, Calif-
ornia.
CALLABLE BONDS: All bonds are subject to redemption pursuant
to the provisions of the Improvement Act of 1911. Any property owner
may redeem any bond at any time by paying the then unpaid principal,
5% of the then unpaid principal as premium, and interest to the next
succeeding interest coupon date.
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 and bonds provided to be
issued under the provisions of the Municipal Improvement Act of 1913
of the State of California and the Improvement Act of 1911 of the
State of California.
SECURITY: Said bonds are secured by real property against which
each bond is a lien, as provided for by the Improvement Act of 1911.
LEGAL OPINION: The unqualified legal opinion of the law firm
of Sturgis, Den -bulk, Douglass & Anderson, 1322 Webster Street, Oak-
land, California, approving the validity of said bonds will be furnished
to the successful bidder without charge.
HIGHEST BID: The bonds will be awarded to the highest bidder
J
considering the price offered and premium offered, if any. No bid
will be considered which is less than par of the bonds. All bids
will also provide that accrued interest will be paid from the date
of the bonds. Cost of printing the bonds will be borne by the
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assessment district.
PROMPT AWARD: The City Council of the City of San Rafael will
take action awarding the bonds or rejecting all bids not later than
forty-eight (48) hours after the expiration of the time herein
prescribed for the receipt of proposals.
PROMPT DELIVERY: Delivery of the bonds will be made to the suc-
cessful bidder at the office of the City Treasurer, located in the
City Hall, San Rafael, California, on June 10, 1963, or as soon there-
after as said bonds are ready. The successful bidder is to deposit
the purchase price and take delivery of said bonds within 48 hours
after notification of their readiness for delivery to them. The
amount of deposit of the successful bidder will be deducted from the
purchase price of the bonds.
FORM OF BID: All bids must be for not less than all of the bonds
hereby offered for sale. Each .bid, together with the bidder's check,
must be enclosed in a sealed envelope addressed to the City Council
of the City of San Rafael and endorsed, "Proposal for City of San
Rafael Bonds, Chula Vista Assessment District, Series No. 1963-1."
BID CHECK: With each bid must be submitted a certified check
or cashier's check for $2,000.00 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 from any loss
resulting from the failure of the bidder to comply with the terms
of his bid. Checks of the unsuccessful bidders will be returned
by the city by mail upon the award of the bonds. No interest will
be paid upon the deposit made by any successful bidder.
OFFICIAL STATEMENT: The successful bidder will be furnished
with a no -litigation certificate certifying that there is no contro-
versy or litigation pending or threatened concerning the validity of
the bonds as of the time of the delivery of the bonds.
DATED: May 6, 1963.
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1N. L. MORGAN
W. L. MORGAN, City Clerk,
City of San Rafael, County of
Marin, State of California.
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4CCWELL — Deputy ity Cleric
