HomeMy WebLinkAboutCC Resolution 3263RESOLUTION NO. �� 4 RESOLUTION FIXING DATE OF BONDS AND DIRECTING PUBLICATION OF NOTICE INVITING BIDS FOR PURCHASE OF BONDS, FRANCISCO BOULEVARD ASSESSMENT DISTRICT, CITY OF SAN RAFAEL, MARIN COUNTY, CALIFORNIA BE IT RESOLVED by the City Council of the City of San Rafael, Marin County, California, that bonds to be issued to represent unpaid assessments in Francisco Boulevard Assessment District, City of San Rafael, Marin County, California, shall be dated the 2nd day of June, 1965, and shall bear interest from said date; and BE IT FURTHER RESOLVED that the City Clerk of the City of San Rafael is hereby authorized to publish Notice Inviting Bids for the purchase of bonds, which notice is attached hereto, marked "Ex- hibit A", and made a part hereof, said bids to be received at the office of the City Clerk of the City of San Rafael, located in the City Hall, San Rafael, California, on Monday, the 17th day of May, 1965, up to the hour of 2:00 o'clock P.M. of said day, at which 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) successive 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 3rd day of May, 1965, by the following vote, to wit: AYES: Councilmen Ay, Eau, BaWer, Jensen, and filayor Befini NOES: Councilmen ABSENT: Councilmen v [1, C., 0111X _PLL, City CL rc, City of San Rafael, Mar' County, California. (SEAL) OFFICIAL NOTICE INVITING BIDS FOR THE PURCHASE OF BONDS ISSUED BY THE CITY OF SAN RAFAEL UNDER THE PROVISIONS OF THE IMPROVEMENT ACT OF 1911 NOTICE IS HEREBY GIVEN that the City of San Rafael will receive bids for the purchase o`.Q 060 principal amount of bonds of 10 the City of San Rafael designated as "Improvement Bonds, Francisco Boulevard Assessment District,, City of San Rafael, Marin County, Cali- fornia". Said bids are to be delivered not later than 2:00 o'clock P.M. on May 17, 1965, at the office of the City Clerk of the City of San Ra- fael, located in the City Hall, San Rafael, California, at which time and place said proposals will be publicly opened, examined, and declared. The results of said bidding will be reported to the City Council of the City of San Rafael at 8:00 o'clock P.M. of said day. The bonds are authorized to be issued under the provisions of Resolution of Intention No. 2740, as amended, of the City Council of the City of San Rafael, adopted on the 18th day of February, 1963, and proceedings subsequent thereto. The Resolution of Intention, as amen- ded, 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 or over, which said bonds shall bear in- terest at a rate of not to exceed six per cent (6%) per annum, the last installment of which bonds shall mature four- teen (14) years from the 2nd day of January next succeeding the next September lst 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%) of the unmatured principal."' DATE OF BONDS AND INTEREST RATE: Bonds are to be dated June 2, 1965, and will bear interest from said date. Interest rate is fixed in the Resolution of Intention, as amended, at a rate not to exceed six per cent (6%) per annum. -1- 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. 2740, as amended. The purpose is for the construction of certain street improvements and drainage improvements and the acquisition of certain easements and rights-of-way within the boundaries of.the assess- ment district. The assessment district is designated as "Francisco Boulevard Assessment District, City of San Rafael, Marin County, Cali- fornia", and reference for all details is made to the proceedings for the formation and completion of said assessment district. The original amount of the assessment was $389,066.00. The sum of A0.00 has been paid in cash. Therefore, the amount of bonds to be issued is the sum of 0.ya 6 �� DENOMINATIONS: Average assessments are not applicable because they vary with the size of the property. Reference should be made to the unpaid list to determine the amount of the assessment against each parcel. 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, California. 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 unmatured principal as premium, and interest to the next suc- ceeding interest coupon date. AUTHORITY FOR ISSUANCE: Said bonds are authorized to be issued by the proceedings in said assessment district, and said assessment dis- trict 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. -2- LEGAL OPINION: The unqualified legal opinion of the law firm of Sturgis, Den-Dulk, Douglass & Anderson, 1322 Webster Street, Oakland, 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 considering the price offered and interest rate. Bidders may bid frac- tional interest rate, but the fractional interest rate must either be 1/8th of 1% or 1/10th of 1%. Only one interest rate may be bid. No bid for less than par value of the bonds to be sold will be accepted. All bids will also provide that accrued interest will be payable from the date of the bonds. Highest bidder will be considered to be that bidder who pays the highest premium, if any, the highest price with re- lation to par, and the lowest interest rate. 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 of the,City of San Rafael, located in the City Hall, San Rafael, California, on June 2, 1965, or as soon thereafter as said bonds are ready. The successful bidder is to deposit the purchase price of said bonds within forty-eight (48) hours after notification of their readiness for delivery to them. The amount of the 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 bidder's check, must be enclosed in a sealed envelope addressed to the City Council of the City of San Rafael and endorsed, 1°Proposal for City of San Rafael Bonds, Francisco Boulevard Assessment District, Series 1965-1". 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. -3- 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 3, 1965 W. CLIFFORD CORNWELL, City Clerk City of San Rafael, Marin County, California. -4-