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R 0533 RESOLUTION NO. "33 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARROYO GRANDE, CALIFORNIA, CALLING FOR SEALED BIDS ON BONDS TO BE ISSUED TO REPRESENT UNPAID ASSESS- MENTS UPON LANDS IN ASSESSMENT DIS- TRICT NO. 70-61-1 OF SAID CITY. WHEREAS, pursuant to Resolution of Intention, Resolution No. 517. adopted February 27, 1962, and pro- ceedings taken pursuant thereto under and in accordance with the Municipal Improvement Act of 1913. Division 12 of the Streets and Highways Code of the State of Cali- fornia, this City Council fixed and established the boundaries of Assessment District No. 70-61-1 of said city, and found that public interest and convenience require, and ordered certain improvements for said dis- trict; and WHEREAS, said proceedings pursuant to said Munici- pal Improvement Act of 1913 were taken for the purpose of having constructed certain sewer improvements and appurte- nant work in Huasna Road and other streets within said city; and WHEREAS, an assessment of the cost and expense of said improvements was duly made and filed, and a hearing was duly had thereon, and said assessment was thereafter duly confirmed by this City Council and was duly recorded by filing the same in the office of the Superintendent of Streets of said city on April 17, 1962; and WHEREAS, following the elapse of thirty (30) days after the date of filing said notice the City Clerk, the officer designated to receive cash payments of assess- ments, filed in the office of the City Treasurer of said city a list of all assessments contained within said assessment which are unpaid and the amounts thereof un- paid; and WHEREAS, it is necessary and desirable that this City Council sell bonds to be issued to represent each unpaid assessment, the amount of which is $50.00 or more, except those on public property; and WHEREAS, this City Council determined that said bonds would be issued pursuant to the Improvement Act of 1911, Division 7 of said Streets and Highways Code; NOW, THEREFORE, the City Council of the City of Arroyo Grande, California, DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: Section 1. That this City Council does hereby call for sealed bids on the said bonds proposed to be issued, to be received up to the time specified in the notice here- inafter set forth. Section 2. That this City Council hereby selects and specifies as the date of the bonds the date specified for that purpose in the notice hereinafter set forth. Section 3. That the City Clerk shall cause a notice inviting such bids to be given by two publications 2. in the HERALD RECORDER, a newspaper circulated in said city, the first publication to be at least ten (10) days before the bids are to be opened. Said notice shall be in substantially the following form: NOTICE INVITING BIDS ON STREET IMPROVEMENT BONDS NOTICE IS HEREBY GIVEN that the City Council of the City of Arroyo Grande, California, will receive sealed bids for the purchase of the following described bonds at its Chambers in the City Hall in said city up to the hour of 8:00 o'clock P.M., June 26, 1962. The bonds to be sold are bonds to be issued to represent unpaid assessments levied upon the lands within Assessment District No. 70-61-1 of said city to pay the cost of the certain sewers and appurtenant work in said city, are authorized by proceedings taken pursuant to the Municipal Improvement Act of 1913, Division 12 of the Streets and Highways Code of the State of California, and are to be issued pursuant to the Improvement Act of 1911, Division 7 of said Code. Said bonds are thirtY~hr98 (33) in number and of varying principal amounts totaling the sum of $31,267..97 . Said bonds are dated July 2, 1962, and bear interest from that date at a rate of not to exceed six per cent (6%) per annum. The first interest is payable on January 2, 1963, and thereafter the interest is payable semiannually on July 2 and January 2. The principal of said bonds is payable by coupon in ten (10) even annual 3. installments payable on January 2 of each year beginning January 2, 1963. Said bonds are similar to bonds issued under the Improvement Act of 1911, Division 7 of the Streets and Highways Code, and, except as otherwise provided in said Municipal Improvement Act of 1913, the provisions of Part 5 of said Improvement Act of 1911 apply to said bonds and govern as to the issuance, collection and enforce- ment thereof. In each of said bonds the right will be reserved to redeem such bond at any time before maturity upon pay- ment of the then unpaid principal with interest thereon to the due date of the next maturing interest coupon, together with a premium of five (5) per cent of said unpaid principal. Each bond is a lien upon the property upon which the assessment represented by such bond was levied. For a description of the respective lots, pieces and parcels of land upon which the several bonds are liens, and for other information, reference is made to the assessment recorded in the office of the Superintendent of Streets of said city and to the List of Unpaid Assessments in said matter on file in the office of the City Treasurer of said city. Said bonds are to be sold for cash only to the best responsible bidder. The bonds may be sold at a price below their par value, but the amount of any discount bid shall not exceed five per cent (5%) of the par value of the bonds. Each bid shall state that the bidder offers to buy said bonds, the total price offered, together with accrued intere~xodate of delivery, and shall state the 4. interest rate, not to exceed six per cent (6%) per annum, payable as above provided, at which the bidder offers to buy said bonds. 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 considered informative only and not a part of the bid. Any premium offered will not be taken into consideration in determining the best bid except for the purpose of breaking a tie be- tween two bids stating the same interest rate. A bidder may offer a premium but such premium will be payable only if such premium is used to break a tie between that bid and some other bid or bids stating the same interest rate. Only one interest rate may be bid which rate may be stated in any multiple of l/lOOth of 1% or any multiple of 1/8th of 1%. No bid for a part of said bonds will be considered. The bonds will be awarded to the highest respons- ible bidder or bidders considering the total price offered, the interest rate specified and the premium offered, if any. The net cost to the a1ty on any bid or bids offering par will be determined by deducting the amount of the premium bid, if any, from the total amount of interest which would be payable from the date of said bonds to the maturity date thereof at the coupon rate specified in the bid. llie net cost on any bid or bids offering less than par will be determined by adding to the total amount of interest which would be payable from the date of said bonds to the maturity date thereof at the coupon rate specified in the bid the amount of the discount bid. llie award will be made to the bidder or bidders offering the lowest net cost. In the event that two or more bidders have bid 5. the same lowest net cost, the award shall be made by lot. Interest shall be computed on a 360-day year basis. fue cost of printing the bonds will be an incidental expense of the proceedings and will not be payable by the successful bidder. A certified or cashier's check on a responsible bank or trust company, in the amount of three per cent (3%) of the principal amount of the bonds bid for, payable to the order of the City of Arroyo Grande, 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 said city, shall then be retained by the city. The check accompanying each unaccepted proposal will be returned promptly. fue 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 no expense to the bidder. Payment for and delivery of said bonds shall be made in the office of the City Treasurer. It is expected that delivery of said bonds will be made on or about July 26, 1962. The bids will be opened at the meeting of the City Council of said city to be held June 26, 1962, at 8:00 o'clock P.M., in the Council Chambers in the City Hall. Bids will be opened during said meeting at or after 8:00 o'clock P.M. 6. '<'-"'~-"'~"'-- The City Counoil reserves the right to reJeot any or all bids, and to waive any irregularity or inform- ality in any bid to the extent permitted by law. Given by order of the City Counoil of the City of Arroyo Grande, California, adopted June 12, 1962. ADOPTED, SIGNED AND APPROVED this 12th day of June, 1962. '&~e~y ?~ Arroyo Grande, California. ATTEST: (SEAL) -_.-,---,._---."- . STATE OF CALIFORNIA ~ COUNTY OF SAN LUIS OBISPO ss. CITY OF ARROYO GRANDE I, MARGARET L. WILSON, C1ty Clerk of the C1ty of Arroyo Grande, Ca11fornia, DO HEREBY CERTIFY that the foreg01ng resolut10n was duly adopted by the Oity Council of said city and was approved by the Mayor of said city at a regular meeting of said City Council held on the 12th day of June, 1962, and that 1t wa. .0 adopted as follows: AYES : Councilmen Burt. Wood. JAl!oba and )(,.V.11 NOES : Councilmen None ABSENT: Councilmen Lee (SEAL)