HomeMy WebLinkAboutCC Res 733 1951-04-02
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RESOLUTION NO. 7'.s,g
RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF SEAL BEACH, CALIFORNIA,
DIRECTING THE CITY CLERK TO PUB-
LISH NOTICE INVITING SEALED PRO-
POSALS FOR $130,000 SEWAGE DISPOSAL
BONDS, 1951, OF SAID CITY.
WHEREAS, an ordinance providing ror the issuance
of bonds or the City or Seal Beach in the amount of one
hundred thirty thousand dollars (~130,OOO) to be designated
SEWAGE DISPOSAL BONDS, 1951, has been introduced; and
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WHEREAS, it is desirable that said bonds be sold;
NOW, THEREFORE, the City Councilor the City or
Seal Beach DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
Section 1. That said bonds be sold and that sealed
bids or proposals for the purchase or said bonds be received
up to the time stated in the notice hereinarter set rorth.
Section 2. That the City Clerk be and he is hereby
authorized and directed to publish said notice once in the
SEAL BEACH POST & WAVE, a newspaper or general circulation
published in said city.
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Section 3. That said notice shall be substantially
as follows:
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Resolution Number
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NOTICE INVITING BIDS ON ~1)0,000
BONDS OF THE CITY OF SEAL BEACH,
CALIFORNIA.
NOTICE IS HEREBY GIVEN that the City Council of
the City of Seal Beach, California, will receive
sealed proposals for the purchase of $1)0,000 par
value general obligation bonds of said City, at its
Council Chambers in the City Hall in the City of
Seal Beach, California, up to the hour of 8:00
olclock, P.M., April 2), 195~.
The bonds are designated SEWAGE DISPOSAL BONDS,
1951, and are one hundred thirty in number, numbered
1 to 1)0, inclusive, of the denomination of $1,000
each, to be dated May 1, 1951, and are payable in
consecutive numerical order, $10,000 on May 1 in each
of the years 1952 to 1964, inclusive.
Said bonds are to bear interest at a rate to be
determined upon the sale thereof, but not to exceed
five per cent (5~) per annum, payable semiannually.
The bonds are payable in lawful money of the United
Statea of America at the office of the City Treasurer"
Seal BeaCh, California.
Said bonds were authorized at an election held
March 1), 1951, and are to be issued and sold for the
purpose of providing additional sewage disposal
facilities for said city.
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 five per
cent (5~) per annum, payable semiannually, at which
the bidder offers to buy said bonds. Said rate must
be a multiple of 1/4 of~. Not more than one interest
rate may be bid. No bid for a part of said bonds will
be considered. The bonds shall be sold for cash only
and for not less than par and accrued interest to date
of delivery.
A certified or cashier1s check on a responsible
bank or trust company, in the amount of three per cent
()~) of the principal amount of the bonds bid for, pay-
able to the order of the City of Seal Beach, 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 Oity of Seal BeaCh, shall then be retained by the
City. The check accompanying each unaccepted proposal
will be returned promptly.
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Resolution Number
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At any time before the bonds are tendered for de-
livery, the bidder may disaffirm and withdraw the pro-
posal 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.
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Payment for and delivery of said bonds shall be
made in the office of the Oity Treasurer of the City
of Seal Beach.
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 Monday, April 23, 1951, at 8:00
o'Clock, P.M., in the Oouncil Chamber in the City Hall
i~ the City of Seal BeaCh, California.
Given by Order of the City Council of the City of
,Seal B~ach, California, adoPted~pril 1951.
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l;:: .~ ." -r. JOHN . MULCAHY ' ~
~, .. - ch ty Clerk 01' the (;i ty of
::: ~ (SEAL)::: Seal BeaCh, California.
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, ~:-~' :ADOPTED, SIGNED AND APPROVED this 2nd day of
April, 1951.
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",~A'L~ ;;(' ~4~.
Mayor of the City of
Seal Beach, California.
ATTEST:
(SEAL)
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Resolution Number
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STATE OF OALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF SEAL BEACH )
I, JOHN W. MULOAHY, City Clerk of the City of
Seal Beach, California, DO HEREBY CERTIFY that the foregoing
resolution was duly adopted by the City Oouncil of said
City and was approved by the Mayor of said City at a
regular meeting of said City Oouncil held on the ~nd day
of April, 1951, and that it was so adopted by the following
vote:
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AYES:
Councilmen $ E B S T Elf) 1.. EO If{fT Ii D
t3 () WF-i-~) S}1l1FEL7.
Councilmen A/"t).A/F
Councilmen ~~
NOES:
ABSENT:
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