HomeMy WebLinkAbout56-42KWHW IW: S:mb 6/1/56/6c
RESOL~TION NO. ~ ~.' ~-~/~'~
CALLING FOR BIDS 0N SALE OF IMPROVEMENT BONDS
SOUTh WEST ADDITION NO. 4
RESOLVED, by the City Council of the City of Ukiah,
California, that
1. The City Clerk of said City be, and be is hereb~~,
directed to call for bids for the sale of improvement bonds to be
issued pursuant to Resolution of Intention No. 56-24 adopted by
this Council on February l, 1956, said bids to be received bp
said Clerk at or before the hour of $:00 o'clock P.M. of Wednesday,
the 27th day of June, 1956, and to be publicly· opened, examined
and declared at said time in the regular meeting place of said
Council, Council Cl~mbers, Citp~ Hall, Ukiah, California. Said
notice in form a cop~ of which is hereto attached marked Exhibit
"A", shall be given bp' publication once in the Ukiah News, a news-
paper publ~shed in said City, at least five days before said date.
2. The City will furnish the legal opinion of the law
firm of Kirkbride, Wilson, Harzfeld & Wallace, San Mateo, Californi;
unqualifiedly approving the legality of the proceedings and t~e
issuance of said bonds.
I hereby certif~ that the foregoing resolution was passed
and adopted by the City Council of the City of Ukiah, Cal~,fornia,
at a regular meeting thereof held on the 6th day of June, 1956,
b~~ the following vote:
AYES, and in favor thereof, Councilmen:
NOES, Councilmen:
ABSENT, Coun c i lme n:
APPROVED:
Mayor
(I ~ i
C~ty Clerk o~ the "C'it~ of
NOTICE OF SALE OF IMPROVEMENT BONDS
SOUTH~EST ADDITION NO. 4
CITY OF UKIAH
NOTICE IS HEREBY GIVEN, pursuant to Resolution calling for bids on
the sale thereof adopted by the City.'Council of the City of Ukia-h,
California, on June 6, 1956, that the City Clerk of said City will at
or before 8:00 o'clock P. Mo (California Daylight Saving Time) of
WEDNESDAY, JUNE 27, 1956, receive at the regular meeting place of said
Council, Council Chambers, City Hall, U$iah,California, sealed proposals
or bids for the purchase of improvement bonds of said City to be issued
pursuant to the Improvement Bond Act of 1915. upon the unpaid assessments
under ResolutionS-df Intenbi~'~ No. 56-2~' adopted by the City Council of
said City on February l, 1956, to cover the costs of constructing water
mains, house services, meters, hydrants, valves, fittings and appurtenances
in Southwest Addition No. 4 to the City of Ukiah.
Said bonds are callable at 105 in accordance with the provisions
of said Bond Act.
Said bonds will be issued in the amount of about $42,869.60.
The bonds will be issued in fifteen equal annual series, maturing
on the 2nd day of July in the years 1957 to 1971, inclusive, will bear
interest at the rate of not to exceed six per cent (6%) per annum and
be paid by semi-annual coupons on the 2nd day of January and July of
each year, except that the first coupon will be for interest from
July 23, 1956 to January 2~ 1957. Said bonds will be dated July 23,
1956 and will be designated Series "A".
All bids will be publicly opened, examined and declared at the time
and place above stated, after which said bonds will be awarded to the
bidder who offers to take them at the lowest rate of interest plus
premium, if any, both the interest and the amount of the premium to be
considered in determining the best bid.
All bids must be unconditional and enclosed in a sealed envelope
marked Proposal for Bonds . ALL BIDS MUST BE FOR NOT LESS THAN PAR
AND WITHOUT ACCRUED INTEREST.
The total amount of the assessment on this project is $97,362.16.
The assessed valuation of the City of Ukiah is $9,644,454.
In the event of a delinquency in the payment of any installment of
the assessments levied upon any of said benefited properties for the
payment of the principal and interest of said bonds, it is the mandatory
duty on the part of the City to transfer an amount equal to the amount
of such delinquency, with penalties and costs, from available funds
of said City to the interest and redemption fund of said bonds, and
in the event such funds are not available then to levy a tax therefor
up to 10¢ on the $100 taxable property in said City. In such event
said bonds bear interest after maturity until paid at the rate stated
therein.
The City reserves the right to reject any and all bids if deemed
for the public good.
The legal opinion of Kirkbride, Wilson, Harzfeld & Wallace, San
Mateo, California, will be furnished by said City to accompany said bonds.
Dated: June 6, 1956.
J. M. TURNER
City Clerk of the City of Ukiah