Loading...
HomeMy WebLinkAbout66-33RESOLUTION NO. ,.,/~Y-.~'~ RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH AUTHORIZING AND DIRECTING THE SALE OF $175,000 PRINCIPAL AMOUNT OF PARKING DISTRICT NO. 1 BONDS OF THE CITY OF UKIAH. WHEREAS, the City Council of the City of Ukiah / has heretofore, by Resolution No. ~1'~-~5.?~ adopted Febru- ary 16, 1966 duly authorized the issuance of $175,000 prin- cipal amount of Parking District No. I Bonds of the City of Uklah, and it is desirable that said Bonds be offered for sale at this time, subject to the terms and conditions of the Notice of Sale hereinafter set forth; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ukiah as follows: Section 1. Wednesday, March 9, 1966, at the hour of 8:00 P.M. (P.S.T.) is hereby fixed as the time and the Council Chambers, City Hall, Uklah, Mendocino County, California, is hereby fixed as the place, at which bids will be received for the purchase of $175,000 principal amount of Parking District No. I Bonds of the City of Ukiah, subject to the terms and conditions of the Notice of Sale hereinafter set forth. Section 2. The City Clerk is hereby authorized and directed to cause the notice of sale of said Bonds to be published once in the UKIAH DAILY JOURNAL, a newspaper published and circulated in the City, and such notice shall be in substantially the following form: OFFICIAL NOTICE OF SALE $175 ,..o.o o PARKING DISTRICT NO. 1 BONDS OF THE CITY OF UKIAH NOTICE IS HEREBY 0IVEN that sealed proposals will be received by the City Council of the City of Uklah, in Uklah, Mendoclno County, California, at the Council Chambers, City Hall, 203 South School Street, Uklah, Mendoclno County, California, on WEDNESDAY, MARCH 9, 1966 at 8:00 P.M. (P.S.T.), for the purchase of $175,000 principal amount of Parking District No. 1 Bonds of the City of Ukiah, authorized to be issued under the provisions of a resolution of the Council adopted February 16, 1966 (hereinafter called the "Resolution"). The Bonds are more particularly described in the Resolution (which is incorporated herein by reference) and a copy thereof will be furnished to any interested bidder upon request. Said bonds are offered for sale pursuant to the Parking District Law of 1951, Part 4, Division 18 of the Streets and Highways Code of the State of California. ISSUE: $175,000, consisting of 175 bonds of the denomination of $1,000 each, numbered 1 to 175, both inclusive, designated Parking District No. 1 Bonds of the City of Ukiah. DATE: The Bonds are dated April 1, 1966. INTEREST RATE: Maximum six (6) per cent per annum, payable semiannually on April i and October I in each year. Bidders must specify the rate of interest which the bonds hereby offered for sale shall bear. Bidders may specify any number of separate interest rates irrespective of the maturities of the bonds, and the same rate or rates may be repeated as often as desired; provided, however, that (1) the difference between the highest and lowest coupon rates specified in any bid shall not exceed two per cent; (ii) each interest rate specified must be in a multiple of 1/8 or 1/20 of one per cent and a zero rate of interest can- not be specified; (iii) no bond shall bear more than one rate of interest, no interest payment shall be evidenced by more than one coupon and supplemental coupons will not be permitted; and (iv) each bond shall bear interest from its date to its stated maturity date at the interest rate speci- fied in the bid. MATURITIES: The Bonds mature in consecutive numerical order from lower to higher, as follows: Principal Amount Maturity Date (April 1) (All years inclusive) $ 5,000 1969 $10,000 1970- 1986 REDEMPTION: Bonds Nos. 1 to 75, both inclusive, maturing on or prior to April 1, 1976, are not redeem- able prior to their fixed maturity dates. Bonds Nos. 76 to 175, both inclusive, maturing on or after April 1, 1977, are redeemable, at the option of the City, on April 1, 1976, but not prior thereto, and on any interest payment date thereafter prior to maturity, as a whole or in part, in inverse numerical order, from funds derived by the City from any source, at the principal amount thereof and accrued interest to date of re- demption plus a premium equal to one quarter of one per cent (1/~ of 1%) of the principal amount of each bond so redeemed for each whole year plus any remaining fraction of a year from the date of such redemption to the date of maturity of such bond so redeemed. PAYMENT: Both principal and interest are payable in lawful money of the United States of America at the office of the City Treasurer of the City of Ukiah, California. EXECUTION AND Coupon bonds will be issued by the City. REGISTRATION: Said bonds will be executed by the manual signature of at least one official authorized to execute the Bonds. Said Bonds are registrable only as to both principal and interest. PURPOSE The Bonds are authorized for the purpose of OF ISSUE: acquiring, constructing, establishing and improving off-street vehicular parking facil- ities in Parking District No. i of the City of Ukiah established by Ordinance No. 576A of the City of Ukiah, adopted December 8, 1965. SECURITY: The principal of and interest on the Bonds are payable exclusively from a special fund provided for in the Resolution (designated the "Parking Dis- trict No. i Revenue Fund"). Bidders are referred to the Reso- lution and to the Official Statement for further particulars. TAX EXEMPT In the event that prior to the delivery of STATUS: the Bonds the income received by private holders from bonds of the same type and character shall be declared to be taxable under any Federal Income Tax laws, either by' the terms of such laws or by rul- ing of a Federal Income Tax authority or official which is followed by the Internal Revenue Service or by decision of any Federal Court, the successful bidder may, at his option prior to the tender of the Bonds by the City, be relieved of his obligation under the contract to purchase the Bonds, and in such case the deposit accompanying his bid will be returned. LEGAL OPINION: The legal opinion of Messrs. Orrick, Dahlquist, Herrington & Sutcliffe, of San Francisco, Cali- fornia, approving the validity of the Bonds will be furnished without charge to the successful bidder. A copy of the legal opinion, certified by the official in whose office the original is filed, will be printed on each bond without charge to the successful bidder. respective bids, which shall be considered as informative only and not binding on either the bidder or the City. 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 the successful bidder. Official The City has prepared an Official Statement S~a. te..ment: relative to the Project to be financed with the Bonds, a copy of which will be furnished to any interested bidder upon request addressed to the City Clerk, Uktah City Hall, 20B South School Street, Ukiah, California. There is no controversy or litigation pending concerning the validity of the Bonds, and the City will furnish to the successful bidder a no-litigation certifi- cate certifying to the foregoing as of and at the time of the delivery of the Bonds. Dated' February 16, 1966. City Clerk' o'f the city' 'of Uk'iah, State of California TERMS OF SALE Highest Bid: The Bonds will be awarded to the highest bidder, considering the interest rate or rates specified in the bid and the premium bid, if any. The highest bid will be determined by deducting the amount of the premium bid (if any) from the total amount of inter- est which the City would be required to pay from the date of the Bonds to their respective maturity dates of the cou- pon rate or rates specified in the bid, and the award will be made on the basis of the lowest net interest cost to the City. The purchaser must pay accrued interest from the date of the Bonds to the date of delivery. All interest will be computed on a 360-day year basis. The cost of printing the Bonds will be borne by the City. Right of Rejection: The City reserves the right, in its discre- tion, to reject any and all bids and to waive any irregularity or informality in any bid. Prompt Award: The Council will take action awarding the Bonds or rejecting all bids not later than 24 hours after the expiration of the time herein prescribed for the receipt of proposals, unless such time of award is waived by the successful bidder. Prompt Delivery of the Bonds will be made to the Delivery: successful bidder at the office of the City Treasurer. in Ukiah, Mendocino County, Cali- fornia, as soon as the Bonds can be prepared, which it is estimated will be within 30 days from the date of sale, but not prior to the date of the bonds. Right of The successful bidder shall have the right, Cancellation: at his option, to cancel the contract of purchase of the Bonds if the City shall fail to execute the Bonds and tender the same for delivery within 60 days from the date of sale thereof, and in such event the successful bidder shall be entitled to the return of the de- posit accompanying his bid. Form of Bid: All bids must be for not less than all of the Bonds hereby offered for sale and for not less than the par value thereof and accrued interest to date of delivery. Each bid, together with bidder's check, must be enclosed in a sealed envelope addressed to the City Council of the City ofUkiah, Ukiah, Mendocino County, Call- fornia, and endorsed "Proposal for Parking District No. 1 Bonds of the City of Ukiah. '? Bid Check: With each bid must be submitted a certified check or cashier's check for $3,000 drawn on a bank or trust company transacting business in the State of California payable to the order of the City to secure the City from any loss resulting from the failure of the bidder to comply with the terms of his bid. In addition bidders are requested, but not required, to supply an estimate of the total net interest cost to the City on the basis of their Section B. This Resolution shall take effect from and after its passage and approval. PASSED AND ADOPTED this '16th day of February, 1966, by the following vote: AYES: Councilmen Crook, Scotto, Harlowe and Norgard. NOES: None. ABSENT: Mayor Buxton. -Mayor of the/Ci'%-~%~ Uki'ah', State of CalT~ornia City Clerk of the-citY-of Ukiah, State of California CLERK'S CERTIFICATE I, Paloma R. Williams, City Clerk of the City of Ukiah, State of California, do hereby certify that the foregoing is a full, true and correct copy of a resolution duly adopted at a regular meeting of the City Council of said City duly and regularly and legally held at the regu- lar meeting place thereof on the 16th day of February, 1966, of which meeting all of the members of said City Council had due notice and at which a majority thereof was present~ that at said meeting said resolution was introduced by Councilman and read in full, and was thereupon, upon motion of Councilman , seconded by Councilman , adopted by the following vote: AYES: Councilmen NOES: ABSENT: That I have carefully compared the same with the original minutes of said meeting on file and of record in my office and that said resolution is duly entered of rec- ord in the minutes, and said resolution is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes; that said resolution has not been amended, modified or rescinded since the date of its adoption, and the same is now in full force and effect. WITNESS my hand and the seal of said City of Ukiah, this day of February, 1966. Cl'ty Clerk"'of ~'he' ~lty of California