HomeMy WebLinkAboutResolution 4420 N.C.S. 01/03/1966 INTRODUCED BY COUNCII' tAN .SEC!""9ED BY COUNCILMAN
RESOLUTION, 'Np. 4420
RESOLUTION DIRECTIN
G PUBLICATIDN' OF OFFICIAL NOTI_GE.
• INVITING BIDS' FORT THE PURCHASE OF BONDS TO BE ISSUED
BY' °THE CITY OF PETALUMA IN ASSESSMENT DISTRICT NO 9'
N. S : , CITY OF PETAL-IJMA, SONOMA. 000NTY , CALIFORNIA
WHEREAS , it is desirable that the interest rate on bonds to
be issued in Assessment District No 9 'N,.;S . , City of Petaluma , Sonoma
County , California , be known at the time of the hearing upon the pro-
jec't ;
NOW, THEREFORE , BE IT RESOLVED by, the City Council of the
City of Petaluma that the City Clerk of the City of Petaluma is ' here-
by authorized and directed to publish Offidi.al Notice Inviting Bids
for the Purchase of Bonds to be issued by the City of Petaluma in
Assessment District No,. 9 N:S: , which Notice •i"s. attached hereto; said
bonds to be issued under the provisions of the Improvement Bond Act
of 1915 , and said Notice to be in the form which is attached 'to this
Resolution and made a .Part hereof; and
BE IT FURTHER RESOLVED that said Notice shall provide that
bids for the purchase of bonds shall be received rat the office of the
City Clerk of the City of Ptaluma, ioeate'd in the City .Hall , Petaluma ,
California , on Monday , the 31st day of January,, 1966 , up to thelhour
of 3 : 00 o ' clock P.M. of- 'sa'id day , at which time and place bids will be
publicly opened , examined and d'ec'lared ;. and
BE IT FURTHER RESOLVED that said Offieia'l :Notice of Sale shall
be published for two C2) 'successive weeks . ,
I HEREBY CERTIFY that the foregoing- Resolution was duly , and
regularly adopted by the City Council of the City of Petaluma , Sonoma
County , California, at a regular meeting thereof, held on the 3rd day
of January , 1966 , by the following vote , to wit :
ERA1'\EtL;, CAVE'Ni. GH , JP , COLIL' , GANS ,
AYES': Councilmen tri5MAw AND 'MAYOR '"HELEN P.UTNAM.
NOES: Councilmen NoivE,. -
ABSENT: Councilmen NONE.
ABSTAINED: Councilman JOERG'ER.
LAMMEN- •City Clerk , City of
Re a=luma , Sonoma County , California,
//JJ ] 2 L / (SEAL)
Mayor
4^ 7x1 2uit� 12�
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OFFICIAL. NOTICE INVITING BIDS FOR THE PURCHASE OF BONDS
OF THE CITY OF PETALUMA, ASSESSMENT DISTRICT NO 9 N.wS1
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UNDER THE PROVISIONS OF THE MUNICIPAL] IMPROVEMENT ACT OF
1913 AND THE 1MPROVEMENT BOND ACT bF 1915
NOTICE: IS' HEREBY GIVEN that, sealed proposals willIbe
received by the City Clerk of the City of Petaluma , Sonoma County,
California, at the °nice of tha City Clerk of the City of Petaluma,
located in the City Hall , Petaluma, California, at the hour of 3 : 00
o 'clock P.M. on the 31st day of January, 1966 , for the purchase of
bonds of the City of Petaluma designated as "Street Improvement
Bonds , Series No 9, ASSessment, District No 9 N.S . " for the pur-
chase of an estimated $8368 . 32 ptincipal amount of bonds . Said
bids will be publfcly ;opened , examined, and 'declared at said time
and place .
These bonds are' authorited to be issued and the assess-
ments are authorized to be levied , under the previsions of Resolu-
tion of Intention :Ner, 4203 as amended, of the City Council
of the City of Petaluma, ! adopted on the 1st day of February, 1965 ,
and, proceedings subsequent' thereto. The. Resolution of Ihtantion,
as amended , provides With relation to said, bonds as
"NOTICE IS HEREBY GIVEN that serial bonds shall be
issued in the Manner and fern provided in Division
10 of the Streets and Highways goa.e, of the State
of California .(The Improvement Bend Act of 1915)
to represent Unpaid assessments , which bonds shall
bear inter-eat at the rate of not to exceed six per
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cent (67,9) per annum, the last installment of which
bondsshall matdre nineteen (19) years from the 2nd
day of July„:neXt succeeding ten (10) months from
their date . 9
AMOUNT OF BONDS't: Said bonds will be in the estimated
amount of $8.98,.368 . 3-2, Said amount may be decreased by collection
during the cash collection period . The total amount of the bid
therefore, be in the sum of' $898,, 362 for the herida. ! A111
bidders , howeyer, by submission of 12114, agree to purchase the
total amount bf: bonds; that may be whether in the above
amount or a less: because Of cash collection.
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D'ATTE OF bND :AEND INTEREST 'RATE,: 'Minds; a-re to be dated
•the 2od day of ,April„ 19:166,, and will bear interest from ,s'ai'd
Interest rate is fixed in the Resolution of Intention , as amended,
at not to exeeed. six peil, cent (6t), per annum, Such interest shall be
evidenced by cOupona attached to each bond., and each of said•
coupons shall represent slx months ' inteXeSt on the bond. to which
it is attached.. The first coupon will 'be for interest from April
2 , 1966 , to January 2-, 196.7 .
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PURPOSE OF :ISSUE,: Said bonds are authorized to be issued
by the City Council of the City of Petaluma, Sonoma County, Cali-
fornia; by Resolution of Intention No 4203 as amended-,
and proceedings subsequent thereto,. The purpose is to finance the
construction of a water, transmission system and a sanitary trunk
sewer system to serve The entire aren, within the boundaries Of the
district , the construttiOn of improvements to extend McDowell Road;
the construction of major drainage facilities and to provide the
intraet improvements for :Petaluma Industrial Park Unit 1, including
streets', water, sewer drainage and appurtenant facilities . The
assessment ,district is designated as "Assessment District No';. 9 N•S . ,
City of Petaluma, ,SonomaCOunty , California, " and reference for
details is made to the proceedings for the formation and completion
saU. assessment district-.
MATURITY ttHEDUDE,1 The City Council of the City of
Petaluma Has determined that maturities of said bonds shall be
as follows , based on the ,asSOMptibn that bonds in the total eati-
mated amount of $800(602 will be issued as follows I
Principal Amount of Maturing July 2,
Bonds Maturinil of Each Year
($43 ,308:. 32'
1967
19,68
45 ,000 19:0
45,00.0 1970
45 ,600
45 ,000 1972
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F1tInclOal AmoUnt, of flatuting. July 2
Bonds Maturing of Each Year
$45 ;0.00 1973'
• 45000. 1974
45 ,000' i97:6
4• MQ 19176
45,o60 1977
• 45,.-,900 : I 12.-978
45 ,00.01 L979
45 ,090 19.80 .
1981 =
.46,,opo
A54000 f983
445,poo; ).j9s4
4500,0, , 19851
45 ;600 119,86
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All bond will be in' de+minations of $1 ,001..0.6 .e>teept one bond.
in the first year of the issue 1 will be for 1$346'02.
:PAYMENT: BOthl the Otincti:;41. and '.interest are pay4bie, in
lawful money of the United States at the office of the Treasurer'
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of the cdity- u.k. Tetalumati located in the City Hall , Petaluma ,
California..
CALtABLE, BONDS1i: bonds are callable pursuant to the
provisions of the Improvement Bond A.c of 19115 twice each
No bonds may be called eXceptcn JUly ,2 Cr' January 2 and thef,e,
must i be ;.a sixty day note of call. Any bond called il11 have
interest to date of callicandTa premium of five per' oent .0.170[,,of
the ilncipal
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AUTHORITY FOR ISSUANCE : Said bonds were authorized to
be issued by the proceedings in said as'sesSMent district , and said
assessment district was organized and consummated under the provi7
sions of the MunrcipaUImprovement Act of 1913 and bonds provided
to be issued Under the Improvement Bond Act of 1915 of the State
of California.
SECURITY: Said ;bonds are payable from the redemption fund
proVided by law which' Is secured by all of the unpaid asSessMents
within the boundaries of said district. The City Council has the
power and is obligated annually, in the event of delinquency of any
installment of assessMent,i. to either advance Item the general fund
or levy a tax upon all the] taxable teal property within the City of
Petaluma .sufficient to pay such delinquency up to a maximum of 10c
on each $160 of assessed Valuation, as shown on the last equalized
asseSament .r911 The obligation to make sad levy endures throughout
the Life of the 'bend issuel The assessed Valuation of an taxable
real property in ehe ,City Of Petaluma for he fiscal year 1965I-1966
is .$ 5 ,536i.210,00.-.
LEGAL The regal epinionef the law firm...of
Sturgis , Den- l1i '& Anderson?, l322 Idebster Streetr, Oektand
12 , ..California, approving the validity of said bonds will be
fished to the successful ,bidder without charge.
HIGHEST BID: The bonds Will be awarded to the highest
bidder considering the, ihterest rate or rates specified and the
premium 'offered; if any. interest rates will vary at not more than
1/8th or 1/20th of 170 and jarying interest rates for various maturi-
ties may be bid. . Bidders will be permitted to bid different rates
Of interest and to Split rates irrespectiVe of the maturitel of the
bonds .. Detachable coupons ay be proVided. for in the bid; The
highest bid will be determined by deducting the amount of the
premium, if any, from the total amount of interest Which the
City of Petaluma Would be .required to pay from the 'date of
the bends td their respective maturity dates , at the coupon rate
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pr rates rates specified in the bid, and the award} will be made on the=
lowest' •net interest, on the bonds All) bids must provide for pay
ment of accrued interest fkom the date of the bond's to date'of de-
livery: The cost of printing- the bonds will be borne by the assess-
ment, district.
RIGHT OF REJECTION: The City of Petaluma reserves the
right at its discretion to reject any and all bids. and to waive any
irregularTty or informality in any bid
PROMPT AWARD: The City Colincil tift 1 take actibt awarding
the bonds: or rejecting all bids not later than three (3) weeks after
the, expiration of the time herein prescribed for the receipt of pro-
posals. !
PROMPT .DELIVERY: Delivery of th lb.otfds. will be made td the
successful bijddër at the Office of the City Tredduter', Petaluma ,
California, as soon as boAds can be prepared after the amount; of
bonds to be issued is finally determined „ but nbt earliertthan the
date of said bonds,
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FORM OF BID AIL bids must be for not ;less than all of
the bonds herein offered for aale. Bach bid, together with bidder' s
Check , must be enclosed in a sealed envelope addressed to the City
Council of the City of Petaluma , and endorsed "Proposal for bonds
of ,the :City of Petaluma , ASsessment Disrr14,ct' No. 9 N. S. SerieS'
No, 9.1"
BID CHECK:, With each' bid MuSt be submitted a certified
check or cashiet'ia check tor $5001.90 drawn on ,abank oritrUat. coM-
panr transacting business in the State of California , payable' to
the order of the City of Petaluma , to secure the City from aniriosS
resulting from the failure of the bidder to comply with the terms
of his bid. Check' of the lunsuccessful bidder will be returned by
the City of Petaluma by mail UPon the award of the bonds . No in-
terest will be 'paid updh the deposit of any' sudcesafill bldder,
OFFICIAL .STATEMENT: There, is no controversy or litigation
.„3.
pending pr threatened Conderning the validity of the bands , and the
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City W0.1 ftriltSh A, no-,IltigAtion certjfidap 1certi• ying “t he
foregoing- as of the of the delivery of the thonds .
DATED:, Jannsrrl.i
CY
City 13,-etalutha ,
SOnOda, county:,
State fof.
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