HomeMy WebLinkAbout63-46 - Adams Ave. Drainage District No. 1 - Issuance of Bonds413
RESOLUTION N0. 63-46
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF BONDS FOR
THE CONSTRUCTION OF CERTAIN IMPROVEMENTS IN ADAMS AVENUE
AND IN CERTAIN PUBLIC EASEMENTS (ASSESSMENT DISTRICT NO.
11) IN THE CITY OF COSTA MESA, CALIFORNIA, UNDER RESOLUTION
OF INTENTION N0. 62-138 ADOPTED ON THE 19TH DAY OF NOVEMBER,
1962.
WHEREAS, the City Council of the City of Costa Mesa, California, has
No. 11) in said City, under the provisions of the "Municipal Improvement Act of
1913"; and
WHEREAS, said City Council in its Resolution of Intention therein determined
and declared that bonds should issue under the provisions of the "Improvement Act
of 1911", being Division 7 of the Streets and Highways Code, for each unpaid
assessment or portion thereof which amountsto Fifty Dollars ($50.00) or more, to
finance said improvement; and
WHEREAS, said Council has acquired jurisdiction in said proceedings, has
ordered the work done, and has confirmed the assessment and diagram; and
WHEREAS, the assessments have been duly levied upon the respective subdivi-
Efull
heretofore instituted and conducted
proceedings for
the construction of certain
C
improvements in Adams Avenue and in
certain public
easements (Assessment District
No. 11) in said City, under the provisions of the "Municipal Improvement Act of
1913"; and
WHEREAS, said City Council in its Resolution of Intention therein determined
and declared that bonds should issue under the provisions of the "Improvement Act
of 1911", being Division 7 of the Streets and Highways Code, for each unpaid
assessment or portion thereof which amountsto Fifty Dollars ($50.00) or more, to
finance said improvement; and
WHEREAS, said Council has acquired jurisdiction in said proceedings, has
ordered the work done, and has confirmed the assessment and diagram; and
WHEREAS, the assessments have been duly levied upon the respective subdivi-
Efull
sions of land in the
thirty -day (30)
Assessment
for
District, the diagram and assessment recorded, the
the Street
period
payment of assessments expired, and
Superintendent having certified to the City Treasurer a complete list of all assess-
ments unpaid which amount to Fifty Dollars ($50.00) or more, as shown upon the
assessment for this improvement; and
WHEREAS, all proceedings, notices and acts have been duly and regularly
conducted, given and done, and all provisions of law relating to the issuance of
bonds in said proceedings have been complied with so as to authorize the issuance
thereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COSTA MESA,
CALIFORNIA, AS FOLLOWS:
SECTION 1. That bonds shall issue in accordance with the provisions of Division
12 of the Streets and Highways Code (Municipal Improvement Act of 1913), and
Division 7 of the Streets and Highways Code (Improvement Act of 1911), for the
purpose of paying the cost of the aforesaid improvements, that a bond shall issue
for each unpaid assessment or portion thereof which emountsto Fifty ($50.00)
Dollars, or more, as shown on the certified list of unpaid assessments in said
proceedings; that each bond to be issued shall be in the amount of the respective
unpaid assessments and shall be dated April 5th, 1963.
4? -
SECTION 2. That the bonds shall be serial bonds and shall extend over
a period ending fourteen (lk) years from the aid day of January next succeeding
the next September 1st following their date, and an even annual proportion of
the principal sum thereof shall be payable, by coupon, on the 2nd day of January
every year after the next September lst following their date, until the whole is
paid, and the interest shall be payable semi-annually, by coupon, on the 2nd
day of January and July, respectively, of each year following the date of the
bonds. The bonds shall bear interest at a rateto be determined on the sale
thereof, provided, however, that said rate shall be the same for all bonds and
shall not exceed the maximum rate of six per cent (6%) per annum, and provided
further that the interest rate bid shall be in multiples of one-fourth (1/4)
of one -percent (1%).
Said principal and interest on said bonds shall be payable in lawful money
of the United States at the office of the City Treasurer of the City of Costa
Mesa, California.
Said bonds and the coupons thereof shall be issued substantially in the
form provided for the issuance of bonds under Division 7 of the Streets and
Highways Code of the State of California.
SECTION 3• Said bonds shall be offered for sale and sold to the bidder
whose bid in the opinion of the City Council will best serve the interest of
owners of land included in the Assessment District. Sealed bids will be
received by this Council up to 7:30 o'clock P.M. on the 6th day of May, 1963,
for the purchase of said bonds.
Said bonds will be sold for cash only. Each bid must state that the bidder
offers accrued interest to the date of delivery, and state separately the
premium, if any, and the rate of interest offered for the bonds bid for. Each
bid shall be for the entire amount of said bonds at a single rate of interest,
and any bid for less than the entire amount of said bonds or for varying rates
of interest will be rejected. Any bid for less than par and accrued interest
to date of delivery must provide for an interest rate on the bonds of not less
than the maximum rate of six percent (6%) per annum.
Payment for and delivery of bonds will be made in the office of the City
Clerk.
A certified or cashier's check for a sum not less than three percent (3%)
of the amount of the bonds bid for, payable to the order of the City Clerk,
City of Costa Mesa, California, must accompany each bid as a guarantee that the
bidder, if successful, will accept and pay for said bonds in accordance with the
41�
terms of his
bid. Said check shall remain in the hands of
the City Council
until all of
said bonds are paid for. The Council reserves
the right to
reject any and all bids and to disregard any insubstantial
irregularities
and technical defects in bids.
SECTION
4. The following bonds listed by bond number,assessment
number,
and amount of the bonds to be offered for sale, to wit:
Bond No.
Assessment No.
Amount
1
1
$2,981.23
2
2
5,962.47
3
3
245.51
4
4
315.66
5
5
561.17
6
6
561.17
7
7
561.17
8
8
561.17
9
9
561.17
10
10
561.17
11
11
561.17
12
12
789.15
13
13
929.44
14
14
1,332.79
15
15
263.05
16
17
25,743.82
17
18
43,789.05
18
19
7,137.42
19
20
1,718.59
20
21
5,506.51
21
22
911.91
22
23
28,023.59
23
25
107,043.80
23 ,22.1
r
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SECTION
5• The City Clerk shell cause a Notice of the
sale of said bonds
`
stating the terms of sale as hereinbefore provided, to be published
in the
"ORANGE COAST
DAILY PILOT", a newspaper published, and of general circulation
in the City of Costa Mesa, State of California, once a week
for a period of at
least two (2)
weeks, the first publication to be at least fourteen (14) days
AIS
previous to the date of sale.
APPROVED AND ADOPTED this 15th day of April, 1963•
a
Mayor of the City of Costa Mesa
ATTEST:
City Clerk of theCityCity of Costa Mesa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS.
CITY OF COSTA MESA )
I, C. K. PRIEST, City Clerk and ex -officio Clerk of the City Council
of the City of Costa Mesa, California, DC HEREBY CERTIFY that the foregoing
Resolution, being Resolution No. 63-46, was duly passed, approved and
adopted by said City Council, approved and signed by the Mayor, and attested
by the City Clerk, all at a regular meeting of said City Council held on
the 15th day of April, 1963, and that the same was passed and adopted by the
following vote, to wit:
AYES: Councilmen: Meyers, Smith, Tomchak, Wilson, Pinkley
NOES: Councilmen: None
ABSENT: Councilmen: None
DATED THIS 16th day of April, 1963•
City Clerk and ex -officio Clerk of the
City Council of the City of Costa Mesa
i