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RESOLUTION N0. 64-85
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF BONDS
FOR THE ACCMSITION OF CERTAIN EASEMENTS AND RIGHTS OF
WAY AND THE CONSTRUCTION OF CERTAIN IMPROVEMENTS NORTHERLY
OF GISLER AVENUE (ASSESSMESTT DISTRICT NO. 12) IN THE CITY
OF COSTA MESA, CALIFORNIA, UNDER RESOLUTION OF INTENTION
NO. 64-45 ADOPTED ON THE 4TH DAY OF MAY, 1964.
WHEREAS, the City Council of the City of Costa Mesa, California, has
heretofore instituted and conducted proceedings for the acquisition of certain
easements and rights of way and the construction of certain improvements northerly
of Gisler Avenue (Assessment District No. 12) in the City of Costa Mesa, Cali-
fornia, under the provisions of the "Municipal Improvement Act of 1913"; and
WHEREAS, said City Council in its Resolution of Intention therein deter-
mined 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 anounts to 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 subdi-
visions of land in the Assessment District, the diagram and assessment recorded, 1
the full thirty -day (30) period for payment of assessments expired, and the Street J
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 amount to 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 September 2, 1964.
SECTION 2. That the bonds shall be serial bonds and shall extend over
a period ending fourteen (14) years from the 2nd 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 1st 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 rate to 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 per cent (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 6:30 o'clock P.M. on the 5th day of October, 1964, 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 per cent(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 per cent
(3'b) 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
In
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:
1
Bond No.
Assessment No.
Amount
1
2
$3,357.50
2
3
7,038.00
3
4
4,989.50
5
6
40,553.50
6
8
20,3o6.50
7
9
19,482.00
8
10
10,378.50
9
11
1o,421.00
10
12
13,396.00
11
13
29,350.50
12
14
25,763.50
13
15
64,6o-.,-
14
16
20,510.50
15
17
6,834.00
16
18
13,676.50
17
19
21,471.Oo
18
20
23,766.00
19
25
15,725.00
20
26
20,833.50
21
27
3,910.00
22
29
450.50
23
30
892.50
24
25
31
32
289.00
153.00
26
33
450.50
27
34
450.50
28
35
816.00
29
36
433.50
M-1
Bond No.
Assessment No.
Amount
30
37
$ 3,663.50
31
39
2,558.50
32
4o
1,275.00
33
41
1,283.50
34
43
3,910.00
02, 32.50
SECTION 5• The City Clerk shall 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 previous to
the date of sale.
APPROVED AND ADOPTED this 8th day of September, 1964•
Maybr of the City of Costa Mese-
ATTEST:
esa
ATTES^�
City Clerk of the City 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, do hereby certify that the foregoing
Resolution, being Resolution No. 64-85, 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 regalar meeting of said City Council held on the 8th day of
September, 1964, and that the same was passed and adopted by the following vote, to
wit:
AYES: Councilmen - Meyers, Pinkley, Jordan, Barck
NOES: Councilmen - None
ABSENT: Councilmen - Wilson
Dated this 8th day of September, 1964.
City Clerk and ex -officio Clerk of the
City Council of the City of Costa Mesa