63-1038
RESOLUTION NO. 63R-1038
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ANAHEIM, CALIFORNIA, DIRECT-
ING THE CITY CLERK TO PUBLISH NOTICE
INVITING SEALED PROPOSALS FOR
$6,600,000 MUNICIPAL IMPROVEMENT
BONDS, ELECTION 1963, SERIES A, OF
SAID CITY.
WHEREAS, an ordinance providing for the issu-
ance of bonds of the City of Anaheim, California, in the
amount of $6,600,000 to be designated
MUNICIPAL IMPROVEMENT BONDS, ELECTION 1963,
SERIES A,
has been introduced; and
WHEREAS, it is desirable that said bonds be
sold;
NOW, THEREFORE, the City Council of the City of
Anaheim, California, DOES HEREBY RESOLVE, DETERMINE AND
ORDER as follows:
Section 1. That said bonds be sold and that
sealed bids or proposals for the purchase of said bonds
be received up to the time stated in the notice herein-
after set forth.
Section 2. That the City Clerk be and she is
hereby authorized and directed to publish said notice once
in the
ANAHEIM BULLETIN,
a newspaper of general circulation published in said city,
at least 10 days before the date fixed for the receipt of
bids.
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Section 3. That the Finance Director of the
city is hereby authorized and directed to cause to be
furnished to prospective bidders copies of the notice
inviting proposals and of an official statement relating
to the properties, operations and finances of said city,
but failure in whole or in part to comply with this
section shall not in any manner affect the validity of
the sale.
Section 4. That said notice shall be sub-
stantially as follows:
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NOTICE INVITING BIDS ON $6,600,000
GENERAL OBLIGATION BONDS OF THE
CITY OF ANAHEIM, CALIFORNIA.
NOTICE IS HEREBY GIVEN that sealed proposals for
the purchase of $6,600,000 par value general obligation
bonds of the CITY OF ANAHEIM, CALIFORNIA, will be received
by the City Council of said city at the place and up to the
time below specified:
TIME:
10:00 o'clock A.M. Pacific Standard Time
February 5, 1964
PLACE: .
Council Chambers
City Hall
Anaheim, California
MAILED BIDS:
Mailed bids should be addressed to
the city,
c/o Mrs. Dene M. Williams
City Clerk
City Hall
Anaheim, California
OPENING OF BIDS: The bids will be opened at the
meeting of said City Council to be held February 5, 1964, at
10:00 o'clock A.M. at the City Hall of said city.
ISSUE:
$6,600,000 bonds designated Municipal
Improvement Bonds, Election 1963, Series A, all dated
March 15, 1964.
DENOMINATIONS AND NUMBERS: The bonds will be all
in the denomination of $1,000 each, or all in the denomin-
ation of $5,000 each, at the opt~on of the purchaser as here-
inafter set forth. The bonds will be either 6600 in number,
numbered 1 to 6600, inclusive, or 1320 in number, numbered I
to 1320, inclusive, depending upon the denomination in which
issued.
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NOTICE INVITING BIDS ON $6,600,000
GENERAL OBLIGATION BONDS OF THE
CITY OF ANAHEIM, CALIFORNIA.
NOTICE IS HEREBY GIVEN that sealed proposals for
the purchase of $6,600,000 par value general obligation
bonds of the CITY OF ANAHEIM, CALIFORNIA, will be received
by the City Council of said city at the place and up to the
time below specified:
TIME:
10:00 o'clock A.M. Pacific Standard Time
February 5, 1964
PLACE: .
Council Chambers
City Hall
Anaheim, California
Mailed bids should be addressed to
the city,
c/o Mrs. Dene M. Williams
City Clerk
City Hall
Anaheim, California
MAILED BIDS:
OPENING OF BIDS: The bids will be opened at the
meeting of said City Council to be held February 5, 1964, at
10:00 o'clock A.M. at the City Hall of said city.
ISSUE:
$6,600,000 bonds designated Municipal
Improvement Bonds, Election 1963, Series A, all dated
March 15, 19614.
DENOMINATIONS AND NUMBERS: The bonds will be all
in the denomination of $1,000 each, or all in the denomin-
ation of $5,000 each, at the option of the purchaser as here-
inafter set forth. The bonds will be either 6600 in number,
numbered 1 to 6600, inclusive, or 1320 in number, numbered 1
to 1320, inclusive, depending upon the denomination in which
issued.
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MATURITIES: The bonds will mature in consecutive
numerical order on March 15 in the amounts for each of the
several years as follows: $330,000 on March 15 in each
of the years 1965 to 1984, both inclusive.
INTEREST: The bonds shall bear interest at a
rate or rates to be fixed upon the sale thereof but not to
exceed six per cent (6%) per annum, payable annually the
first year and semiannually thereafter.
PAYMENT: Said bonds and the interest thereon are
payable in lawful money of the United States of America at
the office of the City Treasurer of the City of Anaheim,
California, in said city, or at any fiscal agency of said
city in Los Angeles, California, or San Prancisco, California,
or Chicago, Illinois, or New York, New York, at the option
of the holder thereof.
REGISTRATION: The bonds will be coupon bonds
registrable either as to principal only or as to both prin-
cipal and interest, and the form of registration may be
changed, or the bond discharged from registration, all in
accordance with provisions in the ordinance providing for
the issuance of said bonds.
NOT CALLABLE: The bonds are not callable before
maturity.
PURPOSE OF ISSUE: The bonds are the first portion
to be sold of bonds in the total amount of $8,900,000
authorized at an election held October 8, 1963, for the
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purpose of providing for waterworks, electric, storm drain
and sewer acquisition and construction.
SECURITY: Said bonds are issued pursuant to
Article l~ Chapter 4~ Division 4~ Title 4 (Section 43600
et seq.) of the Government Code of the State of California,
sometimes known as the Municipal Bond Act of 1901. For
the purpose of paying the principal and interest of said
bonds, said Act requires that the City Council shall at the
time of fixing the general tax levy, and annually thereafter
until said bonds are paid or until there is a sum in the
treasury of said city set apart for the purpose sufficient
to meet all payments of principal and interest on said bonds
as they become due, levy and collect a tax sufficient to pay
the interest on said bonds as it falls due and such part of
the principal thereof as will become due before the proceeds
of a tax levied at the next general tax levy will be avail-
able. Said tax shall be in addition to all other taxes
levied for municipal purposffiand shall be levied and collected
as other city taxes.
TERMS OF SALE
Interest Rate: The maximum rate bid may not exceed
6% per annum, payable annually the first year and semi-
annually thereafter. Each rate bid must be multiple of
l/B or 1/20 of 1%. No bond shall bear more than one interest
rate, and all bonds of the same maturity shall bear the same
rate. Not more than three interest rates may be bid. The
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repetition of any rate will not be considered the bidding
of an additional rate. Only one coupon will be attached to
each bond for each installment of interest and bids provid-
ing for additional or supplemental coupons will be rejected.
Award: The bonds shall be sold for cash only.
All bids must be for not less than all of the bonds hereby
offered for sale and each bid shall state that the bidder
offers par and accrued interest to the date of delivery,
the premium, if any, and the interest rate or rates not to
exceed those specified herein, at which the bidder offers
to buy said bonds. Each bidder shall state in his bid the
total net interest cost in dollars and the average net
interest rate determined thereby, which shall be considered
informative only and not a part of the bid.
Denominations: All bonds will be of the same
denomination. Each bidder shall also state in his bid
whether he wishes bonds all in the denomination of $1,000
each or bonds all in the denomination of $5,000 each. In
the event the successful bidder fails to specify the denomin-
ation in his bid, the bonds will be issued and delivered to
him in a denomination of $5,000 each.
Highest Bidder: The bonds will be awarded to the
highest responsible bidder or bidders considering the
interest rate or rates specified and the premium offered,
if' any. The highest bid will be determined by deducting
the amount of the premium bid (if any) from the total
amount of interest which the city would be required to pay
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from the date of said bonds to the respective maturity dates
thereof at the coupon 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.
Such accrued interest, if any, shall 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 discretion, to reject any and all bids and to the
extent not prohibited by law to waive any irregularity or
informality in any bid.
Prompt Award: The city will take action awarding
the bonds or rejecting all bids not later than twenty-six
(26) hours after the time herein prescribed for the receipt
of proposals; provided that the award may be made after the
expiration of the specified time if the bidder shall not
have given to the City Council notice in writing of the
withdrawal of such proposal.
Place of Delivery: Delivery of said bonds will
be made to the successful bidder at Jeffries Banknote
Company, 117 Winston Street, Los Angeles, California, or
at any other place agreeable to both the City Treasurer and
the successful bidder.
Prompt Delivery; Cancellation of Late Delivery:
It is expected that said bonds will be delivered to the
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successful bidder within thirty (30) days from the date of
sale thereof. The successful bidder shall have the right,
at his option, to cancel the contract of purchase if the
city shall fail to execute the bonds and tender them for
delivery within sixty (60) days from the date of the sale
thereof, and in such event the successful bidder shall be
entitled to the return of the deposit accompanying his bid.
Form of Bid: Each bid, together with the bid
check, must be in a sealed envelope, addressed to the city
with the envelope and bid clearly marked:
PROPOSAL FOR CITY OF ANAHEIM MUNICIPAL IMPROVEMENT
BONDS, ELECTION 1963, SERIES A.
Bid Check: A certified or cashier's check on a
responsible bank or trust company in the amount of 3% of
the principal amount of the bonds, payable to the order of
the city must accompany each proposal as a guaranty that
the bidder, if successful, will accept and pay for said
bonds in accordance with the terms of his bid. The proceeds
of the check accompanying any accepted proposal shall be
applied on the purchase price or, if such proposal is
accepted but not performed, unless such failure of perform-
ance shall be caused by any act or omission of the city,
shall then be retained by the city. The check accompanying
each unaccepted proposal will be returned promptly.
Change in Tax Exempt Status; At any time before
the bonds are tendered for delivery, the successful bidder
may disaffirm and withdraw the proposal if the interest
received by private holders from bonds of the same type and
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character shall be declared to be taxable income under
present federal income tax laws, either by a ruling of the
Internal Revenue Service or by a decision of any federal
court, or shall be declared taxable by the terms of any
federal income tax law enacted subsequent to the date of
this notice.
Legal Opinion: The unqualified opinion of
O'Melveny & Myers, attorneys, approving the validity of
said bonds will be furnished the successful bidder at or
prior to the date of delivery of the bonds, at the expense
of the city. A copy of such legal opinion certified by
an officer of the city by his facsimile signature will be
printed on the back of each bond without charge to the
successful bidder.
No Litigation Certificate: At the time of payment
for and delivery of said bonds, the city will furnish the
successful bidder a certificate that there is no litigation
pending affecting the validity of the bonds.
INFORMATION AVAILABLE: Requests for information
concerning the city should be addressed to
Mr. Douglas K. Ogden
Director of Finance
City Hall
Anaheim, California
GIVEN by order of the City Council of the City
of Anaheim, California, adopted December 24,
, 1 96JL.
DgEM. WI~I~S
City Clerk of the City of
Anaheim, California
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Section 5. That the City Clerk is also hereby
authorized to cause the foregoing Notice Inviting Bids to
be published once in THE BOND BUYER, a financial journal
published in New York, New York, but failure to publish said
Notice Inviting Bids in THE BOND BUYER or any defect in such
publication shall not invalidate or in any manner affect the
proceedings for the sale of the bonds.
ADOPTED, SIGNED AND APPROVED this
24th
day
December
, 196 3
of
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. ~'(;_)L ~ f~?'L~
Mayor of the y of
/ Anaheim, California
ATTEST:
/ / , . J
~ .f/( . . f..,.'. .~...~ j
... y t;lerk '(;r the City M
Anaheim, California
(SEAL)
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STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF ANAHEIM
~ aa,
I, DENE M. WILLIAMS , City Clerk
of the City of Anaheim , California, DO HEREBY
CERTIFY that the foregoing resolution was duly adopted
by the City Council of said city and was approved by the
Mayor of said city at a - - regular meeting of
said City Council held on the 24th day of December
19~, and that it was so adopted as follows:
,
AYES:
Councilmen Dutton, Chandler, Schutte,
Krein and Coons
NOES:
ABSENT:
Councilmen None
Councilmen None
(SEAL)
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~ Clerk' oft~ ty or
Anaheim, California
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