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1967-076 RESOLUTION NO. 67R-76 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM1 CALIFORNIA1 DIRECTING THE CITY CLERK TO PUBLISH NOTICE INVIT- ING SEALED PROPOSALS FOR $213001000 MUNICIPAL IMPROVEMENT BONDS 1 ELECTION 1963, SERIES BI OF SAID CITY. WHEREAS, an ordinance providing for the issu- ance of bonds of the City of Anaheim, California, in the amount of $2,300,000 to be designated MUNICIPAL IMPROVEMENT BONDS1 ELECTION 1963, SERIES B, has been introducedj and WHEREAS, it is desirable that said bonds be soldj 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. 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: 2. NOTICE INVITING BIDS ON $2,300,000 GENERAL OBLIGATION BONDS OF THE CITY OF ANAHEIM, CALIFORNIA. NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of $2,300,000 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 March 14, 1967 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 March 14, 1967, at 10:00 o'clock A.M. at the City Hall of said city. ISSUE: $2,300,000 bonds designated MUNICIPAL IMPROVEMENT BONDS, ELECTION 1963, SERIES B, all dated April 1, 1967. DENOMINATIONS AND NUMBERS: The bonds will be all in the denomination of $5,000 each and will be 460 in number, numbered 1 to 460, inclusive. MATURITIES: The bonds will mature in consecutive numerical order on April 1 in the amounts for each of the 3. several years as follows: $115,000 on April 1 in each of the years 1968 to 1987, 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 Francisco, 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 last portion to be sold of bonds in the total amount of $8,900,000 authorized at an election held October 8, 1963, for the purpose of providing for waterworks, electric, storm drain and sewer acquisition and construction. 4. SECURITY: Said bonds are issued pursuant to the Charter of the City of Anaheim and Article 1, 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 of and interest on said bonds, said Municipal Bond Act of 1901 requires that the City Council shall levy and collect annually a tax sufficient to pay the interest on said bonds as it falls due and to constitute a sinking fund for payment of the principal amount of said bonds on or before maturity. Said tax shall be in addition to all other taxes levied for municipal purposes and shall be levied and collected as other city taxes. 5. Rev. 12/64-4 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 a multiple of 1/8 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. Each bond must bear interest at the rate specified in the bid from its date to its fixed maturity date. Only one coupon will be attached to each bond for each install- ment of interest thereon, and bids providing for additional or supplemental coupons will be rejected. Not more than three (3) interest rates may be bid. The repetition of any rate will not be considered the bidding of an additional rate. The rate on any maturity or group of maturities shall not be more than 1-1/2 ~ higher than the interest rate on any other maturity or group of maturities. 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 speci- fied 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. 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, 6. 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 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 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 pro- posals; provided that the award may be made after the expira- tion 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 and Funds for Payment: 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. Payment for said bonds shall be made by a certified or cashier's check on a bank or trust company doing business in the state of California. 7. Rev 0 12/64-6 Prompt Delivery; Cancellation for Late Delivery: It is expected that said bonds will be delivered to the 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 herein fixed for the receipt of bids, and in such event the successful bidder shall be en- titled to the return of the check accompanying his bido 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 B. II 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 check accompany- ing any accepted proposal shall be applied on the purchase price or, if such proposal is accepted but not performed, unless such failure of performance shall be caused by any act or omission of the city, shall then be cashed and the proceeds 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 8. Rev. 12/64-7 may disaffirm and withdraw the proposal if the interest received by private holders from bonds of the same type and 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 time of delivery of the bonds, at the expense of the city. A copy of such opinion, certified by an officer of the city by his facsimile signature will be printed on the back of each bond. No charge will be made to the purchaser for such printing or certification. 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 , 19 67. City Clerk of the City of Anaheim, California 9. 3/6:5-2 Section 4. That the City Clerk is hereby authorized and direoted also to publish said notice (or an advertisement referring thereto) once in the BOND BUYER" a finanoial journal published in New York, New York, but failure to pqblish said notice or advertise- ment in the BOND BUYER or any defect in such publication shall not invalidate or in any manner affect the pro- ceedings for the sale of the bonds. 10. AOOPTED, SIGNED AND APPF\OVED this 7th day of February 19 67 . ~ C ) e~t~ Anaheim I California. (SEAL ) 11. STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF ANAHEIM l ss. 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 7th day of February 19~, and that it was so adopted as follows: , AYES: Councilmen Pebley, Schutte, Chandler, and Krein NOES: ABSENT: Councilmen None Councilmen Dutton (SEAL) ~~?l:d' y Cler 'of t~ Anaheim, California I, DENE M. WILLIAMS, City Clerk of the City of Anaheim, do hereby certify that the foregoing is the original of Resolution No. 67R-76 duly passed and adopted by the Anaheim City Council on February 7, 1967. ~k ~~:.,~~-' City Clerk