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1961-6701RESOLUTION NO. 6701 sold; RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM, CALIFORNIA, DIRECT- ING THE CITY CLERK TO PUBLISH NOTICE INVITING SEALED PROPOSALS FOR $1,785,000 MUNICIPAL IMPROVEMENT BONDS, ELECTION 1960, SERIES B, AND FOR $1,400,000 PARK ACQUISITION AND IMPROVEMENT BONDS, 1961, OF SAID CITY. WHEREAS, ordinances providing for the issu- and of bonds of the City of Anaheim, California, in the amount of $1,785,000 to be designated "MUNICIPAL IMPROVEMENT BONDS, ELECTION 1960, SERIES B," and in the amount of $1,400,000 to be designated "PARK ACQUISITION AND IMPROVEMENT BONDS, 1961," have been introduced; and WHEREAS, it is desirable that said bonds be 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 THE BULLETIN a newspaper of general circulation published in said city. 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 relat- ing 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 $3,185,000 GENERAL OBLIGATION BONDS OF THE CITY OF ANAHEIM, CALIFORNIA. NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of $3,185,000 par value general obliga- tion 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., Wednesday, April 12, 1961. 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. ISSUES: The bonds to be sold consist of two issues. Bidders must bid for both issues. MUNICIPAL IMPROVEMENT BONDS, ELECTION 1960, SERIES B, $1,785,000 consisting of 1,785 bonds, numbered 1 to 1,785, both inclusive, being the second series (Series B) of a total authorized amount of $10,600,000, and PARK ACQUISITION AND IMPROVEMENT BONDS, 1961, $1,400,000 consisting of 1,400 bonds, numbered 1 3. to 1,400, both inclusive, of the denomination of $1,000 each, all dated May 1, 1961. MATURITIES: The bonds will mature in consecutive numerical order on May 1 in the amounts for each of the several years as follows: MUNICIPAL IMPROVEMENT BONDS, ELECTION 1960, SERIES B $85,000 on May 1 in each of the years 1962 to 1964, both inclusive, and $90,000 on May 1 in each of the years 1965 to 1981, both inclusive. PARK ACQUISITION AND IMPROVEMENT BONDS, 1961, $70,000 on May 1 in each of the years 1962 to 1981, both inclusive. INTEREST: The bonds shall bear interest at a rate or rates to be fixed upon the sale thereof but not to exceed 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 registerable only as to both principal and interest. 4. before maturity. NOT CALLABLE: The bonds are not callable PURPOSE OF ISSUES: The MUNICIPAL IMPROVEMENT BONDS, ELECTION 1960, SERIES B, are the second portion to be sold of bonds in the total amount of $10,600,000 authorized at an election held April 12, 1960, for the purpose of providing for waterworks improvements, central and branch public libraries, fire stations and storm drains. The PARK ACQUISITION AND IMPROVEMENT BONDS, 1961, were authorized at an election held November 8, 1960, for the purpose of the acquisition and clearing of park sites and the construction of park improvements. SECURITY: Said bonds are issued pursuant to 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 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 that 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 purposes and shall be levied and collected as other city taxes. 5. TERMS OF SALE Interest Rate: Bidders shall state separately the interest rate of rates for each issue. The maximum rate bid may not exceed 6% per annum, payable annually the first year and semiannaully 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. Not more than three interest rates may be bid. The repetition of any rate will not be considered the bidding of an addi- tional rate. 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 con- sidered 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, 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 6. City Bonds 0/0 Notice Inv. Bids 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. Piave of Deliverys 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 for Late Delivery: It is expected that said bonds will be delivered to the successful bidder within thirty 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 7. City/Notice Inv,Bids /Gen.Obl shall fail to execute the bonds and tender them for delivery within sixty 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 MUNICIPAL IMPROVEMENT BONDS, ELECTION 1960, SERIES B, and PARK ACQUISITION AND IMPROVE- MENT BONDS, 1961. 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 performance 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 character shall be declared to be taxable income under present federal income tax laws, either by a ruling of the 8. Bureau of Internal Revenue 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 the legal opinion certified by an officer of the city by his facsimile signature will be printed on the back of each bond with- out 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 informa- tion concerning the city should be addressed to Miss Beatrice M. Miller Finance Director City Hall Anaheim, California. GIVEN by order of the City Council of the City of Anaheim, California, adopted 1961. DENE M. WTT.LIAMS City Clerk of the City of Anaheim, California Section 5. That the City Clerk is also hereby directed to cause an advertisement to be published once in THE BOND BUYER, a financial journal published in New York, New York, but failure to publish said advertise- ment in THE BOND BUYER or any defect in such publication shall not invalidate or in any manner affect the proceed- ings for the sale of the bonds. Section 6. That said advertisement shall be substantially as follows: 10. j y c c CITY OF ANAHEIM CALIFORNIA $3,185,000 GENERAL OBLIGATION BONDS The City Clerk of the City of Anaheim, California, will receive sealed bids until 10 :00 o'clock A.M., APRIL 12, 1961, at the Council Chambers, City Hall, in the City of Anaheim, California, for the sale of $3,185,000 general obligation bonds consisting of two issues, to wit: $1,785,000 MUNICIPAL IMPROVEMENT BONDS, ELECTION 1960, SERIES B, maturing in consecutive numerical order in the amounts for each of the several years as follows: $85,000 on May 1 in each of the years 1962 to 1964, both inclusive, and $90,000 on May 1 in each of the years 1965 to 1981, both inclus3ve, and i PARK ACQUISITION AND IMPROVEMENT BONDS, 1961, maturing in consecutive numerical order in the amounts for each of the several years as follows: $70,000 on May 1 in each of the years 1962 to 1981, both inclusive, all bonds to be dated May 1, 1961. The bonds will be accompanied by the approving opinion of O'Melveny Myers, Los Angeles, California. The interest rate at which the bonds may be sold, the amount of the bid check and other items are set forth in the Notice Inviting Bids. Upon request a copy of the Notice Inviting Bids and of the Official Statement will be furnished by Miss Beatrice M. Miller, Finance Director, City Hall, Anaheim, California. DENE M. WILLIAMS City Clerk of the City of Anaheim, California 1 ADOPTED, SIGNED AND APPROVED this 28th day of February 19 61. ATTEST, C y Clerk of to lDity of Anaheim, California (SEAL) Mayor or Anaheim, 12. e City o California STATE OF CALIFORNIA COUNTY OF ORANGE ss. CITY OF ANAHEIM 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 28th day of February 19 61, and that it was so adopted as follows: (SEAL) AYES: Councilmen Chandler, Coons, Fry, Thompson, NOES: Councilmen None ABSENT: Councilmen None 13. and Schutte City C erk or the City of Anaheim, California