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1954-2598RESOLUTION NO. 2598 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM, CALIFORNIA, DIRECTING THE CITY CLERK TO PUBLISH NOTICE INVITING SEALED PROPOSALS FOR $3,500,000 BONDS OF SAID CITY. WHEREAS, the City Council of the City of Anaheim, California, has in- troduced an ordinance providing for the issuance of bonds of said city in the amount of $3,500,000 to be designated MUNICIPAL IMPROVEMENT BONDS, 1955; 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 hereinafter 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 in said city, such publication to be at least ten (10) days prior to January 11, 1955. Section 3. That said notice shall be substantially as follows: NOTICE INVITING BIDS ON $3,500,000 MUNICIPAL IMPROVEMENT BONDS, 1955, OF THE CITY OF ANAHEIM, CALIFORNIA. NOTICE IS HEREBY GIVEN that the City Council of the City of Anaheim, California, will receive sealed proposals for the purchase of $3,500,000 par value general obligation bonds of said city, at its Council Chamber in the City Hall in the City of Anaheim, California, up to the hour of 8:00 o'clock P.M., Tuesday, January 11, 1955. The bonds on which sealed bids will be received are $3,500,000 bonds of the City of Anaheim which are designated MUNICIPAL IMPROVEMENT BONDS, 1955, are three thousand five hundred in number, numbered 1 to 3,500, inclusive, of the denomination of $1,000 each, to be dated February 1, 1955, and are payable in consecutive numerical order, $175,000 on February 1 in each of the years 1956 to 1975, both inclusive. Said bonds are to bear interest at a rate or rates to be determined upon the sale thereof, but not to exceed six per cent (6 per annum, payable annually for the first year and semiannually thereafter. The 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 the main office of Bank of America National Trust and Savings Association in Los Angeles, California, or at any fiscal agency of said city in Chicago, Illinois, or in New York, New York, at the option of the holder thereof. Said bonds were authorized at an election held October 14, 1954, and are to be issued to provide funds, $1,400,000 for additions to and improvements of the waterworks system, $900,000 for additions to and improvements of the sewage disposal system, and $1,200,000 for street work. -1- (SEAL) Each bid shall state that the bidder offers par and accrued interest to date of delivery, the premium, if any, and the interest rate or rates, not to exceed six per cent (6 per annum, payable annually for the first year and semiannually thereafter, at which the bidder offers to buy said bonds. Each rate bid must be a multiple of 1/4 of 1 Not more than three interest rates may be bid. No bid for part of said bonds will be considered. No bond shall bear more than one interest rate. The bonds shall be sold for cash only and for not less than par and accrued interest to date of delivery. A certified or cashier's check on a responsible bank or trust company in the amount of three per cent (3%) of the principal amount of the bonds, payable to the order of the City of Anaheim,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 of Anaheim, shall then be retained by the city. The check accompanying each unaccepted proposal will be returned promptly. At any time before the bonds are tendered for delivery the 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 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. The unqualified legal opinion of O'Melveny Myers, attorneys, approving the validity of said bonds will be furnished the sucessful bidder at or prior to the date of delivery of the bonds, at the expense of the city. 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 said bonds. Payment for and delivery of said bonds shall be made in the office of the City Treasurer of the City of Anaheim. The City Council reserves the right to reject any or all bids or to waive any irregularity or informality in any bid. The bids will be opened at the meeting of the City Council to be held Tuesday, January 11, 1955, at 8:00 P.M., in the Council Chamber in the City Hall in the City of Anaheim, California. GIVEN by order of the City Council of the City of Anaheim, California, adopted December 14, 1954. ADOPTED, SIGNED AND APPROVED this 14th day of December 1954. Mayor of the City Anaheim, California -2- DENE M. WILLIAMS City Clerk of the City of Anaheim, California. ATTEST: 7"1-7 7 City Clerk of the City of Anaheim, California. (SEAL) 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 14th day of December, 1954, and that it was so adopted by the following vote, to wit: AYES: COUNCILMEN: Pearson, Fry, Schutte, Wisser and Van Wagoner. NOES: COUNCILMEN: None. ABSENT: COUNCILMEN: None. (SEAL) STATE OF CALIFORNIA COUNTY OF ORANGE ss. CITY OF ANAHEIM City Clerk of the City of Anaheim, California. I, DENE M. WILLIAMS, City Clerk of the City of Anaheim, California, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. 2598 and that the same has not been amended or repealed. (SEAL) DATED: December 15, 1954. City Clerk of the City of Anaheim, California.