1960-6024sold;
RESOLUTION NO.
6024
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 1960, 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 1960,
SERIES A,
has 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 DRDER 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 GAZETTE,
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.
City -Not Inw.Bids,°
en, Ob 1.
NOTICE INVITING BIDS ON $6,600,000
GENERAL OBLIGATION BONDS OF THE
CITY OF ANAHEIM, CALIFORNIA.
NOTICE IS HEREBY GIVEN that sealed proposas 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., California Daylight Saving
Time, June 22, 1960.
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.
ISSUE: 6,600,000 consisting of 6,600
bonds, numbered 1 to 6,600 both inclusive, of the
denomination of $1,000 each, all dated July 15, 1960.
City/Notice Inv.Bids /Gen. i.
numerical order on
MATURITIES: The bonds will mature in consecutive
July 15 in the amounts for each
of the several years as follows: $330,000 on July 15 in
each of the years 1961 to 1980, 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.
4.
City/Notice Inv,Bids /Gen.O.
registerable only as to both principal and interest.
maturity.
REGISTRATION: The bonds will be coupon bonds
NOT CALLABLE: The bonds are not callable before
PURPOSE OF ISSUE: The bonds are the first portion
to be sold of bonds in the total amount of $10,600,000 author-
ized at an election held April 12, 1960, for the purpose of
providing for electric works additions, replacements and
improvements,waterworks improvements, central and branch
public libraries, police building, fire stations, street work
and storm drains.
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 bcli
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: The maximum rate bid may not
exceed 6% per annum, payable annually the first year
and semiannually 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 additional 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 4/0
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.
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 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.O1
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 CITY OF ANAHEIM MUNICIPAL IMPROVEMENT
BONDS, ELECTION 1960, 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 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
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
without charge to the successful bidder.
No Litigation Certificate: At the time of pay-
ment 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
Miss Beatrice M. Miller
Finance Director
City Hall
Anaheim, California.
GIVEN by order of the City Council of the City
of Anaheim, California, adopted May 17 1960.
9
DENE M. WILLIAMS
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.
$6,600,000
CITY OF ANAHEIM
CALIFORNIA
MUNICIPAL IMPROVEMENT BONDS,
ELECTION 1960, SERIES A
The City Clerk of the City of Anaheim,
California, will receive sealed bids until
10 :00 o'clock A.M., California Daylight Saving
Time, on
JUNE 22, 1960,
at the Council Chambers, City Hall, in the City
of Anaheim, California, for the sale of
$6,600,000 MUNICIPAL IMPROVEMENT BONDS, ELEC-
TION 1960, SERIES A, to be dated July 15, 1960,
maturing in consecutive numerical order in the
amounts for each of the several years as follows:
$330,000 on July 15 in each of the years 1961 to
1980, both inclusive.
The bonds will be accompanied by the approv-
ing 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
11.
ATTEST:
ADOPTED, SIGNED AND APPROVED this 1Jth of
May 19 60.
Anaheim,
(SEAL)
G Ier or Tieie City or
California
Ma ro
Anaheim
12.
the Ci y o
c
California
STATE OF CALIFORNIA
COUNTY OF ORQ.NGF
CITY OF ANAHRTM
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 day of May
1960 and that it was so adopted a follows:
AYES: Councilmen Chandler, Coons, Fry, Thompson
and Schutte.
(SEAL)
NOES: Councilmen None.
ABSENT: Councilmen: None.
C1131erk of the City of
13.
Anaheim, California