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CC RESOLUTION 98RESOLUTION NO. 98 A RESOLUTION OF THE BOARD OF TRUSTEES OF THE CITY OF EL SEGUNDO, CALIFORNIA, DIRECT- ING THE CITY CLERK OF SAID CITY OF EL SEGUNDO TO ADVERTISE FOR PROPOSALS FOR THE PURCHASE OF MUNICIPAL BONDS, TO GIIT: SEWER BONDS, ELECTION 19259 OF SAID CITY OF EL SEGUNDO, AND DECLARING ITS INTENTION TO SELL $200,000.00 PAR VALUE OF THE SAME. The Board of Trustees of the City of E1 Segundo, California, do hereby resolve and determine as follows: SECTION 1. That it is the intention of the Board of Trustees of the City of E1 Segundo, California, to sell at public sale on Friday the 14th day of August, A. D., 1925, at the hour of 8:00 o'clock P. M., Two Hundred (200) Municipal Bonds, Election 1925, of the City of E1 Segundo, California, to wit: Sewer Bonds, Election 1925, authorized by an election held in the City of E1 Segundo, California, on the let day of May, A. D., 1925, and issued as provided by Ordinance TTo. 116, of the said City of E1 Segundo; the denomination of each of which bonds is the sum of $1,000.00 and the total aggregate par value of which said bonds is the sum of $200,000.00; and bids or proposals for the purchase of the same will be received until the 14th day of August, 1925, at the hour of 8:00 o'clock P. M. of said day, in accordance with the notice hereinafter set forth; SECTION 2. That the City Clerk be and he is hereby directed to publish by two insertions in the E1 Segundo Herald, a weekly newspaper of general circulation printed, published and circulated in said City of E1 Segundo, California, a notice inviting proposals of bids for the purchase of certain municipal bonds of said City, to wit: Sewer Bonds, Election 1925, which said notice shall be in the following form, to wit: 1- NOTICE OF SALE OF MUNICIPAL BONDS, TO WIT: SEWER BONDS, ELECTION 1925, OF THE CITY OF EL SEGUNDO, CALIFORNIA. NOTICE IS HEREBY GIVEN that the Board of Trustees of the City of E1 Segundo, California, will receive sealed bids or proposals, until the hour of eight o'clock, P. M. of Friday the 14th day of August, A. D., 1925, to purchase the following municipal bonds, Election 1925, of the City of E1 Segundo, California, to wit: Sewer Bonds, Election 1925, in the sum of Two Hundred Thousand Dollars ($200,000.00) said sewer bonds to be sold at this time are two hundred (200) in number, and the denomination of each of said bonds is the sum of $1,000.00. The interest rate upon the same has not as yet been fixed, but will be fixed at the time the award is made in accordance with the plan hereinafter set forth. Interest is payable semi - annually on the second day of January and the second day of July of every year. Said bonds are dated the second day of July, A. D., 1925, and are payable in the manner following, to wit: said bonds are payable at the office of the City Treasurer of the City of E1 Segundo, California, in the order of their numbers and as follows: Ten (10) of said bonds on the 2nd day of July, 1926, Ten (10) of said bonds on the 2nd day of July, 1927, Ten (10) of said bonds on the 2nd day of July, 1928, Ten (10) of said bonds on the 2nd day of July, 1929, Ten (10) of said bonds on the 2nd day of July, 1930, Ten (10) of said bonds on the 2nd day of July, 1931, Ten (10) of said bonds on the 2nd day of July, 1932, Ten (10) of said bonds on the 2nd day of July, 1933, Ten (10) of said bonds on the 2nd day of July, 1934, Ten (10) of said bonds on the 2nd day of July, 1935, Ten (10) of said bonds on the 2nd day of July, 1936, Ten (10) of said bonds on the 2nd day of July, 19379 Ten (10) of said bonds on the 2nd day of July, 19380 Ten (10) of said bonds on the 2nd day of July, 1939, Ten (10) of said bonds on the 2nd day of July, 1940, Ten (10) of said bonds on the 2nd day of July, 1941, Ten (10) of said bonds on the 2nd day of July, 1942, Ten (10) of said bonds on the 2nd day of July, 1943, Ten (10) of said bonds on the 2nd day of July, 1944, Ten (10) of said bonds on the 2nd day of July, 1945. 2- J ! No proposals for the purchase of said bonds will be considered unless par value, together with accrued inter- est to date of delivery, in addition to any premium, is offered; but any bid will be construed as offering par value plus accrued interest to date of delivery, in ad- dition to any premium offered, whether the bids or pro- posals set forth the same explicitly or not. All proposals must specify the rate of interest which will be paid on said bonds, which must not exceed 6% per annum, payable semi annually, and such interest rates must be the same on all bonds offered for sale at this time. The interest rate of said bonds will be fixed by the Board of Trustees in accordance with the rate specified in the proposal which is accepted. Said bonds will be ready for delivery on or after the lot day of September, A. D., 1925, and will be delivered at the office of the City Treasurer, in said City of E1 Segundo, or at any other designated place, upon the payment by the purchaser of all expenses incurred for the delivery of said bonds and transfer of the money necessary to make delivery and payment equivalent to a transfer at the office of the City Treasurer in said City of E1 Segundo, California. Proposals shall be filed with the City Clerk of said City of E1 Segundo, California, and marked "Proposal for the Purchase of Sewer Bonds, Election 1925 ", and shall be accompanied by a certified or Cashier's Check payable to the order of the City Treasurer of the Cit_v of E1 Segundo, California, in an amount equal to 0 of the total amount of the bonds bid upon, as a guarantee that the bidder will purchase and pay for said bonds in accordance with his pro- posal in the event the same is accepted. All of said checks will be returned after the award is made, except that of the purchaser. The check of such purchaser will be returned at the consummation of the purchase and sale of said bonds. All proposals which do not substantially comply with the foregoing requirements, in the opinion of the Board of Trustees of the City of E1 Segundo, will not be consider- ed and the said Board hereby reserves the right to reject any and all proposals or bids received, and to readvertise the sale of said bonds, in its discretion. All proceedings for the issuance of said bonds will be approved by O'Melveney, Millikin, Tuller & Macneil, of Los Angeles, California, Attorneys at Law, and the opinion of said firm approving the legality of said bonds will be furnished the purchaser thereof. The assessed valuation of non - operative property within the City of E1 Segundo according to the equalized assessment rolls of the year 1924 to 1925 is $14,774,070.00 and the total outstanding bonded indebtedness of said city exclusive of this proposed issue is $186,500.00. By order of the Board of Trustees of the City of E1 Segundo, California, made at a regular meeting of said Board, held on the 24th day of July, A. D., 1925. Victor D. McCarth City Clerk and ex- officio Clerk of the Board of Trustees of the City of E1 Segundo, California. By. Neva M. Else Deputy SB©TION 3. The City Clerk shall certify to the passage of this resolution, shall enter the same in the Book of Resolutions of the City of El Segundo, and shall make a minute of the passage thereof, in the records of the proceedings of the meeting at which the same is passed and adopted. Passed, approved and adopted this 24th day of July, A. D., 1925. ATTEST; City of E1 Segundo, California. Victor D. MoCarthy, City Clerk By rrI Pu y• 4- STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ; $S. CITY OF EL SEGUNDO ) I, VICTOR D. MoCARTHY, City Clerk of the City of E1 Segundo, California, do hereby oertify that the whole number of members of the Board of Trustees of the said City, is five; that the foregoing resolution, being Resolution No. 98 , was passed and adopted by the said Board of Trustees, approved and signed by the President of the said Board, and attested by the City Clerk of said City, all at a regular meeting of the said Board held on the 24th day of July, A. D., 1925, and that the same was so passed and adopted by the following vote: AYES: TRUSTEES Anderson, Cannon, Gerow, Love and Binder, NOES. TRUSTEES None. ABSENT: TRUSTEES None. (SEAL) Victor D. McCarthv City Clerk of the City of E1 Segundo, California By De y 5-