CC RESOLUTION 1090RESOLUTION NO. 1090
RESOLTT T ION OF THi CITY COUNCIL OF ",E
CITY OF LL SEG'U^;DC, CALIFORYlk, DIRECT -
ING THS CITY CLERK TO ^UrLISH NOTICE
INVI='G 3El.LE'D PROPOSALS FOR $50,000
71JtiTMVORhS BOTTDS, ELECTION 1048, SERIES
21 OF SIID CITY.
WHE.P.El'0. an ordinance providing for the issuance of
bonds of the City of El Segundo in the amount of one hundred
thousand dollars ($100,000) to be designated ",ATER 'ORKS BONDS,
ELECTION 1948, 3rRIES 2, nas been introduced; and
!HERE,'3, it is desirable that 6f50,000 of said bonds,
being bonds Nos. 1 to 50, inclusive, be sold;
YMI, TEER FO-Z, the City Council of the City of El
Segundo DOES H_RER" R:LSOLVT', DETPRMIDIE ri'T') ORDER as follows:
SECTION 1. That >aid ;1,501000 of bonds be sold and
that staled bids or proposals for the purchase of said bonds
be received up to the time stated in the notice hereinafter set
forth.
SECTION 2. That the City Clerk be and he is hereby
authorized and directed to publish said notice once in the EL
SEGUNDO H RaD, a weekly newspaper of general circulation pub-
lisped in said city.
SECTION 3. That said notice shall be substantially
as follows:
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i${{�� iI
6944
NOTICE INVITING BIDS ON '"e'50, 000
BONDS OF THE CITY OF ],L SEGUNTDO,
C =' LIFC?iTIn.
NOTICE IS FEREBY GIVEN that sealed proposals for the
purchase of $50,000 par value general obligation bonds of
the City of El Segundo, California, will be received at the
office of the City Clerk of said City in the City Hall there-
of up to the hour of 7:00 o'clock, P.M., California Daylight
Saving lime, August 23, 1950.
The bonds are designated Ej_ 12'GJND0' lu'= ,ORiS BOND;,
ELECTIOP: 1948, SERIES 2, are fifty (50) in number, numbered
1 to 50, inclusive, of the denomination of 1-1,000 each, to
be dated 1 =ugust 1, 1950, and to be payable in consecutive
numerical order, x%5,000 on August 1 in each of the sears
1951 to 1960) both inclusive. Said bonds are to bear in-
terest at a rate to be determined upon the sale thereof, but
not to exceed five per cent (5%) per annum, payable semi-
annually. The bonds are payable in lawful money of the
United states of America at the office of the City Treasurer,
E1 Segundo, California.
Said bonds are a portion of an authorized issue of
X950,000, $650,000 thereof, designated Series 1, have here-
tofore been sold. The x%50,000 of bonds now to be sold are
a portion of aeries 2 of said issue in the amount of $100,000.
Said bonds are to be i,sued for the purpose of providing ad-
ditions to and extensions and improvements of the waterworks
system of said city.
Each bid shall state that the bidder offers par and
accrued interest to date of delivery, the premium, if any,
and the interest rate, not to exceed five per cent (5 >'�) per
annum, payable semiannually, at which tiie bidder offers to
buy said bonds. Said rate must be a multiple of 1/4 of 1 %.
Not more than one interest rate may be bid. No bid for a
part of ss_zid bonds „gill be considered. The bonds shall be
sold for cash only ,qn5 for not less than par and accrued
interest to date of delivery.
_� certified or casnier's check on a responsible bank
or tr,ist company, in the amount of three per cent (3;13) of
the principal amount of the bonds bid for, payable to the
order of the City of 21 Segundo, raust accompany each pro-
posal as a guaranty that the bidder, if successful, �vill
accept and pay for said bonds in accordance odith the terms
of his bid. The proceeds of the cheo< accompanying any ac-
cepted proposal shall be applied on the purclase price or,
if such ,roposal is accepted but not performed, unless such
failure of performance shall be caused by any act or omission
of the City of El Segsndo, shall then be retained by tna City.
The check, accompanying each unaccepted proposal will be re-
turned nromptly.
The opinion of O'Pv.elveny & Yyers, a;.torneys, ap;,roving
the validity of said bonds %ill ba furnished the successful
bidder at or prior to the date of delivery of the bonds, at
the expense of the City.
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GWI 1
Payment nor and delivery of sai' bon3s sh311 be
made in the office of the City Treasur -r of t,h: City
of -�31 Segundo.
The City Council reserves the richt 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 `°iednesday, August 23, 1950, at 7:00
o'clock, P,.,,, California DavliCl -t aavins Time, in the
Council Cha:,,ber in the City Hall.
Given by Order of the City Council of the City of
E1 Segundo, California, adopted July 26, 1950.
City Clerk of the City of
Ei bcgundo, California.
A-)OPTED, SIGNED . °LL\L .',,PPROV7D this 26th day of July,
1950.
Mayor of the City of
4ES, Segundo, Califor .
erk of tV of
E1 Segundo, California.
(SE'.L)
FT'.TE Or C_'.IIFOPYI,,, )
COUNTY OF LOC ANG:EL+S,
CITY OF EL SEGUNDO. )
I, VICTOR D. A!cC:.RTT:Y, City Clerk
Segundo, California, do hereby certify that
lution was duly adopted by the City Council
was approved by the Layer of said City at a
:aid City Council held on the 26th day of J
it was so adopted by the following vote:
of the City of '11
the foregoing reso-
of said City and
regular meeting of
ply, 1950, and that
AYE'S: Councilmen Gordon. Swenson. Thompson and
Mayor Selby.
SOTS: Councilmen None.
A3dEI,TT: Councilmen Peterson.
v
ity Clerl of the ity o E1
Segundo, California,
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