CC RESOLUTION 1108RESOLUTION NO. 1108.
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF EL SEGUNDO, CALIFORNIA, DIRECT-
ING THE CITY CLERK TO PUBLISH NOTICE
INVITING SEALED PROPOSALS FOR $500000
WATERWORKS BONDS, ELECTION 1948, SERIES
2, OF SAID CITY.
WHEREAS, an ordinance, being Ordinance No. 371,
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 WATERWORKS BONDS, ELECTION 1948, SERIES 29 has been
adopted; and
WHEREAS, $50,000 of said bonds have heretofore been
sold and it is desirable to sell the remaining $50,000 of said
bonds, being bonds numbered 51 to 100, inclusive;
NOW, THEREFORE, the City Council of the City of E1
Segundo DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
SECTION 1. That said $502000 of bonds numbered 51
to 100, inclusive, 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 he is hereby
authorized and directed to publish said notice once in the EL
SEGUNDO HERALD, a weekly newspaper of general circulation pub-
lished in said city.
SECTION 3. That said notice shall be substantially
as follows:
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NOTICE INVITING BIDS ON $50,000
BONDS OF THE CITY OF EL SEGUNDO,
CALIFORNIA.
NOTICE IS HEREBY GIVEN that sealed proposals for the
purchase of $50,000 par value general obligation bonds of
the City of E1 Segundo, California, will be received at the
office of the City Clerk of said City in the City Hall
thereof up to the hour of 7:00 o'clock, P.M., October 11,
1950.
The bonds are designated EL SEGUNDO WATERWORKS BONDS,
ELECTION 1948, SERIES 2, are fifty (50) in number, numbered
51 to 100, inclusive, of the denomination of $1,000 each,
to be dated August 1, 1950, and to be payable in consecutive
numerical order, $5,000 on August 1 in each of the years
1961 to 1970, 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
semiannually. The bonds are payable in lawful money of
the United States of America at the office of the City
Treasurer, El Segundo, California.
Said bonds are a portion of an authorized issue of
$950,000. $650,000 thereof designated Series 1, have
heretofore been sold. The 650,000 of bonds now to be
sold are a portion of Series 2 of said issue in the amount
of $100,000, $50,000 of which have also heretofore been
sold. Said bonds are to be issued for the purpose of
providing additions 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 exc®ed five per cent (5 %)
per annum, payable semiannually, at which the 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 said bonds will be considered. 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 bid for, payable to the
order of the City of E1 Segundo, must accompany each pro-
posal 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 E1 Segundo, shall then be retained
by the City. The check accompanying each unaccepted pro-
posal will be returned promptly.
Thecpinion 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.
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Payment for and delivery of said bonds shall be
made in the office of the City Treasurer of the City
of El Segundo.
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 Wednesday, October 11, 1950, at 7 :00
o'clock, P.M., in the Council Chamber in the City Hall.
Given by Order of the City Council of the City of E1
Segundo, California, adopted September 27, 1950.
Victor D. McCarb
(SEAL) C y Clerk o t e ity of Z1
Segundo, California.
ADOPTED, SIGNED AND APPROVED this 27th day of
September, 1950.
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF EL SEGUNDO )
iL /_', Z�
Mayor of the ity 1
Segundo, California.
(SEAL)
E fl-3 �i
I, VICTOR D. McCARTHY, City Clerk of the City of E1
Segundo, California, DO HEREBY CERTIFY that the foregoing reso-
lution 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 27th day of September, 1950, and
that it was so adopted by the following vote:
AYES: Councilmen Gordon, Peterson, Swanson and
Mayor Selby;
NOES: Councilmen None;
ABSENT: Councilmen Thompson.
ty Clerk of the C t of�
(SEAT) El Segundo, Califo nia.
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cS F P
RESOLUTION NO. 110$
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF EL SEGUNDO, CALIFORNIA, DIRECTING THE CITY
CLERK TO PUBLISH NOTICE INVITING SEALED PRO-
POSALS FOR $50,000 WATERWORKS BONDS, ELECTION
194$, SERIES 2, OF SAID CITY.
WHEREAS, an ordinance, being Ordinance No. 371, pro-
viding for the issuance of bonds of the City of E1 Segundo
in the amount of one hundred thousand dollars ($100,000)
to be designated WATERWORKS BONDS, ELECTION 1948, SERIES 2,
has been adopted; and
WHEREAS, $50,000 of said bonds have heretofore been
sold and it is desirable to sell the remaining $50,000 of
said bonds, being bonds numbered 51 to 100, inclusive;
NOW, THEREFORE, the City Council of the City of E1
Segundo does hereby resolve, determine and order as follows:
Section 1. That said $50,000 of bonds numbered 51
to 100, inclusive, be sold and that sealed bids or pro-
posals 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
E1 Segundo Herald, a weekly newspaper of general circula-
tion published in said city.
Section 3. That said notice shall be substantially
as follows:
NOTICE INVITING BIDS ON $50,000
BONDS OF THE CITY OF EL SEGUNDO,
CALIFORNIA.
NOTICE IS HEREBY 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
thereof up to the hour of 7:00 o'clock, P.M., October 11, 1950.
The bonds are designated EL SEGUNDO WATERWORKS BONDS,
ELECTION 1948, SERIES 2, are fifty (50) in number, numbered
-1-
(A3!:
51 to 100, inclusive, of the denomination of $1,000 each, to
be dated August 1 1950, and to be payable in consecutive
numerical order, 65,000 on August 1 in each of the years 1961
to 1970, both inclusive. Said bonds are to bear interest at
a rate to be determined upon the sale thereof, but not to
exceed five per cent (5 %) per annum, payable semiannually.
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
$950,000. $650,000 thereof, designated Series 1, have here-
tofore been sold. The $50,000 of bonds now to be sold are
a portion of Series 2 of said issue in the amount of $100,000,
$50,000 of which have also heretofore been sold. Said bonds
are to be issued for the purpose of providing additions 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 the 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 said bonds will be considered. 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 bid for, payable to the
order of the City of E1 Segundo, 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 per-
formance shall be caused by any act or omission of the City
of E1 Segundo, shall then be retained by the City. The check
accompanying each unaccepted proposal will be returnedFromptly.
The opinion of O'Melveny & Myers, attorneys, approv-
ing the validity of said bonds will be furnished the success-
ful bidder at or prior to the date of delivery of the bonds,
at the expense of the City.
Payment for and delivery of said bonds shall be made
in the office of the City Treasurer of the City of E1 Segundo.
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 Wednesday, October 11, 1950, at 7:00
o'closk, P.M., in the Council Chamber in the City Hall.
Given by Order of the City Council of the City of El
Segundo, California, adopted Peptember 27, 1950•
city uierk or to city o
(SEAL) E1 Segundo, Cal fornia.
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ADOPTED, SIGNED AND APPROVED this 27th day of Septem-
ber, 1950.
ATTEUT:
G'ity Clerk of the'CiCy-
E1 Segundo, California.
STATE OF CALIFORNIA )
COUNTY OF SOS ANGELES) SS.
CITY OF EL SEGUNDO )
r.� �
Mayor of the City of
E1 Segundo, California.
(SEAL)
I, VICTOR D. McCARTHY, City Clerk of the City of El
Segundo, 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 27th day of Septem-
ber, 1950, and that it was so adopted by the following vote:
(SEAL)
Ayes: Councilmen Gordon. Peterson. Swanson and
Mayor Selby.
Noes: Councilmen None.
Absent: Councilmen Thompson.
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