CC RESOLUTION 11326320
RESOLUTION NO. 1132.
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF EL SEGUNDO, CALIFORNIA, DIRECTING THE
CITY CLERK TO PUBLISH NOTICE INVITING SEALED
PROPOSALS FOR $500000 WATERWORKS BONDS, ELEC-
TION 1948, SERIES 30 OF SAID CITY.
WHEREAS, an ordinance, being Ordinance No. 384 _,
providing 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 3, has been
introduced; and
WHEREAS, it is desirable that $50,000 of said bonds, be-
ing bonds Nos. 1 to 50, inclusive, be sold;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EL SEGUNDO
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. That said $50,000 of bonds, numbered 1 to 50,
inclusive, be sold and that sealed bids or proposals for the pur-
chase 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 autho-
rized and directed to publish said notice once in the EL SEGUNDO
HERALD, a weekly newspaper of general circulation published in said
city.
follows:
SECTION 3. That said notice shall be substantially as
NOTICE INVITING BIDS FOR $50,000
BONDS OF THE CITY OF EL SEGUNDO,
CALIFORNIA.
NOTICE IS HEREBY GIVEN that the City Council of
the City of E1 Segundo, California, will receive sealed
proposals for the purchase of $50,000 par value general
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obligation bonds of said City, at its Chambers in the
City Hall in said city, up to the hour of 7:00 o'clock,
P.M., April 4, 1951.
The bonds are designated EL SEGUNDO WATERWORKS BONDS,
ELECTION 1948, SERIES 3, are fifty (50) in number num-
bered 1 to 50, inclusive, of the denomination of 1,000
each, to be dated May 1, 1951 and are to be payable in
consecutive numerical order, $5,000 on May 1 in each of
the years 1952 to 1961, both inclusive. Said bonds are
to be payable in lawful money of the United States of
America, at the office of the City Treasurer of the City
of E1 Segundo in said city.
The bonds are general obligations of the City of E1
Segundo issued pursuant to the laws and Constitution of
the State of California and under an act sometimes referred
to as the Municipal Bond Act of 1901.
Said bonds are a portion of an authorized issue of
1950,000. $650,000 thereof, designated Series 1, and
100,000 thereof designated Series 2, have heretofore
been sold. The J50,000 of bonds now to be sold are a
ortion of Series 3 of said issue in the amount of
100,000. 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%. Only 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.
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.
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The unqualified approving legal opinion of
O'Melveny & Myers, attorneys, will be furnished the
successful bidder or bidders at or prior to the de-
livery of the bonds, at the expense of the City. At
the time of payment for and delivery of the bonds,
the City will furnish the buyer a certificate that
there is no litigation pending affecting the validity
of the bonds.
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 and to waive any irregularity or informality
in any bid, to the extent permitted by law.
The bids will be opened at the meeting of the City
Council to be held Wednesday, April 4, 1951, at 7 :00
o'clock, P.M., in the Council Chamber in the City Hall
in said city.
Given by Order of the City Council of the City of
E1 Segundo, California, adopted March 14, 1951.
(SEAL) VIGTOR D. McCARTHY
City
C1 the city o
E1 Segundo, California.
By NEVA M. ELSEY
Deputy City Clerk
ADOPTED, SIGNED AND APPROVED this 14th day of March,
1951.
ATTEST:
;IFVICTOR D. MOCARTHY
OR cleric or the city of
El Segundo, California.
By
Deputy 01ty Clark
(SEAL)
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or —�-city or
El Segundo, California.
�i J._<
STATE OF CALIFORNIA }
COMM, Or LOS ANGELES ) SS.
CITY OF EL SEGUNDO }
I, VICTOR D. McCARTHY0 City Clerk of the City of E1
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 meet-
ing of said City Council held on the 14th day of March, 1851,
and that it was so adopted by the following vote:
AYES: Councilmen Peterson, Swanson, Thompson
and Mayor Selby;
NOES: Councilmen None;
ABSENT: Councilman Gordon.
VICTOR D. MOCARTHY
City Clerk of the City of
E1 Segundo, California ��
By _ 771 . U,,a ,
puty City Cler
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