CC RESOLUTION 1199RESOLUTION NO. 1199
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF EL SEGUNDO, CALIFORNIA, DIRECTING
THE CITY CLERK TO PUBLISH NOTICE INVITING
SEALED PROPOSALS FOR $50,0('0 WATERWORKS
BONDS, ELECTION 1948, SERIES 3 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
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 number 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 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 Cle -k be and she i5 hereby
authorized and directed to piblish said notice once in the FL
SEGUND HERALD, a weekly newspaper of general circulation published
I
n said city.
follows:
Section 3. That said notice shall be substantially as
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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., December 12,
1951.
The bonds are designated EL SEGUNDO WATERWORKS BONDS,
ELECTION 1948 SERIES 3, are fifty (50) in number, numbered
51 to 100, inclusive, of the denomination of $1,000 each,
to be dated May 1, 1951, and to be payable in consecutive
numerical order, $5,000 on May 1 in each of the years 1962
to 1971, 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 (5F) per annum, payable semiannually.
The bond- are payable in lawfal 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, and
$100,000 thereof, designated Series 2, have heretofore been
sold. The $50,000 of bonds now to be sold are a portion of
Series 3 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 exten-
sions 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 (5f) per annum, payable
semiannually, at which the bidder offers to buy said bond=. 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 con-
sidered. The bonds shall be sold for cash only and for not less
than par and accrued interest to date of delivery.
A certified or cashierts 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 7,1 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 performance shall be caused by any act or omission
of the City of El Segundo, shall then be retained by the City. The
check accompanying each unaccepted proposal will be returned
promptly.
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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.
The unqualified approving legal opinion of 0*Melveny &
Myers, attorneys, will he furnished the successful bidder, or
bidders at or prior to the delivery of the bonds, at the expense
of the City. At the time of psyment 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 El Segundo.
The City Council reserves the right to reject any or all
bids or to waive any irregularity or informality in any bid,
to the extert permitted by law.
The bids will be opened at the meeting of the City Council
to be held Wednesday, December 12, 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 El
Segundo, California, adopted November 14, 1951.
(SEAL)
1951.
Cit-r Clerk of the City of
El Segundo, California.
ADOPTED, SIGNED AND APPROVED this 14th day of November,
I
Mayor of the City o-'
El Segundo, California.
ATTEST:
City Clerk of the City o
El Segundo, California.
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(SEAL)
•
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES
CITY OF EL SEGUNDO )
I. NEVA M. ELSEY, 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 sai,' City Council held on the Lath day of November, 1951, and
that it was so adopted by the following vote:
AYES: Councilmen Gordon, Peterson, Swanson,
Thompson and Mayor Selby;
NOES: Councilmen 'lone;
ABSENT:
(SEAL)
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF EL SEGUNDO
Councilmen None.
) s5,
City Clerk of the City o
E1 Segundo, California.
I, NEVA M. ELSEY, City Clerk of the City of E1 Segundo,
California, DO HEREBY CERTIFY that the above and foregoing is a
full, true and correct copy of Resolution No. 1199and that the
same has not been amended or repealed.
Dated: November 14th , 1951.
(SEAL)
City Clerk of the City of
E1 Segundo, California.
61909