CC RESOLUTION 1305RESOLUTION NO. 1305
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF EL SEGUI)O, CALIFORNIA, SELLING
BONDS IN THE MATTER OF OPENING NEVd STREETS
THROUGH BLOCKS 107, 108, 109, 110, 111
AND 114, EL SEGUNDO SHE 2T NO. 5, IN SAID CITY
gVHEREAS, the City Council of the City of E1 Segundo, California,
in open session on the 8th day of April, 1953, did open, examine and
publicly declare all sealed proposals or bids offered for the purchase
of certain bonds in the matter of opening new streets througn Blocks
107, 108, 109, 110, 111 and 114, E1 Segundo Sheet No. 5, in said city,
dated March 2, 1953, being in the aggregate principal amount of
„'41,1145.39, the proceedings for the issuance of said bonds being had
and taken under and in accordance with the "Street OpenarZ; Act of 1903 ",
Division VI of the Streets and Highways Code of the State of California
and the "Street Opening Bond Act of 191111, being Fart 2 of Division VI
of said Code.
N(TW, THE?EFOR;,, BE I ^1 RESOLVE by the City�Council of the
City of El Segundo, California, that the bonds heretofore ordered to
be issued pursuant to Resolution No. 1274 of this City Council, adopted
on the 14th day of January, 1953, for the purpose of obtaining a
portion of the amount or amounts set forth in that certain interlocutory
judgment entered on the 22nd day of September, 1952 in Book 2435 at
Page 183 of Judgments of the Superior Court of the State of California,
in and for the County of Los An -geles, in that certain action in said
court, being Case No. Ingl. C -267, records of said Court, and entitled
"City of El Segundo, Plaintiff, vs. Oliver P. Arnold, et al., Defendants ",
all costs and expenses being chargeable to the plaintiff in said action,
and all incidental expenses incurred in the proceedings for acquisition
for the said opening of new streets tnn ugh said Blocks. Said bonds
shall extend over a period ending nine (9) years from the second day
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of July next succeeding the next April fifteenth following the date
of said bonds,and, an even annual proportion of the principal sum
thereof shall be payable by coupon on the second day of July of
every year after the date of said bonds until the whole is paid.
The interest on said bonds shall be payable semi - annually, by coupon,
on the second days of January and July respectively of each year after
the date of said bonds,at the rate of six per cent (6;%) per annum on
all sums unpaid until the whole of said principal and interest is
paid. That bonds, in the aggregate principal sum of 441,145.39 for
the said opening of new streets through said Blocks in the City of
a Segundo, California, dated March 2, 1953, have been issued for
said puraoses, and reference is hereby made to the Ordinance of
Intention No. 350, adopted by the City Council of the City of El Segundo
on the 30th day of March, 1949, and to all other ordinances, resolutions,
orders, papers and proceedings for a description of the property to
be acquired and for all details in connection therewith. Said bonds,
except as to the rate of interest thereon, are described in said
Ordinance of Intention No. 350.
It is hereby found and determined that Gross, Rogers,
Barbour, Smith & Co.
is the highest and best responsible bidder, for cash, for the purchase
of Bonds Nos. 1 to 36, both inclusive, and Bonds Nos. 43 to 63, both
inclusive, in the aggregate amount of $37,845.39, and the premium
offered, if any; that the said Gross, Rogers, Barbour, Smith & Co.
did bid for said Bonds Nos. 1 to 36, both
inclusive, and Bonds Nos. 43 to 63, both inclusive, the amounts of
the assessments for which said bonds were issued, and in addition
thereto a premium in the sum of Three Hundred Forty -Six and no /100
Dollars ($6346.00 ), and did offer to purchase said bonds at said
sum and at the rate of interest of six per cent (60) per annum. That
the said bid of Gross, Rogers, Barbour, Smith & Co.
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for the said bonds (except Bonds Nos. 37 to 42, both inclusive, in
the amount of $3300.00) is the most advantageous bid received and
is to the advantage of the City and the District.
BE IT FURTHER RESOLVED, that the bids of all other bidders
for the purchase of said bonds be, and the same are, hereby rejected
and that the said offer of said _ Gross, Rogers, Barbour, Smith
& Co. for said Bonds Nos. 1 to 36, both inclusive,
and Bonds Nos. 43 to 63, both inclusive, is hereby accepted and that
the said City Council cb es hereby sell said bonds to Gross, Rogers,
Barbour, Smith & Co. for the sum
of 137,845.39, being the amounts of the assessments for which said
enumerated bonds were issued, and in addition thereto, for a premium
of Three Hundred Forty —Six and no /100 Dollars ($G 346.00 ).
That the City Treasurer, City Clerk and the Mayor of the
City of E1 Segundo, California, be, and they are, hereby ordered and
directed to use the proceeds of the sale of said bonds aforesaid,
together with the cash collections made by the Superintendent of
Streets of said City, upon the assessments made to cover the costs
and expenses of opening new streets through Blocks 107, 108, 109, 110,
111 and 114, Ell Segundo Sheet No. 5, in said City insofar as necessary
for the purpose of paying the awards pursuant to said interlocutory
judgment aforesaid, all costs and expenses chargeable to the plaintiff
in said action, and all incidental expenses incurred in the proceedings
for the opening of new streets through said Blocks, and for the
further purpose of refunding to the General Fund of the City of E1 Segundo
any monies advanced by said city for the purpose of paying incidental
expenses incurred in the proceedings.
That the City Clerk shall certify to the passage and adoption
of this resolution; shall enter the same in the Book of Resolutions
of said city, and shall make a minute of the adoption thereof in the
records of the proceedings of the City Council of said city in the
minutes of the meeting at which the same is passed and adopted.
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PASSED, APPROVBD AND ADOPTM this 8th day of
Anri.l , 1953.
'Mayor of e -�
City of El Segundo, ifornia
ATTEST:
iyGIs=
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) SS
CITY OF EL SEGUNDO )
I, Neva M. Elsey, City Clerk of the City of El Segundo,
California, do hereby certify that the whole number of members
of the City Council of said city is five; that the foregoing
resolution, being Resolution No. 1305 , was duly passed and
adopted by the said 0ity Council , approved and signed by the
Mayor of said city, and attested by the City Clerk of said city,
all at a regular meeting of the said City Council held on the
_ 8th day of April , 1953, and that the same was so
passed and adoptedby- the "following vote:
AYES: Councilmen Baker, Gordon, Peterson,
Swanson and Mayor Selby;
NOES: Councilmen None;
ABSENT: Councilmen None.
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