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CC RESOLUTION 1539RESOLUTION NO. 1539. RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EL SEGUNDO, CALIFORNIA, DIRECTING THE CITY CLERK TO PUBLISH NOTICE INVITING SEALED PROPOSALS FOR $300,000 BONDS OF SAID CITY. WHEREAS, an ordinance providing for the issuance of bonds of the City of E1 Segundo in the amount of $100,000, to be designated WATERWORKS BONDS, ELECTION 1948, SERIES 4, has been introduced; and WHEREAS, an ordinance providing for the issuance of bonds of the City of El Segundo in the amount of $200,000, to be designated PARK AND RECREATION BONDS, ELECTION 1954, SERIES 2, has been introduced; and WHEREAS, it is desirable that all of said bonds be sold; NOW, THEREFORE, the City Council of the City of E1 Segundo DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: Section 1. That said bonds 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 she is hereby authorized and directed to publish said notice once in the EL SEGUNDO HERALD, a newspaper of general circulation published in said city. Section 3. That said notice shall be substantially as follows: :i�ftmi V' NOTICE INVITING BIDS ON $300,000 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 $300,000 par value general obligation bonds of said city, at its Council Chambers in the City Hall in the City of E1 Segundo, California, up to the hour of 7:00 o'clock, P.M., October 13, 1955. The bonds on which sealed bids will be received consist of two separate issues of bonds as follows: (1) $100,000 bonds of the City of E1 Segundo which are designated WATERWORKS BONDS, ELECTION 1948, SERIES 4, are one hundred in number, numbered 1 to 100, inclusive, of the denomination of $1,000 each, to be dated November 1, 1955, and are to be payable in consecutive numerical order, $5,000 on November 1 in each of the years 1956 to 1975, both inclusive. Said bonds are the remaining unsold portion of a total issue of $950,000 authorized at an election held December 14, 1948, for additions to and extensions and improvements of the waterworks system of said city. (2) $200,000 bonds of the City of E1 Segundo which are designated PARK AND RECREATION BONDS, ELECTION 1954, SERIES 2, are two hundred in number, numbered 1 to 200, inclusive, of the denomination of $1,000 each, to be dated November 1, 1955, and are to be payable in consecutive numerical order, $10,000 on November 1 in each of the years 1956 to 1975, both inclusive. Said bonds are the remaining unsold portion of a total issue of $375,000 authorized at an election held November 2, 1954, for the acquisition and construction of park and recreation facilities. Said bonds are to bear interest at a rate or rates to be determined upon the sale thereof, but not to exceed five per cent (5%) per annum, payable annually for the first year and semiannually thereafter. The bonds are payable in lawful money of the United States of America at the office of the City Treasurer of the City of E1 Segundo, California, in said city. Each bid shall state that the bidder offers par and accrued interest to date of delivery and shall state the premium, if any, offered on each issue of bonds. 2. The premium on each issue must be stated separately. Each bid shall also state the interest rate or rates not to exceed five per cent (5 %) per annum, payable annually for the first year and semiannually thereafter, at which the bidder offers to buy said bonds. Each rate must be a multiple of 1/4 of 1 %. Not more than three interest rates may be bid on each issue of bonds. The rate or rates on one issue need not be the same as those on the other issue. Bids must be for the entire $300,000 bonds offered and no bid for a part of said bonds will be considered. Bids will be compared on the basis of the lowest net interest cost to the city, measured from the date of the bonds, on the ent_,e $D00,000 of bonds. The bonds shall be sold for cash only and for not less than par and accrued interest to date of del_vcry. For the information of the City Council each bidder shall state in his bid the total net interest cost, in dollars, for the entire $300,000 of bonds, and the average net interest rate determined thereby. A certified or cashier's check on a responsible bank or trust company in the amount of $9,000, payable to the order of the City of El 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 accompany- ing 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 proposal will be returned promptly. At any time before the bonds are tendered for de- livery, the bidder may disaffirm and withdraw the pro- posal 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 legal opinion 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. At the time of payment for and delivery of said bonds, the City will furnish the successful bidder a certificate that there is no litigation pending affecting the validity of said 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 or to waive any irregularity or informality in any bid. 3. �1 1 The bids will be opened at the meeting of the City Council to be held Thursday, October 13, 1955, at 7:00 o'clock, P.M., in the Council Chambers in the City Hall in the City of E1 Segundo, California. Given by Order of the City Council of the City of E1 Segundo, California, adopted September 7, 1955. NEVA M. ELSEY City Clerk of the City of (SEAL) E1 Segundo, California. ADOPTED, SIGNED AND APPROVED this 7th day of September, 1955• �" ga ayor„or� the City or E1 Segundo, California. ATTEST: city Clerk or e city E1 Segundo, California. (SEAL) STATE OF CALIFORNIA COUNTY OF LOS ANGELES as. CITY OF EL SEGUNDO I. NEVA M. ELSEY, City Clerk of the City of E1 Segundo, California, DO HEREBY CERTIFY that the foregoing resolution was duly adopt ec�oby4he City Council of said City and was approved by the Mayor, off said City at an adjourned regular meeting of said City Council held on the 7th day of September, 1955, and that it was so adopted by the following vote: AYES: Councilmen Frederick, Gordon. Swanson and Mayor pro tem Baker: NOES: Councilmen None; ABSENT: Councilmen Mayor Selby. city clerk or the City (SEAL) E1 Segundo, California 4.