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HomeMy WebLinkAboutResolution 1959 - 0752RESOLUTION NO.752~3 RESOLUTION OF THE BOARD OF DIRECTORS OF COUNTY SANITATION DISTRICT NO.3 OF ORANGE COUNTY, CALIFORNIA,AUTHORIZING SALE OF BONDS The Board of Directors of County Sanitation District No.3 of Orange County DOES HEREBY RESOLVE AND DETERNINE as follows: Section 1.That all the bonds ($3,300,000)of County Sanita tion District No.3 heretofore ordered issued by this Board shall be sold and the bids for said bonds shall be received by this Board at the office of the Secretary of the District,Room 239 at 1104 West Eighth Street,in the City of Santa Ana,State of California,up to the hour of 11:00 o’clock a.m.,November n3,1959. Section 2.That the Secretary of this Board and District is hereby directed to publish notice inviting sealed proposals for the purchase of said bonds in the LA HABRA STAR and to publish an advertisement in THE BOND BUYER,but failure to publish in THE BOND BUYER or any defect in said publication,shall not affect or in any way invalidate said sale. Section 3.Said notice shall be in words and figures as follows: NOTICE INVITING BIDS ON $3,300,000 GENERAL OBLIGATION BONDS OF COUNTY SANITATION DISTRICT NO.3 OF ORANGE COUNTY,CALIFORNIA NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of $3,300,000 par value general obligation bonds of County Sanita tion District No.3 of Orange County,California,will be received by the Board of Directors of said distrIct at the place and up to the time below specified: November ~4,1959,11:00 o’clock a.m. PLACE:Office of the Secretary of the District, Room 239,1104 West Eighth Street, Santa Ana,California. OPENING OF BIDS:The bids will be opened at the meeting of said Board of Directors to be held November ~4,1959 at the hour —1— of 11:00 o’clock a.m. ISSUE:$3,300,000 consisting of 3,300 bonds,numbered 1 to 3,300,both inclusive,of the denomination of $1,000 each,all dated January 1,1960. MATURITIES:The bonds will mature in consecutive numerical order,$70,000 thereof on January 1 of the year 1961,$80,000 on January 1 of the year 1962,$100,000 on January 1 of each of the years.1963 to 1971 inclusive,and $125,000 on January 1 of each of the years 1972 to 1989 inclusive. INTEREST:The bonds shall bear interest at a rate or rates to be fixed upon the sale thereof but not to exceed 6%per annum, payable annually the first year and semiannually thereafter. PAYMENT:Said bonds and the interest thereon are payable in lawful money of the United States of America at the office of the County Treasurer of the County of Orange,in the City of Santa Ana, State of California or at the main office of the Bank of America National Trust and Savings Association in the City of Los Angeles, California,or the City of San Francisco,California,or at any fiscal agent of said County Sanitation District No.3 in the City of New York,New York,or the City of Chicago,Illinois,at the option of the holder. REGISTRATION:The bonds will be coupon bonds registerable only as to both principal and interest. NOT CALLABLE:The bonds are not callable before maturity. PURPOSE OF ISSUE:Said bonds were authorized at an election held August 5,1958,for the purpose of providthg additional trunk sewers for said district. SECURITY:Said bonds are issued pursuant to the County Sanita tion District Act (Chapter 3,Part 3,Division V of the Health and Safety Code of the State of California)and are payable,both principal and interest,from an unlimited annual ad valorem tax upon thetaxable real property.in said district. -2- TERIVIS OF SALE Interest Rate:The maximum rate bid may not exceed 6%per annum,payable annually the first year and semiannually thereafter. Each rate bid must be a multiple of 1/4th of 17..Any number of rates may be bid but no bond shall bear more than one interest rate, and all bonds of the same maturity shall bear the same rate. Award:The bonds shall be sold for cash only.All bids must be for not less then all of the bonds hereby offered for sale and each bid shall state that the bidder offers par and accrued interest to the date of delivery,the premium,if any,and the interest rate or rates not to exceed those specified herein,at which the bidder offers to buy said bonds.Each bidder shall state in his bid the total net interest cost in dollars and the average net interest rate determined thereby,which shall be considered informative only and not a part of the bid. Highest Bidder:The bonds will be awarded to the highest re sponsible bidder or bidders considering the interest rate.~or rates specified and the premium offered,if any.The highest bid will be determined by deducting the amount of the premium bid (if any)from the total amount of interest which the district would be required to pay from the date of said bonds to the respective maturity dates thereof at the coupon rate or rates specified in the bid and the award will be made on the basis of the lowest net interest cost to the district.The purchaser must pay accrued interest (computed on a 360-day year basis)from the date of the bonds to the date of delivery.The cost of printing the bonds will be borne by the district. Right of Rejection:The district reserves the right,in its discretion,to reject any and all bids and,to the extent not pro hibited by law,to waive any irregularity or informality in any bid. Prompt Award:The district will take action awarding the bonds or rejecting all bids not later than twenty-six (26)hours after the -3- expiration of the time herein prescribed for the receipt of pro posals;provided,that the award may be made after the expiration of the specified time if the bidder shall not have given to said Board notice in writing of the withdrawal of such proposal. Place of Delivery:Delivery of said bonds will be made to the successful bidder at the office of the County Treasurer in Santa Ana, California,unless some other place of delivery is agreed upon by said treasurer and the purchaser. Prompt Delivery,Cancellation for Late Delivery:It is expected that said bonds will be delivered to the successful bidder on or about January 4,1960.The successful bidder shall have the right, at his option,to cancel the contract of purchase if the district shall fail to execute the bonds and tender them for delivery within sixty days from the date of the sale thereof,and in such event the successful bidder shall be entitled to the return of the deposit accompanying his bid. Form of Bid:Each bid,together with the bid check,must be in a sealed envelope,addressed to the district with the envelope and bid clearly marked:“Proposal for $3,300,000 bonds of County Sanitation District No.3.” Bid Check:A certified or cashier’s check on a responsible bank or trust company in the amount of 3~of the principal amount of the bonds,payable to the order of the district,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 district,shall then be re tained by the district.The check accompanying each unaccepted proposal will be returned promptly. Change in Tax Exempt Status:At any time before the bonds are -4- tendered for delivery the successful bidder may disaffirm and with draw 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. Legal Opinion:The unqualified 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 district.A copy of such opinion, certified by the Secretary of the district by her facsimile signa ture will be printed on the back of each bond at the expense of the successful bidder if requested in the bid. No Litigation Certificate:At the time of payment for and delivery of said bonds the district will furnish the successful bidder a certificate that there is no litigation pending affecting the validity of the bonds. INFORMATION AVAILABLE:Requests for information concerning the district should be addressed to Ora Mae Merritt,Secretary, County Sanitation District No.3 of Orange County,California, Room 239,1104 West Eighth Street,Santa Ana,California. GIVEN by order of the Board of Directors of County Sanitation District No.3 of Orange County,California,adopted November LO, 1959.-~ ORA MAE MERRITT Secretary of the ~Board of Directo~s~ôU~ County Sanitation District No.3 of Or&ig~C cunty,Cal i forn~a -5- STATE OF CALIFORNIA) ss COUNTY OF ORANGE ) I,ORA MAE MERRITT,Secretary of the Board of Directors of County Sanitation District No.3 of Orange County,California, do hereby certify that the above and foregoing Resolution No. 752-3 was regularly passed and adopted at a regular adjourned meeting of said Board on the 10th day of November,1959,by the following roll call vote to wit: AYES:Directors Howard M.Cornwell,Thomas Baroldi,Herbert Cook,John R.Dunham,Paul C.Furman,Glenn G.Fry, Jim Kanno,W.A.MacKinnon,John W.Stecko,Frank J. Schweitzer,Jr.,and Walter W.Walker NOES:Directors None ABSENT:Directors Earl T.Irby and Willis H.Warner IN WITNESS Wi~iEREOF,I have hereunto set my hand and affixed the official seal of County Sanitation District No.3 of Orange County,California,this 10th day of November,1959. Ora Mae Merritt,secretary of the Board of Directors of County Sanitation District No.3 of Orange County,California -6-