HomeMy WebLinkAboutResolution 1962 - 0019-7RESOLUTION NO.62-19-7
PROVIDING FOR ISSUANCE OF BONDS
A RESOLUTION OF TI~BOARD OF DIRECTORS OF COUNTY
SANITATION DISTRICT NO.7 OF ORANGE COUNTY,CALI
FORNIA,PROVIDING FOR THE ISSUANCE OF BONDS OF SAID
DISTRICT AND FIXING THE DATE OF SALE THEREOF.
WHEREAS,an election was duly and regularly held in County
Sanitation District No.7 of Orange County,California,on the 23rd
day of January 1962,at which was submitted to the qualified electors
of said District the question of issuing and selling bonds of said
District in the amount of $3,700,000 for the purpose of raising
money for the following purposes,to wit:
BOND PROPOSITION:Shall County Sanitation District No.7
•
of Orange County,California,incur a bonded indebtedness
of $3,700,000 for the purpose of providing trunk and sub-
trunk sewerage facilities in the District to meet the sewage
and industrial waste disposal requirements thereof by means
of the following:(1)The construction of the following
sewerage facilities and appurtenances thereto:Gisler—Red Hill
Trunk Sewer,Section 2;Lemon Heights Trunk Sewer;North Trunk
Sewer;West Trunk Sewer;Browning Sub-Trunk;Irvine-Browning
Sub-Trunk;La Colina Road East Branch;Bryan-Holt-Seventeenth
Street Sub-Trunk;Warren Street Branch;Vanderlip Street Branch;
Esp].anade Sub-Trunk;Dodge •Avenue Branch No.2;Hewes Avenue
Sub-Trunk;Ervin Lane Branch;Dodge Avenue Branch No.3;Irvine-
Newport Sub-Trunk;La Colina-Newport Sub-Trunk;Skyline Drive
East Branch;Red Hill Extension;La Loma Drive East Branch;
La Loma-Newport Branch;Arroyo Extension;Foothill-Newport Sub-
Trunk;Foothill Boulevard Branch;Prospect Avenue Sub-Trunk;
Seventeenth Street Branch East;Dodge Avenue Branch No.1;
Santa Clara Avenue Branch;Seventeenth Street Branch West;
Yorba Street Sub-Trunk;La Veta Avenue Branch;Fairhaven
Avenue Sub-Trunk;Hewes Avenue-Foothill Boulevard Sub-Trunk;
Fowler Avenue Branch;La Veta-Pa]inyra Branch;Tustin Avenue
Sub-Trunk;Main Street Branch;Onset Road-Z~’rtle Avenue Sub-
Trunk;‘C’Street Branch;Pacific Street Branch;Five Crossings
of the proposed San Diego Freeway;(2)The acquisition of now
existing sewerage facilities described as foll~s:College
Avenue Pumping Station and Force Main;Gisler-Red Hill Trunk
Sewer,Section 1;Fairview Sub-Trunk;MacArthur Trunk Sewer;
capacity rights In the Trunk Sewer and 39”siphon under the
Santa Ana River connecting the College Avenue Force Main to
Treatment Plant No.1;a section of the North Trunk;a sec
tion of the Fairhaven Avenue Sub-Trunk;a section of the
Tustin Avenue Sub-Trunk;a section of the Yorba Street Sub-
Trunk;MacArthur Pumping Station and Force Main;(3)The
acquisition of all eam~ments,pipe,machinery,equipment,
appurtenances and other property necessary for any of the
foregoing;(4)The payment of all selling expenses,including
legal opinions,incident to the sale of all bonds proposed to
be issued;all of the foregoing in accordance with a report of
Boyle and Lowry,Consulting Engineers,approved and adopted by
the Board of Directors of said County Sanitation District No.7
—1—
on November 22,1961 and on file in the office of the Secretary
of said Board,reference to which report 18 hereby made for
further particulars,and in accordance with the provisions of
the County Sanitation District Act?
and,
WHEREAS,not less than two—thirds of the qualified voters
voting at said election voted in favor of issuing such bonds and
said proposition carried;and,
WHEREAS,it is desirable that said bonds be issued and sold
at the present time:
NOW,THEREFORE,IT IS HEREBY RESOLVED,DETERMINED AND ORDERED
by the Board of Directors of County Sanitation District No.7 of
Orange County,California,as follows:
Section 1.That the bonds of County Sanitation District No.7
of Orange County,California,in the amount of $3,700,000 be Issued
and sold for the purposes hereinabove recited.That said bonds
shall be dated May 1,1962 and shall be 3,700 in number,numbered 1
to 3,700,Inclusive,of the denomination of $1000 each,and shall
be designated “County Sanitation District No.7 of Orange County,
California,Bonds,1962”,That said bonds shall mature and be pay
able in consecutive numerical order In amounts as follows:
Maturity Date Principal P,mount
(1)Each Year
196k $20,000
1965 $30,000
1966 $50,000
1967 $60,000
1968 $80,000
1969 $80,000
1970 $90,000
1971 $90,000
1972 $100,000
1973 $100,000
l97’~$100,000
-2—
1975 $110,000
1976 $110,000
1977 $120,000
1978 $120,000
1979 $130,000
1980 -$1L1.O,000
1981 $ikO,000
1982 $150,000
1983 $150,000
198k $160,000
1985 $170,000
1986 $180,000
1987 $180,000
1988 $190,000
1989 $200,000
1990 $210,000
1991 $220,000
1992 $220,000.
That said bonds shall bear interest at a rate or rates to be here-.
after fixed but not to exceed six percent (6%)per annum,payable
annually for the first year and thereafter semiannually.That said
bonds and interest thereon shall be payable in lawful money,of the
United States of P.n1erica at the office of the County Treasurer of
Orange County in Santa Ana,California.
Section 2.That the Chairman of the Board of Directors of
County Sanitation District No.7 of Orange County,California,be
and he is hereby authorized and directed to sign all of said bonds
by his printed,lithogx’aphed or engraved facsimile signature and to
affix thereto the seal of said District,and that the Auditor of
said District be and he is hereby authorized and directed to counter
sign said bonds and to sign by his printed,lithographed or engraved
signature the interest coupons of said bonds.That the coupons of
—3—
said bonds shall be numbered consecutively and shall bear the number
of the bond to which they are attached.That said bonds and the
coupons thereon shall be substantially in the following form,to wit:
UNITED STATES OF ANERICA
STATE OF CALIFORNIA
COUNTY OF ORANGE
BOND OF COUNTY SANITATION DISTRICT NO.7
OF ORANGE COUNTY,CALIFORNIA,1962
No.__________$1,000
COUNTY SANITATION DISTRICT N0.7 OF ORANGE COUNTY,CALIFORNIA,
a district created and existing under and by virtue of the County
Sanitation District Act,now Chapter 3,Part 3,Division V of the
Health and Safety Code of the State of California,FOR VALUE
RECEIVED,hereby acknowledges itself indebted and promises to pay
to the bearer hereof on the first day of May 19__,the sum of
ONE THOUSAND DOLLARS ($1,000)with interest thereon from the date
hereof at the rate of
___________________
percent (%)per annum,
payable semiannually on the first days of May and November of each
year until this bond is paid,except that interest for the first
year shall be payable in one installment at the end of said year on
presentation and surrender of the respective interest coupons hereto
attached.Both principal and interest are payable in lawful money
of the United States of America,at the office of the County
~easurer of the County of Orange,in the City of Santa Ana,State
of California.
This bond is one of a series of 3,700 bonds of like tenor and
date,except as to maturity and except that the interest rates
thereof may differ,numbered respectively from 1 to 3,700,inclusive,
amounting in the aggregate to Three Million Seven Hundred Thousand
Dollars ($3,700,000).
Unless this bond matures on or prior to May 1,1985,it is
redeemable prior to maturity in accordance with the provisions for
-4-
redemption endorsed hereon.
This bond is issued by the Board of Directors of County Sani
tation District No.7 of Orange County,California,under the
authority conferred upon said Board by the provisions of said County
Sanitation District Act and by virtue of a two-thirds vote of the
qualified voters of said District voting at an election duly called
and held on January 23,1962.
IT IS HEREBY CERTIFIED,RECITED MID DECLARED that said election
~‘as duly called,duly held and duly conducted and the notice thereof
duly given and the returns thereof canvassed and declared in accor
dance with all of the provisions of law relating thereto,and that
all of the proceedings of the Board of Directors of County Sanita
tion District No.7 of Orange County,California,in the matter of
the issuance of this bond were regular and in strict accordance with
the provisions of said County Sanitation District Act and of the
Constitution of the State of California.
This bond is in the form prescribed by resolution of the Board
of Directors of County Sanitation District No.7 of Orange County,
California,and the money for the redemption of this bond and the
payment of interest thereon shall be derived from an annual tax
upon the taxable real property in said District and all of the said
property in said District shall be and remain liable to be taxed
for such payments.
IN WITNESS WHEREOF,the Board of Directors of County Sanitation
District No.7 of Orange County,California,has caused this bond to
be signed by its Chairman by his facsimile signature and counter—
signed by the Auditor of said District,and the seal of said District
to be affixed thereto,and the Interest coupons hereto attached to
be signed by said Auditor by his facsimile signature,this first
—5-
day of May 1962.
COUNERSIGNED:
AIJI)ITOR OF 1PICOUNTYDFORAN~E
AND EX OFFICIO AUDITOR OF COUNTY
SANITATION DISTRICT NO.7-OF
ORANGE COUNTY,CALIFORNIA
CHAIRMAN DF~TI{E BOARD O~ft~A~’1Ui~
OF COUNTY SANITATION DISTRICT
NO.7 OF ORANGE COUNTY,CALIFORNIA
SEAL
(COUPON FORM)
Coupon No._____
On the first day of’19
COUNTY SANITATION DISTRICT NO.7 OF ORANGE
COUNTY,CALIFORNIA,HEREBY PROMISES TO PAY
to the bearer hereof,at the office of the
County Treasurer of the County of Orange,
in the City of Santa Ana,State of Cali
fornia,the sum of
In lawful money of the United States of
America,being the interest then due on Bond No.
of said District dated May 1,1962.
1962
AUDITOI~OF HECOU YOPORANGE AND
EX OFFICIO AUDITOR OF COUNTY SANI
TATION DISTRICT NO.7 OF ORANGE
COUNTY,CALIFORNIA
(REVERSE OF COUPON)
If the bond to which this coupon is attached is redeemable
and is duly called for redemption on a date prior to the
maturity date of this coupon,this coupon will be void.
(REvERSE OF BOND)
PROVISIONS FOR REDEMPTION
Unless this bond matures on or prior to May 1,1985,it is
redeemable in the manner and subject to the terms and pro
visions,and with the effect,set forth in Resolution
No.62-19-7 (adopted by the Board of Directors of County
SanitatIô~District No.7 of Orange County,California,on
February 14,1962),at the option of said Board,on May 1,
1972,or on any interest payment date thereafter prior to
maturity,upon at least thirty (30)days’prior notice in
a newspaper of general circulation in the County of Orange,
at a redemption price equal to the principal amount there
of,plus the following premiums if redeemed at the follow
ing times:
-6-
On or After And Prior to
May ].May 3.Premium
1972 1974 4%
1974 1975 3-3/4%
1975 1976 3—1/2%
1976 1977 3—1/4%
1977 1978 3%
1978 1979 2-3/4%
1979 1980 2-1/2%
1980 1981 2-1/4%
1981 1982 2%
1982 1983 1-3/4%
1983 1984 1-1/2%
1984 1985 1-1/4%
1985 1986 1%
1986 1987 3/4%
1987 1988 1/2%
1988 1989 1/4%
1989 1992 0%
Section 3.That the bonds maturing on or prior to May 1,1985,
shall not be subject to call or redemption prior to maturity.That
the bonds maturing on or after May 1,1986,or any of them,may be
called before maturity and redeemed at the option of the Board of
Directors of the District on May 1,1972,or on any interest pay
ment date thereafter prior to maturity,at a redemption price equal
to the principal amount thereof,plus the following premiums if
redeemed at the following times:
On or After And Prior to
May 1 May 1 Premium
1972 1974 4%
1974 1975 3—3/4%
1975 1976 3—1/2%
1976 1977 3-1/4%
1977 1978 3%
1978 1979 2-3/4%
1979 1980 2—1/2%
1980 1981 2—1/4%
1981 1982 2%
1982 1983 1-3/4%
1983 1984 1-1/2%
1984 1985 1-1/4%
1985 1986 1%
1986 1987 3/4%
1987 1988 1/2%
1988 1989
1989 1992 0%
That all or any of the bonds subject to call may be called for
redemption at any one time.That if less than all of the bonds are
redeemed at any one time,such bonds shall be redeemed only in
inverse order of maturity and number beginning with the highest
-7-
numbered bond.That the interest payment date on such bonds which
are called to be presented for redemption is hereinafter sometimes
called the “redemption date”.
Section 4.That notice of intended redemption shall be pub
lished by two (2)publications in a newspaper of general circulation
in the County of Orange,the first publication to be at least thirty
(30)days but not more than sixty (60)days prior to the redemption
date.That the notice of redemption shall (a)state the redemption
date;(b)state the redemption price;(c)state the numbers and
dates of maturity of the bonds to be redeemed,provided,however,
that whenever any call includes all of the bonds of a maturity,the
numbers of such maturity need not be stated;(d)require that such
~~ds be surrendered with all interest coupons maturing subsequent
to the redemption date at the office of the County ~easurer of the
County of Orange,Santa Aria,California;(e)require that bonds
which at the time of call are registered so as to be payable other
than to bearer shall be accompanied by appropriate Instruments of
assignment duly executed in blank;and (f)give notice that further
interest on such bonds will not accrue after the designated redemp
tion date.
That the County ~‘easurer of said County shall,on or before
the date of the first publication of said notice of redemption,
mail a similar notice,postage prepaid:(1)to the owner of any
registered bond designated for redemption,at the address appearing
on the bond registry books,(2)to each original purchaser of the
bonds,at the address of the principal office thereof,and (3)to
any bondholder who has requested such notice,at the address stated
in such request.
That the actual receipt by the holder of any bond (hereinafter
referred to as “bondholder”)of notice of such redemption shall not
be a condition precedent to redemption,and failure to receive such
notice shall not affect the validity of the proceedings for the
—8-
redemption of such bonds orthe cessation of interest on the date
fixed for redemption.
That the notice or notices required by this section shall be
given by the County Treasurer of said County.That a certificate
by said County Treasurer that notice of call and redemption has
been given to holders of bonds as herein provided shall be conclu
sive as against all parties,and no bondholder whose bond is called
for redemption may object thereto or object to the cessation of
interest on the redemption date fixed by any claim or showing that
he failed to actually receive such notice of call and redemption.
Section 5.That prior to the time the Board of Directors of
the District determines to call and redeem any of said bonds,there
shall be established in the treasury of the District a redemption
fund to be described or known as “1962 BONDS R~EMPTION FUND,COUNTY
SANITATION DISTRICT NO.7 OF ORANGE COUNTY,CALIFORNIA”(hereinafter
sometimes referred to as “Redemption Fund”),and prior to the pub
lication of the notice of redemption,there must be set aside in
said Redemption Fund moneys available for the purpose and sufficient
to redeem,at the premium payable as in this resolution provided,
the bonds designated in such notice for redemption.That said
moneys must be set aside in said fund solely for that purpose and
shall be applied on or after the redemption date to payment
(principal and premium)for the bonds to be redeemed upon presenta
tion and surrender of such bonds and all interest coupons maturing
after the redemption date,and shall be used only’for that purpose.
That any interest coupons due on or prior to the redemption date
shall be paid from the Bond Fund of County Sanitation District No.7
of Orange County,California,1962,provided in Section 8 hereof,upon
presentation and surrender thereof.That each bond presented must
have attached thereto or presented therewith all interest coupons
maturing after the redemption date.That if after all of the bonds
have been redeemed and cancelled or paid and cancelled there are
-9-.
moneys remaining in said Redemption Fund,said moneys shall be
transferred.to the General Fund of said District;provided,however,
that if said moneys are part of the proceeds of refunding bonds,
said moneys shall be transferred to the fund created for the pay
ment of principal of and interest on such refunding bonds.
Section 6.That when notice of redemption has been given,
substantially as provided in Section 14 hereof,and when the amount
necessary for the redemption of the bonds called for redemption
(principal and premium)is set aside for that purpose in the
Redemption Fund,as provided in Section 5 hereof,the bonds
designated for redemption shall become due and payable on the date
fixed for redemption thereof,and upon presentation and surrender of
n~.id bonds and all interest coupons maturing after the redemption
date,at the place specified in the notice of redemption and,if
any of said bonds be registered,upon the appropriate assignment
thereof in blank,such bonds shall be redeemed and paid at said
redemption price out of the Redemption Fund,and no interest will
accrue on such bonds called for redemption or on any interest coupons
thereof after the redemption date specified in such notice,and the
holders of said bonds so called for redemption after such redemption
date shall look for the payment of such bonds and the premium there
on only to said Redemption Fund.That all bonds redeemed and all
interest coupons thereof shall be cancelled forthwith by the Auditor
of the District and shall not be reissued.
That all interest coupons pertaining to any redeemed bonds,
which coupons have matured on or prior to the time fixed for redemp
tion,shall continue to be payable to the respective holders thereof
but without interest thereon.That all unpaid interest payable at
or prior to the date fixed for redemption upon bonds registered In
such mariner that the interest Is payable only to the registered
owners shall continue to be payable to the respective registered
owners of such bonds,or their order,but without interest thereon.
-10-
Section 7.That the proceeds of the sale of said bonds shall
be placed in the treasury of the County of Orange to the credit of
County Sanitation District No.7 of Orange County,California,and
all premiums and accrued interest received shall be paid into the
fund to be used for the payment of principal and interest on the
bonds,and the remainder,of the proceeds of the sale shall be paid
into the Construction Fund of the District and shall be applied
exclusive].y to the objects and purposes mentioned in Resolution
No.1019-7 of this Board of Directors adopted November 22,1961,
calling the special election at which said bonds were authorized.
Section 8.That the Board of Directors shall annually,at
least fifteen (15)days before the first day of the month in which
the Board of Supervisors of Orange County is required,by law,to
levy the amount of taxes required by law for county purposes,
furnish to said Board of Supervisors a written statement of the
amount necessary to pay the interest on said bonds for that year
and such portion of the principal thereof as is to become due
before the time of making the next general tax levy,and the said
Board of Supervisors,in accordance with the duty imposed upon it
by the provisions of said County Sanitation District Act,shall
annually at the time and in the manner of levying other county
taxes,levy and cause to be collected a tax upon the taxable real
property in said County Sanitation District No.7 of Orange County,
California,based upon the last equalized assessment roll of said
County,sufficient to pay the interest on said bonds for that year
and such portion of the principal thereof as is to become due be
fore the time for making the next general tax levy.That said tax
shall be collected at the same time and in the same manner as the
general tax levy for county purposes and when collected shall be
paid into the treasury of said Orange County to the credit of said
District and shall be used for the payment of the principal and
interest upon said bonds and for no other purpose.That the
—11—
principal of and interest on said bonds shall be paid by the County
Treasurer of Orange County in the manner now or hereafter provided
by law for the payment of principal of and interest on the bonds of
said County.
Section 9.That said bonds shall be sold at public sale and
that sealed bids therefor shall be received by this Board of
Directors up to the hour of 11:00 o’clock,a.m.,March 28,1962.
That the Secretary of this Board is hereby authorized and instructed
to publish notice inviting such bids in the TUSTIN NEWS.
Section 10.That the Secretary of this Board is hereby
authorized and directed to cause to be furnished to prospective
bidders copies of the notice inviting proposals and of an official
$tatement relating to the properties,operations and finances of
said District and to cause a notice to be published in THE BOND
BUYER,a financial journal published in New York,New York,but
failure in whole or in part to comply with this section shall not
in any manner affect the validity of this sale.
Section 11.That the notice provided for in Se~tion 9 hereof
shall be substantially as follows:
NOTICE INVITING BIDS ON $3,700,000
GENERAL OBLIGATION BONDS OF
COUNTY SANITATION DISThICT NO.7 OF ORANGE COUNTY,CALIFORNIA
NOTICE IS HEREBY GIVEN that sealed proposals for the purchase
of $3,700,000 par value general obligation bonds of County Sanita
tion District No.7 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:
TIME:March 28,1962,11:00 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 March 28,1962,at the hour of
11:00 o’clock,a.m.
-12-
ISSUE:$3,700,000 consisting of 3,700 bonds,numbered 1 to
3,700,both inclusive,of the denomination of $1,000 each,all dated
May 1,1962.
MATURITIES:The bonds will mature in consecutive numerical
order on May 1 in the amounts for each of the several years as
follows:-
Maturity Date Principal Amount
(1)Each Year
196)4 20,000
1965 30,000
1966 50,000
1967 60,000
1968 80,000
1969 80,000
1970 90,000
1971 90,000
1972 100,000
1973 100,000
197)4 100,000
1975 110,000
1976 110,000
1977 120,000
1978 120,000
1979 130,000
1980 1)40,000
1981 1)40,000
1982 150,000
1983 150,000
1984 160,000
1985 170,000
1986 180,000
1987 180,000
1988 190,000
1989 200,000
1990 210,000
1991 220,000
1992 220,000
INTEBEST:The bonds shall bear interest at a rate or rates,
payable annually the first year and semi-annually thereafter,to be
fixed upon the sale thereof,but:(1)not to exceed six percent (6%)
per annum on bonds maturing May 1,1964,to May 1,1985,both in
clusive;and (2)not to exceed five and one-half percent (5-1/2%)
per annum on bonds maturing May 1,1986,to May 1,1992,both
inclusive.
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,
-13—
State of California.
REGISTRATION:The bonds will be coupon bonds registerable only
as to both principal and interest.
CALL PROVISIONS:Bonds maturing on or prior to May.i,l985,are
riot subject to call or redemption prior to maturity.The,bonds
maturing on or after May 1,1986,or any of them,may be called
before maturity and redeemed at the option of the Board of Directors
of the District on May 3.,1972,or on any interest payment date
thereafter prior to maturity,at a redemption price equal to the
principal amount thereof,plus the following premiums if redeemed
at the following times:
On or After And Prior to
May 1 May 1 Premium
1972 1974 4%
1974 1975 3-3/4%
1975 1976 3-1/a
1976 1977 3-1/4%
1977 1978 .3%
1978 1979 2-3/4%
1979 1980 .2-1/2%
1980 1981 2-1/4%
1981 1982 2%
1982 1983 1-3/4%
1983 1984 1-1/2%
1984 1985
.
1-1/4%
1985 1986 1%
1986 1987 3/4%
1987 1988 1/2%
1988 1989 1/4%
1989 1992 0%
PURPOSE OF ISSUE:Said bonds were authorized at an election
held January 23,1962,for the purpose of raising money for the
acquisition and construction of works and facilities for the collec
tion and transportation of sewage;
SECUBITY: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 princi
pal and interest,from an unlimited annual ad valorem tax upon the
taxable real property in said District.
TERMS OF SALE:
Interest Rate:The maximum rate bid may not exceed 6%per
-14-
annum,payable annually the first year and semiannually thereafter,on
bonds maturing May 1,1964,to May 1,1985,both inclusive,and may
not exceed 5-1/2%per annum,payable annually the first year and semi
annually thereafter,on bonds màtur3ng May 1,1986,to May 1,1992,
both inclusive.Each rate bid must be a multiple of 1/20th of 1%.No
bond shall bear more than one interest rate,and all bonds of the same
maturity shall bear the same rate.The rate on any maturity or group
of maturities shall not be more than 1-1/2%higher than the interest
rate on any other maturity or group of maturities.Only one coupon
will be attached to each bond for each installment of interest thereon,
and bids providing for additional or supplemental coupons will be
rejected.
Award:The bonds shall be sold for cash only.All bids
must be for not less than all of’the bonds hereby offered for sale and
each bid shall state that the bidder offers par arid 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 arid 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
responsible 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 Dis
trict.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 børne by the District.
—15—
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 expiration of the time herein prescribed for the receipt of
proposals;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 ~‘easurer of the
County of Orange,in the City of Santa Aria,State of California,or
at any other place designated by mutual agreement.
Prompt Delivery,Cancellation for late Delivery: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 (60)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 $3,700,000 BONDS OF COUNTY SANITATION
DISThICT NO.7,1962’.
Bid Check:A certified or cashier’s check on a responsible
bank or trust company in the amount of $10,000,lawful money of the
United States of America,payable to the order of the District,must
accompany each proposal as a guaranty that the bidder,if successful,
will accept arid pay for said bonds in accordance with the terms of
his bid.The proceeds of the check accompanying any accepted proposal
shall be applied on the purchase price or,if such proposal is
accepted but not performed,unless such failure of performance shall
—16—
PASSED AND ADOPTED by the Board of Directors of County
Sanitation District No.7 of Orange County,California,on
February 14,1962,at a regular meeting of said Board by the follow
ing vote:
AYES:~Ki4d,Cook,Ii~U,~V$,?Etz~ks
ant~3 ~UUpe
NOES:Di~~None
ABSENT:~
•
Cha~4~man,Board o Directors or
Coi~zty Sanitation District No.7
oft/Orange County,California
ATTEST:
ecretary of~said4~~
STATE OF CALIFORNIA
SS.
COUNTY OF ORANGE
I,FRED A.HARPER,Secretary of the Board of Directors of
County Sanitation District No.7 of Orange County,California,do
hereby certify that the above and foregoing Resolution No.62-19-7
was regularly passed and adopted at a regular meeting of said Board
on the 14th day of February,1962,by the following roll call vote,
to wit:
AYES:Directors ~coOk,~1,~~?hilii~pa
NOES:Directors None
ABSENT:Directors ~
IN WITNESS WHEREOF,I have hereunto set my hand and affixed the
~‘officia1 seal of County Sanitation District No.7 of Orange County,
California,this 14th day of February,1962.
Secretary,Board of~~~s of
County Sanitation District No.7 of
Orange County,California
-.18-