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HomeMy WebLinkAbout66-108~"~. BUTTE CREEK ESTATES ASSESSMENT DISTRICT RESOLUT.TON N0. 66-ios DETERMINING TO ISSUE X214,667.90 IBIPROVEMENT BONDS BEARING THE IDENTTFYTNG TITLE BUTTE CREEK ESTATES ASSESSMENT DISTRICT, SERIES 1966-3 PRESCRIBING THE. DATE, TER~d, INTEREST HATE AND OTHER FEATURES THEREOF AND SELLING SAID BONDS TO STONE & YOUNGBERG WHEREAS, on April 19, 1966, this Board adopted Resolution No. 66-52, Resolution of Intention for the proposed Butte Creek Estates Assessment District respecting the acqui- sitions and construction of certain public improvement work described in said Resolution and stated therein its intention to issue improvement bonds under the provisions of the Tmprove- went Act of 1911 to represent unpaid assessments, and WHEREAS, on April 19, 1966, an Assessment and Dia- gram for said proposed Butte Creek Estates Assessment District vaere duly filed with this $oard respecting the acquisition of said public improvement work, and WHEREAS, an May 24, 1966, after a public hearing on said Assessment duly noticed and held this Board duly con- firmed said Assessment by its Resolution No. 66-'76, and WHEREAS, on May 24, 1966, the County Surveyor of -1- the County of Butte, California, recorded said .Assessment and said Diagram in his office, and WHEREAS, the County Surveyor of the County of Butte, California, has published a notice stating that he filed said Assessment i.n his office which notice contained all other matters required by law, and he has also mailed a notice to each property owner whose land is assessed by said Assessment, which notice states that he filed said Assessment in his office and states the amount assessed against the owner's property and states all other matters required by law to be in said mailed notice, and -~ WHEREAS, this day, June 2a 1966 , the County Surveyor of the County of Butte, California, has reported to this Board that some of the assessments in said Assessment have been paid in full in the 30 day period following the date he recorded said Assessment in his office as aforesaid and that the total unpaid amount of said assessments is the sum of $ 214,667.9Q and WHEREAS, STONE & YOUNGBERG has this day presented to this Board its written offer to purchase not to exceed $ 218,136.32 principal amount of Improvement Bonds to be issued under the Improvement Act of 1911 in the proceedings conducted by this Board under the Municipal Improvement Act of 1913 for Butte Creek Estates Assessment District at a price payable at delivery of said bonds equal to 95q of the total principal amount of said bonds without accrued interest and this Board deems said offer to be fair and that it should be -2- accepted in accordance w;.th its terms; NOW THEREFORE RESOLVED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF BUTTE, CALIFORNIA: That this Board finds and determines that each of the foregoing recitals is true. That this Board hereby determines to issue and hereby directs the Treasurer of the County of Butte to issue $214,667.90 of Improvement Bonds under the provisions of the Improvement Act of 1911 upon the security of the unpaid assessments on the Assessment for BUTTE CREEK ESTATES ASSESSMENT DISTRICT the same being the Assessment recorded in the office of the County Surveyor of the County of Butte, California, and hereby determines and hereby directs that a separate bond sha11 be issued to represent unpaid assessment Nos. 1 through 10'5 inc., contained in said Assessment. That said bonds sha11 (a) be lO'5 in number and be numbered 1 to 105, inc.; (b) be dated July 2, 1966; (c) bear the title: Butte Creek Estates Assessment District, Series 1966-3; (d) bear interest from their date at 6f per annum payable semi-annually; (e) mature 14 years from the January 2 next suc- ceeding the 1st day of September following their date; -3-- {f) provide for a redemption premium of 5J of unmatured principal as provided for in Section Fi464 of the Streets and Highways Code, a section of the Improvement Act of 1911; (g) be payable to bearer; (h) contain all other wording and terms that im- provement bonds issued under the provisions of the Improvement Act of 1911 must contain and that do not conflict or vary the features for said bonds that are set out above in sub- paragraphs (a) to (g) inclusive and all said other wording and terms are hereby incorporated by reference from the applicable provisions of the said Improvement Act of 1911. That this Board hereby accepts the offer of Stone & Youngberg to buy said bonds and to pay as the price for said bonds the sum that is equal to 95% of the $ 214,66P.90 prin- cipal amount of said bonds without accrued interest and hereby agrees to sell said bonds to that company for said price and hereby directs that said price shall be payable on delivery of said bonds. That this Board hereby directs the Treasurer of the County of Butte, California, to deliver all. of said bonds to Stone & Youngberg when he receives from it the full purchase price for said bonds, to wit, the sum of $ 203,934.50 PASSED AND ADOPTED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF BUTTE, STATE OF CALIFORNIA, IRIS 12th DAY OF ~u1y 1966, by the following vote: AYES: SUPERVISORS Howsden, Maxon, McKillop, Pryde and Chairman Giles NOES: SUPERVISORS None ABSENT: SUPERVISORS None ATTEST• ~airma~of-hoard o upervisors JESSIE ROGERS, County Clerk By Deputy - 4- DANIEL STPNE 6EN.3A MIN J. BADM DDN M. Davis RitRARD P. GRO55 Board of Supervisors County of Butte County Court House Oroville, California STONE & YOUNGBERG INVESTMENT SECURITIES 1314 RU55 BU€LDING SAN FRANCISCO 94104 (415) 961-114 MEMBERS: PACIFIC COAST STOCK E%C1IANGE June 21, 1966 EDWARD W. BURN ETT DAVID E.HARTLEY BARRY M.NEWMAN EVERETT D. WILLIA MS COWARD C. KERN JAMES S.SAFFRAN RICHARD A.SCi BIRD HERMAN B. ZELLES Re_ Butte Creek Estates Assessment District Count of Butte California Gentlemen: We hereby tender you a bid for all, but not less than all, of the bonds to be issued pursuant to the provisions of the Improvement Act of 1911 (based upon proceedings to be taken pursuant to the provisions of the Municipal Improvement Act of 1913), which bonds are to be issued to represent the east of the acquisition and construction of improvements in Butte Creek Estates Assessment District, County of Butte, State of California. We will pay: Ninety five Percent (95~ of the total par value of the bonds to be issued in said proceedings, without accrued interest, finis bid is made to you upon the basis that said bonds shall be bonds which sha11 mature in fifteen (15} equal annual installments; that they shall bear interest at the rate of Six Percent (6~ per annum; that they shall be payable to bearer; that upon redemption the property owner must pay Five Percent (5°~ of the then unpaid balance as premium; and that they will be delivered to the undersigned either in San Francisco, California, or Oroville, California. We further agree to take delivery of and pay for said bonds when said bonds are ready for delivery; that we wi11 purchase and take delivery o£ bonds for an amount not to exceed $218,13fi.32. Said bonds shall be dated July 2, 1966 and delivered to us on or before August 1, 1966. This bid is furthermore made on the condition that the bonds will be accompanied by the legal opinion of Mr, Edgar A. Boyles, Jr., of Sacramento, California, approving the legality of said bonds and, the proceedings leading up to the issuance thereof, without gualification, and. without expense to us. Yours very truly, & YO GBERG r R. A. Scibird RAS:ss