HomeMy WebLinkAbout75-010BU~TE COUNTX SERVICE AR~A N~. 26
RESOLUTION ~0. 75-10
RESOLUTIO~ AUTHORT2ING AND DSREC~ING THE SALE IN ~
ONE LO~ OF $7QO,OOO.PRINCZBA~ AMOUNT dF BUTTE
C~UN~Y 5ERVICE AREA NO. 26 1974 SEWER BpNDS A.~D
$400,000 PAZNCTPt~T~ AMOUNT OF BUTTE CO~NTX SERVICE AR~A
N0. Z6 1975 SE~~~R BONDS, SERIES A
WHEIZEAS, this Board of Supervisors of Butte
County, by Resolutions Nos. 75-8 and 75-9, adopted January
2~~~97~, ~uly proVided for the issuance of $700,000 principal
amoun~.af II~tte Co~nty 5ervice Area N~. 26 1974 Sewer Bonds
and $900,000 principaZ amount of Butte County Service Area
~0~.'26 1975 Seker Bonds, Series A, and it is desirable that
said bonds be offered for public sale in one ~ot at this time;
~OII, 1~~ftEFqRE, BE IT R~SOLVED AND O~D~R~~ by th~
Board of 5upervisors of 'the County o~ Butte, as follows:
Sec~ion Z. Tuesday, ~rebxuary ll., 1975 at the hour
of lO:Ofl o'cl.ack A.M. is hereby ~ixed as the time, and the .
regul~r meeting place of this Board of Supervisars, Courthouse,
Oroville, Cali~ornia, is hereby tixed as the place, at which
ba.ds will be rece~.ved ~or the purchase of said bands, in one
lot, as described in, and subject to the ternis and conditions
o~, the notice of sale hereinafter se~ forth. .
7 S ~d
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Section 2. The Clerk of this Board~of Super-
visors is hereby authorized and directed to cause a notice of
sale of said bonds to be pub~ished once in the OROVILLE •
MERCURY-REGISTER, a newspaper of general circulation .
circulated in Butte Cnunty ~ervice Area No.,26, with suah
publication at least ten t10) days prior to said date of
. sale, such notice to be.in~su~stantially the foliowing form:
r~gr~CI?~~; NOTICE QP SF~I,E ~
$7pQ,OQp $UTTE COUNTY SERVICE AREA -
N0. 26 1474 SEWER ~ON~S AND $400,000
BUTiE COE3NTY SERVICE AREA NO. 26 1975
SEt~.~:~ ~G*bI;S, SERIES A
NOTICE I5 HEREBX GTVE~T that sealed praposals w~ii.
be received and apened by the Board of 5upervisors of Butte
C~un~y, Stat~ of California, at the regular m2~ting P~:ace of
the Baard of Supervisqrs, Caurthouse, Ozoviile, California~ on
TUESDA'Y, FEB12L7ARY 11~ 1975 ~
at the hvur of 10:00 o'a3.ock A.M. for the purchase in one lot •
of ~700,000 principal aznount~ of bonds of Butte County Service
Area No. 26 designated "Butte County Service .~rea No. 26
1974 Sewer• B~nds" and of $400,000 principal amount of bonds of
Butte County Service Area No. 26 designa~~d "Butte Cnun~y~
3ervice Area No. 26 1.975 Sewer Bonds, Series A°.', more particularly
described belo~a. The 1974 Sewer Bonds are the ~ntire principai
amount of an 15Si12 &Li'tY1dL1Z~fI at an ei~ction h~1d in Butte
County Servic~ ~rea No: 26 on September 28, 19~~. and the
ig75 Sewer Bnnds, Series A are part of an is~ue of $1.500rf100
aggregaEe principal amo~nt authorized at an elect~on held i.n
Butte Count~ Service Area No. 26 on P~iarch 5, i974, no additianal
bonds of. whzch wi11 be a~t~red for sale ~rior to April ~.,
1g75. All. bids mus~ be for both issues of bonds in one lot,
an~ a.lZ the terms and conditions hereinafter set ~orth zp~.Ly
to ~oih issues of hon.d's.
TSSLzES AND - .
~ENOAII~TATiON: $700, OOfl principal amount of 7,974 Sewer
Bonds issued as coupon bonds, all of ~he
denomination of $5,000, n~unbered consecu-
tively from 7. to 140, inclusive, and beaxing interest irom.January
1. 3.975, or at the optian of tne purchaser, issuec~ as ~ully
registesed bonds, all of the denomina~ion o~ $5,000, nu:tbered
consecutively,from ~l to R140, inclusive, and bearinq interest
troin ~.heir date o~ registration and delivery, which ~ul~y
registered.bonds are convertible at any time after the first
payment of interest ~hereunder upon•90 flay5 notice into coupan
bonds, at ~he expense of the County of Butt~.
$400,000 principal amount of 1975 Sewer Bonds, Series ~1
issued as~coupon bonds, all of the denomina~ion of $S,OOO,numbered
" consecutively from A1 to A80, inclusive, and bearing interest
from January J.,1975, or at the option of the purchaser, issued
as ful~y registered bonds, a11 af the denomination of $5,OQ0,
r_umberec~ aansncutivry3_y ~r~m ~1.. to RP.80, incl.usiv~,., and bearing
in~erest from their date of registration and delivery, which
fullv registered bonds are convertible at any time after the
~irst payment of interest thereunder upon 90 days notice into
coupon bonds~ at the expense of the County of Butte.
D~TE: ~ The bonds are dated January 1, 1975.
MAmURITIES: The 1974 Sewer Bonds mature serially in
consecutive numerical order, from lower
to higher, on January l in each of the
years as follows:
Ma~urity Date
Principal (January 1)
Amount (All Years Inclusive)
$ 5,000 1977 - 1980
~0~000 ~ 19$1 - ~991
15,000 1992 - 1998
20,D00 1999 ~ 20fl3
25,OOD 2004 ~ 2~07
30,Q00 2008 - 2D11
. ' 35,00~ 2~12 - 2014
. 40,000 2015
The 1975 Sewer Honds, Series A mature
serially in consecutive nunterica~ o'rder,
from Iower to higher, on January 1 in
. each of the years as fol~ows:
Principal ~aturity ~~it
Amou?lt (bot11 y~ars
$ _5, 000 1977 -
~.a! oao , G., t _
15,0~0 2Q0? -
?.0,000 201Q -
~J'~nuaiy 1)
il1t, lils'. VF' ~
1992
3u~~3
2fl09
2(~15
4
ItE~EMPTION: Bonds maturing by their terms on or
prior to January 1, 1985 are not
subject to redemption prior to their fixed maturity dates.
Bonds maturing by their ~erms on or after January 1, 19$6 are
subject to redemption prior to their ~ixed maturity dates, at
the option of the Board of Supervisors of Butte County, on
January 1, i985, but.not prior thereto, and nn any interest
payment date thereafter prior to maturity, as a whole or in
part in inverse numerical order, at the principal amount thereof
and accrued interest to date of redemption.
INTER~ST RATE: Five per cent (5g) per annum, payable
annually the first year on January 1,
"1976 and semiannually thereafter on January 1 and July 1 in
each year.
PAYMENT• Both princ~pal and interest are
payable in lawful money o~ the
United S~ates of America at the office of the County Treasurer
of But~e County, in Oroville, California.
EXECUTION•P.ND mhe bonds will be executed by the
REGISTRATZON: manual signature of at least one
official authorized to execute the
bonds. The bonds issued in coupon form are registrable only
as to both principal and interest, and are not subject to
de-regis~ration and ta re-registration.
PURPOSE OF ISSUE: The bonds are authorized by vote of
two-thirds of the qualified voters
resident with Butte County Service Area No. 26 voting at
special bond eYections for the purpose of authorizing bond5
for the acguisition, construction and completion of facilities
for the collection, trea~ment and disposal ot sewage af said
Area and its inhabitants.
SECURITY: The bonds are not generai obligations
o~ Butte County, but are payable
solely from revenues derived from taxes levied and collected
upon the taxable property within Butte County Service Area No.
26, and ugon that property only. The Board o~ Supervisors
of Butte County has power and i5 obligated to levy ad valorem
taxes for the payment of the bonds and the.interest thereon
upon all property within said Area subject to taxation by
said County, without limi~ation of rate or amount.
TAX EXEMPT STATUS: In the event that prior to the
delivery of the bonds (i) the
income received by any priva~e holder from bonds of the same
type and character sha11 be declared to be taxabie (either
at the time of such declaratzon or at any future date) under
any federal income tax laws, either by the terms of such laws
or by ruling of a federal income tax authority or official
which is ~oiiowea by the Internal Revenue Service, ar by
decision of any federal court, or Ei~) ~ny federal income
5
tax law is adopted which wi11 have a substantial adverse tax
effect on holders of the ba~ds as such, the successful bidder
may, at his option, prior to the tender af the bonds bX the
Board.of Supervisors of Butte County, be re~ieved of his
qb~igation under ~he contract to purchase the bonds and in
such case the depnsit accompanying his bid will be returned.
LEGAL OPT~ION: The legal opinions of Messrs. Orrick,
Herrington, Rowley & Sutcliffe of
San Francisco, California, approving the validity of each
issue of the bonds, wili be furnished ta the successful bidder
wi~hout charge.
TER.t~IS OF SALE
Highest Bid: T~e bonds will-be awarded in one lo~
to.the highest bidder, considering
the premitun offered, if any. The t3nited 5tzt~s of Am~rica,
Farmers Home Administration has agreed to purchase all the
honds`at the par value thereof, provided no ec~ual or better
bid for the bonds.is received. The purchaser must pay accrued
interest on the bonds is.sued in coupon form fzom the date of
the bonds to the date of delivary. A~1 inter~s~ cvi11 be
computed on a 350-day year.basis. The cost of granting the
bonds will #~e borne by the Board of Supervisors o.f Hutte County.
Righ~ of . The Board of St~pervisors of Butte
Re~ection: County reserves the right, in its
discretion, to reject any and all
bids and to waive any irregularity or informality in any bid.
Prompt Award: '~he_Boarri of Supe~visors of Butte
~ -. co~n~~.w~ii tak~ ac~zon awarding
the bonds or rejecting a~.l hids not 7.a~er than 24 hours af~er
the expiration of the time herein prescribed ~or the receipt
of proposals, uniess such time of award is waived by the
successful bidder.
Proinpt Delivery: Delivery of the bonds will be made
to -the successful bidder a~ the
office of.the County Tr2asu~er af Butte County, in ~roville,
California. -Payment for the bonds must be made in funds
immediately available to the Board os 5upervisors of Bu~.te County,
in Orovill.e, Cali€ornia.
Right of ~ ~ The successful bidd.er shall have
Cancellati.an: the rig'ht, at his option, to cancel
the corztract of ~urchase if the Board
of Supervisors of Bu~te Coun~y shall fail to executa any of
the boncls ancl .tencier the same for delivery vri~hin three hundred
sixty (360) days frnm the date of sale thereof, and in such
everit tYce success~ul bidd2r sha11 be entit3.ed to the return of
' the de}~asit accompanying h~s bid.
6 . ..
Form of Bid: A~l bids must be £or not less~than
~ aIl of the bonds hereby offered for
sale in one lot and fqr no~ less than ~he par va~ue thereof
a~d accrued interest to date of delivery. ~ach bid, toge~her
with bidder's check, must be enclosed in a seaied envelope
addressed.to the Baard of Supervisors of B~tte County and
endorsed "Proposa~ for the Butte Courzty Sezvice Area No. 26 1974
Sewer Bonds and the Butte County Service Area No. 26 1975 •
Sewer Bonds, Series A." AI1 bids must be delivered to the '
Board of Supervisors of Butte County at their regular meeting
place~ Courthouse, Oroville, California 95965 prior to T0:00 o'clock
A.M. on February 1i, 1975.
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Bi3 Check: ~ . With each. ba.d (except tha~ af the
" Un~.ted States of America) must be
submitted a certified check or cashier's check for $5,000
drawn on a bank or trust company transacting business in the
State o£ California, payab3.e to the order of the County ~
Treasurer. of Butte County, to secure the Board of Supervisors
of Butte County from any loss resulting from the failnre of
any bidder to comply with the terms of his bi.d. Checks of all
bidders (except the successful bidder) will be returned by ~azl .
. promptly following ~he sale date above specified. No interest
will be paid upon the deposit made by the successfu7. bidder.
There is no controversy or litigation pending concerning
the validity of the above two bond issues, the carporate existence
of Butte Coun~ty Service Area No. 26 or Butte County, or the
title of the officers thereof to their respective offices, and'
the Board of Supervisors of Butte County will furnish to fhe
successful bidder a na-~i~iga~ion certificate certifying ta
the ~oregoing as of and at the time of the delivery of the bonds.
Dated: danuary 21, Z975.
.
- ~c~lw-. _. - _ _
~~ ~~
~Clerk of the Board of Supervisors
of Bu~te County
.7
PASSED AD7D ADOPTED January 21, 1975 by the
following vote:
AYES: Supervisors Cameron, Richter, I~adigan, McKillop and
Chairman Ladd
DIOES None
ABSENT: Nane
~ ~.
airman o£ ~he Board o upervisors
of ~he County of Butte
(SEAL]
ATTEST:
CLARK A. NELSON
~aJG. !\ !`~S M
Clerk of the Board of 8upervisors
of the Countx of Butte