HomeMy WebLinkAbout75-031RESOLUTION N0. ~5-3~
RESOLUTION FZXING DATE OF BQNDS AND D~I2ECTING PUBLICA-
TION OF OFFICIAI, NOTICE INVITING BIBS FOR PURCHASE OF
BONDS, FIRi,AND ACRES ASSESSMENT DISTRICT, COUNTY OF
BUTTE, STATE OF CALIFORNIA
WHEREAS, it is necessary to fix ~he date of bonds ~o be
issued and authorize sale of bonds which will be issued to repre-
sent unpa~d assessments;
NOW, THEREFORE, BE IT RESOLVED by the Board o£ Super.visors
of the County of Butte, State of California, that bonds issued in
said proceedings shall be dated the 15th day of April, ~975, and
shall bear interest from said date; and '
BE IT FURTHER RE50LVED that the Counfiy Clerk is hereby
authorized to publish Official Notice Inviting Bids for the purchase
of bonds, which Notice is a~~ached hereto, marked "EXHIBIT A"
and made a part hereof, said bids to be received at the hour of
11:00 o'clock A.M. on ~he llth day of March, ~975, by the Baard
of Supervisors of the County of Butte, State of CaXifornia, looated
a~ ~he Butte County Courthouse, 1859 Bird, OrovilZe, Ca. 95965,
at which said time and place said proposals will be publicly opened,
examined and declared; and
BE TT FURTHER RESOLVED ~hat said Notice shall be pub3ished
once.
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I HEREBY CERTIFY ~hat the foregoing resolution was duly
and regularly adop~ed by the Board of Supervisors of the County
of Butte, State of California, at a regular meeting thereof, held
on the 18th day of February, 1975, by the following vote, to wit:
AYES: Supervisors Cameron McKillop, Tiichter & Chairman T.add
NOES: Supervisors Non
ABSENT: Supervisors ~adigan
CLARK A. NELSON, County Clerk,
County of Butte, State of California
OFFICTAL NOTIC~ INVITING BYbS FOR THE PURCHAS~ OF
BONDS, FIRLAND ACRES ASSESSMENT DISTRICT, COUNTY OF
BUTTE, STATE QF CALIk'ORNIA, UNDER THE PROVISIONS OF
THE MUNICIPAL IMPROVE~9ENT AC~ 0~' 1913 AND THE IMPROVE-
MENT ACT OF 1911
NOTICE IS HERESY GIVEIV that sealec3 proposals will be
received by the Board of Supervisors of the County of Butte, State
of California, located at the Butte County Courthouse, ~859 Bird,
Oroville, Ca. 95965, at the I~our of Z1:00 o'clock A.M. on the llth
day of March, 1975, for the purchase o£ bands of the County of
Butte, designated as "Firl.and Acres Assessment District, County of
Butte, State of Cal.ifornia," in the estimated principal amount of
$39,8A8.54. Said bids will be publicly opened, examined and de°
clared at said time and place.
These bonds are authorized to be issued, ar~d the assessments
are authoxa.zed to be levied, under the provisions of Resolution of
Intention No. 73-107 of the Board of Supervisors of the County of
Butte, adopted on the 26th day of June, 1973, as latex amended, and
proceedings sul~sequent thereto. The'Resolution of Intention, as
amended, provides with relation to said bonds as follows:
NOT~CE IS HE1~BY GI~7EN that serial boncls to represent
unpaid assessments, and bearing in~.erest a~ the rate
of not to exceed eight per cent (8a)per annum shall be
issued in the manner and form provided in Part 5, Divi-
sion 7 of the Streets and HigYcways Code of the State of
California (Impzovement Act of 1911) to represent unpaid
assessments of Fifty Do].lars ($50.00) or over, the last
installment of which bonds shall,mature fourteen (14)
years from the 2nd day of January next succeeding tYce next
September lst ~ollowing their date. Said bonds sha11
be payable to bearer and may be redeemed as provided in
the Improvement Act of 1911, and there sha11. be adc3ed to
the redemption clause i.n said bonds the ~07.1.owing words:
"...together with a premium of ~a.ve per cent E5g) of
the unmatured principal,"
AMOUNT OF BONDS: Said bonds will be in ~.he estimated amount
of $39,848.54. The total amount of the bid will, therefore, be
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based on the sum of $39,848.54 for the bonds. All bidders, however,
by subm~ssion of a bid, agree to purchase the tota~ amount of bonds
that may be issued. Bids will be calculated and award will be made
on the basis of the following maturities regardless of the exact
amount of the band issue. The exact amount of the issue will be
determined by subtracting from the estimated amounts stated herein
the amount of assessments paid in cash during the thirty (30) day
cash paymen~ period following recordation of the assessment.
DATE O~ BONDS AND I~TEREST iZATE: Bonds are to be dated
the ~ th day of April, ~975, and will bear interest from said date.
Interest rate is fixed in the Reso~ution of Intention, as amended,
at the rate of not to exceed eight per cent (80) per annum. Such
interest shall be evidenced by coupons attached to each bond, and
eaah of said coupons shall represent six months' interest on the
bond to which it is attached. The first coupon will be for interest
from Apzil 15,1975, to January 2, 1976.
PURPOSE 0~ ISSUE: Said bonds are au~horized to be issued by
the Board of Supervisors of the County of Butte, State of California,
by Resolut~on of Intention No. 73-107, as amended, and proceedings
subsequent thereto. The purpose is for the improvement of Firland
Drive, Paradise, from the Skyway nozthwesterly a distance of approxi-
mately 900 feet, including paving, asphalt drainage bezms, storm
drainage lines and all necessary appurtenances, includ~ng the removal
and replacement of exis~ing facilities and the removal and disposi-
tion of all refuse and surplus materials. The assessment district
is designated as "Firland Acres Assessment District, County of Butte,
S~ate of California", and xeference for details is made to the pro-
ceedings for the formation and completion of said assessment district.
, PAYM~NT: Both the principal and interest are payable in
lawfux money of the United States of America at the office of ~he
County Treasurer of the County of Butte, Courthouse, 1859.Bird,
Oroville, Ca. 95965. . ~
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AUTHORITY FOR TSSUANCE: Said bonds wexe authox~zed ta be
issued by the proceedings in said assessment district, and said
assessment district was organized and consummated under the provi-
sions of the Municipal Improvement Act of 1913 and bonds provided
to be issued under the Tmprovement Act of 19~1 of the State of
California.
CALLABLE BONDS: Al1 bonds are subject to redemption pur-
suant to ~he provisions of the Improvement Act of 19~1. Any prop-
erty owner may redeem any bond at any time by paying the unpaid
principal, five per cent (5g) of the then unmatured grincipal as
premium, and interest to the next s~cceeding interest coupon date
plus all penaltzes acczued and unpaid.
DENOMINATTONS: The bands will vary in amounts according to
the assessment against each parcel of 1and.
LEGAL OPINION: The 1ega1 opinion of the law firm of Sturgis,
Dan-Dulk, Aouglass & Anderson~ 1322 w7ebster Street, Oakland, Cali-
~oxn~a 94612, approving ~he validity of said bonds will be furnished
to the successful bidder without charge. In the opinion of Counsel,
interest on the bonds is exempt from all Federal income taxes and
from S~ate of California personal income taxes, under presently
existing statu~es, regulations and court decisions, and the bonds
are also exempt from all California taxes except inheritance, gift
and franch~se taxes.
SECURITY: Said bonds are secured by real property against
which each bond ~s a lien, as provided by the Improvement Act o~
1911.
HIGHEST BID: Bonds wi11 be awarded to ~he highest bidder
considering the interest rate specified and the discount offered, it
any. The highest bid wi11 be determined by adding the amount of any
discaunt to the to~al amount of interest which the County of Bu~te
would be required to pay ~rom the date of the bonds to their maturity
date, at the coupon rate specified in the bid, and the award wil.1
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be made an the lowest net in~erest on the bonds. A1~ bids must
provide for payment of accrued interest from the date of bonds to
date of delivery. The oost of prin~ing the bonds will be borne
by the assessment district. No bid of ~ess than 95~ of par wi11
be considered.
RTG~T DF REJECTION: The County of Butte reserves the right
at xts discre~ion, to reject any and all bids and to waive any ir-
regularity or informali~y in any bid.
- PROMPT AWARD: The County of Butte wi11 take action award~ng
the bonds or rejecting all bids, nnt later ~han forty-eight (48)
hours after the expiration of the time here~n prescribed for the
receipt of proposals.
PROMPT DELIVERY: Delivery of the bonds will be made to the
successful bidder at the office of the County Treasurer, Butte County
Courthouse, 1859 Bird, OroviZle, California, as soon as said bonds
can be prepared but not earl~e~ than the date of said bonds. Suc-
cessful bidder, by making a bid, agrees to pay for and take delivery
of ~he bonds within forty-eight (48) hours after notification by
the County of Butte that the bonds are xeady for delivery, bu~
bidder is not obligated to take delivery ea~lzer than the date of
the bonds. The successfu~ bidder shall hav~ the rzght at his option
to cancel his offer to purchase i~ the bonds are not tendered far
delivery within 45 days from the da~e o£ bonds.
FORM OF BID: Al1 bids must be for not less than all of the
bonds herein offered for salE. Each bid, together with bidder's
check, must be enclosed in a sealed envelope addressed to the County
C3erk, ~utte County Courthouse, 1859 Bird, Oroville, California,
and endorsed "Proposal for Bonds, Firland Acres Assessment District,
County o~ Butte, California".
BID CHECK: With each bid must be submitted a certified
check or cashier's check for $1,000.00 drawn on a bank or, trust
company transacting business xn the S~ate of California, payable to
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the County of Butte to secure the County of Butte from any loss
resulting from the failure of the bidder to opmply with the terms
o~ h~s bid. Checks of the unsuccess~ul bidders will be returned
by the County of Sutte by mail upon the award of the bonds. Check
of successful bidder wi11 be credited upon the gurchase prica of
the bonds, but no interest will be paid on the depo5it of any suc-
cessful bidder. Check of the successful bidder wi11 be forfeited
to County if the bidder fails to pay for and take delivery of the
bonds within ~he time provided for in this notice as liquidated
damages.
NO-LITIGATION C~RTIFTCATE: The County of Butte wi11 furn-
zsh to the successful bidder, at the time of delivery of the bonds
a no-litigation certiticate, certifying that there is no controversy
or litigation pending or ~hreatened concerning the validity of the
bonds.
DATED: February 18, 1975.
CLARK A. NELSON, County C1erk,
County of Butte, State of
California.
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