HomeMy WebLinkAbout75-143COUNTX OF BU'I'TE
BUTTE COUNTY SERVICE AR~A NO. 26
RESOLUTION AIO. 75WI43
RESOI.[JTION AUTHORTZING AND DIREC~II3G THE SALE OF` $808,000
PRINCIPAL AMOUNT OF BUTTE COUNTY SERVICE AREA I~TO. 26 1975
SEWER BONDS, SERI~3 B
WHE~AS, this Bpard of Supervisors of Butte
County, by Resolution No. , adopted September 30, 1975,
duiy provided for the issuance of $808,000 principal amount
of Butte County Service Area No. 26 1975 Sewer Bonds, Series
B, and it is desireab~le that said bonds be offered for public
sale at this time;
NOW, THEREFORE, BE IT RESOLVED ,ANA ORDERED by the ~
Board of Supervisors of the County of Butte, as follows:
Section l. Tuesday~October 21, 1975 at the hour
of 10:00 o'clock A.M. is hereby ~ixed as the time, and the
regul,ar meeting place of this Board of Supervisqrs, Caurthouse,
Oroville, California, is hereby fixed as the place, at which
bids will be received for the purchase of said bonds, as
described in, and subject to the terms and conditions of, the
notice of sale hereinatter set forth.
Section 2. The Clerk of this Board of Super-
visors is hereby authorized and directed to cause a notiae of
sale of seid bonds ta be published once in the OROVILLE
NLERCURY-REGISTER, a newspaper of general circulation
circulated in Butte County Service Area No. 26, with such
publication at least ten (10) days prior ta said.date of
sale, such riotice to be in substantially the following form:
OFFYCIAL NOTICE OF SALE
$808,000 BUTTE COUN~Y SERVICE AEtEA NO. 26
1975 SEWER BONDS, SERIES B
NOTICE iS HEREBY GIV~N that sealed proposals will
be recezved an~ opened by the Board of Supervisors of Butte
County, State of Californza, at the reguiar meeting place of
the Board of Supervisors, Courthouse, OrovilZe, California, on
TUESDAY OCTOBER 21, 1975
at the hour of 10:00 o'clock A.M. for the purchase of $808,000
principa~ amount of bands of Bntte County Service Area No. 26
designated Sutte County Service Area No. 26 1975 Sewer Bonds,
Series B", more par~icularly described below. The 1975 Sewer
Bonds, Series B are part of an issue of $1,500,000 aggregate
principal amount authorized at an election held in Butte County
Service Area No. 26 on March 5, 1974~of which $400,000 princi-
pal amount was sold on February 11, 1975, no additiona~ bonds
of which will be of~ered for sale prior to February 1, 1976.
ISSUE AND $808,000 principal amount of 1975 Sewer
DENOMINATION: Bonds, Series B issued as coupon bonds,
with bonds numbered B1-B3, both inclu-
. ~sive, ot the denomination of.$1,000 and
bonds numbered B4-B164, both inclusive, of the denomination
of $5,000, numbered consecutively from B1 to 8164, inclusive,
and bearing interest trom January 1, 1975, or at the aption
ot the purchaser, issued as fully registered bonds, all of the
denomination of $1,000 or $5,000 respectively, numbered con-
secutively from RB1 to RB164, inclusive, and bearing interest from
their da~e of registration anfl delivery, whicH fully registered bands
are convertibTe at any time a£ter the first payment of in~eres~
thereunder upon 90 days' notice into coupon bonds, at the expense
of the County of Butte. .
DATE:
MATURITIES:
Principal
Amount
$ 8,000
10,000
15,D00
20,000
25,000
30,000
~~,ooo
40,000
45,000
The bonds are dated January l, 1975.
The 1975 Sewer Bonds, Series B mature ser-
ially in consecutive numerical order, from
lower to higher, on January 1 in each of
the years as follows:
Maturity Date (January 1)
(both years inclusive)
1979
1980 - 1988
1989 - 1995
1996 - 2000
2001 - 2004
2005 - 200'7
aaoa - aoio
2011 - 2013
2014 - 2015
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. REDEMPTION: Bonds maturing by their terms on or
prior to January l, 1985 are not
subject to redemption prior to ~heir fixed maturity dates.
Bonds maturing by their terms on or after January 1, 1986 are
subject to redemption prior to their fixed maturity dates, at
the option of the Board of Superdisors of Butte County, on
January 1, 1985, but not prior thereto, and on 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 interes~ to date of redemption.
INTEItEST RATE: Five per cent (5$) per annum, payable
annually the first year on January 1,
1976 and semiannualiy thereafter on January 1 and July 1 in
each year.
PAYMENT: Both principal and interest are
payable in lawful money of the
United S~ates of America at the office of the Coun~y Treasurer
of Butte County, in Orovi~le, California.
EXECUTION AND The bonds wi11 be executed by the
R~GISTRATION: manual signature af at least one
official authorized to execute the
bonds. The bonds issued ~n coupon form are registrable only
as to both principal and interest, and are not subjec~ to
de-registration and to re-registration.
PURPaSE OF ISSUE: The bonds are authorized by vote of
two-thirds of the qualified voters
resident wi~h Butte County Service Area No. 26 voting at a
speciaZ bond election for the purpose of authorizing bonds
for the acq~isition, construction and completion of facilities
for the collection, treatment and disposal of sewage of said
Area and its inhabitants.
SECURITY: The bonds are not general obligations
o£ Butte County, but are payable
sole~y from revenues derived from taxes levied and collected
upon the taxable property wi~hin Butte County Service.Area No..
26, and upon that property only. The Board of Supervisors
of Butte County has power and is obligated to levy ad valorem
taxes ~or the payment of the bonds and the interest thereon
upon all property within said Area subject to taxation by
said County, without limitation of rate or amount.
TAX EXEMPT STATUS: In the event that prior to the
delivery of the bonds (i) the
income received by any private holder from bonds of the same
type and character shall be declared to be taxable (either
at the t~me of such declaration or a~ any futuze 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 followed by the Tnternal Revenue Service, or by
decision of any federal court, or ~ii} any federal income
tax Iaw is adopted which will have a substantial adverse tax
effect on holders of the bonds as such, the successful bidder
may, at his option, prior to the tende.r of the bonds by the
Board of ~upervisors af Butte County, be relieved of his
obligation undex the contract ~o purchase the bonds and in
such case the deposit accompanying his bid will be returned.
LEGAL OPINION: The legal opinion of Messrs. Orrick,
Herrington, Rowley & Sutcliffe of
San F~ancisca, Calitornia, approving the validity of the
bonds, will be furnished to the successful bidder without
ch arge . :
TERM5 OF SALE
Highest Bid: The bonds will be awarded to the high-
est bidder, considering the premium
offered, i~ any. The United States of America, Farmers
Home Administration has agreed to purchase all the bonds
at the par value thereof, provided no equal or better bid
for the bonds is receivec. T?~e purchaser mu~t_pay accrued
interest on the bonds issued in coupon form €rom the date ot
the bonds to the date of deli.very. AlI interest will be
computed on a 360-day year basis. The cost of printing the
bonds wil~. be borne by the Board of Supervisors of Butte County.
Right of The Board of Supervisors of Butte
Rejection: 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: The Board of Supervisors of Butte
County wil7. take action awarding
the bonds or rejecting all bids not later than 24 hours after
the expiration of the time herein prescribed for the receipt
of proposaI.s, unless such time o~ award is waived by the
successful bidder.
Prom t Delivery: Delivery of the bonds will be made
to the successful bidder at the
office of the County Treasurer of Butte County, in Oroville,
California. Payment for ~he bonds must be ma8e in funds
immediately available to the Board ot Supervisors of Butte County,
in Oroville, California.
Right of T'he successful bidder shall have
Cancellation: the right, at his option, to cancel
the contract of purchase zf the Soard
af Supervisors of Butte County shall fail to execute any of
the bonds and tender the same for delivery within three hundred
sixty (360) days from the date of sale thereof, and in such
event the successful bidder shall be entitled to the return of
the deposit accompanying his bid.
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Form of Bid: All bids must be for not less than
all of the bonds hereby bffered for
sale and for not less than the par value thereof and accrued
interest to date of delivery. Each bid, together with bidder's
check, must be enclosed in a sealed envelope addressed to the
Board of Sup~r.visors of Butte County and endorsed "Proposal far
the Butte Coun~y Service Area No. 26 1975 Sewer Bonds, Series B."
All bids must be delivered to the Board of Supervisors of Butte
County at their regular meeting place, Courthouse, Oroville,
California 95965 prior to 10:00 o'cloak A.M. on October 21, 1975.
Bid Check: Wi~h each bid (except that of the
United 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 of California, payable to ~he order of the County
Treasurer of Butte County, to secure the Board of Supervisors
of Butte County from any loss resulting from the failure of
any bidder to comply with the terms o£ his bid. Checks of all
bidders (except the successful bidder~ will be returned bX mail
promptly following the sale date above specified. No interest
will be paid upon the deposit made by the successful bidder.
There is no controversy or litigation pending concerning
the validity of the above bond issue, the aorporate existence
of Butte County Service Area No. 26 or Butte County, or the
title of the o~ficers thereof to their respective offices, and
the Board of Supervisors of Butte County will turnish to the
successful bidder a no-litigation certificate certifying to:
the foregoing as of and at ~he time ot the delivery of the bonds.
Dated: September 30, ~975
Cierk of the Board of Supervisors
of Butte County
PASSED AND ADOPTED September 30, 1975.
following vote:
AYES: Supervisors Cameron, Madigan, McKillop, Richter and Chairman Ladd
NOES: None
ABSENT: None
/
irman of ~h Boar 5upervisors
[SEAL] o£ the County of Bu~te
ATTEST : C LARK A. NE LSO N, COU NTY C LE RK
BY: ~
Clerk of th Board of Supervisors
of the County of Butte
Board of Supervisors Clerk
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