HomeMy WebLinkAbout76-046LASSEN AVENUE
ASSESSMENT D~S`.~RICT N0. 1
RESOLUTIOI~F NO. 76-4G
PROVIDING FOR ISSLTANCE OF
IMPROVEMEIJT BONDS
ANB
DIRECTII~G NOTICE OF` SALE
OF ~
IMPROVENL~NT BONDS
WHEREAS, on ~"~arch 9 , 1976, this Baard~.ado~3tedr>~~
its Resolution of Inten~ion No. 7(-~2 providing for certain work
and improvements to be made and done within and adjacent to an
area in the County of Butte that this Board'ha's:designated
LASSEN AVENUE ASSESSMENT DISTRiCT 230. 1, and ~
- WHEREAS, said Resolution of Intention No.76-~z pro-
vides that said work and improvements shaxJ. be done and made
pursuant to the Municipal Improvement Act of 1913, and
A~IIEREAS, said Resolution of Intentinn No.
provides that Serial Bonds, made payable to bearer, shall be
issued pursuant to the Improvement Ac~ of 197.I. (Part 5, Bivision 7
of -~he Streets and Highways Coc1e} to represent unpaid assessments
o~ $50.00 or more, and ~
WHEREAS, on ~rtarnh q , 1976, this Board adopted
its Resolution No.75°~7- and preliminarily confirmed and
approved an assessment for said. wor]c and improvements and set a
hearing thereon at 10:00 o'clock A_M,~ April 13 ',~1976, and
WHEF2~AS, said essessment if finally confa.rmed and. appraved
as filed or modified will be recorded in the office of the Coun~
Surveyor-Direc~.or of Public Works and a No~ice of Assessment will
be recorded in the office of the County Recorder of the County of
Butte, al~ in the time, form and ~nanner required by law; and
WHEREAS, said assessment so preliminaril.y approved was
in the to~aJ. ainount of $ 7~~9:,739.48 and was apportioned
upon the several subdivisions of land in said L~SSEI3 i~VENUE
ASSESSNIENT nZST12ICT N0. 1, in proportion to the esEimated benefits
to be received by each such subdivision,•respectively. from said
work and improvements all as shown by said assessment and diagram '
i
on file with the Board of Supervisors o€ the County of Butte and I
forming a part of the Report respecting said assessment district ~ ~I
prepared in accordance with Streets and Highways Code Section i
~
10,204, to which ~eference is hereby expressly made £or further .~I
particulars, and
W~iEREAS, all sums shown assessed in said assessr~ent will '
be due and payable ~o the County Treasurer of the Coun~y of Butte,
at his office in ~he City of Oroville, Californi~, in the tirne.,
provi8ed by law, to~wi~: within 30 days after the date of the
reaording o£ such assessment. -
NQW, THEREFORE, BE I'1,' RESOI,VETI BY 'I'HE BOARD OF SUPERVISOItS
OF THE. COUNT'Y O~' $UTTE, S'i'7~T~ OF CALZFORNIA:
1. That the foregoing reci~al.s and each of them are
true and correct and ~he .Hoancl:l hereby so finds and de~ermines,
2. That tha.s Soard hereby orders ~ha~ Serial Bond~s made
payabl.e to bearer in the amount of said assessments iahich are
~ ~
unpaid at the close of business on the 30th day a~ter the da~e of
the recording of said assessment in accordance with law shall be.
issued pursuant to the improvement Act of 19Z1 (~art 5, D9.v~sion
'1 of the Streets and Highways Code) to represent unpaid assessments
of $50.00 or more, and that said bonds wi11 bear interest at a rate
not ~o exceed eight percent (8$) p~r annum and that the last
principal ins'~allmen-~ due on said bonds shall mature fourteen
(I4} yeazs fram the 2rid day of January next succeeding the lst
day of 5epteznber fo].lawing their date, and that the redemption
provisions of said bonds shall provi.de a premium of five percent
(~~} of unmatured principal if redeemed before maturity, The
aggregate principa~r amount ~af ~_sai~d'bdnds - sha11 rio~ exc~ed'-tlie~~; =-~
agcjr.ega~~ a~tourit of~l-said: ~ass'essment' ~ (a~s "~:ilec~ r.._or, ..if__modif~.ed, ::`a~:'~,
innd:x~fx2d•~''and: in•"ar~y.~.~ven~~:~s'h°all no~ exceed $$OU,000.00 Each
bond shall be designated thus:
_.,_
_............,. ___~i_~~~__:_,_:
Improvement Bond
Lassen Avenue Assessment Dist~S.ct No. 1
Butte County
and sha11 be dated on or after June 10 , 1.975, bu~ not
later than .7uly 15 , 1975.
3. That said bonds shall be signed by the Treasurer of
the County of Butte. The caupons for principal and the coupons for
interest attached to said bonds shall be signed by the Treasurer
of said County o~' Butte by his engraved, printed or lithographed
signa~ure. Such signing as herein provided shalZ be a sufticient
and binding execution of said bonds and coupons.
4. That said. bonds shaI.l be offered for public sale by
this Board at the ~ime and pZace designated in tl'Ae no~ice.of
sale he~reinaf~er set ~orth, and the Clerk of th~.s Caunty is hereby
authorized and directed to cause notice of the sale of said bonds
to be published once iri the Ehico ~n~erprise Record not less than.
15 days before the day set for receiving the bonds for the sale .
of said bonds; such notice shall be substantiall.y in the follow.ing
form, to wit:
NpTICE OF SAT~~
OF
IMP120VEMENT BONDS
LASSEN AVENUE ASSESSMENT DISTRIC~ NO. ].
BiTTTE COUNTY
No~ice is hereby given ~hat tk-e Board of Supervisors of
the County of Butte, Lassen Avenue Assessment District No. 1, wi11
receive sealed bids for 'the pnschase of the followin,g described ~
bonds of said District at the ot£ice of the County Clerk of the
County of Butte, Connty Administration Bnilding, Qroville, Calzfornia,
up to the hour of o'clock, .M., on A~ri1 1:3~ _, 1976.
The bonds to be sold are bnnds to be issued to represent
unpaid assessments levied upon the lands within Lassen.A'venue
Assessment bistrict No. 1 of said Butte County to pa.y the cost of
cextain improvement wo~k in.said District. Sa9.d bonds are authorized
by proceedings taken pursuant to the Municipal Improvement Ac~ of
1911, Division 7 of said Code. ~
~
-3-
The number of said bonds shall not exceed I36 and
sha~l be of varying principal amounts in an aggzegate not to
exceed $ 800,000.00
The exac~ number of said bonds and the actual principal
amount of sa~d bonds shaZi be determined by the amount of unpaid
assessments shown on a list thereof made and filed by the County
Treasurer of the Caunty of Butte which list this Hoard hereby
estimate8 will be filed on or about ~une 1 , 1976.
An assessment no~ an file in the office of ~he Connty Survepar-
Director of Public Works of said Lassen Avenue Assessment
District No. 1 has been preliminarily approved by said Board and
shows a total assessmen~ of $~59.739.48 The Board ot
Supervisors reserves the righ~ to increase or decrease the individual
assessments and the aggrega~e assessment a~ter receiving construa-
tion b~ds for said work and improvemen~s but in no event shal~
the aggregate amount ot said bonds exceed said sum of $ 800,000.00
Said bonds will be dated on or after June 10 r 1976r
and not later ~han July 15 , L976, and bear ~nterest from
that date at a rate not to exceed eigh~ percent {8~) per annum.
The first interest shall be payable semiannually on January 2 and
July 2. The principal of said bonds shall be payable by coupon in
fifteen (15) even annual installments payable on January 2 o.f
each year_beginninq.~ January 2 , 1977._ The bonds are
payable at ~he office of the Treasurer of the County of Butte,
Orovi~ie, California. Said bonds will be issued under the
I~provement Ac~ of 1911, Divis~on 7 of the Streets-and Highways
Code, and except as otherwise provided in said Municipal Improvement
Act of 1913, the pxovisions of Part 5 of said ~mprovement Act of
191~ shall apply to said bonds and govern as to the issuance,
collection and en~orcement thereof.
In each o~ sa~d bonds the right will be reserved to
redeem such bond at any time before ma~urity upon payment of tne
unmatured principal with interest thereon to the due date of the
next maturzng interes~ coupon, together.wit~ a premium of five E5)
percent of said unmatured principal.
°4-
,
Each bond shall be a lien upon the properfiy upon which
the assessment represented by such bond wi11 be levied. For a
description of the respective lots, pieces and parcels of land
upon which the several bonds will be liens, and for other infor-
mation, reference is made to the proposed assessment naw ~'
preliminarily confirm~d and which appears in the Report prepared
under S~reets and Highways Code Section 10,204 for said Lassen
Avenue Assessment Distxict No. 1 and which is now on file in the
office of the County_~Surveyor~Dixector of Public Works, County
of Butte, Califo~nia..
Said bonds will be sold to the highest responsible
bidder cons~de=ing the interest rate specified and the premium or,
discount offered,~if any. ~
The hi.ghest bid wi11 be de~erznined b~ deducting the
premium from or adding the discount ~o the totai amoun~ of
interest required ~o be paid from the date o~ said bonds to the
date o~ their maturity at the interest rate specified an the bzd.
The award will be_made_on the basis of the Iowes~ ne~,interest
cost. The purchaser must pay accrued interest from the date of
the bonds to the date.of de~ivery.
Interest sha~~ be aomputed on a 360-day year basis.
Only one net interest cost rate may be specified which net interest
cost ra~e must be stated in any mu~tzple,of 1/20th of 1$.
Al1 bids must be payable in cash and fa~ not less
than all of the bonds,offered for sale. ~
A11 bids must be for not 3ess than 9~ ~ of the par
value of ~he bonds together with acczued interest to date of delivery.
Each,b~d.must specify the rate of interest tb be borne by the bonds.
~ ,The cost of printing the bonds wi1Z be an incidental
expense of the proceedings and wz~l not.be payab~e by the suacess-
ful bidder.
A certi~ied or cashier`s check drawn on a responsible
bank or trust company, in the amount of Five Thousand '
and no/~OOths ------------- Dollars ($5,OOO.QO ) payable to
i ~ . . ,.
. ~ _ ...... ........._ _:... _ ..__.._ _ ___-- _...._ .~ -- -- -
the order of the County of Butte, must accompany each proposal as
a guaranty ~hat the bidder, if suacess£ul., will accept and pay for
said bonds in accordance with the terms of this bid. The.proceeds
of the check acoompanying any accepted proposal shall be applied
on the purchase price, or if such proposal is accepted but~not
perfo~med, unless such failure of performance shall be caused by
any act or omission of said County, shall tl-fen be retained by the
County. The check accompanying each unaccepted proposal will be
returned promp~tly~. •
~he Board of Supervisors reserves the right -~o re~ect
any or a11 bids, and to waive any irregularity or informalz~y in :
. any bid to the exfient permitted•by law.
The $oard of Supervisors will take action awarding the
bonds or rejec~ing a11 bids not later than l+~ay 11,•. " ,
1976, except that said Board may choose to make the award to a,
. bidder a~ter ~he expiration of tha~ specified time if the bzdder
shall not have given to the District a notice in writing o~ the
wzthdrawal. of the bidder's p~oposal.
2he legal opinion Of GALE E. PECK, A~torney at Law,
Sacramento, California, approving the validity of said bonds will
be £urnished the successful bidd.e~ at no expense ~o the bidder.
-`'Y ~ The bids ~aill be opened at ~the meeting of the Board of ~
Superua.sors-of said-Lassen Avenue Assessment Aistricf Na. 1.,--
County of Butte, California, on April 6~ ,~.976, a-~
o'clock, .Nl., at the Butte County Administx~atzon .
Building, Oroville, California. .~
Dated: ~.. 1976. .
_ .. _ ~.1~~ ~ ~~
County Clerk
, .. _ '
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5. That this Resolution shall take effect from and
after its passage and approval. ~
On a motion duly made by Supervisor Richter
seconded by Svpervisor ~Iadigan , the foregoing
Resolution was passed and adopted by ~he BOARD OF SUPERVISORS,
COUNT'1.' OF' BUTTE, STATE OF CAL~FORNIA, ~his 9~~ day of
March , 1976, by the following vote, to-wit:
AYES : SUPERVISORS ~+a~d, Madigan, McKil,lop, Riehter and Chairman Cameron
NOES: SUPERVISORS None
ABSEi~7T : SUPERVISORS ~p~e
~~4~~~
Chairman
~ S EAF~ )
ATTEST: Clark A. Nelson, County C1erk
C~ 4. `~.
Cle~k of the Boarii of Supertrisors
/2/76 ~-7-
~n . ,.,~