HomeMy WebLinkAbout76-127COUNTY OF BUTTE
BUTTE COUNTY SERVICE AREA N0. 26
RESOLUTION N0. 76-127
RESOLUT30N DIRECTING idOTICE OF SALE TO BE
GIVEN OF THE BUTTE COUNTY SERVICE AREA NO.
26 1975 SEWEk2 BO1dD, SERIES C IN THE PRINCIPAI,
AN~OETNT Ok' $89, 000
WHEREAS, a form of Notice of Sale inviting
sealed bi.ds ~or the purchas~ of the Butte County Service
Area No. 26 1975 Sewer Bond, Series C in the principal
amount of $89,000 has been submitted to this Board of
Supervisors in the form attached hereto and marked
"Exhibit A";
1~T04~ THEREFORE, BE IT RESOLVED by the Board of
Supe~visors of the County of Butte, as fol~ows:
5ection 1. Said bond shall be offered for
pub].ic sale by this Board of Supervisors at 10:00 o'clock
A.M. on Tuesday, F~ugust i0, 1976.
Section 2. The form of Notice of Sal.e attached
hereto and inarked "~xhibit A" is hereby approved and the
C1erk of this Board of Supervisors is hereby authorized
and directed to cause said notiee in substantially saicl
form to be published once in the Oroville Mercury-Register,
a newspaper of general circuZation circulated in Butte
County Service Area No. 26, with such publication at least
. _.. ~1~.~~ ~
ten (10) days prior to said date of sale.
Sectian 3. This resolution sha11 take effect
froan and after .its adpption.
PASSED AND AD~PTED July 27,.1976, by the
tollowing vote:
AYES: Supervisors Ladd, Madigan, McKillop, Richter and Chairman Cameron
NOES: None
ABSENT: ~lone
[SEAI,) i ~~~ ~~~9~, ~G~~..~
Chairman of ~ne Board of
Supervisors of the County
of Butte
A~TEST: CLARK A. NELSON, COUNTY CLERK
I~~~~~~ ~ -or~(~,,~
Clerk of the Board of Supervisors
of the County of But~e
2
~ NOTICE QF SALE
Bi7TT~ COTTI~'~'Y SERVICE AREA NO. 26 1975
SEWER BO~TD, S~ItI~S C
SEALED BSDS will be received anfl opened by the Board
of Supervisors of Butte Coun~y, State of California, at the
regular meeting place of the Board of Supervisors, Administration
Building, Oroville, California, at 10:00 o'clock A.M. on
TUESDAY, AUGUST 10, 1976
for the purchase at not less than par of a bond of Butte
Caunty Serva.ce Area No. 26 in the principal amount of
$89,000 designated the "Butte Coun~.y Service Area No. 26
1975 Sewer Bond, Series C," more particular7.y described
below. The bond is part of an issue of $1,500,000 aggre--
gate principal amount authorized at an election held in
Butte County Service Area No. 26 on March 5, 1974, of
which $400,000 principal arnount was sold on February 11,
1975 and $808,000 principal amount was sold on October 21,
1975.
The bond shall be dated January 1, 1975 and
shall bear interest from its date of delivery and initial
registration on the unpaid principal thereof until fully
paid at the ~ate of five per cent (5g) per ann~un, payable
on January 1, 1976 and semi-annually thereafter on
January 1 and Ju1y 1 of each year. Both the principal
of and interest on the bond shal]. be payable in lawful
money of the United States of America at the office of
the County Treasurer of the County of Butte, in Oroville,
California, by warrant mailed and by said Treasurer to
the registered owner. Principal of the bond shall be
payable zn annual installments on January 1 of each pear
commencing ~.n the year 1978. fihe said principal (and
interest thezeon) sha11 be payable on ~anuary 1 of each
year in equal annual instaI.lments of $2,252.64, iess
interest paid the previous July 1(represen~ing principal
and 9.nterest) in each of the years 1978 to 2015, inclusive,
until the principal and interest are fu11y paid.
The whole or any part of the principal of the
bond shall be subject to call and redemption, at the op-
tion of the County of Butte, on any interest payment date,
upon paymen~ to the registered owner thereof of the whole
or part of the principal of the bond so redeemed.
The bpnd wa.ll be issued only as a full registered
bond.
The bond is not a general obligation of Butte
County, but is payable soleZy from revenues derived from
taxes levied and collected upon the taxable property
within Butte County Service Area No. 26, and upon that
property only. The Board o~ Supervisors of Butte County
has power and is obliga~ed to levy and valozem taxes
for the payment of the bond and the interest thereon
upon all property within said Area subject to taxation
by said County, without limitation of rate or amount.
TERMS OF' SALE
T3~e bond wilZ be awarded to the highest bidder,
considera.ng the gremium otfered. The United States of
America, Farmers Home A,dministration, has agreed to pur-
chase the bond at par value thereof, if no better bid is
submitted therefor.
Each bid must be for not less than the par value
of the bond her~by offered for sale. Each bid, together
with bidder's check, mus~. be enclosed in a sealed envelope
addressed to the Board of Supervisors of Butte County en-
tit].ed "Proposal for Butte County Servzce Area No. 26 1975
Sewer Bond, Series C", and de3.ivered to the Board o~
Superva.sors o~ Butte County by 10:00 o'clock A.M. on August
10, 1976, at the pl.ace hereinabove set farth. With each
bid (except that of the United States of America) m'ust be sub-
mitted a certified check or cashier's check for $1,000
drawn on a bank or trust company transacting business in
the State of California, payable to the order of the County
Treasurer of Butte Coun~y ta secure the County of Butte
froFn any loss r~sul.ting from failure of the bidder to com-
ply with the terms of his bid. Checks of unsuccessful
bidders will be returned by the County of Butte by mai1.
No interest will be paid upon the deposit made by the
successful bidder.
The successful bidder will be furnished, at the
expense of th~ County of But~.e, the appx-oving opinion of
Messrs. Orrick, Herrington, Rowley & Sutcliffe, of San
Francisco, California, on the bond.
Dated: Ju7.y 27, 1976
~ ~~~
Cler of the Board of Supervisors
of Butte County