Resolution 05313RESOLUTION NC. 5313
APPROVING OFFICIAL STATEMENT AMU AUTHORIZING !\'D DIRECTING
THE 1GALE OF 080,000 PRINCIPAL Amaula OF CITY OP ALAMEDA
OFF-STREET PARKING REVENUE BONDS, SERIES A.
WHEREAS, the Council. of the City of Alameda has heretofore, by Resolution
No. 5312, adopted April 24, 1956 (hereinafter called the "Resolution"), duly au-
thorized the issuance of 03103,000 principal amount of City. of Aiamoda Off-Street
Parking Revenue Bonds, Series A, and it is desirable that said Bonds be offered for
sale at this time, subject to the terms and conditions of the Notice of Sale hbrein-
after set forth;
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Alameda, as
follows:
Section 1. Tuesday, the 15th day of May, 1.956, at the hour of 0:00 P. M.
(C.U.S.T.), is herby fixed as the time and the Council Chamber, City Hall, Alameda,
California, is hereby fixed as the place, at which bids will be received for the
purchase of 080,000 principal amount of City of Alameda Off-Street Parking Revenue
Bonds, Series A, subject to the terms and conditions of the Notice of Sale herein-
after set forth.
Section 2. Messrs. Stone & Youngberg, financial consultants to the City,
are hereby authorized and directed to cause to be printed for mailing by the City
to prospective bidders for said Bonds, conies of the Resolution, said Notice of
Sale and the Official Statement of the City (hereinafter referred to) relatirg to
said Bonds, the cost of printing said Official Statement, Resolution and Notice of
Sale and the cost of mailing said documents to be borne by the City.
Section 3. The Council „hereby approves the Official. Statement of the City
of Alameda relating to said Bonds in substantially the form thereof submitted at the
meeting at which this resolution is adopted, and hereby directs the City Clerk to
file said form with the minutes of this meeting.
Section 4. The City Clerk is hereby authorized and directed to cause the
Notice of Sale of said Bonds to be published once in The Alameda Times-Star, a news-
paper printed, published and circulated in the City, and such notice shall be in
substantially the following form:
OFFICIAL NOTICE', OF S
$380,000 CITY OF ALAMEDA OFT-STREET IRFFING REVENUE
BONGS, SERIES 3'
5
NOTICE IS HEREBY GIVEN that sealed proposals will be received Sy the
Council of the City of Alameda, a municipal corporation duly organized
and existing umaer the Constitution and laws of the State of California,
at the Council Chamber, City Hall, Alameda, California, on
Tuesday, May 15, 1956
at 0:00 F. M. (CD.S.T.) for the purchase of 080,000 principal amount of
City of Alameda Off-Street Parking Revenue Bonds, Series A, authorized to
be issued_ under the provisions of a Resolution of the Council adopted
April. 24, 1956 (hereinafter called ohs "Resolution") and pursuant to Inc
previsibns of Article XXIV of the Charter of the City. The Bonds axe more
particularly described in the Resolution (which is incorporated herein by
reference) and copies thereof will be furnished to any interested bidder
upon reeubst. The Bonds are generally described as follows:
ISSUE: 080,000, consisting of 380 bonds of the denomination
of $1,000 each, numbered Al to 2380, both inclusive,
all dated June I, 1956, and comprising 811 of the
Bonds of Series A authorized by Resolution (herein.-
after called "the Bonds"). Bonds of one or more additional series, un-
limited in aggregate principal amount, may be issued and sold pursuant
to the Resolution, but subject to the conditions and limitations set
forth in the Resolution.
INTEREST RATE: Maximum not to exceed six per centum (6%) per annum,
payable semi-annually on June 1, and December 1, in
each year. Bidders must specify the rate or rates
of interest which the bonds hereby offered for sale
shall bear, bidders will be permitted to bid different rates of interest,
except that the maximum differential between the lowest and highest coupon
rates named in any bid shall not exceed three quarters of one per centum
(3/4 of 11) and that no bond may bear more than one rate of interest.
Subject to the foregoing limitations, bidders may split rates irrespective
of the maturities of the bonds. The interest rate or rates stated in each
bid must be in a multiple of one-eighth or one-twentieth of one per cent
per annum, payable semi-annually.
MATURITIES: The Bonds mature serially in consecutive numerical
order, from lower to higher, as follows:
Principal Maturity Date Principal Maturity Date
June 1 June 1
i0iount (both years inclusive ) mount (both Years lnclus
$5,000 1957 - 1959 91.6,000 1969 - 1970
7,000 1960 17,000 1971
8,000 1961 18,000 1972
9,000 1962 19,000 1973 - 1974
10,000 1963 20,000 1975
11,000 1964 21,000 1976
12,000 1965 22,0.00 1977
13,000 1966 23,000 1.978
14,000 1967 24,000 1979
15,000 1.966 25,000 1980
26,000 1981
Series A Bonds Non. Al to A10, both inclusive,
maturing on or prior to June 1, 1958, are not
redeemable prior to their fixed maturity dates. ,
At the option of the City, Bonds Nos. All to 1380,
both inclusive, maturing on or after June 1, 1959, are redeemable on
December 1, 1958, but not prior thereto, and on any interest payment
date thereafter prior to maturity, as a whole, or in part in inverse
numerical order from higher to lower, from funds derived by the City
from any source, other than the Sinking Fund referred to below, at the
principal amount thereof and accrued interest to date of redemption. plus
a premium as set forth in Column 3 below, and Ponds NOS. A147 to 2380,
both inclusive, maturing on cr after June 1, 1971, are redeemable on
December 1, 1958, but not prior thereto, and on any interest payment
date thereafter prior to maturity, as a whole, or in part in inverse
numerical order from higher to lower, from the Sinking Fund provided
for in the Resolution, at the principal amount thereof and accrued
interest to date of redemption plus a premium as set forth in Column
4 below, es follows:
REDEMPTION:
COLUMN 1 COLUMN 2
Bonds redeemed
after
June 1
and Prior
to June 1
COLUMN 3 00.005 N 4
Premium if
redeemed from
source other than
Sinking Fund
Premium if
redeemed
From
Sinkinc Fund
1958 1.960 5%
1960 1962 5% 3-3/49
1962 1964 4-1/ ,2% 3-i/2'Z
1964 1965 4-1/2% 3-1/4%
1965 1966
1966 1967 '% 2-3/45
1967 1968 3-1/20
1968 1969 3-1/29
1969 1970 3% 2%
1970 1971 3%
1971 1972 2-1/2% 1-1/2
1972 1973 29
1973 1974 1-1/11 1%
1974 1975 1-1/2% 3/4%
1975 1976 I.% 1/2%
1976 Maturity None None
PAYMENT: Both prinoipal and interest payable in lawful money
of the United States of America at the San Francisco
Main Cffice of Bank of America National Trust and
Savings Association, in San Francisco, California
(the Citi,s Fiscal Agent).
REGISRTION:
coupon bond
Coupon bonds will be issued by the City. Said bonds
are registerable either as to principal, or as to
both principal and interest, at holder's option, with
privilege of deregistration and conversion into
PURPOSE; The Bonds are authorized for the purpose of the
acquisitionj construction and improvement of a
project to be completed by November 1, 1956, and
to be operated and maintained by the City for off—
street vehicular parking facilities, all as described in and subject
to the terms of the Resolution. All of the proceeds of sale of the
Bonds will be applied to payment of the costs and expenses of acquiring
and improvement of the project, inoluding all incidental costs.
SECURITY: The Bends are revenue bonds, payable exclusively
from Revenues (as defined in the Resolution.),
including the Pledged Ne arKing Meter Revenues
of the City which comprise 75% of the gross
revenues of the City from the establishment and maintenance of on-
street parking meters in the City, as more fully net forth in the
Charter and the Resolution. Bidders are referred to the Resolution
and to the Official Statement for further particulars. A Reserve FlInd
will be initially created from the proceeds of sale of the Bonds in
the sum of S24,000 and thereafter will be maintained. at that amount.
COVENANTS: The Resolution contains covenants for the further
protection of the Bonds, including provision for
a Series A Oinking Fund, covenants to establish
and collect fees, rates and other charges for the
use of the project and covenants to establish, maintain and enforce
on-street parking regulations, to maintain parking meters and to col-
lect Larking meter fees in order to provide for bond service require-
ment& and for the expenses of maintenance and operation of the project.
Charges must be estehlished to produce annual net revenues eqiial to at
least the minimum amounts thhreof specified in the Resolution.
The Resolution and the Bonds may be amended and
modified subject to the restrictions as set forth in the Resolution.
fliders are referred to the Resolution for further details as to the
covenants of the City.
FISCAL AGENT: Bank of America National Trust and Savings Associa-
tien, San Francisco, California, has been appointed
Fiscal Agent for the payment of the principal and
interest of the Bonds and the registration thereof
and will hold in trust the Interest Fund, Principal Fund, Reserve Fund,
and all moneys paid to it out cf Revenues of the project for tie pay-
ment of Bond principal and interest and sinking fund purposes.
TAX EXEMPT STATUS: In the event that prior to the delivery of the Bends
the income received by private holders from bonds of
the sure type and character shall be declared to be
taxable under any- Federal income Fax laws, either by
the terms of such laws or by ruling of a Federal Income Tax Authority or
official which is folfhwed by the Internal Revenue Gervice, or by deci-
sion of any Federal Court, the successful bidder may, at his option,
prior to the tender of the Bonds by the City, be relieved of his obliga-
tion under the contract to purchase the bonds and in such case the de-
posit accompanying his bid will be returned,
LEGAL OPINION: The la opinion of Pbssrs. Crrick, Dahlcuist,
Herrington & Sutcliffe, of San Francisco, California,
approving the validity of the Bonds will be furnished
to the successful bidder without. cost.
TERMS OF SALE
HIGHEST DID: The Bonds will be awarded to the highest bidder con-
sidering the interest rate or rates specified and the
premium offered, if any. The highest bid (AS any)
from the tntal amount of interest which the City
would he required tc pay from the date of the Bonds to their respective
moitority dates at the coupon rate or rates specified in the bid, and the
award will be made on the basis of be lowest net interest cost to the
City.
"he lowest net interest cost shall be computed between the dates
aforesaid on a 360-day year basis. The purchaser mast pay accrued in-
terest from the date of the Bonds to the date of delivery. The cost cf
printing the Bonds will be borne by the City.
RIGHT OF The Council reserves the right, in its discretion, to
REJECTION: reject any and all bids and to waive any irregularity
or infcnoality in any bid.
PROMPT AWARD: The Council will take action 8wardlhg the Bonds or
rejecting all bids not later than 2h hours after the
expiration of the time Herein prescribed for the
receipt of proposals; provided that the award nay be
made after the expiration of the specified time if the bidder shall not
have given tc the Council notice in writing of the withdrawal. of such
proposal.
PROMPT DELIVERY: Delivery of the Hands will he made to the successful
bidder against payment o] the purchase price of the
Bonds at the principal office of the Fiscal Agent in
Ban Francdsco, California, as soon as the bonds can
be prepared, but not prior to June 1, 1956.
and
RIGHT OF
CAWCELE7tICN:
date cf sale,
to the return
The successful. bidder shall have the right, at his
option, to cancel the contract of purchase if the
City shall fail to execute the Bonds and tender the
same for delivery within sixty (60) days from the
and in such event the successful bidder shall be entitled
of the deposit accompanying his bid.
FORM OF ETD: All bids must be for not less than all of the Bonds
hereby offered 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 te enclosed in a sealed envelope addressed to the Council of the
City of Alameda, City Hall, Alameda, California, and endorsed "Proposal
for City of Alameda Off-Street Perking Revenue Bonds, Series A".
310
CHECK:
With each bid must he submitted a certified check or
cashier's check for 0,000, drawn on a. bank or trust
company transacting business in the State of California,
payable to order of the City to secure the City from
any loss resulting from the failure of the bidder to comply with the terms
cf his bid. in addition, bidders are requested, but not required, to
supply an estimate of the total net interest cost to the City on the basis
of their reseective bids, which shall be considered as informative only
and not binding on either the bidder or the City. Checks of the unsuc-
cessful. bidders will be returned by the City by mail upon the award of
the Ronde. No interest will he paid upon the deposit made by any suc-
cessful bidder.
OFFICIAL STATEEENT: The City has prepared an official statement a copy
of which will he furnished upon request.
There is no controversy or litigation pending or threatened
concerning the validity of the Bonds, and the City will furnish to the
successful bidder a no-litigation certificate certifying to the fore-
going az of and et the time of the delivery of the Bonds.
Dated: April 24, 1956.
SHIRLEY n. TENNIER
City Clerk of the City of Alameda, California
Sec ion 5. This Resolution shall take effect from and after its passage
approval.
PASSED AND ADOPTED this 21,th day of April, 1956, by the following vote:
AYES: Couhcilmen Haag, Hove, McCall, Mdresi and President Kranelly, (3).
NOES: Nbne,
ABSENT: None.
Attest:
SHIRLEY H, TENNIER
City Clerk
RAYMOND P KRANELLY
Mayor of the City of Alameda, California
CLERK'S CERTIFICATE
I, SHIRLEY H. TENNIEH, City Clerk of the City of Alameda, California,
do hereby certify that the foregoing is a full, true and correct copy of a
resolution duty adopted at an adjourned regular meeting of the Council cf said
City duly- and regularly held at the regular meeting place thereof on the 24th
day of April, 1950, of which meeting all of the members of said Council had due
notice and at which e majority thereof were present; that at said meeting said
resolution was introduced by Councilman hove and read in full, and was thereupon
adopted by the following vote:
AYES: Councilmen Haag, Hoye, McCall, Moresi and President Kranelly, (5),
NCES: None.
ABSENT: None,
That 1 have carefully compared the same with the original minutes of
said meeting on file and. of record in my office and that said resolution is duly
entered of record in the minute book of said Council and that said resolution is
a full, true and correct copy of the original resolution adopted at said meeting
and entered in said minutes. That said resolution has nct been amended, modified
or rescinded since the date of its adoption and the same in now in full force and
effect.
WITNESS my hand and the seal of the City of Alameda this 25th day of
pril, 1956.
(SEAL)
SHIRLEY H. TENNIER
City Clerk of the City of \Iaareda,
California
* as as * * * * * * *
I. hereby certify that the loreFollt is a full, true and correct copy of
"Resolution No. 53.13, AppRavna OFFICIAL STATEMENT AND AUTHORIZING. AND DIRECTING
THE SALE. O 3C ,000 PRINCIPAL AMOUNT OF CITY CT ALAMEDA OFF-STREET PARKING
REVENUE BONDS, SERIES A", introduced and. adopted by the Council on the 24th day
of April, 1956.
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