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Resolution 05410RESOLUTION NO. 5410 PROVIDING FOR THE ISSUANCE OF $600,000 PRINCIPAL AMOUNT OF "CITY OF ALAMEDA 1956 MUNICIPAL IMPROVEMENT BONDS" AND FOR THE ISSUANCE OF SAID BONDS IN SERIES; PRESCRIBING THE AMOUNT, DATE AND FORM OF SERIES A BONDS OF SAID ISSUE AND OF THE COUPONS TO BE ATTACHED THERETO AND PRESCRIBING THE MATURITIES THEREOF; FIXING THE MAXIMUM RATE OF INTEREST ON THE BONDS OF SAID ISSUE; AUTHORIZING THE EXECUTION OF THE BONDS AND COUPONS OF SAID ISSUE; AND PROVIDING FOR THE LEVY OF A TAX TO PAY THE PRINCIPAL OF AND INTEREST ON THE BONDS OF SAID ISSUE; AND DIRECTING NOTICE OF SALE OF SAID SERIES A BONDS TO BE GIVEN WHEREAS, all the requirements of law have been complied with in callin and holding the special bond election held in the City of Alameda on June 5, 195 (which said electien was duly consolidated with the State of California Consoli- dated Presidential and Direct Primary Election held in Alameda County and in said City on said date), at which election the measure to issue bonds of said City in the principal sum of $600,000 for the objects and purposes hereinafter stated was submitted to the voters of said City; and the Council of said Gity did duly and regularly confirm the canvass of the returns of said election by the Board of Supervisors of Alameda County and did by said confirmation determine and declare, and do hereby certify, that said measure received at said special bond election the affirmative vote of more than two-thirds of all of the voters voting on said measure at said election, and was thereby carried and adopted by said election, and the issuance of said bonds by said City was duly authorized, NOW, THEREFORE, BE 1 T RESOLVED, by the Council of the City of Alameda, as follows: Section 1. That all acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of said bonds have existed, happened and been performed in due time, form and manner as required by law, and said City of Alameda is now authorized pursuant to each and every requirement of law to incur indebtedness in the manner and form as in this reso- lution provided. Section 2. That bonds of the City of Alameda shall issue to pay the cost of the ante-MIME: construction and completion of the municipal improvement of said City (which said municipal improvement will be revenue-producing public works) set forth in the following measure, to wit: MEASURE (M):. Shall the City of Alameda incur a bonded indebtedness in the principal amount of $600,000 for the filling (Filling City of City-owned submerged (tide) land located at Wash- Tidelands) ington Park, by the hydraulic dredging method, with sand, soil and other convenient materials; place top soil on surface of such filled area, install irrigation system, includ- ing pipes, valves, wells, and appurtenances; plant, propagate and main- tain grass turf on such. filled area; install drainage system, and per- form othsr necessary and desirable work to make such area high, dry and usable land? Section 3. Said bonds shall be issued in whole or in part as hereinafter set forth, and shall be s old in accordance with law at not less than their par value and accrued interest. Said bonds shall be $600,000 in aggregate principal amount and shall be known as "City of Alameda 1956 Municipal Improvement Bonds". Said bonds shall be divided into series. $350,000 principal amount of said bonds shall constitute "Series A" and the remaining $250,000 principal amount of said authorized issue may be divided into one or more series as the Council of the City of Alameda shall determine at the time of the issuance and sale of all or any part of said remaining $2500000 of bonds. The bonds of Series A of said authorized issue shall be negotiable in form, and of the character known as serial and shall be 350 in number numbered consecutively from Al to A350, both inclusive, of the denomination of $1,000 each. Said Series A bonds shall be dated August 1, 1956 (which is hereby fixed and determined to be the date of the issue of such Series A bonds). All of said bonds shalltear interest from their date until paid at the rate or rates designated by the Council of the City of Alameda at the time of the sale of said bonds, but not to exceed five (5) per cent. per annum, payable semi- annually. Such interest shall be evidenced by coupons attached to each bond, and each of said coupons shall represent six months, interest on the bond to which it is attached. The interest coupons on said Series A bonds shall be payable semi-annually on the 1st day of February and the 1st day of August in each year until and at the respective dates of maturity of said bonds. Said Series A bonds shall mature and be payable in consecutive numerical order, from lower to higher, as follows; $70,000 principal amount of Series A bonds shall mature and be payable on August 1 in each of the years 1959 to 1963, both inclusive. Both the principal of and interest on said bonds shall be payable at the office of the Treasurer of the City of Alameda, in Alameda, California, in lawful money of the United States of America. All of said Series A Bonds are subject to call and redemption, at the option of said City, as a whole or in part in inverse numerical order from higher to lower, on August 1, 1958 (but not prior thereto) and on any interest payment date thereafter prior to their fixed maturity date or dates at the principal amount thereof and accrued interest thereon to date of redemption, together with a redemp- tion premium as follows: Bonds Redeemed And on or after prior to Redemption August 1 August 1 Premium 1958 1960 1% 1960 1961 3/4 of 1% 1961 1962 1/2 of 1% 1962 Maturity 1/4 of 1% Notice of such redemption shall be given by publication of such notice once a week for two (2) successive calendar weeks in a newspaper of general circulation printed and published in the City of Alameda, State of California, the first publication of which shall be at least thirty (30) but not more than sixty (60) days prior to the date fixed for such redemption. After the date fixed for such redemption, if the City shall have duly published notice of such redemption and shall have provided funds available for the payment of the principal of and interest on the bonds so called for redemption, interest on such bonds shall thereafter cease. Section , Said Series A bonds and coupons shall each be substantially in the fo] owing orm, the blanks in said forms to be filled with appropriate words or figures, namely: UNITED STATES OF AMERICA STATE OF CALIFORNIA Alameda County CITY OF ALAMEDA 1956 MUNICIPAL IMPROVEMENT BOND SERIES A No A $1,000 The CITY OF ALAMEDA, a municipal corporation organized and existing under the Constitution and laws of the State of California, hereby acknowledges itself indebted and for value received promises to pay to the bearer (or if this bond be registered, to the registered holder hereof) on the 1st day of August, 19 ONE THOUSAND DOLLARS ($1,000) together with interest thereon at the rate of ) per cent. per annum until payment of said principal sum in full, payable semi-annually on the 1st day of February and the ist day of August of each year. Unless this bond be registered such interest, prior to maturity, shall be payable only on presentation and surrender of the proper interest coupons hereto attached as they respectively become due. Both the principal of and interest on this bond are payable in lawful money of the United States of America at the office of the Treasurer of the City of Alameda, in Alameda, California. This bond is one of a duly authorized issue of bonds of said City aggre- gating Six Hundred Thousand Dollars ($600,000) principal amount, all of like tenor (except for such variations, if any, as may be required to designate varying series, dates, redemption provisions, numbers, maturities or interest rates) and is issued under and pursuant to the Constitution and statutes of the State of California, and under and pursuant to the ordinances and proceedings of said City duly adopted and token and a vote and assent of more than two-thirds of all the qualified electors of said City voting et a special election duly called and held for that purpose. It is hereby certified, recited and declared that all acts, conditions and things required by law to exist, happen and to he performed precedent to and in the issuance of this bond have existed, happened and been performed in due time, form and-manner as required by law, and that the amount of this bond, together with all other indebtedness of said City, does not exceed any'limit prescribed by the Constitution or statutes of said State, and that provision has been made as required by the Constitution and statutes ofsaid State for the collection of an annual tax sufficient to pay the principal of, and interest on, this bond as the same becomes due. The full faith and credit of said City are hereby pledged. for the punctual payment of the principal of and interest -on this bond. This bond may be registered in the manner_ provided by law and thereafte the principal hereof and interest hereon shall be payable only to such registered owner. All of the Series A bonds are subject to call and redemption, at the option of said City, as a whole or in part in inverse numerical order from higher to lower, on August 1, 1958 (but not prior thereto) and on any interest payment date thereafter prior to their fixed maturity date or dates at the principal amoun thereof and accrued interest thereon to date of redemption, together with a re- demption premium as follows: Bonds Redeemed And on or after prior. to August 1 August 1 1958 1960 1960 1961 1961 1962 1962 Maturity Redemption Premium 1; 3/4 of 1% 1/2 of 1"� 1/4 of 1`ro Notice of such redemption shall be given by publication of such notice once a week for two (2) successive calendar weeks in a newspaper of general circulation printed and published in the City of Alameda, State of California, the first pub- lication of which shall be at least thirty (30) but not more than sixty (60) days prior to the date fixed for such redemption. TN WITNESS WHEREOF, the City of Alameda has caused this bond to be executed under its official seal, signed by its Mayor and its Treasurer, and countersigned by its Clerk, and has caused the interest coupons attached hereto to be signed by its Treasurer, and this bond to be dated the lst`day of August, 1956. ned: y.erx o the y arced f the City of Alameda Treasurer oa the City-BT.-Alameda Counen No. On the 1st day of , 19 , subject to the right of prior redemption reserved in the bony here.inaftor mentioned to which this coupon appertains, the City of Alameda will (unless the within mentioned bond he registered) pay to the bearer at the office of the Treasurer of said City, in Alameda, California Dollars t in lawful money of the United States of America, being six monmonths+ interest then dus on its 1956 Municipal Improvement Bond, Series A No. A dated August 1, 1956. o: the City o game Section 5. The Mayor of the City of Alameda and the Treasurer of said City are hereby authorized and directed, respectively, as such officers, to execute each of said bonds on behalf of said City, and the City Clerk, or one or more of his deputies, is hereby authorized and directed to countersign each of said bonds and affix the official seal of said City thereto. Said Mayor and Treasurer are hereby each, respectively, authorized tc cause said bonds to be signed by their printed, lithographed or engraved facsimile signatures. Said Treasurer is hereby authorized and directed to sign each of the interest coupons by printed, litho - graphed or engraved facsimile signature. Such signing, counters1rning and sealing as herein provided shall be a sufficient and binding execution of said bonds and coupons by said City, and all such signatures and countersignatures, excepting that of the City Clerk or his deputies, may be printed, lithographed or engraved. In case any of such officers whose signatures or countersignatures appear on the bonds or coupons shall cease to be such officer before the delivery of such bonds to the purohaser, such signature or countersignature shall nevertheless be valid and sufficient fcr all purposes the same as though they had remained in office until the delivery of the bonds. Section 6. For the purpose of paying the principal of and interest on said bonds, the Council of the City of Alameda shall, at the time of fixing the general tax levy and in the manner for such general tax levy provided, levy and collect annually each year until said bonds are paid or until there shall be a sum in the treasury of said City set apart for that purpose to meet all sums coming due for principal and interest on such bonds, a tax sufficient to pay the annual interest on soh bonds as the same becomes due, and also such part of the principal thereof as shall become due before the proceeds of a tax levied at the time for making the next general tax levy can be available for the payment of such principal and also sufficient to pay the interest as it falls due and to constitute a sinking fund for payment of such principal on or before maturity. Said tax shall be in addition to all other taxes levied for municipal purposes and shall be collected at the same time and in the same manner as other municipal taxes are collected and be used for no other purpose than the payment of said bonds and accruing interest. Said taxes as collected shall be forthwith paid into the fund for which the same were levied and collected and which shall be designated "City of Alameda 1956 Municipal Improvement Bond Fond', and all sums to become due for the principal of and interest on said bonds shall be paid from. such fund. There shall likewise be deposited in said fund any moneys received on account of any premium paid on said bonds and interest accrued on said bonds from their date to the date of delivery and actual payment of the purchase price thereof. Section 7. There is hereby created and established a fund to be known as the "1956 Municipal Improvement Fund', which shall be kept by the Treasurer of said City, and all proceeds of the sale of said Series A Bonds (except premium and accrued interest received on such sale) shall be placed by the Treasurer to the credit of said fund and shall be kept separate and distinct from all other muni- cipal funds, and shall be applied exclusively to the purpose and object specified in said measure set forth in Section 2 of this resolution; provided, however, that when such purpose and object has been accomplished, any moneys remaining in said fund shall be transferred to the City of Alameda 1956 Municipal Improvement Bond Fund and be used for the payment of the principal of and interest on the bonds of said authorized issue. Section 8. The City Clerk is directed to cause a sufficient number of blank bonds and coupons of suitable quality to be lithographed, printed or engraved, and to cause the blank spaces thereof to be filled in to comply with the provisions hereof, and to procure their execution by the proper officers, and to deliver them, when so executed, to the Treasurer of said City who shall safely keep the same until they shall be sold by said Council, whereupon he shall deliver them to the purchaser or purchasers thereof, on receipt of the purchase price. Said Mayor, Treasurer and City Clerk are further authorized and directed to make, execute and deliver to the purchaser of said bonds a signature and no-litigation certificate in the form cdstom- arily required by purchasers of municipal. bonds generally, certifying to the genuineness and due execution of said bonds and further certifying to all facts within their knowledge relative to any litigation which may or might affect said City, said officers or said bonds, and said Treasurer is further authorized and directed to make, execute and deliver to the purchaser of said bonds a Treasurer's receipt in the form customarily required by purchasers of municipal bonds, evidencing the payment of the purchase price of said bonds, which receipt shall be conclusive evidence that siad purchase price has been paid and has been received by said City. Any purchaser or subsequent taker or holder of said bonds is hereby authorized to rely upon and shall be justified in relying upon any such signature and no-litigation certificate or Treasurer's receipt with respect to said bonds executed pursuant to the authority of this resolution. Section 9. All of said Series A Bonds shall be offered for public sale by the CouE717757Efte City of Alameda on the 31st day of July, 1956, and the City Clerk is hereby authorized and directed to cause notice of the sale of said bonds to be published once in the Alameda Times-Star, a newspaper published in said City of Alameda, and such notice shall be substantially in the following form, to wit: OFFICIAL NOTICE OF SALE $35O,OOO CITY OF ALAMEDA 1956 MUNICIPAL IMPROVEMENT BONDS, SERIES A NOTICE IS HEFEBY GIVEN that sealed proposals will be received by the Council of the City of Alameda, State of California, at the office of the City Clerk thereof, City Hall, Alameda, California, on Tuesday, July 31, 1956, et the hour of 8:00 o'clock P.M. ,(Cal. D.S,T.) for the purchase of $350,000 prin- cipal amount of bonds of said City designated "City Of -Alameda 1956 Municipal Improvement Beds, Series A", part of an issue of $600,000 aggregate principal amount authorized at an election held in said City on June 5, 1956. The remaining $250,000 principal amount of said authorized issue will not be offered for sale prior to January 1, 1957. ISSUE: $350,000 consisting of 350 bonds, numbered Al to A350, both inclusive, of the denomination 11,000 each, all dated August 1, 1956. MATURITIES: Said bonds mature serially in consecutive numerical order, from lower to higher, as follows: $70,000 principal amount on August 1 in each of the years 1959 to 1963, both inclusive. REDEMPTION: All of said bonds are subject to call and redemption, at the option of said City, as a whole or in part in inverse numerical order from higher to lower, on August 1, 1956 (but not prior thereto) and on any interest payment date thereafter prior to their fixed maturity date or dates at the principal amount thereof and accrued interest to date of re- demption, together with a redemption premium as follows: Bonds Redeemed And on or after prior to Redemption August 1 August 1 Premium 1958 1960 1% 1960 1961 3/4 of 13 1961 1962 1/2 of 1% 1962 Maturity 1/4 of 15. INTEREST RATE: Maximum five per cent (55) per annum, payable semi-annually on February 1 and August 1 in each year. Bidders must specify the rate of interest which the bonds hereby offered for sale shall bear. Bidders will be permitted to bid different rates of interest and to split rates irrespec- tive of the maturities of said bonds, except that no bond may bear more than one rate of interest and that no semi-annual interest payment on any bond may be evidenced by more than one coupon. The interest rate stated in the bid must be in a multiple of 1/8 or 1/20 of one per cent per annum, payable semi-annually. PAYMENT: Both principal and interest payable in lawful money of the United States of America at the office of the Treasurer of the City of Alameda in Alameda, California® REGISTRATION: Coupon bonds will be issued by the City, Such bonds are registerable only as to both principal and interest. PURPOSE OF ISSUE: Said bonds are authorized by vote of two-thirds of the qualified voters voting at a special municipal election for the purpose of authorizing bonds for filling city-owned submerged tidelands. SECURITY: Said bonds are general obligations of the City of Alameda, and said City has power and is obligated to levy ad valorem taxes for the payment of said bonds and the interest t hereon upon all property within the City of Alameda subject to taxation by said City (except certain intangible personal property, which is taxable at limited rates) without limitation of rate or amount. TAX EXEMPT STATUS: In the event that prior to the delivery of the bonds the income received by private holders from bonds of the same type and character shall be declared to be taxable under any Federal Income Tax Law, either by the terms of such laws or by ruling of a Federal Income Tax authority or official which is followed by the Internal Revenue Service, or by decision of any Federal Court, the successful bidder may, at this option, prior to the tender of said. bonds by the City, be relieved of his obligation under the contract to purchase the bonds and in such case the deposit accompanying his bid will be returned, LEGAL OPINION: The legal opinion of Mesers. Orrick, Dahlquist, Herrington & Sutcliffe, of San Francisco, California, approving the validity of said bonds, will be furnished to the successfu l. bidder without charge. TERMS OF SALE Highest Bid: The bonds will be awarded to the highest bidder, considering the interest rate or rates specified and the premium offered, if any. The highest bid will be determined by deducting the amount of the premium bid (if any) from the total amount of interest which the City would be required to pay from the date of said bonds to the respective maturity dates at the ccupon rate or rates specified in the bid, and the award will be made on the basis of the lowest net interest cost to the City. The lowest net interest cost shall be computed between the dates aforesaid on a 360-day year basis The purchaser must pay accrued interest from the date of the bonds to the date of delivery. The cost of printing ' the bonds will be borne by the City. R1ht of The City of Alameda reserves the right, in its discretion, to non: reject any and all bids and to waive any irregularity or in- formality in any bid. Prompt Award; The Council of the City of Alameda will 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 proposals; pro- vided that the award may be made after the expiration of the specified time if the bidder shall not have given to the Council notice in writing of the withdrawal of such-proposal. Prompt Delivery: Delivery of said bonds will be made to the successful bidder at the office of the City Treasurer, in Alameda, California, as soon as the bonds can be prepared, which it is estimated will be on August 10, 1956. Right of The successful bidder shall have the right, at his option, to tancellaticn: cancel the ccntract of purchase if the City shall fail to execute the bonds and tender the same for delivery within sixty (60) days from the date cf sale thereof, and in such event the successful bidder shall be entitled to the return of the deposit acccmpanying his bid. Form of Bid: 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 be enclosed in a sealed envelope addressed to the Council of the City of Alameda, California, and endorsed "Proposal for City of Alameda 1956 Municipal Improvement Bonds". Bid 'Check: With each bid must be submitted a certified check or cashier's check for $2,000 drawn on a bank or trust company transacting business in the State of California, payable to the order of the City Treasurer of the City of Alameda to secure the City from any loss resulting from the failure of the bidder to comply with the terms of 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 respective bids, which shall be considered as informative only and not binding on either the bidder or the City. Checks of the unsuccessful bidders will be returned by the City by mail upon the award of the bonds. No interest will be paid upon the deposit made by the successful bidder. Information relative to the financial condition of the City of Alameda will be furnished to any bidder upon request. There is no controversy or litigation pending or threatened concerning the validity of the above issue, the corporate existence of the City or the title of the officers thereof to their respective offices, and the City will furnish to the successful bidder a no.-litigation certificate certifying to the foregoing as of and at the time of the delivery of the bonds. Dated: July 17, 1956. SHIRLEY H. TENNIER City Clerk of the City of Alameda State of California Section 10. This resolution shall take effect from and after its passage and approval. PASSED AND ADOPTED this 17th day of July, 1956, by the following vete: AYES: Councilmen Haag, Hove, McCall, Moresi and President Kranelly, (5). NOES: None, ANESET: None. Attest: SHIRLEY H. TENNIER City Clerk RAYMOND P. KRANELLY Mayor of the City of Aiareda, State of California Presented to and approved by me this 18th day of July, 1956. RAYMOND F. KRANELLY Mayor of the City of Alameda, State of California I, the undersigned, hereby certify that the foregoing Resolution was duly and regularly introduced and adopted by the Council of the City of Alameda in regular meeting assembled on the 17th day of July, 1956, by the following vote, to wit: AYES: Councilmen Haag, Hove, McCall, Moresi and President Kranelly, (5). NOES: None. ABSENT: None. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of said City this 18th day of July, 1956. SHIRLEY H. TENNIER (SEAL) City Clerk of the City of Alameda * * * * * * * * * * I hereby certify that the foregoing is a full, true and correct copy of "Resolution No. 5410, PROVIDING FOR THE ISSUANCE OF $600,000 PRINCIPAL AMOUNT OF "CITY. OP ALAMEDA 1956 MUNICIPAL IMPROVEMENT BONDS" AND FOR THE ISSUANCE OF SAID BONDS IN SERIES; PRESCRIBING THE AMOUNT, DATE AND FORM OF SERIES A BONDS OF SAID ISSUE AND OF THE CCUPONS TO BE ATTACHED THERETO AND PRESCRIBING THE MATURITIES THEREOF; FIXING THE MAXIMUM BATE OF INTEREST ON THE BONDS OF SAID ISSUE; AUTHORIZING, THE EXECUTION OF THE BONDS AND COUPONS OF SAID ISSUE; AND PROVIDING FOR THE LEVY OF A TAX TO FAY THE PRINCIPAL OF AND INTEREST ON THE BONDS OF SAID ISSUE; AND DIRECTING NOTICE OF SALE OF SAID SERIES A BONDS TO BE GIVEN, introduced and adopted by the Council on the 18th day of July, 1956.