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HomeMy WebLinkAbout1959-12-09 - Resolution No. 017RUTAN, LINDSAY, DAHL,SMEDEGAARD, HOWELL VII TUCKER A. W. RUTAN WM. K. LINDSAY MILFORD W. DAHL NORMAN H. SMEDEGAARD H. RODGER HOWELL JAMES B. TUCKER WARREN SIKORA GARVIN F. SHALLENBERGER WILLIAM B. HARMON JAMES R. MOORE HERBERT W. WALKER PHILIP J. REILLY WARREN FINLEY ATTORN EYS AT LAW January 4, 1960 ORANGE COUNTY LAW BUILDING 401 WEST EIGHTH STREET SANTA ANA,CALIFORNIA KIMBERLY 3-9411 CABLE ADDRESS ORLAW Mr. Valdo Smith Yorba Linda County Water District 4866 S. Olinda Yorba Linda, California Mr. Smith: With reference to Resolutions Nos. 16 and 17 - we are enclos- ing a new page 7 to be inserted in Resolution No. 16 and the old page 7 destroyed. On page 2 of Resolution No. 16, the last line thereof, is to remain "seven per cent (7%)". In Resolution No. 17, however, on page 4, under "Interest", this is to read "not to exceed 6%". Also, in Resolution No. 17, under "Terms of Sale", this is to read "not exceed 6%". Also in this same paragraph, the next sentence should read: "Each rate bid must be anultiple of 1/8 or 1/20 of 1%". As I believe you wanted to keep the Reso'ns in your possess- ion, I am giving you these changes so that you may make them in the copies which you have. If you have any questions, please call me. V truly yours M. Watsof Secretary to Mr. Howell mw Enc 1. Dist. bonds-Resn. & Notice Inviting RESOLUTION NO. 17 RESOLUTION OF THE BOARD OF DIRECTORS OF YORBA LINDA COUNTY WATER DISTRICT DECLARING ITS INTENTION TO SELL BONDS OF SAID DISTRICT IN THE AMOUNT OF $ 1,670,000 , FIXING TIME AND PLACE FOR TAKING BIDS AND DIRECTING PUBLICA- TION OF NOTICE INVITING BIDS. WHEREAS, this Board of Directors deems it proper and the necessity therefor appears that bids be invited for bonds of Yorba Linda County Water District in the amount of $ 1,670,000 A and that if bids are satis- factory said bonds be sold in the manner and at the time and place hereinafter set forth; NOW, THEREFORE, the Board of Directors of Yorba Linda County Water District, Orange County, California, DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: Section 1. That sealed proposals for the purchase of bonds of said district in the amount of $ 1,670,000 be received by this Board of Directors at its meeting place at 4866 South Olinda Street, Yorba Linda, California, on February 3, 19 60 , up to the hour of 7:00 o'clock P.M., Pacific Standard Time. Section 2. That the Secretary of this Board is hereby authorized and directed to publish notice inviting such sealed proposals by one insertion in the YORBA LINDA STAR a newspaper of general circulation, circulated within said district, said publication to be at least ten (10) days prior to the date of opening bids stated in said notice. I Dist. bonds-Resn. & Notice Inviting • • Section 3. That the Secretary of this Board is hereby authorized and directed to cause to be furnished to prospective bidders copies of the notice inviting proposals and of the official statement relating to the properties, operations and finances of said district; but the failure, in whole or in part, to comply with this section shall not in any manner affect the validity of the sale of said bonds. Section 4. That said notice shall be substan- tially as follows: 2. NOTICE INVITING BIDS ON $10670,000 GENERAL OBLIGATION BONDS OF YORBA LINDA COUNTY WATER DISTRICT, ORANGE COUNTY, CALIFORNIA. NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of $ 1,670,000 par value general obligation bonds of YORBA LINDA COUNTY WATER DISTRICT of Orange County, California, will be received by the Board of Directors of said district at the place and up to the time below specified: TIME: 7:00 o'clock P.M., Pacific Standard Time February 3, 1960 PLACE: Office of Yorba Linda County Water District 4866 South Olinda Street Yorba Linda, California MAILED BIDS: Care of Mr. Valdo Y. Smith Secretary, Yorba Linda County Water District 4866 South Olinda Street Yorba Linda, California ISSUE: $ 1,670,000 consisting of 1,670 bonds, numbered 1 to 1,670 , both inclusive, of the denomination of $1,000 each, all dated March 1, 1960. 3. Dist.bonds-Resn & Notice Inviting MATURITIES: The bonds will mature in consecutive numerical order on March 1 in the amounts for each of the several years as follows: Principal Principal Year Maturing Year Maturing 1966 $25,000 1981 $55,000 1967 30,000 1982 55,000 1968 30,000 1983 6o,ooo 1969 30,000 1984 6o,ooo 1970 35,000 1985 65,000 1971 35,000 1986 65,000 1972 35,000 1987 70,000 1973 35,000 1988 70,000 1974 40,000 1989 75,000 1975 40,000 1990 8o,ooo 1976 40,000 1991 8o,ooo 1977 45,000 1992 85,000 1978 45,000 1993 90,000 19779 50,000 1994 95,000 198o 50,000 1995 1000000 INTEREST: The bonds shall bear interest at a rate or rates to be fixed upon the sale thereof but not to exceed (6 % per annum, payable annually the first year and semiannually thereafter. Each rate bid must be a multiple of 1/8 or 1/20 of 1%. PAYMENT: Said bonds and the interest thereon are payable in lawful money of at the office of the district Bank of America National Trust Los Angeles and San Francisco, agency of said district in the or in the City of Chicago, Ill holder thereof. the United States of America or at the main offices of and Savings Association in California, or at any fiscal City of New York, New York, inois, at the option of the REGISTRATION: The bonds will be coupon bonds registerable only as to both principal and interest. 4. CALL PROVISIONS: Bonds maturing on or prior to March 1, 1985, are not subject to call for redemption. The bonds maturing on or after March 1, 1986, may be called for redemption prior to maturity on March 1, 1970, or on any int- erest payment date thereafter prior to maturity. Bonds called prior to maturity shall be redeemed at a redemption price equal to the principal amount thereof, plus 1/4 of 1% of such principal amount for each whole twelve months' period and for any remaining fraction of a twelve months' period from the date fixed for redemption to the maturity date of said bonds, but not exceeding 104% of such principal amount. If less than all of the bonds are redeemed at any one time, such bonds shall be redeemed only in inverse order of maturity and number begin- ning with the highest numbered bond. PURPOSE OF ISSUE: Said bonds were authorized for the acquisition of existing water facilities and the acquis- ition and construction of additions, betterments, replacements and extensions thereto. SECURITY: Said bonds are issued pursuant to the County Water District Law, being Division XII of the Water Code of the State of California. So far as possible the interest on and principal of said bonds shall be paid from the revenues of the district. If the district has no revenue or if the revenues of the district are, or in the judgment of the Board of Directors are likely to be, inadequate to pay the interest on or principal of said bonds as the same become due, an annual tax shall be levied and collected upon all taxable property within said district sufficient to pay the principal of and the interest on said bonds as the same 5. fall due, all as provided in said County Water District Law. TERMS OF SALE Interest Rate: The maximum rate bid may not exceed 7% per annum, payable annually the first year and semiannually thereafter. Each rate bid must be a multiple of 1/4 of 1%. No bond shall bear more than one interest rate, and all bonds of the same maturity shall bear the same rate. The rate on any maturity or group of maturi- ties shall not be more than 2% higher than the interest rate on any other maturity or group of maturities. Award: The bonds shall be sold for cash only. All bids must be for not less than all of the bonds hereby offered for sale and each bid shall state that the bidder offers par and accrued interest to the date of delivery, the premium, if any, and the interest rate or rates not to exceed those specified herein, at which the bidder offers to buy said bonds. Each bidder shall state in his bid the total net interest cost in dollars and the average net interest rate determined thereby, which shall be con- sidered informative only and not a part of the bid. Highest Bidder: The bonds will be awarded to the highest responsible bidder or bidders considering the interest rate or rates specified and the premium offeredo 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 district would be required to pay 6. Dist. bonds-Resn. & Notice inviting 0 4 from the date of said bonds to the respective maturity dates thereof at the coupon rate or rates specified in the bid and the award will be made on the basis of the lowest net interest cost to the district: The purchaser must pay accrued interest (computed on a 360-day year basis) from the date of the bonds to the date of delivery. The cost of printing the bonds will be borne by the district. Right of Rejection: The district reserves the right, in its discretion, to reject any and all bids and, to the extent not prohibited by law, to waive any irregu- larity or informality in any bid. Prompt Award: The district will take action award- ing the bonds or rejecting all bids not later than twenty-six (26) hours after the expiration of the time herein prescribed for the receipt of proposals; provided, that the award may be made after the expiration of the specified time if the bidder shall not have given to said Board notice in writing of the withdrawal of such proposal. Place of Delivery: Delivery of said bonds will be made to the successful bidder at the office of the district, Yorba Linda, California, or at such other place as may be agreed upon with the successful bidder. Prompt Delivery, Cancellation for Late Delivery: It is expected that said bonds will be delivered to the successful bidder within thirty days from the date of sale thereof. The successful bidder shall have the right, at 7. I bist. bonds -Resn.& 0 r 11 Notice Inviting his option, to cancel the contract of purchase if the district shall fail to execute the bonds and tender them for delivery within sixty days from the date of the sale thereof, and in such event the successful bidder shall be entitled to the return of the deposit accompanying his bid. Form of Bid: Each bid, together with the bid check, must be in a sealed envelope, addressed to the dis- trict with the envelope and bid clearly marked: "Proposal for WATERWORKS BONDS, ELECTION 1959, SERIES A." Bid Check: A certified or cashier's check on a responsible bank or trust company in the amount of 3% of the principal amount of the bonds, payable to the order of the district, must accompany each proposal as a guaranty that the bidder, if successful, will accept and pay for said bonds in accordance with the terms of his bid. The proceeds of the check accompanying any accepted proposal shall be applied on the purchase price or, if such proposal is accepted but not performed, unless such failure of perform- ance shall be caused by any act or omission of the district, shall then be retained by the district. The check accompany- ing each unaccepted proposal will be returned promptly. Change in Tax Exempt Status: At any time before the bonds are tendered for delivery the successful bidder may disaffirm and withdraw the proposal if the interest received by private holders from bonds of the same type and character shall be declared to be taxable income under present federal income tax laws, either by a ruling of the 8. Dist. bonds -Resn.' Notice Inviting Bureau of Internal Revenue or by a decision of any federal court, or shall be declared taxable by the terms of any federal income tax law enacted subsequent to the date of this notice. Legal Opinion: The unqualified opinion of O'Melveny & Myers, attorneys, approving the validity of said bonds will be furnished the successful bidder at or prior to the date of delivery of the bonds, at the expense of the district. No Litigation Certificate: At the time of pay- ment for and delivery of said bonds the district will furnish the successful bidder a certificate that there is no litigation pending affecting the validity of the bonds. INFORMATION AVAILABLE: Requests for information concerning the district should be addressed to Mr. Valdo Y. Smith Secretary, Yorba Linda County Water District 4866 South Olinda Street Yorba Linda, California GIVEN by order of the Board of Directors of Yorba Linda County Water District, adopted December 9 , 1959 . VALDO Y. SMITH -"Secretary of-The $oarar" =o Directors of Yorba Linda County Water District 9. Dist,bonds-Resn & Notice Inviting ADOPTED, SIGNED AND APPROVED this 9th day of December , 195 9- j E s n o the oar o Directors of Yorba Linda County Water District ATTEST: 01 ecre ary the oar o Directors of Yorba Linda County Water District (SEAL) 10. STATE OF CALIFORNIA ss. COUNTY OF ORANGE • I, VALDO Y. SMITH , Secretary of the Board of Directors of Yorba Linda County Water District I . Orange County California , b0 HEREBY CERTIFY that the foregoing resolution was day adopted by the Board of Directors of said district at a regular meeting of said Board held on the -7th day of December, 19 59, and that it was so adopteec-"by the following vote: AYES: Directors Mr. Crist. Mr Wainer; Mr. Milmoe, Mr. Hastings, ~Mr. Clodt NOES: Directors None ABSENT: Directors None (SEAL) ecretary orbs n a Coounnt Water District and oi''TTie-Board ofMrectors thereof. STATE OF CALIFORNIA ss. COUNTY OF ORANGE I, VALDO Y. SMITH , Secretary of the Board of Directors of Yorba Lima Count Rater District, Orange County, California ,-"D0 a the above and foregoing is a full, true and correct copy of Resolution No. of said Board, and that the same has not,been amen3e or repealed. DATED: December 24 1959 (SEAL) Tecretary o orba Linda Count and of-The Soard-o-rMrectors thereof. 11.