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RESOLUTION NO. 511,
RES.OLUTION FIXING DATE OF BflNF?S AND nIJ_RE-CTING_
PUI3LICATION OF OFFICIAL NOTICE I,NVUI\NG% B. fS
FOR PURCHASE OF BONDS , SEWI P AS'S,ESSMEN ''JTIS,`E1 I CT
NO.. 2 , TOWN OF LOS. ALTOS DILLS-,, SAN-TX CLAZA=
COUNTY_, CAL I FORN;IA.
WI1EREAS, it,is- necessary to, fix the. date of. pond=s.\ too l e�,i.ssued
and authori_z,e sale of bonds w1ic1h, will be issued tQ, repres.eP,t tnpd
asscssme ,ts:,;
Npag, THERE) ORE, l E. IT I SO.LVEDN by the G.it:yc Council gf the�.T �sFlt
of Los A,]tos 13�i 11s , Santa ckata: C.oun:ty , C .li fo.Kni a that bo ds-
,raFe•e-cl s, shale b. dated: the 13th, , March.
X69 and bea, in, er'st f`Um, s,a.td date ; an
BE, IT EHR1 I R RESOD VEEK that the City Cker is 12ereb.X a,11110-0,k0:.
Io
Io .publish Of€ic a1 Notiee Inviti.n>g Bids, f9T the purchase of bonds ,
wh ,ch bi ce is, attached hereto , marked k'Exhbit A and made a, kart
b,ereof, said 414s to, be xece,ived\ at t1\e, hpur of :QO o ' clock R "
M An the 3rd day of 4arch 19,69 at theoffice of the
, c-':City Clerk -_`: ' of the. Town of Los Altos Hills , Town Hail , ,379:
Frem4.nt Road, ,os 'litos 104ls , California , at which time and 'place
said ,T)r;opos.als will be publicly opened, examined and de,cla7ed ; and,
,BE IT .FURTHER RESOLVED that said Notice shall be pyblished, tw>;,\e,
once a geek for two (2) consecutiveweeks r
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j iiEREBY CERTIFY that the foregoing is a full , true and correct
copy of a resolution duly passed and adopted at a regular meeting
_of She City Council of the Town of Los Altos Hills held on the 17th
day of February , 1969 , by the following roll call vote:
AYES : Councilmen Benson, Davey/ Fowle, Helgesson, Mayor liken
NOES; Councilmen None
ABSENT : Councilmen None
• ATTEST;
APPROVED: .City Clerk \ '
Y
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Mayo
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OFFICIAL NOTICE INVITING BIDS FOR THE PURCHASE
OF BONDS OF THE TOWN OF LOS ALTOS HILLS, COUNTY
OF SANTA CLARA, STATE OF CALIFORNIA, FOR SEWER
ASSESSMENT DISTRICT NO. 2 UNDER THE PROVISIONS
OF THE MUNICIPAL IMPROVEMENT ACT OF 1913 AND
THE IMPROVEMENT BOND ACT OF 1915.
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NOTICE IS HEREBY GIVEN that sealed proposals will be received
by the City Clerk of the Town of Los Altos Hills, Santa Clara
County, California, at the hour of 3:00 P.M. on the, 3rd day of
March, 1969, for the purchase of $49,237.50 principal amount of
bonds for Sewer Assessment District No. 2. Said bids will be
publicly opened, examined and declared at said time and place.
These bonds are authorized to be issued and the assessments
are authorized to be levied, under the provisions of Resolution
of Intention No. 413 adopted on the 20th day of November, 1967,
as later amended, and proceedings subsequent thereto. The
Resolution of Intention, as amended, provides with relation to
said bonds as follows:
Notice is hereby given that serial bonds to represent the
unpaid assessments, and bear interest at the rate of not to exceed
six per cent (6%) per annum, will be issued here-under in the
manner provided in the Improvement Bond Act of 1915, Division 10
of the Streets and Highways Code, the last installment of which
bonds shall mature not to exceed fourteen (14) years from the
second day of July next succeeding ten (10) months from their
date.
MATURITIES AND AMOUNTS: Said bonds will be in the total
amount of $49,237.50. All bidders, by submission of a bid,
agree to purchase the total amount of bonds to be issued.
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The maturity schedule on the bonds will be as follows:
Maturing
Bond Numbers, July 2 Amount
Inclusive Each Year Maturing
1-7 1970 $ 7,237.50
8-10 1971 3,000.00
11-13 1972 3,000.00
14-16 1973 3,000.00
17-19 1974 3,000.00
20-22 1975 3,000.00
23-25 1976 3,000.00
26-28 1977 3,000.00
29-31 1978 3,000.00
32-34 1979 3,000.00
35-37 1980 3,000.00
38--40 1981 3,000.00
41-43 1982 3,000.00
44-46 1983 3,000.00
47-49 1984 3,000.00
$49;237.50
All bonds will be in $1,000.00 denominations, except one bond
maturing in 1970 will be in the amount of $1,237.50,
DATE OF BONDS AND INTEREST RATE,: Bonds are to be dated the
17th day of March, 1969 and -will bear interest from said date.
Interest rate is =fixed in the Resolution of Intention, as amended,
at not "to 'exceed six per cent (6%) per annum. 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 first coupon will be for interest from the
17th day of March, 1969 to January 2, 1970,
PURPOSE OF ISSUE: Said bonds are authorized to be issued by
the City Council of the Town of Los Altos Hills, Santa Clara County,
California, by Resolution of Intention No. 413 as amended, and
proceedings subsequent thereto. The purpose is to finance the
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construction of a sanitary sewer system to serve the entire area
within the boundaries of the district, and appurtenant facilities.
These improvements are within the boundaries of the assessment dis-
trict
is-trict designated. "Sewer Assessment No. 2, Town of Los Altos Hills,
Santa Clara County, California", and reference for details is made
to the proceedings for the formation and completion of said assess-
ment district.
PAYMENT: Both principal and interest are payable in lawful
money of the United States at the office of the City Treasurer
of the Town of Los Altos Hills, located in the City Hall,' Los
Altos Hills, California 94022.
CALLABLE BONDS: All bonds are callable pursuant to the provi-
sions of the Improvement Bond Act of 1915 twice each year. No
bonds may be called except on July 2 or January 2, and there must
be a sixty-day notice of call. Any bond called will have interest
to date of call and a premium of five percent (5%) of the principal
amount.
AUTHORITY FOR ISSUANCE: Said bonds were authorized to
be issued by the proceedings in said assessment district, and said
assessment district was organized and consummated under the provi-
sions of the Municipal Improvement Act of 1913 and bonds provided
to be issued under the Improvement Bond Act of 1915 of the State
of California.
SECURITY: Said bonds are payable from the Redemption Fund
provided by law which is secured by all of the unpaid assessments
within the boundaries of said district. Said bonds are further
secured by a limited guarantee on the part of the entity which
issued said bonds. Under the provisions of the Improvement Bond
Act of 1915, any real property on which the owners have failed to
pay insta11i1onts of assessments as they fall due is sold for
delinquencies by the Town of Los Altos Hills in the same manner as
real property is sold for delinquent taxes. It is the duty of the
Town of Los Altos Hills to bid such property in at such tax sale.
It then becomes the duty of the City to transfer to the Redemption
Fund the amount of the purchase. In the event there is not
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sufficient money in the General Fund to transfer this amount into
the Redemption Fund, it becomes the mandatory duty of the City to
levy a tax up to 10 cents on each $100.00 of assessed valuation of
property within the boundaries of the Town of Los Altos Hills,
sufficient in amount to pay for the delinquencies. It becomes the
continuing duty of the City, throughout the life of the bond issue,
to levy such a tax and to pay for the installments upon property
sold to the City for delinquencies. The maximum levy which the
Town of Los Altos Hills is obligated to make in any one year is
10 cents on each $100.00 of assessed valuation. The assessed
valuation of all taxable real property in the Town of Los Altos
Hills for the fiscal year 1968--69' is $25;475.180.00.
TEGAL OPINIONS: The legal opinions of the law firms of
Sturgis, Den-Dulk, Douglas & Anderson, 1322 Webster Street, Oakland,
California 94612 and of Lagorio & Faisant, 300 Third Street,
Los Altos, California 94022, approving the validity of said bonds
will be furnished to the successful bidder without charge.
HIGHEST BID: Bidders are requested to name the interest
rate or rates not exceeding six per cent (6%) per annum in mul-
tiples of 1/8 or 1/20 of one per cent (1%). Each bidder must
specify in his bid the amount and maturities of the bonds of each
rate, and all bonds maturing on the same date must bear interest
at the same rate. No bid may name more than four interest rates,
any of which may be repeated. No rate may be more than one and
one half per cent (1 1/2%) higher than the lowest rate named in
the bid. The interest payable on any bond on any interest payment
date may, however, be represented by one or more coupons. A
zero rate cannot be named for all or any of the time from the date
of the bond to its stated maturity and the premium, if any, must
be paid in the funds specified for payment of the bonds as part
of the purchase price. No bid of less than 97% of par and
accrued interest or for less than all of the bonds will be enter-
ed. Unless all bids are rejected,J , the bonds will be awarded
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to the bidder whose proposal results in the lowest net interest
cost to the insurer, and the net interest cost will be determined
by deducting the amount of any premium paid from, or adding any
discount to, the aggregate amount of interest upon all of the bonds
from their date until their respective maturities.
RIGHT OF REJECTION: The Town of Los Altos Hills reserves the
right at its discretion to reject any and all bids and to waive
any irregularity or informality in any bide Any bid must be in
strict conformity with this Official Notice Inviting Bids, and with-
out any qualification.
PROMPT AWARD: The Town of Los Altos Hills will take action
awarding the bonds, or rejecting all bids, not later than twenty-
four (24) hours after expiration of the time herein prescribed for
the receipt of proposals.
PROMPT DELIVERY: Delivery of the bonds will be made to the
successful bidder at the office of the City Treasurer, Town Hall,
Los Altos Hills, California, as soon as the bonds can be prepared, but
not earlier than the date of said bonds. Successful bidder, by
making a bid, agrees to pay for and take delivery of the bonds with-
in forty-eight (48) hours after notification by City that bonds
are ready for delivery, but bidder is not obligated to take delivery ---
earlier than the date of the bonds.
FORM OF BID: All bids must be for not less than all of the
bonds herein offered for sale. Each bid, together with bidder's
check, must be enclosed in a sealed envelope addressed to the City
Council of Town of Los Altos Hills and endorsed, "Proposal for
Bonds of the Town of Los Altos Hills, Santa Clara County, California,
Sewer Assessment District No. 2."
BID CHECK: With each bid must be submitted a certified chech
or cashier's check for $1,000.00, drawn on a bank or trust company
transacting business in the State of California, payable to the
order of the Town of Los Altos Hills to secure the City from any
loss resulting from the failure of the bidders to comply with the
terms of his bid. Check .of the unsuccessful bidders will be returned
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by mail upon award of the bonds. Check ofsuccessful bidder will
be credited upon the purchase of the bonds, and no interest will be
-paid upon the deposit of any successful bidder.
NO-LITIGATION CERTIFICATE: The Town of Los Altos Hills will
furnish to the successful bidder, at the time of the delivery of
the bonds, a No-litigation Certificate, certifying that there is no
controversy or litigation pending or threatened concerning the
validity of the bonds.
DATED: February 18, 1969
Dennis Lahr, City Clerk
Town of Los Altos Hills, Santa Clara County, California
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