HomeMy WebLinkAboutReso - CC - 072-1953KW1fi,-4-AWt5:jm 10/3/53,/60
RESOLUTION NO. -22--_D
CALLDIG FOR BIDS 014' SALE OF IMPROVEMENT BONDS
CHAPIN AVENUE 1M-F1-'0VFXEKT
PROJECT NO. 52-48
RESOLVED, by the City Council of the City of Burlingame,
California, that
1. The City Clerk of said City be, and he is hereby,
directed to call for bids fo--.- the sale of i;,)proverent bonds to
be Issued pursuant to iiesolution of Intention No. 77-52 adopted
by this Council on November 17, 1952, said '.)ids to be received
by said City %,-Aerk at or before the hour of eight o'clock
of 1xvionday, the 26th day of October, 1953, and to be publicly
opened, exair-ined and declared at said ti-mae in the regular aie*t-
ing place of said oouncll, council Chambers., City Hall Burlingame,
California. Said notice, in form a copy of which is hereto
attached marked Exhibit A", shall be „Iven by publication once
In the Burlingame Advance, a newspaper published in said City,
at least five days before said date.
2. The City COW)Cil will furnish the legal opinion 010
the law firm of Kirkbfide, Wilson, iia.rzfeld & Viallace, ;dada mateo,
California, unqualifiedly approving the legality of the proceed -
Ingo and the Issuance of said bonds.
m ,,for
I hereby certify that the foregoing resolution waa duly
and rezularly adopted and passed by the City Council of the City
of Burlingame, California, at a regular iT*eting thereof held on
the 5th day of octobe-o, 1953, by the, -followln�--,, vote:
AyEs, and in favor thereof, Councilmen; ATWATER-BYRD-
LOVE -MORGAN- S I14ONDS
NOES, councilmen, - NONE
ABSENT, Counailmen: NONE
;TerSert K. 953.01
City Clerk
EXHIBIT "A"
NOTICE OF S ."MM "T _ BONAS
CITY C co`f?'s
CHAP:IN AVENUF, ZMPIlOVEMbN`.['
PROJECT NO,. 52.-48
NOTICE IS BERM GIVEN, pursuant to Resolution calling for bids on
the sale thereof adopted by the City Council of the City of Burlingame
on October 5, 1953, that the City Clerk of said City will at or before
8:00 o1clodk F. M. of lioNDAY, nie 26TH DAY OP OCTOBER, 1953, receive at
the regular meeting place of said Council, rouncli Chambers, Cite Hall,
Burlingame, California, sealed proposals or bids for the purchase of im-
provement bonds of said City to be issued pursuant to the Refunding
ofsessment 1913, upo . thend ct of unpaidgassessmmentsodified in the under Resolutionpal of Intention NAct
o.
77-52 adopted by the City Council of said City on November 17, 1952, pur-
suant to the Municipal Improvement Act of 1913, as amended, to cover the
costs and expenses of widening Chapin Avenue between Primrose Road and
El Camino Real, and constructing therein pavement, curbs, gutters,side-
walks, and installation of a lighting system and extension of sewer and
water services and acquisition of easements necessary therefor.
Said bonds are callable at 105 in accordance with the provisions
of the :improvement Bond Act of 1915.
Said bonds will be issued in the amount of about $66,280.22.
The bonds will be issued in fifteen equal annual series, maturing
on the 2nd day of July in the years 1955 to 1969, inclusive, will ba d
interest at the rate of not to exceed five per cent (5%) per
be paid by semi-annual coupons on the 2nd day of January and July of
each year, excepting the first coupons which will be for interest from
November 22, 1953 to January 2, 1955• Said bonds will be dated November
22, 1953, and will be designated Series "43".
All bids will be publicly opened, examined and declared at the time
and place above stated, after which said bonds will be awarded to the
bidder who offers to take them at the lowest rate of interest plus pre-
mium if any, and interest, to the date of delivery, both the interest
and the amount of the premium to be considered in determining the beat
bid. NO BIDS BELOW PAR WILL BE COPSIDERED.
All bids must be unconditional and enclosed in a sealed envelope
marked, "proposal for Bonds - Chapin Avenue".
The assessed valuation of the City is approximately $33,000,0000
in the event of a delinquency in the payment of any installment of
the assessments levied upon any of said benefited properties for the pay-
ment of the principal and interest of said bonds, it is a mandatory duty
on the part of the City to transfer an amount equal to the amount of such
delinquency, with penalties and costs, from available funds of said City
to the interest and redemption funds of said bonds, and in the event such
funds are not available then to levy a tax therefor up to 100 on the $100
taxable property in said City. In such event said bonds bear interest
after maturity until paid at the rate stated therein.
The City reserves the right to reject any and all bids if deemed
for the public good:
Iiie legz,i. y3in:-i ,f Rtrkbride, Wil_snx:, uarzfai c_ t$oe, San ,de.teo,
California, will be furnished by said City to accompany said bonds.
By order of the City Council of the City of Burlingame.
Dated: October 5, 1953.
HERBERT K. WHITE
My-tTs-e-Fir of My or grirlu�game