RES 68148 - Laserfiche WebLink

APPENDIX OFFICIAL NoTIcE OF SALE $535,000 CI'A'X OF PLEASANTON 196~ MUNICIPAL IMPBOVEMENT BONDS, SERIES B NOTICE IS HEREBY GIVEN that sealed proposals will be received and opened by the City Clerk of the City of Pleasanton, Alameda County, State of Califor- nia~. at the Cit.~y Council Mect[ng, Multi-Purpose Room, Valley View ~chool, 480 Adams Way, Pleasanton, Ala- meda County, California, on TUESDAY, OCTOBER 8, 1968 at the hour of 8:00 o'clock P.M. (P.S.T.) for the purchase of $535,000 principal amount of bonds of the City desig- nated "City of Pleasanton 1967 Municipal Improvement Bonds, Series B" (hereinafter called the "bonds"), more particularly described below. The bonds are the balance of an authorized issue of $1,535,000 a~gregate principal amount authorized at an election held m the City on No- vember 28; 1967, $1,000,000 principal amount of which were sold on February 20, 1968. ISSUE AND DENOMINATION: $§3§,000 principal amount of coupon bonds, numbered consecutively from Bi to BI0? both inclusive of the denomination of $5,000. DATE: The bonds are dated October 1, 1968. MATURITIES: The bonds mature serially in consecu- tlve numerical order, from lower to higher, on October 1 in each of the years, as follows: Principal Maturity Date (October 1) Amount (both years inclusive) $ 5,000 1970- 1972 10,000 1973 - 1975 1§,000 1976 - 1984 20,000 1985 - 1989 25,000 1990 - 1993 30,000 1994 - 1997 35,000 1998 REDEMPTION: Bonds maturing by their terms on or before October 1, 1980, are not subject to redemption prior to their fixed maturity dates. Bonds maturing by their terms on or after October 1 1981, are subject to redemption, at the option of the City, as a whole, or in part in inverse numerical order from higher to lower, on October 1, 1980 (but not prior thereto), and on any interest payment date thereafter prior to their fixed maturity date or dates, at the principal amount thereof ancI accrued interest thereon, to. date of redemption together with a premium of ¥4 of 1~ of such prtncipa~ amount for each whole year and for any fraction of a year remaining between the date of redemption and the stated maturity date thereof; provided that such premium shall not exceed 4% of such principal amount. INTEREST RATE: Maximum six per cent (6%) per annum, payable annually the first year on October 1, 1969 and semiannually thereafter on April 1 and October I in each year. Ridders must specify that rate of interest which the bonds hereby offered for sale shall bear. Bid- ders may specify any number of separate interest rates irrespective of the maturities of thebonds, and the same rate or rates may be repeated as often as desired; pro- vided, however, that (i) the difference between the highest and lowest coupon rates specified in any bid shall not exceed one and one-half per cent; (ii) each interest rate specified must be in a multiple of ~ or 1/20 of one per cent and a zero rate of interest cannot be specified; (iii) no bond shall bear more than one rate 19 of interest, no interest payment shall be evidenced by more than one coupon and supplemental coupons will not be permitted; (iv) each bond shall bear interest from its date to its stated maturity date at the interest rate s~ecified in the bid; (v) all bonds of the same maturity shall bear the same rate of interest; (vi) the difference between the highest and the lowest annual in- stallments of principal and interest shall not exceed $26,750; and (vii) any premium must be paid in bank funds as part of the purchase price, and no bid will be accepted which prowdes for the cancellation and sur- render of any interest coupon or for the waiver of in- terest or other concession by the bidder as a substitute for immediately available bank funds. Bids which do not conform to the terms of this paragraph will be re- jected. PAYMENT: Both principal and interest are payable in lawful money of the Urated States of America at the San Francisco Main Office of Bank of America National Trust and Savings Association, in San Francisco, Cali- fornia, o~ at holder's option, at the principal office of First National City Bank, in New York, 1Vew York, or at the office of the First National Bank of Chicago, in Chicago, Illinois, EXECUTION AND REGISTRATION: Coupon bonds will be issued by the City. The bonds will be executed by the manual signature of at least one official author- ized to execute the bonds. The bonds are registrable as to principal only or as to both princil~al and interest. Re/{istered bonds are subject to de-registration and re- registration as provided in the resolution authorizing the issuance of the bonds. PURPOSE OF ISSUE: The bonds are'authorized by vote of two-thirds of the qualified voters voting at a special bond election for the purpose of authorizing bonds for the acquisitionl construction and completion of park and recreation xacilities and fire station im- provements_ for the City of Pleasanton. SECURITY: The bonds are general obligations of the City of' Pleasanfon and -th6 City has, power and is ob- ligated ~o levy ad valorem~axes for the payment of the bonds and the interest theroon upon all property within the City of Pleasanten subject to taxatmn by the City (except certain 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 t'yl~and character shall be declared to be taxable under any Federal income tax laws, 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 deci- sion of any Federal ~-durt, the successful bidder, may, at his option, prior to the tender of the bonds by the City, be relieved of his obligation under the contract to pur- chase the bonds and in such case the deposit accompany- ing his bid will be returned. LEGAL OPINION: The legal opinion of Mssrs. Orrick, Herrington, Rowley & Sutcliffe of San Francisco, Cal- ifornia, approving the validity of the bonds will be furnished to the sucessful bidder without charge. A copy of the legal opinion, certified by the officer in whose office the original is filed, will be printed on each bond without charge to the successful bidder.