HomeMy WebLinkAboutCity Council Resolution 795 CITY OF SARATOGA
RESOLUTION NO. 795
RESOLUTION SELLING $1,200,000 PRINCIPAL AMOUNT OF
"CITY OF SARATOGA 1976 LIBRARY BONDS"
AND FIXING THE DEFINITIVE RATES OF INTEREST THEREON
WHEREAS, the City Council of the City of Saratoga
has duly authorized the issuance of $1,200,000 principal amount
of bonds designated "City of Saratoga 1976 Library Bonds"
(herein called the "bonds") and further duly authorized the
sale of the bonds at public sale to the highest bidder therefor;
and
WHEREAS, notice of the sale of the bonds has been
duly given and the following bids for the bonds were and are
the only bids received, to wit:
Name of Bidder Net Interest Cost
United California Bank $1,103,365.10
E.F. Hutton & Co., Inc. $1,114,189.00
I~.L. Crary & Co., Inc. $1,122,153.65
Goldman, Sachs & Co. $1,122,915.50
Crocker National Bank $1,127,723.65
Wells Fargo Bank $1,131,44ii..~5
Citibank, N.A. $1,131,782.50
Security Pacific National Bank $I ,143,196.75
Bank of America N.T. & S.A. $1,151,113.75
AND WHEREAS, the bid of United California Bank
is the highest bid for the bonds, considering the interest rates
specified and the premium, if any, offered;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Saratoga, as follows:
Section 1. Said bid of United California Bank
for the bonds is hereby accepted and the Treasurer is hereby
authorized and directed to deliver the bonds to said purchaser
thereof upon payment to the Treasurer of the purchase price,
to wit: The par value !thereof and a premium of $ 29.90 ,
together with accrued interest at the following rates:
Bond Numbers Principal Maturity Date Interest
(inclusive) Amount (December 15) Rate
1 -- 5 $ 25,000 1978 7_00 %
6 - 10 25,000 1979 7.00
11 - 15 25,000 1980 7,00
16 - 20 25,000 1981 6.60
21 - 25 25,000 1982 5.00
26 - 30 25,000 1983 5.00
31 - 36 30,000 1984 5.00
37 - 42 30,000 1985 5.00
43 - 49 35,000 1986 5.00
50 - 57 40,000 1987 5.00
58 - 66 45,000 1988 5.00
67 - 76 50,000 1989 5.10
77 - 86 50,000 1990 5.20
87 - 96 50,000 1991 5.30
97 - 106 50,000 1992 5.40
107 - 117 55,000 1993 5.40
118 - 129 60,000 1994 5.50
130 - 142 65,000 1995 5.50
143 - 157 75,000 1996 5.60
158 - 172 75,000 1997 5.60
173 - 187 75,000 1998 5.70
188 - 203 80,000 1999 5.80
204 - 220 85,000 2000 5.90
5.90
221 - 240 100,000 2001
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The bonds shall bear interest at the rates hereinabove set
forth, payable semiannually on June 15 and December 15 in
each year, except interest for the first year which is payable
annually on December 15, 1977.
Section 2. All bids except said accepted bid are
hereby rejected and the City Clerk is hereby directed to return
to the unsuccessful bidders their several checks accompanying
their respective bids.
Section 3. The City Clerk is directed to cause to
be lithographed, printed or engraved a sufficient number of
blank bonds and coupons of suitable quality, said bonds and
coupons to show on their face that the same bear interest at
the rates aforesaid.
Section 4. The City Council covenants with the
holders of all the bonds at any time outstanding that no use
of the proceeds of the bonds will be made which will cause
the bonds to be "arbitrage bonds" subject to federal income
taxation by reason of Section 103(d) of the Internal Revenue
Code of 1954. To that end, so long as any of the bonds are
outstanding, this City Council, with respect to the proceeds
of the bonds, will comply with all requirements of said Sec-
tion 103(d) and all regulations of the United States Depart-
ment of the Treasury issued thereunder, to the extent that
such requirements are, at the time, applicable and in effect.
Section 5. This resolution shall take effect from
and after its passage and approval.
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PASSED AND ADOPTED November 17, 1976, by the following
vote:
AYES: Councilmen Bridges~ Brigham, Kraus~ Corr & Matteoni
NOES: None
ABSENT: None
APPROVED:
v · · - ~of~iaratoga
[ SEAL ]
Atte st:
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and was thereby carried and adopted by said election, and
the issuance of said bonds by said City was duly authorized;
NOW, THEREFO..RE, BE IT RESOLVED by the City Council
of the City of Saratoga, as follows:
Section 1. The City Council of the City of
Saratoga has reviewed all proceedings heretofore taken and
has found as a result of such review, and does hereby find
and determine, 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 the City of Saratoga is now authorized pursuant to each
and every requirement of law to incur indebtedness in the
manner and form as in this resolution provided.
Section 2. Bonds of the City of Saratoga in the
aggregate principal amount of $1,200,000 shall issue to pay
the cost of the acquisition, construction and completion of
the municipal improvement of said City set forth in the
following measure, to wit:
MEASURE: Shall the City of Saratoga
(Library) incur a bonded indebtedness
in the principal amount of
$1,200,000 for the acquisition, construction
and completion of the following municiDal
improvement, to wit: A new public library,
including land, building, landscaping, site
development and parking facilities, together
with furniture, fixtures, books and equip-
ment therefor; and other works, property or
structures necessary or convenient for a
new public library for the City of Saratoga?
Section 3. Said $1,200,000 principal amount of
bonds shall be issued as hereinafter set forth, and shall
be sold in accordance with law at not less than their par
value and accrued interest. Said bonds shall be known as
the "City of Saratoga 1976 Library Bonds." Said bonds shall
be negotiable in form, and of the character known as serial,
and shall be numbered 1 to 240, both inclusive, consecutively
upwards in order of maturity and shall each be of the denomi-
nation of $5,000. Said bonds shall be dated December 15,
1976 (which is hereby fixed and determined to be the date
of issue of said bonds).
All of said bonds shall bear interest from their
date until paid at the rate or rates designated by the City
Council of the City of Saratoga at the time of the sale of
said bonds, but not to exceed eight per cent (8%) per annum,
payable annually the first year on December 15, 1977 and
semiannually thereafter on June 15 and December 15 of each
year. 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, except
the first coupon which shall represent one year's interest
on the bond to which it is attached. The interest courpons
on said bonds shall be payable annually on December 15, 1977
and semiannually thereafter on June 15 and December 15 in
each year until and at the respective dates of maturity of
said bonds. Said bonds shall mature serially in consecutive
numerical order, from lower to higher, as set forth in the
following schedule:
Maturity Date (December 15) Annual Principal
(Both years inclusive) Amount
1978 - 1983 $25,000
1984 - 1985 30,000
1986 35,000
1987 40,000
1988 45,000
1989 - 1992 50,000
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Maturity Date (December 15) Annual Principal
(Both years inclusive) Amount
1993 $ 55,000
1994 60,000
1995 65,000
1996 - 1998 75,000
1999 80,000
2000 85,000
2001 100,000
Both the principal of and interest on said bonds
shall be payable in lawful money of the United States of
America at the principal office of Bank of America National
Trust and Savings Association, in San Francisco, California,
the Paying Agent of said City for said bonds.
Bonds maturing by their terms on or prior to
December 15, 1986 are not subject to call and redemption prior
to their fixed maturity dates. Bonds maturing by their terms
on or after December 15, 1987 are subject to call and
redemption prior to their fixed maturity dates, at the
option of said City, on December 15, 1986, but not prior
thereto, and on any interest payment date thereafter prior
to maturity, as a whole or in part in inverse order of
maturities (and by lot within any one maturity), at the prin-
cipal amount thereof and accrued interest to the date of re-
demption, plus a redemption premium equal to the sum of:
(a) one-half of one per cent (1/2 of 1%) of the principal
amount of each bond so redeemed, plus (b) one-quarter of
one per cent (1/4 of 1%) of the principal amount of each
bond so redeemed for each whole year and for any remaining
fraction of a year between the date of redemption and the
date of maturity of such bonds.
Whenever funds are available for the call and
redemption of any of the bonds then subject to call and
redemption, said City shall determine the numbers of the
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bonds to be called and redeemed, and the date of redemption
thereof. Notice of any such redemption shall be published
by said City once a week for two successive weeks in a
financial newspaper of general circulation in San Francisco,
California. The notice of redemption shall set forth the
bond numbers and principal amount of the bonds so to be
called and redeemed and the amount of the premium payable
thereon at the date of redemption. Similar notices shall
be mailed at the same time by said City to the respective
registered owners of any bonds called for redemption at
their addresses appearing on the registration book in the
office of the Paying Agent of said City for said bonds;
provided that such mailing shall not be a condition
precedent to such redemption and failure to mail or receive
any such notice shall not affect the validity of the proceedings
for the redemption of such bonds. The first publication of
such notice of redemption shall be not less than 30 days nor
more than 60 days prior to the date fixed for such redemption.
After the date fixed for such redemption, if said City
shall have duly published notice of such redemption and shall
have provided funds available for payment of the principal,
premium and accrued interest on the bonds so called, interest
on such bonds shall cease. All bonds and coupons surrendered
upon call for redemption shall be cancelled by said City and
shall not be reissued.
Section 4. Said bonds and the coupons attached
thereto shall each be in substantially the following form,
the blanks in said forms to be filled with appropriate words
or figures, namely:
[Form of Bond]
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF SANTA CLARA
CITY OF SARATOGA 1976 LIBRARY BOND
No. $5,000
The CITY OF SARATOGA, a municipal corporation
organized and existing under the Constitution and laws of
the State of California, hereby acknowledges itself in-
debted and for value received promises to pay to the bearer
hereof (or if this bond be registered, to the registered
owner hereof) on December 15, (subject to any right of
prior redemption hereinafter in this bond expressly provided
for) the principal sum of
FIVE THOUSAND DOLLARS ($5,000)
together with interest thereon at the rate of
...... per cent ( %) per annum until payment of said
pri~"Clpal sum in full, payable annually the first year on
December 15, 1977 and semiannually thereafter on June 15 and
December 15 in each year. Unless this bond be registered as
to principal and interest, such interest, on or 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 principal office of Bank of America National
Trust and Savings Association, in San Francisco, California.
Bonds maturing by their terms on or prior to
December 15, 1986 are not subject to call and redemption prior
to their fixed maturity dates. Bonds maturing by their terms
on or after December 15, 1987 are subject to call and re-
demption prior to their fixed maturity dates, at the option
of said City, on December 15, 1986, but not prior thereto, and
on any interest payment date thereafter prior to maturity,
as a whole or in part in inverse order of maturities (and by
lot within any one maturity), at the principal amount thereof
and accrued interest to the date of redemption, plus a redemp-
tion premium equal to the sum of: (a) one-half of one per cent
(1/2 of 1%) of the principal amount of each bond so redeemed,
plus (b) one quarter of one per cent (1/4 of 1%) of the
principal amount of each bond so redeemed for each whole year
and for any remaining fraction of a year between the date of
redemption and the date of maturity of such bond.
This bond is one of a duly authorized issue of bonds
of said City aggregating One Million Two Hundred Thousand
Dollars ($1,200,000) in principal amount, all of like tenor and
date (except for such variations, if any, as may be required
to designate varying numbers, maturitites, interest rates or
redemption provisions) 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 taken and a vote and assent of more
than two-thirds of all the qualified electors of said City
voting at a special election duly called and held for that
purpose.
This bond may be registered in the name of the
owner hereof in conformity with the provisions endorsed
hereon, and unless so registered shall be transferable by
delivery.
It is hereby certified, recited and declared
that all acts, conditions and things required by law to
exist, happen and to be 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 pre-
scribed by the Constitution or statutes of said State, and
that provision has been made as required by the Constitution
and statutes of said State for the collection of an annual
tax sufficient to pay the principal of, and interest on, this
bond as the same become 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.
IN WITNESS WHEREOF, the City of Saratoga 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 December 15, 1976.
[SEAL] Mayor of' the ~'l'ty of Saratoga
Treasurer of the City of Saratoga
Countersigned:
City Clerk of the Clt~' ~f saratoga
[Form of Coupon]
Coupon No.
The CITY OF SARATOGA on 15,
will (unless the within mentioned bond
be registered, and subject to any right
of prior redemption therein reserved)
pay to the bearer at the principal office
of Bank of America National Trust and
Savings Association, in San Francisco, $
California, the sum shown hereon in
lawful money of the United States of
America, being the interest then due
on its 1976 Library Bond, dated
December 15, 1976, No. .
Treasurer of the City of Saratoga
[Form of Registration Certificate]
This bond may be registered in the name of the
owner on books kept by the Paying Agent of the City as to
principal only, such registration being noted hereon by
said Paying Agent in the registration blank below, after
which no transfer shall be valid unless made on said books
by the registered owner or attorney duly .authorized and
similarly noted in the registration blank below, but it
may be discharged from registration by being transferred
to bearer, after which it shall be transferable by delivery,
but it may be again registered as before. The registration
of this bond as to principal shall not restrain the
negotiability of the coupons by delivery, but the coupons
may be surrendered and the interest made payable only to
the registered owner, in which event said Paying Agent
shall note in the registration blank below that the bond
is registered as to interest as well as principal. At the
request of the registered owner, this bond, if converted
into a bond registered as to both principal and interest, may
be reconverted into a coupon bond at the expense of the
owner and such coupon bond may again be converted into a
bond registered as to both principal and interest as
hereinabove provided. Upon reconversion of this bond, if
registered as to principal and interest, into a coupon
bond, coupons representing the interest to accrue hereon
to date of maturity shall be attached hereto by said Paying
Agent and said Paying Agent shall note in the registration blank
below whether the bond is registered as to principal only or
payable to bearer.
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NOTE: The must be no writing in the space below
except by the Paying Agent.
DATE OF IN WHOSE NAME MANNER OF SIGNATURE OF
REGISTRATION: REGISTERED: REGISTRATION: PAYING AGENT:
Section 6o The City Council of the City of
Saratoga covenants that it will, while any of said bonds are
outstanding and unpaid, keep at the office of the Paying
Agent in San Francisco, California, books for the registration
of said bonds as herein provided, and said Paying Agent is
hereby appointed the registrar of said City for the purpose
of registering said bonds.
The bonds may be registered as to principal only
or as to both principal and interest in the manner set forth
in the registration certificate herein contained pertaining
to said bonds. Bonds registered as to both principal and
interest may be discharged from registration and converted
into coupon bonds. A person in whose name a bond shall be
registered shall be deemed the absolute owner and, so long
as the same shall be registered as to principal and interest,
payments of or on account of the principal and interest thereof
shall be made only to the registered owner. Payment of the
principal of a bond registered as to principal only shall be
made only to the registered owner of such bond, but the bearer
of any coupon appertaining to an unregistered bond or to a
bond registered as to principal only or registered to bearer
shall be deemed the absolute owner of such coupon, and the
bearer of any unregistered bond or a bond registered to
bearer shall be deemed the absolute owner of such bond, and
the Paying Agent shall be fully protected in making payment
of such unregistered bond or coupon to the bearer thereof.
In all cases in which the privilege of transfer-
ring, registering or reconverting a bond is exercised, the
Paying Agent may make a charge sufficient to reimburse it
for any tax, fee or other governmental charge required to
be paid by said City or the Paying Agent in connection
therewith, and in addition may charge a reasonable sum
for its costs and expenses in the reconversion of any such
bond registered as to both principal and interest into a
bond registered as to principal only, or into a bond the
principal and interest of which is payable to bearer, not
exceeding $1 per $1,000 principal amount of bonds so con-
verted or such larger amount as may be permitted by law,
which sum or sums shall be paid by the person requesting
such transfer, registration or reconversion.
Section 7. For the purpose of paying the
principal of and interest on said bonds, the City Council
of the City of Saratoga shall, at the time of making the
next general tax levy after incurring the bonded indebtedness,
and annually thereafter until the bonds are paid or until
there is a sum in the treasury set apart for that purpose
10
sufficient to meet all payments of principal and interest
on the bonds as they become due, levy and collect a tax
sufficient to pay the interest on the bonds and such part
of the principal as will become due before the proceeds
of a tax levied at the next general tax levy will be
available, and also sufficient to constitute a sinking fund
for the payment of such principal on or before maturity.
Such taxes shall be levied and collected as other City
taxes and shall be in addition to all other taxes and shall
be used only for payment of the bonds and interest thereon.
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 Saratoga 1976 Library Bond
Interest and Redemption Fund," 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 8. There is hereby created and established
a fund to be known as the "City of Saratoga 1976 Library Bond
Fund," which shall be kept by the Treasurer of said City, and
all proceeds of the sale of said City of Saratoga 1976 Library
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
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municipal funds. The moneys in said fund shall be applied
exclusively to the purpose and object specified in said
measure set forth in Section 2 of this resolution, including
payment of all costs and expenses incidental to or connected
with the authorization, issuance and sale of the bonds and all
legal and other fees incidental to or connected with the
authorization, issuance and sale of the bonds and the costs of
printing said bonds; provided, however, that when said purpose
and object have been accomplished, any moneys remaining in
said fund shall be transferred to said City of Saratoga
1976 Library Bond Interest and Redemption Fund and be
used for the payment of principal of and interest on the
bonds of said authorized issue; and provided, further, that
when such purpose and object have been accomplished and all
principal and interest on the bonds have been paid, any
balance of money then remaining shall be transferred to the
general fund of said City.
Section 9. The City Clerk of the City of Saratoga
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 City Council,
whereupon he shall deliver them to the purchaser or purchasers
thereof, on receipt of the purchase price. The Mayor,
Treasurer and City Clerk of the City of Saratoga are further
authorized and directed to make, execute and deliver to each
purchaser of said bonds a signature and no-litigation certificate
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REDEMPTION: Bonds maturing by their terms on or
prior to December 15, 1986 are not sub-
ject to call and redemption prior to
their fixed maturity dates. Bonds maturing by their terms
on or after December 15, 1987 are subject to call and re-
demption prior to their fixed maturity dates, at the option
of the City, on December 15, 1986, but not '~rior thereto,
and on any interest payment date thereafter prior to maturity,
as a whole or in part in inverse order of maturities (and
by lot within any one maturity), at the principal amount
thereof and accrued interest to the date of redemption, plus
a redemption premium equal to t"he sum of: (a) one-half of
one per cent (1/2 of 1%) of the principal amount of each
bond so redeemed, plus (b) one-quarter of one per cent
(1/4 of 1%) of the principal amount of each bond so redeemed
for each whole year and for any remaining fraction of a year
between the date of redemption and the date of maturity of
such bond.
INTEREST RATE: Maximum eight per cent (8%) per annum,
payable annually the first year on
December 15, 1977 and semiannually there-
after on June 15 and December 15 in each year. Bidders
must specify the rate or rates of interest which the bonds
hereby offered for sale shall bear. Bidders may specify
any number of separate interest rates irrespective of the
maturities of the bonds, and the same rate or rates may
be repeated as often as desired; provided, however, that
(i) the difference between the highest and lowest coupon
rates specified in any bid shall not exceed two per cent
(2%); (ii) each interest rate specified must be in a mul-
tiple of 1/20 of one per cent and a zero rate of interest
cannot be specified; (iii) no bond shall bear more than
one rate of interest, no interest payment shall be evi-
denced 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 specified in the bid; (v) all bonds of the same maturity
shall bear the same rate of interest; (vi) for the period be-
ginning on December 15, 1989 and terminating on December 15,
2001, the interest rate _specified for the bonds maturing in
each year in such period shall not be less than the interest
rate or rates specified for the bonds maturing in any prior
year in such period; and (vii) any premium must be paid in bank
funds as part of the purchase price, and no bid will be accepted
which provides for the cancellation and surrender of any interest
coupon or for the waiver of interest or other concession by the
bidder as a substitute for bank funds. Bids which do not con-
form to the terms of this paragraph will be rejected.
PAYMENT: Both principal and interest are pay-
able in lawful money of the United
States of America at the principal
office of Bank of America National
Trust and Savings Association in
San Francisco, California.
EXECUTION AND Coupon bonds will be issued by the
REGISTRATION: City. The bonds will be executed by
the manual signature of at least one
official authorized to execute the
bonds. The bonds are registrable as to principal only or
as to both principal and interest. Registered bonds are
subject to de-registration and re-registration as pro-
vided in the resolution authorizing the issuance of the
b on d s.
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 acquisition,
construction and completion of a new public library for
the City of Saratoga.
SECURITY: The bonds are general obligations of
the City of Saratoga and said City
has power and is obligated to levy ad
valorem taxes for the payment of the bonds and the inter-
est thereon upon all property within the City of Saratoga
subject to taxation by said 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 (i) the income
received by any private holder from
bonds of the same type and character shall be declared to
be taxable (either at the .time of such declaration or at
any future date) hnder 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 decision of any federal court, or
(ii) any federal income tax law is adopted which will have
a substantial adverse tax effect on holders of the bonds
as such, 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 purchase the bonds
and in such case the deposit accompanying his ~bid will
be returned.
LEGAL OPINION: The legal opinion of Messrs. Orrick,
Herrington, Rowley & Sutcliffe of San
Francisco, California, approving the
validity of said bonds will be furnished to the success-
ful 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.
TERMS OF SALE
Highest Bid: The bonds will be awarded to the
highest bidder, considering the inter-
est rate or rates specified and the
premium offered, if any. The highest bid will be deter-
mined by deducting_the amount of the premium bid (if any)
from the total amount of interest which the City woul. d be
required to pay from the date of the bonds to their
respective maturity dates 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 th~= City. 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 City.
Right of The City Council reserves the right,
Rejection: in its discretion, to reject any and
all bids and to waive any irregularity
or informality in any bid.
Prompt Award: The City Council 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, unless such time of award is waived by the
successful bidder.
Prompt Delivery: Delivery of the bonds will be made to
the successful bidder at the principal
office of Bank of America National
Trust and Savings Association in San Francisco, California,
as soon as the bonds can be prepared, which it is estimated
will be within thirty (30) days from the date of sale, but
not prior to the date of the bonds. Payment for the bonds
must be made in bank funds immediately available to the
Cit~ in San Francisco, California.
Right of The successful bidder shall have the
Cancellation: right at his option, to cancel the
contract of purchase if the City
shall fail to execute the bonds and
tender the same for delivery within sixty (60) days from
the date of sale thereof, and in such event the success-
ful bidder shall be entitled to the return of the deposit
accompanying 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 City Council of the
City of Saratoga and endorsed "Proposal for City of
Saratoga 1976 Library Bonds." All bids must be delivered
to the representative of the City Council of the City of
Saratoga at the above address by 11:00 o'clock A.M. on
November"17, 1976.
Bid Check: With each bid must be submitted a
certified check or cashier's check
for $10,000 drawn on a bank or trust
company transacting business in the State of California,
payable to the order of the Treasurer of the City of
Saratoga to secure the City from any loss resulting from
the failure of the bidder to comply with the terms of his
bid. Checks of all bidders (except the successful bidder)
will be returned by the City by mail promptly following
the sale date above specified. No interest will be paid
upon the deposit made by the successful bidder.
Estimate of Net Bidders are requested, but not
Interest Cost: required to supply an ~.stimate 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.
17
CUSIP It is anticipated that CUSIP numbers will
Numbers: be printed on the bonds, but neither
failure tO print such numbers on any bond
nor any error with respect thereto shall constitute cause for
a failure or refusal by the purchaser thereof to accept delivery
of and pay for the bonds in accordance with the terms of the
-purchase contract. All expenses in relation to the printing
of CUSIP numbers on the bonds shall be paid by the City; pro-
vided, however, that the fee of the CUSIP Service Bureau for
the assignment of said numbers shall be the responsibility
of and shall be paid for by said purchaser.
Official The City has caused an official
Statement: statement to be prepared, a copy
of which will be furnished upon
request addressed to Bartle Wells Associates, 28th Floor,
100 Bush Street, San Francisco, California 94104, the
City's financing consultant. The City will provide 200
copies of the official statement to the successful
bidder without charge.
There is no controversy or litigation pending
concerning the validity of the above issue, the corporate
existence of the City, or the title of the officers
thereof to the respective offices, and the City will
furnish to the successful bidder a no-litigation certifi-
cate certifying to the. foregoing as of and at 'the time
of the delivery of the bonds.
Dated: October 20, 1976.
C1 of Saratoga,
Section 11. This resolution shall take effect
from and after its passage and approval.
PASSED AND ADOPTED October 20, 1976, by the
following vote:
AYES: Councilmen Kraus, Matteoni~ Corr, Bridges
NOES: None
ABSENT:Councilman Brigham
:
[SEAL] State of California
ATT~
Clty Cl~hZk,-~/ 18