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Minutes - Board - 1951-02-01 (2)MINUTES'OF THE REGULAR MEETING' OF THE'GOVERNING BOARD OF COSTA VESA SANITARY DISTRICT HELD FEBRUARY 1,. 1951. The.Governing Board of Costa Mesa Sanitary District me.t.in'regular meeting on,February 1,,1951,,at .the hour of 7:30 o'clock., Y.Tv7.,- at 2057 Xewport Avenue (rear), Costa _Mesa., Cal,iforn.ia: The meeting- -was called to order by the,'P'resideht. The roll 'call. was as follows: Present: PPWinirl ..:, nTPI -,o- TT.r)r(T- 1Tn'r' rl n TJP,�:�.�aY. . • Absent: N one. The. matter of the .issuance, and, sale '.of the' bonds of ' the district authorized-at the election held August 15, 1950, was then discussed. Upon motion 'of tord 's`econde =d by T:ievers , and unanimously carried; the f flowing resolution was adopted:" RESOLUTION OF THE GOVERNING BOARD OF COSTA MESA SANITARY DISTRICT PROVIDING.FOR ISSUANCE OF BONDS AND FIXING.DATE OF.SALEe WHEREAS, an election was. duly and regularly held in Costa. Mesa Sanitary District on the 15th day of August, 1950-, at.which the question -of issuing and selling bonds of said ..di strict in the amount -of eight hundred fifty. thousand dollars ($8.50,000.00) for the purpose of raising money for the- following purpose, towit: The acquisition-and construction of. a system of .trunk and lateral sewers, including the acquisition of all easements' and - -other property necessary therefor. was submitted. to the qualified electors of .'said Costa Mesa Sanitary ,District; -and "WHEREAS; not less than two- thirds of the qualified voters voting• at` said election` voted. in. favor. of. issuing - such -bonds and..said proposition...ca- rred; NOW, ThEREFORE,•the Gouerning'Board of Costa Mesa Sanitary District DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: Section. 1. That bonds of Costa.`Me.sa Sanitary Dis- trict in 'the amount of eight l(iundred' fifty .thousand dollars (�850;000.00)* be issued and ,s.old for.: ..the pur- poses hereinabove.rected. Said bonds shall be dated March 1, 1951, and shall be, eigY t, hundred. fifty in number -, numbered. 1 to 850`,, inclusive, of the denomina- tion of 41,00.0 each. Said shall mature in con- • „bonds .. secu.tive numerical order, 01'25 ',000” on March 'l in each • ..of the .;rears 1952 to. 1961,, .inclusive, and $30,0.00 on.. March 1 in each of the years: 1962 to 13'81,: inclusive. " :Said:bond.s shall bear interest at a rate or rat_,es•not to exceed six per cent (6 %) per annum, payable semi - annu:ally .. Section - 2'. Tl at said "bonds' and the interest thereon shall be payable' in lawful money of the United States of America at. ..the off -ice, of the. County Treasurer, Orange County. Said bonds, shall be: signed by the P're "sident of this board, and shall `be countersigned by the`Secretary- . of, this board, who shall affix thereto the seal of said district. . The coupons on, said bonds shall be signed by the facsimile signatures of said offi:cers., The coupons. of said. bonds shall be numbered; consecutively: and shall bear the number of.the bond to which they are 'attached, Said bonds and . the coupons thereon -shall. ..be substantially in-the '.following. , form, to, wit: UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF ORANGE Costa. Mesa Sanitar' District' Bond, 1951 •No.. COSTA•IkESA SANITARY -DISTRICT, a public corpora- tion-duly organized and•. existing under and by virtue of the laws-'of. the State of California, situated in - 2. : the County of.Orange, State of California; for: value received, hereby acknowledges "its:•indebtedness = . and promises to ;pay to. the bearer hereof, at the office of the- Treasurer. of Orange County,-in the City. of Santa Ana', California, the "sum of.'ONE THOUSAND DOLLARS " (�1, 000 ):. in, lawful money of "the United. States of America on; the. -first day .of March, 19 — wi;th' interest thereon in like lawful .money .'at the rate of. " per cent (_) p.er .annum,. payable semiannually on the first day of lurch and the first' day of September of each arid .every year from the date hereof until this bond. i.s..paid, ..on presentation" and surrender" of the respective interest :coupons. hereto .attache.d. This bond is Assued:-by said Costa Mesa Sanitary ". ' District under and in pursuance "of and in conformity with the provisions of Part 1 of: :Division' VI-� bP the.:. Health. and Safety Code of. the State of California,: sometimes known as the, "Sanitary..Di-strict";Act" of 1923,t1' and in pursuance of'.the _laws and. Constitution of the . State of California, and is 'authorized by a .vote .of " not-less than two-thirds of. all the qualifi_"ed electors- of" said Costa Mesa Sanitary "District voting "at an elec- tion'.duly and legally.called", held and conducted in said district on the 15th day of 'August, 1950:" IT IS HEREBY CERTIFIED,. RECITED AND "DECLARED that all acts,' 'conditions anal "things required by law to exist,.•. happen and be performed- precedent to' "and i n the issuance-of this bond.have existed, happened' and been performed in due-time, form and manner and as" required bylaw, and-that the amount of this bond -together. with all other indebtedness of said.di"strict -does not e.xceed any debt limit prescribed by.the'laws or Constitution of .the .'State of California. " IN WITNESS. 1 HEREOF, said Costa 'Mesa Sanitary District has caused this bond to-be' signed by the -President . 'and countersigned "by the ' Secre't`ary. of the Governing - Board, of said . district and 'sealed .with the corporate seal of..said. district" this" "lst. day of - March, 1951• President of the Governing Board, . of Costa "Mesa- Sanitary District of Orange County, California.. COUNTER : • � ec� retar al -. Governing Board. 3, (Coupon Form) No'. On the first fi.rst day of 19 9 Costa Mesa Sanitary District,. Orange .County,. California, will pay to' the bearer at the. office 6 ' the County Treasurer -of said `county., . in: the . City. 'of Santa Ana, the 'stun of dollars . 0 ) in.-lawful money, of the n t e d States of America, being the semi annu.al•,interest then due on ;bond No.- of said district dat'e'd ;. . March 1, 19510 President of fthe_ - Governing Board: of- Costa Mesa Sanitary District of Orange County, California'. • - Secretary of said - Governing Board. Section 3.> .That the,proc-eeds- of the:'sale; of ,saLd bonds, shall be deposited with the 'County Treasurer of. Orange' County and . shall:- -:be placed in a fund to 'be known . as .the.. "SEVVER CONSTRUCTION-FUND-OF COSTA- MESA -SANITARY DISTRICT.", The money in such fund shall be -ased for the purpose stated. in the ;reci-tals - hereof and for no other' purpose except a-s provided in Section 679.7 of the Health and Safety Code of the State of California. Section 4. That the G-oVerning_,Board of Costa mesa Sanitary District'shall annually levy'.a- tax'upon the taxable . property in the district for, the payment of the principal and interest of said bonds in accordance with Sections 6698, 6699; ': and 6700 of the Health anal . Safety. Code = of ;the- State of California.. The proceeds •of such. tax,. shall be placed in a .fund designated. "BOND FUND OF COSTA MESA .SANITARY DISTRICT" created pursuant to... Section 6790 of, said Code and the moneys in said fund shall be used for no purpose other than •the payment, of, principal, and interest of said bonds.. Section 5.. That said bonds be sold at public sale and that .sealed. bids _therefor be received by this Board up to the :hour -of 7:30. o't.clock, P.hI.; March 1; 1951. The.. Secretary is hereby authorized and ins 'ltructed to publish notice inviting such bids by'one insertion. in the COSTA DESA GLOBE HERALD; .said notice to ;,'be in the following form, to wit: I' • .NOTICE INVITING. BIDS ON' - $8:50, 000 .BONDS OF COSTA MESA SANITARY DISTRICT OF ORANGE COUNTY, CALIFORNIA:. NOTICE IS HLREBY GIVEN that sealed proposals for. the purchase of, $850,000 pare'value general obligat on;'bnnds,. of Costa Mesa Sanitary District of orange County will. be, -received -at the office of the Secretary ;of. said district at 205T,Newport_ Avenue. (rear)," . Costa Mesa, California, up to the. hour of-'7r30: - o'clock, P.M. , March 11 1951 • ' Said .bonds are to be. `dated March' 1, 1951, and are to *be `eight hundred, fifty .(850) in'.- number, :numbered_ l to- 850, - inclusive, of the "- denomination of 41,000 each. • Said bonds are .to mature in consecutive numerical order, $25,000 March on. 1 . in. each of the years. 195.2 to, 1961, in:clusive., arid: $30,000 `on' 'March 1 in *each 6f :,the years 1962 to' 19$1., inclusive.; . ,,Said bonds -are to bear interest at 'a. rate or rafes not :to exceed .six'.per. cent (6%) per annum, payable semiannually. The -bonds are:to be payable "in law* ful money .of the United. States of Ame.rica.a.t the ,office. of the. County Treasurer. of Orange:. County, California. Costa 'Mesa Sanitary Di- strict is a district •organized and existing under Part 1-of Division.,.'VI of the Health and.'•Safety Code of the State of California, some time s: known 'as, the "Sanitary District Act of 1923 " Each bid shall state than the bidder' - offers par. and accrued interest to date of.delive.ry, the premium, . if any, ,.and the interest rate. or rat'e's not to exceed .6% per. annum, payable semiannually, at which:th.e bidder offers to buy said bonds.- Said rate or rates must be in.multiples of' 1/4 of Tf. Not more than two interest " rates may,;be bid. ,'-No., bond'shall bear more than One `of rate '.int'ere'st. '. No bid for.., a part of said bonds will be considered. Tl1e bonds shall be'..sold for cash only and' for not less than .par and, ac.crued int'ere"st to' date, of delivery. A certified or cashiers s check on. a 're-sponsible bank or trust company, in tkie amount of three per cent (3) of the principal- amount of .tie bonds bid for, payable to the . order of Costa -Mesa Sanitary District; must accompany each proposal as a guaranty 5. 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 per—'. formed, unless such failure of performance :shall be caused.by any act or� omission of Costa Mesa Sanitary District, shall be-retained by the district., The .check accompanying each uriaccepted,- proposal will `be returned promptly.: The unqualified opinion .of- .O i Mblveny ex TVIyerS., ' attorneys, approving -the validity -•of said bonds , will be furnished the successful b'i'dder at.:or prior to the date of . delivery of the bonds,. at the expense of,-the district.' At the time of paT�ment for ,and -delivery, of ., -said ,bonds., the District- will 'furnish. the successful, bidder - a certificate that there is :ro litigation pending ,affecting the validity,of the.bonds. At any, time before 'the I.bonids are tendered for "de- .livery' the bidder may disaffirm and - .withdraw ".the pro- posal if the - interest received by private holders.-from bonds .of. the` same type anal character shall be declared to be 'taxable income under present federal income. tax laws,' either by a ruling -,of • the- 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 ofd =this notie_e 'Payment fo "r and delivery of; said bonds -shall :be made in `,the office of the. County Treasurer : of Or County, - in Santa Ana, _California.•._ . The Governing. Board of said : `district r.ese.rves the right -`to re ject._. any .or all bids or to waive:' any irregularity or informality in.any,bid to the extent permitted':by law.. . The bids � - will:.be opened at the: meeting of • ,the Governing Board of said district to, be .held .Thursday, March l,. 1951, at 7:30' o' clock,: P.T�I.; at the meeting place..of said Board at 2-957 Newport Avenue (Rear), Costa Mesa, California. Given by order. 'of the Governing Board - of ' Costa Mesa • Sanitary District adopted- Febru secretary .of the overning .hoard of Costa Mesa Sanitary- District.