Reso 0070-10/1958
RESOLUTION NO. 70
--
RESOLUTION OF THE BOARD OF DIRECTORS
OF SAN f~RCOS COUNTY WATER DISTRICT
PROVIDING FOR THE ISSUANCE AND SALE
OF BONDS OF SAID DISTRICT FOR IMPROVE-
MENT DISTRICT NO. 2 THEREOF IN THE
AMOUNT OF $250,000 FOR ffHE ACQUISI-
TION AND CONSTRUCTION OF CERTAIN
DISTRICT IMPROVEMENTS.
WHEREAS, pursuant to resolution adopted by the
Board of Directors of San Marcos Countyviater District on
September 2, 195ö, a special election was duly and regularly
held in Improvement District No. 2 of San Marcos County Water
District, of San Diego County, California, on September 30,
1958, at which election there was submitted to the qualified
voters of said Improvement District No. 2 the following prop-
osition, to wit:
BOND PROPOSITION: Shall the San Marcos
County Water District incur a bonded indebtedness
for Improvement District No. 2 thereof in the
principal sum of $250,000 for the purpose of the
acquisi tion and construction of addi tional trunk:
sewers and appurtenances and appurtenant worle,
including the acquisition of the necessary land,
easements, rights of way, worles, machinery and
other property, together with all necessary en-
gineering and legal services in connection
therewith?
and
WHEREAS, said proposition received the affirmative
vote of more than two thirds of all of the qualified voters
voting at said election, and this Board is now authorized to
issue bonds in the amount and for the purposes hereinabove
specified; and
WHEREAS, this Board of Directors deems it proper
and the necessity therefor appears that said bonds be issued
in the form and manner as hereinafter provided, and that
bids be invited for said bonds, and that if bids are satis-
factory said bonds be sold in the manner and at the time
and place hereinafter set forth;
NOW, THEREFORE, the Board of Directors of San
Marcos County Water District DOES HEREBY RESOLVE, DETEm~INE
AN~ ORDER as follows:
Section 1. That bonds of San Marcos County Water
District of San Diego County, California, in the principal
sDm of $250,000 be issued and sold for the purposes set forth
in the bond proposition in the recitals hereof.
Said bonds
shall be designated "BONDS OF SAN MARCOS COUNTY \1ATER DISTRICT
FOR IIvIPROVEI"''IENrr DISTRIC1' NO.2, SEvIER BONDS 19581t, shall be
two hundred fifty in number, nTh~bered 1 to 250, both inclusive,
and shall be of the denomination of $l,OOO each. Said bonds
shall be dated December l, 1958, and shall mature and be pay-
able in consecutive nunlerical order on June 1 in the amounts
for each of the several years as follows:
Years Inclusive Amounts Per Year
1961 to 1966 $2,000
1967 to 1970 3,000
1971 to 1974 4,000
1975 to 1983 5,000
1984 to 1995 10,000
1996 to 1998 15,000
S~id bonds shall bear interest at a rate or rates to be here-
after fixed but not to exceed seven per cent (7%) per annum,
payable annually for the first year on December 1, 1959, and
semiannually thereafter on the first days of June and December
of each year.
Said bonds and the interest thereon shall be
payable in lawful money of the United States of America at
the Branch Office of Banle of Arnerica I\Ta tional rrrust and Savings
Association, Escondido, California, or at the Main Office of
2.
Be.nk of AJnerica National Trust and Savings Association in
Los Angeles, California, or a~ any fisc~l agency of the dis-
trict in Chicago, Illinois, or in New York, New York at the
option of the holder.
Said bonds will be coupon bonds regis-
terable only as to both principal and interest.
Section 2. That the President of this Board and
the Auditor of said district are hereby authorized and di-
rected to sign all of said bonds by their printed, litho-
graphed or engraved facsimile signatures, and the Secretary
of this Board is hereby authorized and directed to counter-
sign said bonds and affix thereto the seal of said district,
and the Auditor of said district is hereby authorized and
directed to sign the interest coupons affixed to said bonds
by his printed, lithographed or engraved fclcsimile signa-
ture, and to DDJnber sD.id interest coupons affixed to eÒ.ch of
said bonds consecutively.
Section 3. That said bonds and the coupons for
the interest thereon shall be issued in substantially the
following form:
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
BOND OF SAN IvIAHCOS COUN'rY vJA'TER DISTRIC1'
FOR IIvIPROV"^EMEI-JT DIS1'RICT NO.2, SEviER
BOND 1958
No.
$I,OOO
SAN MARCOS COUNTY vJATER DIsrrRICrr, a public corpora-
tion situated in the County of San Diego, state of California,
and organized and existing under the laws of the state of
C,.:lifornia, FOR VALUE RECEIVED, promises to pay to the bearer
hereof out of the funds hereinafter described the surn of
ONE ¡rHOUSAND DOLLARS f$l ,000) on the first day of June, 19 J
with interest thereon ¿t the rate of per cent (__5:¿)
per s.nnurn, payable semiannually on the first days of June
and December of each and every year from the date hereof until
this bond is paid, except that interest for the first year
shall be payable in one installment at the end of said year,
")
:).
on presentation and surrender of the respective interest
coupons hereto attached. Both principal and interest are
payable in lawful money of the United states of America at
the Branch Office of Bank of America Nations.l Trust and
Savings Association, Escondido, California, or at the Main
Office of Bank of America ],\Jational Trust and Savings Associa-
tion in Los Angeles, Clifornia, or at any fiscal agency of
the district in Chicago, Illinois, or in New YOl')k, NeVI Yorlc,
ét the option of the holder.
Unless this bond matures on or prior to June l,
1973, it is redeemable prior to maturity in accordance with
the provisions for redemption endorsed hereon.
Except to the extent that the principal of this
bond and the interest thereon may be paid from water revenues
of said district as permitted or required by laiH, the prin-
cipal of this bond and the interest thereon are payable ex-
clusively out of taxes levied upon the taxable property in
Improvement District No. 2 of said San Narcos çounty vJater
District, and neither San Marcos County Water District nor
any officer thereof is holden for the pa~nent thereof other-
\.¡i se .
This bond is issued under and in pursuance of 2nd
in conformity with the provisions of the County Water Dis-
trict Law, being Division XII of the Water Code of the state
of California, and acts supplementary thereto, and in pur-
suance of the laws and Constitution of the state of Cali-
fornia, and is authorized by a vote of more than two thirds
of all of the qualified voters of said Improvement District
No.2 voting at an election duly and regularly called, held
and conducted in said Improvement District on September 30,
1958.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that
all acts, conditions and things required by law to exist,
happen and 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.
IN t~ITNESS \~HEREOF, said San Marcos County viater
District has caused this bond to be signed by the President
of its Board of Directors and the Auditor of said district
by their facsimile signatures, and countersigned by the
Secretary of said Board, and sealed with the corporate seal
of said district, and has caused the interest coupons hereto
attached to be signed by the facsimile signature of the
Auditor of said district, and has caused this bond to be
dated this first day of December 1958.
pritá~n(ì of ?th'~>Board of
/Directors of San Marcos
'County Water District
COUNTERSIGNED:
Secretary of the Board of
Directors of S¿n Marcos
County Water District.
Auditor of San Marcos
County Water District
(SEAL)
4.
( COUPON FORIvl)
On the lst day of
SAN ~~RCOS COUNTY WATER DISTRICT,
San Diego County, California, will
pay to the bearer hereof at the
Branch Office of B__nk of America
National Trust and S,:.vings Associa-
tion, Escondido, California, or at
the Main Office of Bank of America
National Trust and Savings Associa-
tion in Los Angeles, California,
or at any fiscal agency of the dis-
trict in Chicago, Illinois, or in
New York, New York, at the option
of the holder, the sum of
in lawful mon~y of the United states
of America, being the interest then
due on "Bond of San Marcos County
Water District for Improvement Dis-
trict No.2, Sewer Bond 1958, dated
December 1, 1958. Taxes levied
for the payment of this coupon are
to be levied exclusively upon the
taxable property in Improvement
District No.2 of San Marcos County
Water District.
Coupon No.
19_
$
Auditor of San Marcos County
\~ater District.
(REVERSE OF COUPON)
If the bond to which this coupon is
attached is redeemable and is duly
called for redemption on a daté prior
to the maturity date of this coupon,
this coupon will be void.
(REVERSE OF BOND)
PROVISIONS FOR REDEMPTION
Unless this bond matures on or prior to June l,
1973, it is redeemable in the manner and subject to the terms
and provisions, and with the effect, set forth in Resolution,
No. (adopted by the Board of Directors of San Marcos
County Water District on , 1958) at the
option of said Board on June 1, 1973, or on any interest pay-
ment date thereafter prior to maturity, upon at least thirty
(30) days' prior notice in a newspaper of general circulation
in the county in which the office of the district is situated,
and in a newspaper of general circulation in the City of Los
Angeles, California, at a redemption price equal to the prin-
cipal amount thereof plus the following premiums (percentage
of par value) if redeemed at the following times:
5.
REDEMPTION DATES AND PRffi~IUMS
On or after
June 1
And prior to
June 1
Premiu.m
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1988
1993
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1988
1993
Maturity
4 ~6
3-3/476
3-1/276
3 -lj4]b
3 c:/
IV
2 - 3/476
2-1/2%
2-1/47&
" 0:'
¿ /0
1-3/476
1-1/256
l-1/4~¿
1 ]b
Section 4.
That the proceeds of the sale of said
bonds shall forthwith be placed in a fund of said district
hereby created and designated Itlfv1PROVEMENT DISrrRICT NO.2,
SEWER BONDS 1958, CONSTRUCTION FUND", and the moneys in said
fu~d shall be applied exclusively to the acquisition and
construction of the improvement described in the bond prop-
osition set forth in the recitals hereof.
Section 5. That so far as possible the interest
on and principal of said bonds shall be paid from the revenues
of the San Marcos County Water District.
If the San Marcos
County Water District has no revenue or if the revenues of the
district are, or in the judgment of this Board of Directors
are likely to be, inadequate to pay the interest on or prin-
cipal of said bonds as it becomes due, an annual tax shall
be levied and collected upon all taxable property within Im-
provement District No. 2 of San Marcos County Water District
sufficient to pay the interest on said bonds c~s the same falls
due and also to constitute a sinking fund for the payment of
the principal of said bonds on or before maturity, all as
provided in the County Water District Law, being Division XII
of the Water Code of the state of California.
All moneys
r
O.
derived from such tax and all other moneys allocated and
designated for the payment of said bonds and the interest
thereon shall be placed in a fund of the district designated
n IMPROVElvlENT DISTRICT NO.2, SE1¡lEH BONDS 195Ö, INTEREST AND
REDENPTION FUI\T])1!, and until all of said bonds, and all in-
terest thereon, has been fully paid the moneys in said fund
shall be used for no other purpose than the payment of said
bonds and the interest thereon.
Section 6.
The bonds maturing on or prior to
June 1, 1973, shall not be subject to call or redemption
prior to maturity.
The bonds maturing on or after June 1,
1974, or any of them, may be called before maturity and re-
deemed at the option of the Board of Directors of the dis-
trict on June 1, 1973, or on any interest payment date there-
after prior to maturity at a redemption price for each re-
deemable bond equal to the principal amount thereof, plus
the following premiums (percentage of par value) if redeemed
at the following times:
REDEMPTION DA TES AND PRENIUr,1S
On or ¿fter
June 1
And prior to
June 1
Premi urn
1973
1974
1975
1976
1977"
1978
1979
1980
1981
1982
1983
1988
1993
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1988
1993
Maturity
4 76
3 - 3/49&
3-l/2~S
3 -l/49;
~ c""
j ;0
2-3/490
2 -1!27;
2-1/47{
2 76
1- 3/49b
1-1/290
1-l/49i;
1 96
Allor any of the bonds subject to call may be called for re-
demption at anyone time.
If less than all of the bonds are
redeemed at any one t~~e, such bonds shall be redeemed only
7.
In inverse order of maturity and nw~ber beginning with the
highest numbered bond. The interest payment date on which
bonds which are called are to be presented for redemption is
hereinafter sometimes called the "redemption date11.
Section 7. Notice of the intended redemption shall
be published by two (2) publications in a newspaper of general
circulation in the County in which the office of the district
is situated and in a newspaper of general circulation in the
City of Los Angeles, California, the first publication to be
at least thirty (30) days but not more than sixty (60) days
prior to the redemption date. The notice of redemption shall
(a) state the redemption date; (b) state the redemption price;
(c) state the numbers and dates of maturity of the bonds to be
redeemed, provided, however, that whenever any call includes
all of the bonds of a maturity, the numbers of such maturity
need not be stated; (d) require that such bonds be surrendered
with all interest coupons maturing subsequent to the redemption
date at the Branch Office of Baru{ of America National Trust and
Savings Association, Escondido, California, or at the Main
Office of Bank of America National Trust and Savings Associa-
tion in Los Angeles, California, or at any fiscal agency of
the di s tric t in Chicago, III inoi s, or in New Yorlc, New Yorl{,
at the option of the holder; (e) require that bonds which at
the time of call are registered so as to be payable other than
to bearer shall be accompanied by appropriate instruments of
assignment duly executed in blank; and (r) give notice that
further interest on such bonds will not accrue after the
designated redemption date.
If any of the bonds designated for redemption shall
be registered so as to be payable otherwise than to bearer,
the Auditor of the district shall, on or before the date of the
8.
first publication of said notice of redemption, mail a similar
notice, postage prepaid, to the respective registered om1ers
thereof at the addresses appearing on the bond registry books.
The actual receipt by the holder of any bond (here-
inafter referred to as f1bondholder'1) of notice of such redemp-
tion shall not be a condition precedent to redemption, and
failure to receive such notice shall not affect the validity
of the proceedings for the redemption of such bonds or the
cessation of interest on the date fixed for redemption.
The notice or notices required by this section shall
be given by the Auditor of the district.
A certificate by
said Auditor that notice of call and redemption has been given
to holders of registered bonds as herein provided shall be
conclusive as against all parties, and no bondholder whose
registered bond is called for redemption may object thereto
or object to the cessation of interest on the redemption date
fixed by any claim or showing that he failed to actually re-
ceive such notice of call and redemption.
Section 8.
Prior to the time the Board of Directors
determines tb call and redeem any of said bonds there shall be
established in the treasury of the district a redemption fund
to be described or knovm as "II-1PROVEMENT DISTRICT NO.2, SEvIER
BONDS 1958, REDEMPTION FUND,fI and prior to the redemption date
there must be set aside in said Redemption Fund moneys avail-
,
able for the purpose and sufficient to redeem at the premiums
payable as in this resolution provided, the bonds designated
in such notice of redemption.
Said moneys must be set aside
in said fund solely for that purpose and shall be applied on
or after the redemption date to payment (principal and premium)
for the bonds to be redeemed upon presentation and surrender of
such bonds and all interest coupons maturing after the redemption
9.
date, ~nd shall be used only for that purpose. Any interest
coupons due on or prior to the redemption date shall be paid
from the Interest and Redemption Fund provided for herein upon
presentation and surrender thereof. Each bond presented must
have attached thereto or presented therewith all interest
coupons maturing after the redemption date. If after all of
the bonds have been redeemed and cancelled or paid and can-
celled there are moneys remaining in said Redemption Fund,
said moneys shall be transferred to the general fund of said
district; provided, however, that if said moneys are part of
the proceeds of refunding bonds said moneys shall be trans-
ferred to the fund created for the payment of principal of
and interest on such refunding bonds.
Section 9. When notice of redemption has been given,
substantially as provided for herein} and when the amount nec-
essary for the redemption of the bonds called for redemption
(principal and premium) is set aside for that purpose in the
Redemption Fund, as provided for herein, the bonds designated
for redemption shall become due and payable on the date fixed
for redemption thereof, and upon presentation and surrender
of said bonds and all interest coupons maturing after the re-
demption date, at the place specified in the notice of redemp-
tion, and if any of said bonds be registered, upon the appro-
priate assignment thereof in blank, such bonds shall be re-
deemed and paid at said redemption price out of the Redemption
Fund, and no interest will accrue on such bonds called for re-
demption or on any interest coupons thereof after the redemp-
tion date specified in such notice} and the holders of said
bonds so called for redemption after such redemption date shall
look for the pay-rnent of such bonds and the premium thereon only
to said Redemption Fund. All bonds redeemed and all interest
10.
coupons thereof shall be cancelled forthwith and shall not
be reissued.
All interest coupons pertaining to any redeemed
bonds, v.zhich coupons have matured on or prior to the time
fixed for redemption, shall continue to be payable to the
respective holders thereof but without interest thereon.
All unpaid interest payable at or prior to the date fixed
for redemption upon bonds registered in such manner that the
interest is payable only to the registered o~mers shall con-
tinue to be payable to the respective registered owners of
such bonds, or their order, but without interest thereon.
Section 10. That sealed proposals for the pur-
chase of said $250,000 of bonds be received by this Board
of Directors at its meeting place, Encinitas Road near Bent
Avenue, San Marcos, San Diego County, California, up to the
hour of 7:30 o'clock P.M. on October 30, 1958.
Section II. That the Secretary of this Board is
hereby authorized and directed to publish notice inviting
such sealed proposals once in THE DAILY TIMES ADVOCATE, a
newspaper of general circulation, circulated within said
district, said publication to be at least ten (10) days
prior to the date of opening bids stated in said notice.
Section 12. That the Secretary of this Board is
hereby authorized and directed to cause to be furnished to
prospective bidders copies of the notice inviting proposals
and of an official statement relating to the properties,
operations and finances of said district, and to cause to be
published a notice inviting bids on said bonds by one inser-
tion in The Bond Buyer, but failure in whole or in part to
comply with this section shall not in any manner affect the
validity of the sale.
11.
Section 13. That said notice shall be substan-
tially as follows:
NOTICE INVITING BIDS ON $250,000
GENERAL OBLIGATION BONDS OF SAN
MARCOS COUNTY 10JA TER DISTRICT
FOR IMPROVEMENT DISTRICT NO. 2
NOTICE IS HEREBY GIVEN that sealed proposals for
the purchase of $250,000 par value general obligation bonds
of San Marcos County vJater District for Improvement District
No.2 of San Diego County, California, will be received by
the Board of Directors of said district at the place and up
to the time below specified:
TITvIE:
Thursday, October 30, 1958, at 7:30 o'clock
P.M.
PLACE:
Office of the district, Encinitas Road
near Bent Avenue, San Marcos, San Diego
County, C~lifornia.
MAILED BIDS: Mailed bids should be addressed to
the district
c/o Anna D. Charlton, Secretary
San Marcos County Water District
Post Office Box 37
San Marcos, California.
ISSUE: $250,000 consisting of two hundred fifty
bonds, numbered 1 to 250, both inclusive, of the denomination
of $1,000 each, all dated December 1, 1958, and designated
BONDS OF SAN MARCOS COUNTY WATER DISTRICT FOR IMPROVill~NT
DISTRICT NO.2, SEWER BONDS 1958.
MATURITIES:
The bonds will mature in consecutive
numerical order on June 1 in the amounts for each of the
several years as follows:
12.
Years Inclusive Amounts Per Year
1961 to 1966 $2,000
1967 to 1970 3,000
1971 to 1974 4,000
1975 to 1983 5,000
1984 to 1995 10,000
1996 to 1998 15,000
INTEREST: The bonds shall bear interest at a
rate or rates to be fixed upon the sale thereof but not
to exceed 7% per annum, payable annually the first year on
December 1st and semiannually thereafter.
PAYMENT: Said bonds and the interest thereon are
payable in lawful money of the United states of America at
the Branch Office of Bank of America National Trust and
Savings Association, Escondido, California, or at the Main
Office of Bank of America National Trust and Savings Associa-
tion in Los Angeles, California, or at any fiscal agency of
the district in Chicago, Illinois, or in New York, New York,
at the option of the holder.
REGISTRATION: The bonds will be coupon bonds
registerable only as to both principal and interest.
CALLABLE: The bonds maturing on or prior to
June 1, 1973, shall not be subject to call or redemption
prior to maturity. The bonds maturing on or after June l,
1974, or any of them, may be called before maturity and
redeemed at the option of the Board of Directors of the
district on June 1, 1973, or on any interest payment date
thereafter prior to maturity.
Allor any of the bonds sub-
ject to call may be called for redemption at any one time.
If' less than all of the bonds are redeemed at any one time,
such bonds shall be redeemed only in inverse order of matur-
ity and number beginning with the l~hest numbered bond. Bonds
called prior to maturity shall be redeemed at a redemption
13.
price equal to the principal amount thereof plus the following
redemption premiums (percentage of par value) if redeemed at
the following times:
REDEMPTION DATES AND p~lIm~S
On or after
June 1
And prior to
June 1
Premium
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1988
1993
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1988
1993
Maturity
4 7b
3 - 3/45ij
3-1/2%
3-1/4;6
3 0/
¡G
2-3/4%
2 -1/29~;
~ -l/4~6
¿ 5v
1 - 3/4~b
1-l/29h
1-1/49&
1 9b
PURPOSE OF ISSUE:
Said bonds were authorized for
the purpose of the acquisition and construction of worlcs and
facilities for the collection, treatment and disposal of
sewage, waste and storm water.
SECURITY:
Said bonds are issued pursuant to the
County Water District Law, being Division XII of the Water
Code of the State of California.
Under said law, except to
the extent that payments may be made from revenues, an annual
tax shall be levied and collected upon all taxable property
within Improvement District No. 2 of San Marcos County Water
District sufficient to pay the interest on said bonds as the
same falls due, and also to constitute a sinking fund for
the pa~fient of the principal of said bonds on or before
maturity.
14.
TERIv1S OF SALE
Interest Rate: The maximwn rate bid may not exceed
756 per annum, payable annually the first ~{ear and semiannually
thereafter. No bond shall bear more than one interest rate,
and 211 bonds of the same maturity shall bear the same rate.
The rate on any maturity or group of maturities shall not be
more than 1-1/2% higher than the interest rate on any other
maturity or group of maturities.
Award: The bonds shall be sold for cash only. All
bids must be for not less than all of the bonds hereby offered
for sale and each bid shall state that the bidder offers par
and accrued interest to the date of delivery, the premium, if
any, and the interest rate or rates not to exceed those speci-
fied herein, at which the bidder offers to buy said bonds.
Each bidder shall state in his bid the total net interest
cost in dollars and the average net interest rate determined
thereby ~ vJhich shall be considered informative only and not a
p3.rt of the bid.
Highest Bidder:
The bonds will be awarded to the
highest responsible bidder or bidders considering the inter-
est rate or rates specified and the premium offered, if any.
The highest bid viill be determined by deducting the amount
of the premimn bid (if any) from the total amount of interest
which the district would be required to pay from the date of
said bonds to the respective maturity dates thereof 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 the
district. The purchaser must pay accrued interest (computed
on a 360-day year basis) from the date of the bonds to the
de:.. te of de11very. rfhe cost of printing the bonds will be
borne by the district.
1C:;.
Right of Rejection: The district reserves the
right, in its discretion, to reject any and all bids and
to the extent not prohibited by law to waive any irregu-
larity or informality in any bid.
Prompt Award: The district v/ill take action
aw&rding the bonds or rejecting all bids not later than
t'wenty-six hours a.fter the expiration of the time herein
prescribed for the receipt of proposals; provided, that
the award may be made after the expiration of the specified
time if the bidder shall not have given to said Board notice
in writing of the withdrawal of such proposal.
PI~ce of Delivery: Delivery of said bonds will
be made to the sllccessful bidder at Jeffries Banknote Com-
pany, 117 Winston street, Los Angeles, California, or at
any place agreeable to both the Auditor of the district and
the successful bidder.
Prompt Delivery, Cancellation for Late Delivery:
It is expected that said bonds will be delivered to the
successful bidder within thirty days from the date of sale
thereof. The successful bidder shall have the right, at
his option, to cancel the contract of purchase if the dis-
trict shall fail to execute the bonds and tender them for
delivery within sixty days from the date of the sale thereof,
and in such event the successful bidder shall be entitled to
the return of the deposit accompanying his bid.
Form of Bid: Each bid, together Hith the bid
check, must be in a sealed envelope, addressed to the dis-
trict '"v\jith the en\lelope and bid clearly marked trproposal
for Bonds of San f'la.rcos County t'Jater District for Improvement
District No.2, Sewer Bonds 1958.
16.
Bid Check: A certified or cashier's check on a
responsible bank or trust company in the amount of 3% of
the principal amount of the bonds, payable to the order of
the district must accompany each proposal as a guaranty
that the bidder, if successful, will accept and pay for said
bonds in accordance with the terms of his bid. The pro-
ceeds of the check accompanying any accepted proposal shall
be applied on the purchase price or, if such proposal is
accepted but not performed, unless such failure of performance
shall be caused by any act or omission of the district, shall
then be retained by the district. The check accompanying
each unaccepted proposal will be returned promptly.
Change in Tax Exempt status: At any time before
the bonds are tendered for delivery the successful bidder
may disaffirm and withdraw the proposal if the interest re-
ceived by private holders from bonds of the same type and
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 of this notice.
Legal Opinion: The unqualified opinion of
O'Melveny & Myers, attorneys, approving the validity of
said bonds will be furnished the successful bidder at or
prior to the date of delivery of the bonds, at the expense
·of the district.
No Litigation Certificate: At the time of payment
for and delivery of said bonds the district will furnish the
successful bidder a certificate that there is no litigation
pending affecting the validity of the bonds.
17.
INFORMATION AVAILABLE:
Requests for information
concerning the district should be addressed to
Anna D. Charlton or
Secretary
San Marcos County Water District
Post Office Box 37
San Marcos, California
Schwabacher & Co.
Financial Consultants
for the District
100 Montgomery street
San Francisco 4, California
GIVEN by order of the Board of Directors of
San Marcos County Water District adopted October 6 , 1958.
ANNA D. CHARLrrON
Secretary of the Board of
Directors of San Marcos
County Water District
ADOPTED, SIGNED AND APPROVED this
October, 1958.
6th
day of
.:"...-...............
ATTEST:
'~ [! . i/'//
/ ,"', I 'Æ'Æ-ri'/:J
B~e ent of the Board of
/Ói,;¡¿ectors of San Marcos
'96unty Water District
, .'
c~ % ;t./~~~
Secre ary of the Boar of
Directors of San Marcos
County Water District
(SEAL)
STATE OF CALIFORNIA { SSe
COUNTY OF SAN DIEGO )
I, ANNA D. CHARLTON, Secretary of the Board of
Directors of San Marcos County Water District, DO HEREBY
CERTIFY that the foregoing resolution was duly adopted by
the Board of Directors of said district at a
regular meeting of said Board held on the 6~ day of
October, 1958, and that it was so adopted by the following
vote:
AYES:
Directors
Mahr, Hazeltine, Trussell,
Smith, and Wells
NOES:
Directors
None
ABSENT:
Directors
None
~~. etL~
Secretary of San Marcos C t
W~t D" t . oun y
a er lS rlct and of the Board
1Q of Directors the~Q~~