Reso 0304-05/1968 RESOLUTION NO. 304
RESOLUTION OF THE BOARD OF DIRECTORS
OF SAN MARCOS COUNTY WATER DISTRICT
AWARDING $1,000,000 BONDS OF SAID
DISTRICT TO THE BEST BIDDER AND
EJECTING ALL OTHER BIDS.
WHEREAS, at the time and place fixed for the
opening of bids for the $1,000,000 bonds Of
Designated "San Marcos County Water District for Improvement
District No. 6, Sewer bonds 1968, Series A.
publicly opened, examined and read, and a tabulation
thereof has been entered in the minutes; and
WHEREAS, the bid of the bidder hereinafter named
is the best bid made by a responsible bidder for said bonds;
NOW, THEREFORE, the Board of Directors of
San marcos County Water District
DOES HEREBY RESOLVE~ DETERMINE AND ORDER as follows:
Section 1. That the bid of
$ 160.00 Premium
and accrued interest to date of delivery for said
bonds bearing interest payable annually the first
year and semiannually thereafter at the rate(s) of:
Rate__s Y__ears
6 1/4 % 19 7o to 19 el
5 1/4 % 19 82 to 19 83
5 1/2 % 19 84 to 19 98
~ 19 ..... to 19
% 19 to 19
~/6~
is the bid for said bonds yielding the lowest net interest
cost. Said bid is hereby accepted and the bonds awarded to
said best bidder in accordance with the terms of the pro-
posal.
Section 2 That all bids other than the one
accepted in Section 1 hereof are rejected and the Secretary
of the district is directed to return the check accompany-
Ing said rejected bids to the respective bidders.
Section 3. That the interest rate(s) on said
bonds is (are) hereby fixed at the rate(s) stated in
Section 1 hereof.
Section 4. That the Treasurer of the district
is hereby directed to deliver said bonds to the successful
bidder upon pa3nnent therefor and accrued interest, if any,
to date of delivery.
ADOPTED, SIGNED AND APPBOVED this 14th day of
MAY , 19 68
WATER DISTRICT
WATER DISTRICT
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
I, C.j. HOUSON , Secretary of the
Board of Directors of San Marcos Count Water District
· DO HEREBY CERTIFY foregoing
that the
resolution was duly adopted by the Board of Directors of said
District at a adjourned regular meeting of said Board
held on the 14th day of May , 1968, and that it
was so adopted following Vote:
AYES: Directors Dutton, Vanderbeck and
Blanchard
NOES: Directors None
ABSENT: Directors Dow and Mahr
(SEkL) Secretary or san Marcos County
Water District
knd of the Board of Directors
thereof.
SUGGESTED FOBM FOR PORTION OF MINUTES EATING TO
AWARD OF BONDS
(Send to 0'MELVENY& MYERS certified excerpts
from the minutes, which excerpts Should
include, in addition to the material appear-
ing below, your customary opening portion of
the minutes showing the date, time, place and
type of meeting and the opening roll call,)
This being the time and place fixed for the opening
of bids for $ 1,000,000 bonds of San Marcos County Water
~ designated District for Improvement District
, the following bids received pursuant
to the notice of sale were publicly opened, examined and read:
[Include
the
of all
bidders Merrill Lynch, Pierce, Fenner and Smith, Inc.~. bid par,
shown
on the accrued interest to date of delivery, and a premium of
bid]
$ None for bonds bearing interest payable annually
the first year and semiannually thereafter at the rate(s) of:
Rates .years
6 % 19 70 to 1980
5 3/4 % 1981 to 19 88
5.90 % 19 89 to 19 98
% 19 to 19
% 19 to 19
[Repeat for each bid received]
Bank of America bid par,
accrued interest to date of delivery, and a premium of
$ 160.00 for bonds bearing interest payable annually
the first year and semiannually thereafter at the rate(s) of:
Rates Years
6 1/4 % 19 70 to 19 81
5 1/4 % 19 82 to 19 83
5 1/2 % 19 84 to 19 98
~ 19 to 19
~ 19 to 19
bid par,
accrued interest to date of delivery, and a premium of
$ for bonds bearing interest payable annually
the first year and semiannually thereafter at the rate(s) of:
Rates Years
% 19 to 19
,, % 19 to 19
.% 19 to 19
% 19. to 19
, % 19 to 19
bid par,
accrued interest to date of delivery, and a premium of
$ for bonds bearing interest payable annually
the first year and semiannually thereafter at the rate(s) of:
Rates Years
% 19. to 19
.... % 19 to 19
% 19 to 19
% 19. to 19 .
% 19 to 19
Each bid was accompanied by a good faith check in
an amount not less than $ 30,000.00
All bide were then referred to Mr. James Rafferty
and Mr. Don Martinson for checking and computation, e
People thereon to be given this Board later in this meeting.
The committee appointed to check and compute the
bids on the bonds for which bids were opened previously
duping this meeting reported that the bid of
Bank of America
is the bid yielding the lowest net interest cost.
After considering the various bids and the report
thereon, it was moved by Vanderbeck , seconded by
Dutton , that the following reeolution
be adopted and set forth in full on the minutes:
AYES: Directors: Dutton, Vanderbeck
and Blanchard
NOES: Directors: None
ABSENT: Directors: Dow and Mahr