1978 RES NO. 3808 - Laserfiche WebLink

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NOTICE OF SALE OF- IMPROVEMENT BONDS CITY C)F COLTON ASSESSMENT DISTRICT NO. 78-1 (MT. VERNON AVENUE AND -COOLEY DRIVE," PHASE II) NOTICE IS HEREBY GIVEN that sealed proposals will be received and opened by a representative of the City Council of the City. of Colton on WEDNESDAY, May 31, 1978 at the hour of 11:"00 A.M, in the offices of the City's financing consultant, Stone &Youngberg Municipal Financing Consultants, Inc., Suite 402, 1541 Wilshire Boulevard, Los Angeles, California 90017, for the purchase of a total of not to exceed $2_j655,226-. principal amount of improvement bonds of the City of Colton, designated "Improvement Bonds, City of Colton, Assess went District No. 78-1 (Mt. Vernon Avenue and Cooley Drive, Phase II") issued under and pursuant to the. Municipal Improvement Act of 1913 and the Improvement Act of 1911. Proposals for the purchase of the Bonds will be made and considered subject to the following terms and conditions: DESCRIPTION OF BONDS: Not to exceed $2, 655, 226'.p rincipal amount of bonds, dated July 2, 1978. A separate Bond will be issued for each unpaid assessment. Each Bond will be in the amount of the unpaid assessment - upon the particular lot or parcel celof land described therein and will mature in IS even annual principal installments represented by principal coupons payable on January 2 in each of the years 1979 to 1993, both inclusive. INTEREST: Each Bond will bear interest from its date at the rate of not to exceed eight percent (s ...s,. o) per annum represented e pnted by coupons payable semiannually on January 2 and July 2 of each year during the term of the Bonds, commencing on January 2, 1979. Bidders must specify the rate of interest which the Bonds hereby offered for sale shall bear. Each Bond shall bear only one interest rate, and all Bonds must bear the same in-' terest rate. The interest rate stated in the bid may be in any multiple of one - twentieth of one percent (. 050%) per annum. REDEMPTION: Each Bond may be redeemed by the owner of, or any person interested in, any lot or parcel of land described therein at any time before maturity and before commencement of proceedings for sale, upon payment to the City Treasurer, for the holder of the Bond,- of the amount then unpaid on the principal sum thereof, with interest thereon (if not previously paid) up to the next succeeding January 2 or July 2, as the case may