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<br />OFFICIAL NOTICE OP SALEi, r'
<br />TOWN OP PLEASANTON 1948 SEWER BONDS f,
<br />NOTICE IS HEREBY GIVEN that sealed proposals will be received by
<br />the Clty Council of the TOWN OF PLE�.SANTON, State of California; at the
<br />office of the City Clerk thereof in thell'City Hall, notthwest corner ,of Main
<br />and Division Streets, in Pleasanton, Ca ifornia, on
<br />TUESDAY, J17LY 13, 1948,
<br />at the hour of 11:00 A. M. (C. D. S. T.) for the purchase of $125,000 principal
<br />amount of bonds of said city designated "Town of Pleasanton 1948 Sewer
<br />Bonds," more particularly described below:
<br />ISSUE:
<br />1
<br />MATURITIES:
<br />INTEREST
<br />RATE:
<br />PAYMENT:
<br />$125,000 principal amount, consisting of 125 bonds, num-
<br />bered 1 to 125. both inclusive, of the denomination of
<br />$1,000 each, all dated June 15, 1948. 1
<br />•
<br />Said bonds mature serially in consecutive numerical or-
<br />der, from lower to higher, $5,000 on Jt{ne 15th in each of
<br />the years 1949 to 1973, both inclusive, without option of
<br />prior payment.
<br />Maximum five (5) per cent. per annum, payable semi-
<br />annually on June 15 and December 15 in each year. Bid-
<br />ders must specify the rate of interest which the bonds
<br />hereby offered for sale shall bear. Bidders will be per-
<br />mitted to bid different rates of interest and to split rates
<br />irrespective of the maturities of said bonds. The interest
<br />rate stated in the bid must be in a multiple of one -quar-
<br />ter of one per cent. per annum, payable semi- annually.
<br />Both principal and interest of said bonds are payable In
<br />lawful money of the United States of America at the of-
<br />fice of the Treasurer of the Town of Pleasanton.
<br />REGISTRATION: Coupon bonds will be issued by the city. Such bonds are
<br />registerable only as to both principal and interest.
<br />Said bonds are authorized by vote of two - thirds of the
<br />qualified voters voting at a special election held in said
<br />Town of Pleasanton on March 2. 1948, for the purpose of
<br />acquiring,• constructing and completing a sewage treat-
<br />ment plant for said city. .
<br />Said bonds are general obligations of the Town of Pleas-
<br />anton and said city has power and is obligated to levy ad
<br />valorem taxes for the payment of said bonds and the in-
<br />terest thereon upon all property within said Town of
<br />Pleasanton subject to taxation by said city (except cer-
<br />tain intangible personal property, which is taxable at
<br />limited rates), without limitation of rate or amount.
<br />In the event that prior to the delivery of the bonds the
<br />income received by private holders from bonds of the
<br />same type and character shall be declared to be taxable
<br />under any Federal Income Tax Laws, either by the terms
<br />of such laws or by ruling of a Federal Income Tax au-
<br />thority or official which is followed by the Bureau of In-
<br />ternal Revenue, or by decision of any Federal Court, the
<br />successful bidder may, at his option, prior to the tender
<br />of said bonds by the city, be relieved of his obligation
<br />under the contract to purchase the bonds and in such case
<br />the deposit accompanying his bid will be returned.
<br />LEGAL OPINION: The legal opinion of Messrs. Orrick, Dahlquist, Neff &
<br />Herrington, of San Francisco, approving the validity of
<br />said bonds, will be furnished to the successful bidder
<br />without charge.
<br />TERMS OF SALE
<br />Highest Bid: The bonds will be awarded to the highest and best bid-
<br />der considering the interest rate or rates specified and
<br />the premium offered, if any. The highest bid will be determined by deducting
<br />the amount of the premium bid (if any) from the total amount of interest
<br />which the city would be required to pay from the date of said bonds to their
<br />respective maturity dates at the coupon rate or rates specified in the bid, and
<br />the award will be made on the basis of the lowest net interest cost to the city.
<br />The lowest net interest cost shall be computed between the dates aforesaid
<br />according to standard bond interest tables. The purchaser must pay accrued
<br />interest from the date of the bonds to the date of delivery. The cost of print-
<br />ing the bonds will be borne by the city.
<br />PURPOSE OF
<br />ISSUE:
<br />SECURITY:
<br />TAX EXEMPT
<br />STATUS:
<br />Right of The Town of Pleasanton reserves the right, in its dis-
<br />Rejection: cretion, to reject any and all bids and to waive any ir-
<br />regularity or informality in any bid.
<br />Prompt Award: The City Council of the Town of Pleasanton will take
<br />action awarding the bonds or rejecting all bids not later
<br />than 24 hours after the expiration of the time herein prescribed for the re-
<br />ceipt of proposals; provided that the award may be made after the expiration
<br />of the specified time if the bidder shall not have given to the City Council
<br />notice in writing of the withdrawal of such proposal.
<br />Prompt Delivery of said bonds will be made to the successful
<br />Delivery: bidder at the office of the City Treasurer in Pleasanton,
<br />California, as soon as the bonds can be prepared, which it
<br />is estimated will be about August 16, 1948.
<br />Right of The successful bidder shall have the right, at his option,
<br />Cancellation: to cancel the contract of purchase if the city shall fail to
<br />tender the bonds for delivery on or before August 30,
<br />1948, and in such event the successful bidder shall be entitled to the return
<br />of the deposit accompanying his bid.
<br />•
<br />Form of Bid: All bids must be unconditional, for not less than all of
<br />the bonds hereby offered for sale, and for not less than
<br />the par value thereof and accrued interest to date of delivery. Such bids, to-
<br />gether with bidder's check, must be enclosed in a sealed envelope addressed
<br />to the City Council of the Town of Pleasanton and endorsed "Proposal for
<br />Town of Pleasanton 1948 Sewer Bonds."
<br />Bid Check: With each bid must be submitted a certified check or
<br />cashier's check for $5,000 drawn on a bank or trust com-
<br />pany transacting business in the State of California, payable to the order of
<br />the City Treasurer of the Town of Pleasanton to secure the city from any loss
<br />resulting from the failure of the bidder to comply with the terms of his bid.
<br />In addition bidders are requested (but not required) to supply an estimate of
<br />the total net interest cost to the city on the basis of their respective bids,
<br />which shall be considered as informative only and not binding on either the
<br />bidder or the city. Checks of the unsuccessful bidders will be returned by
<br />the city by mail upon the award of the bonds. No interest will be paid upon
<br />the deposit made by any successful bidder.
<br />FINANCIAL AND ECONOMIC DATA
<br />Location: In Alameda County, twenty -five miles southeast of Oakland.
<br />Type of City: A long established agricultural and suburban community pro-
<br />viding residences for local business and professional people,
<br />people engaged in agriculture and industry in and near Pleasanton, and employ-
<br />ed in the San Francisco area, and it is also a packing and shipping center and
<br />has a substantial business center. It is on both the Southern Pacific and West-
<br />ern Pacific Railroads, has highways radiating from it in all directions and Is
<br />approximately two miles from U. S. Highway 50. The city has had a stable
<br />population and its population has increased recently with Alameda County's
<br />growth. The city also owns its own water system with an adequate source
<br />of water supply.
<br />Population: 2,388 (Census of June, 1944); estimated as of this date, 2,750.
<br />Recent Population Growth: 1930 - 1,235,
<br />1940 - 1,272,
<br />1944 - 2,388 (June),
<br />1948 - 2,750 (estimate)
<br />Home Ownership: Approximately 75% of the families in Pleasanton own
<br />their own homes.
<br />Type of Government: City of the Sixth Class, incorporated in 1894.
<br />Tax Rate
<br />Assessed Valuations: Year Assessed Valuation per $100 Valuation
<br />1941 -42 $ 785,070.00 $1.20
<br />1942 -43 865,515.00 1.20
<br />1943 -44 863,460.00 1.20
<br />1944 -45 982,665.00 1.20
<br />1945 -46 _ 1,155.030.00. _ 1.20
<br />1946 -47 1.224,330.00 1.20
<br />1947 -48 1,508,180.00 1.20
<br />The 1947 -48 tax rate on property for all purposes, including County, City,
<br />school and other special districts, was $5.21. All assessments, both County
<br />and City, are on a basis of 50 %, of real value. Tax delinquencies, 1947 -48
<br />fiscal year, $29.15. Previous years, none.
<br />Indebtedness: The city has no debt on any general obligation or special as-
<br />sessment bonds, excepting only $18,000.00 in principal due at
<br />the rate of $2,000.00 per year for the years 1949 -50, and $1,000.00 per year
<br />thereafter, to 1964.
<br />Legal Debt Limit: 15% of assessed valuation $226,227.00
<br />Outstanding indebtedness 18,000.00
<br />Present bond limit $208,227.00
<br />Revenue and Disbursements
<br />for Fiscal Year 1946 -47
<br />and Fund Balances:
<br />Revenues
<br />General property tax $14,688.77
<br />Licenses and permits 6,073.89
<br />Fines and penalties 6,845.00
<br />Franchises 233.87
<br />Interest earned 17.61
<br />Subventions and grants 7,347.12
<br />Water sales 20,151.63
<br />Miscellaneous 385.91
<br />Disbursements
<br />Legislative $ 1,426.32
<br />Finance and accounts 989.79
<br />Legal 1,100.00
<br />Judicial 744.31
<br />General Government Build-
<br />ings 2,024.16
<br />Protection to person and
<br />property 16,794.81
<br />Health 1,011.12
<br />$54,743.80 Sanitation 3,064.46
<br />Streets 11,243.56
<br />Education 1,017.60
<br />Recreation 252.67
<br />Miscellaneous 607.40
<br />Interest 1,080.00
<br />Bond redemption 2,000.00
<br />Water system 8,413.56
<br />Schedule of Fund Balances, May 31, 1948:
<br />General Fund $26,844.65
<br />1910 Bond Fund 744.60
<br />1929 Bond Fund 1,143.94
<br />$51,769.56
<br />$28,733.19
<br />•
<br />Further information relative to the financial condition of the Town of
<br />Pleasanton will be furnished to any bidder upon request.
<br />There is no controversy or litigation pending or threatened concerning the
<br />validity of the above issue, the corporate existence of the city, or the title of
<br />the officers to their respective offices.
<br />Dated: June 16, 1948. MATT JORGENSEN, •
<br />City Clerk of the Town of Pleasanton, California.
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