(Amended by Ordinance Nos. 140586, 141599, 146747 and 173295, April 28,
A. From time to time, the Council may, upon recommendation of the City
Treasurer and Responsible Official, call for bids on the interest rate for
general obligation improvement warrants on the estimated amount of proposed
assessments for local improvement districts authorized or to be authorized. Bids
shall meet the conditions and requirements provided for in the authorizing
B. Upon return of bids the Council may award to the highest and best
qualified bidder offering the most advantageous interest rate, the full amount
of general obligation improvement warrants to be issued for local improvements
specified in the ordinance requesting bids. Provided further, the Council may
reject any and all bids.
C. The ordinance authorizing the call for bids shall also authorize
the issuance of the general obligation improvement warrants to the successful
bidder as determined by the Council, subject to the provisions of this Chapter.
Thereafter, the City Treasurer is authorized to deliver to the successful bidder
from time to time as the Treasurer deems necessary general obligation
improvement warrants in an amount equal to the indebtedness to be incurred by
the City in constructing the local improvement including all costs of land
acquisition, advertising, engineering and superintendence fees, and any special
preliminary services or studies that may be assessed on benefited property, and
an amount equal to the amount to be paid by the City to the contractor for the
construction of a local improvement, not exceeding the bid price of each
contract plus 15 percent for approved change orders. If the local improvement
has not yet been bid and a successful bidder accepted, the engineer’s estimate
for construction cost may be used.
D. General obligation improvement warrants shall be issued in
denominations as stated in the ordinance authorizing call for bids; shall be
numbered consecutively; shall be dated the first day of the month in which they
are delivered to the successful bidder and shall mature within the time provided
by State law. The successful bidder shall pay accrued interest from the date of
the warrants to the time of delivery.
E. The City Treasurer shall deposit all proceeds from the issuance of
said General Obligation Improvement Warrants in the Improvement Warrant Sinking
Fund established in Section 5.04.210 of this Code.