HomeMy WebLinkAboutReso 95-214 - Awarding Sale of Bonds . " � �
RESOLUTION NO. �.5 e2/�
RESOLUTION AWARDING THE SALE OF BONDS
(Wilshire Drive Area Waterline Assessment District No. 1994-1)
The City Council of the City of Redding resolves:
On this same date, this City Council has adopted its
resolution providing for the issuance of City of Redding, Limited
Obligation Improvement Bonds, Wilshire Drive Area Waterline
Assessment District No. 1994-1 (the "Bonds") . This City Council
hereby accepts the offer of M.L. Stern and Co. , Inc. (attached to
this resolution and by reference incorporated in it) to purchase
all of the Bonds.
This City Council directs the sale and delivery of the
Bonds to M.L. Stern and Co. , Inc. , in accordance with the terms and
conditions stated in the offer.
* * *
I HEREBY CERTIFY that the foregoing resolution was duly
and regularly adopted by the City Council of the City of Redding,
Shasta County, California, at a regular meeting thereof, held on
the 5th day of September, 1995.
AYES: Councilmembers P.. Anderson, McGeorge, Murray and Kehoe
NOES: Councilmembers None
ABSENT: Councilmembers R. Anderson
��
CONNIE STROHMAYER, City Clerk, �
::ity �� Redding, Shasta County, ( ,
��li�ornia. `'�
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By
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SF2�8502.1 40109-29-S34-OS/29/95
• � 213-658-4477 M.L. STERN INC. 929 P03i06 SEP 05 '95 �9:05
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BQND PURC�ASE A,G�REEN�ENT ';...'�
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Se�tembex 5, 1995 ;,"`` :,
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F,�,,,�,;,:�','' ;:�{>. �Redding, CA 960Q1 , ��'.Y";'M1',''',hiY,:.
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y�,� 'For not to �xceed $119,969.00 par �value Iega11� issued Impror�e�x�ent B�nds, City af ';;;,
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s' ,, ' ;Redding, Wilshire Drive Area Waterline Assessm�nt District No. 1994-1, c�ated Septez�be�r . '
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� ' � 27, 1995, and m.atuxing serially from September 2, 1996, to September 2, 2005, inclusive, � '
, . � subject to a11 af th� terrns and conditipns follo'�vit�g, vve �vil1 pa� ni�,ety sev�n �nd one-half � '
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�, :;peroent (97.50%} of the par va.lue thereof with aceru�d interest to th� dat� of deli�vexy, if ;°>`s���.:
_ , �ny, for bands bearing interest at the rates and maturing in the amounts shown in Exhibit A ' �
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: �herewxtl�attac�ed and coz�sxdexed a part of this Purahase Contract. ` -. , ``.
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` ' 'Said bonds shall be in the denominations of$1,000 or int�gral multipl�;s therc�of. � . :. �.;a.�'�;�..:
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•��..:�`� � !This bid is txaade �'o�' aGceptax�ce i�y the City of Redding on September 5,..1995, and is , _
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�'.. .. :.: .;subject to the unqualif ed approving legal opinion of Qrrick, Herriz�gto� & Sutciif£e, to be !::;<`�, '.`;,.`'�ry,`,.�: .
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, , `� :fuzxiished to us at your expense. Said le�al opinion is to be printed on th� bonds at your � � . , �
- . �exp�ns�. , ,
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' 1;" 'Deliv�ry of these bonds is ta be made to us on ar about September 27, 1995. If the bonds ! '�', ""`'���
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�, ',,�re not tendered for delivery ta us a.ccompani�d by said approving 1eg�� apinion by , ���.;;;,:`�`;;;;�; .:
..:�'� '��`. , �:September 27, 1995, we sl�alI have the right, at our option, to cancel this bond Fr��rclxase ` .
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� ' Contract. T-�ow�v�r,by mu�ual agreez�nez�t,the time for delivery may be extended. '
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;��:,';��-�'� , $350 Wilshire Boulev�ard, Beverly Hills, California 90211-9972 (213) 658-44Q0 _ -.;`� •�
. Branch Otfices: Carmel, San 17ieqo, Sacramento Member: N�.S�7, SIPC � -
, . . R�{DS•A9h1,U1�'915(QS , • ' .
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• . 213-658-4477 M.L. STERN INC. 929 P�2/�6 SEP �5 '95 69:�4
, ' ' • •
, City of Redding
Wtilshire Orive Area Water7ine Assessment District No. �994•1
� Final Debt Service Schedule
Debt Service Schedule
--�R��
Date Principal Coupon xAterest Period Total Fiscal Total
----�--• .............. .......... .............. .............. ..............
3/ 2/96 3.306.86 3,306.86
9/ 2/96 9.969.U0 S.OpQ0U0 3,840.23 13,809.23 17,116.09
31 �/97 3,59I.00 3,591.00
9/ 2/97 9,060.00 5.500600 3,591.00 12,541.OU 16,182.00
3/ 2/98 3,343.54 3,343.50
9/ 2/98 10.40b.00 6.004000 3,343.5U i3,343.54 16,587.OU
3/ 2I99 3,043.50 3,043.50
9/ 2/99 1�,U00.00 5.200000 3,043.50 14,043.50 17,0$7.p0
3! 2! 0 2,702.50 2,702,50
9/ �/ U 11,000.00 6.400000 2,702.50 13,702.5d 16,405.00
3/ 2/ 1 2,350.50 2,350.50
9l zl i z2.oao.00 5.6a0000 2.350.50 14,350.50 i5,y0Z.oa
3/ 2! 2 1,954.50 1,954.50
4/ 2/ 2 13,040.00 6.700000 1,954.5U 14,954.50 16,909.OQ
31 z/ 3 1,5I9.00 I.519,00
9/ 2/ 3 14,000.00 6.800b00 1,519.00 15,519.00 17,Q38,4D
3/ 2/ 4 1,043.00 1,043.00
9/ 2/ 4 14,060.00 fi.900040 X,043.00 �.5,043.00 16,086.00
si zi s 560.00 ��o.00
9/ 2/ 5 16,000.00 7.000000 560.00 T6,550.00 17,120.00
..........-�-- -------------- --------------
119,969.00 47.362.09 1&7.331,09
AGCRUED
119,969.00 47,362.09 167,331,09
Dated 9/27/95 with Delivery ot 9/27/95
Bond Years 709.638
Average Coupan 6.674121
Average Life 5.915177
N I C X 7s096762 X' Usinq 97.5D00000
Micro•Muni Uebt Date: 89•05•1995 @ 08:46:09 Filename: REDRIhIG Key: A/D 1994•1
• • 213-658-4477 M.L. STERN INC. 929 P@4i06 SEP �5 '95 09:�6
� •
City of Reddx�g �'age Twa
September 5, 1995 �
This bid is also made subject to the followin�tenns and eor�dztions:
' A) 'The bo�ds ta b� sold will be secured by unpaid assessmEnts levied upon privat� prope�t�
within said Assessr�ent Distriat, and authorized by proceedings taken pursuat�t to the Municipal
��nnprovement Act of 1913 (Divi�sion 12 of the Streets and �iighways Code of 1:k�e State of
Calif4rrxi.a), and are to b�issved pursuant to the provisions of the Irnprovement Bond Act o�1915
(Division 10 of said Cdde}. Proceeds frorn ik�e s�le of the bonds will be used to pay the costs vf
the Tmprovement Froject as authorized by said proceedings.
B) A.ny bond may be red�emec� on any ��rch 2, or September Z, prior to ats fixed maturity date,
at the optior� o�'the City Treasurer, u�an gi�ing 30 days prior notice, and upon the pAyment af
the principal amotuit the�eof' �x�.d interest accru�d thereon ta t}xe date of redEmption, plus a
redex�ption premium of three percent(3,Q0%)of the principal amount thereof
C) No Iater than (�ctober 1 ir� �,y y��r, the City shall file an action in the Superiar Court to
£oxeclose the lien of each delinqu�nt assessment x�the sum of uncured assessrnent deli�xque�czes
for the precedxXag fzscal year exceeds five p�rcent (S%) of the assessrnent instailments posted to
the tax roll for that t"iscal �ear, �nd if the amount of the special reserve �und is less than the
Reserve Rec�uirement.
D) fi►, Speci�I Reserve Fund will be cr�ated ta provide available fiu�ds �`iro��x wl�,ich the City of
Yt�dding cat�a��'�,r1�e �d�ake paym.ent on the amount of any delinquent assessments ler�ied ior
these praceedings. �'ayments from the Reserve �uz�d sk�aIl be ata. �dvanoe to be reimbt,used frorn
the prooeeds af redemption or sal� of the praperties with respect to vvhich p�yzx�e�zt has be�n
m�de, The Speci�l Reserve Account shalI be maintained as a separate trust account distinct frorn
a�l ot�,ex :funds of the City of Redding. The Special Reserve Fund sha,ll be in amaunt equal to
�ve pereent (S.pU%) o�'ikxe boz�ds issued for these proceedings. The Special Reserve Y�und shall
be administered and payments sha11 be rnade, a11 as authpri:�ed under t��e pxovisions of the
Improvement bond Act of 19I5.
E} If a delinc�uency occurs in th� payment of an� assess�ent it�stalX�xent, the City of Reddin�
'wi11 have a duty only to transfer inta the �2edemptian�'und the amount of the deli�.qtten.cy out o�'
the T�eserve Fund. This drxty on the part of the City of Reddin� shall he continuous during th�
period of the delinquency, only to the extent of funds available from tlie R,esexve Fund, untiI
reinstatement, rede�nptioz�, or sale of the delinquent property.
F) At the time of p�yment for and delivery of the bonds, the Cit� ofi Reddi�tg will furnish a
certificate that thcre is no litigation thxeatez�ed or pending affecting the validity of ihe bonds or
tlie legalzty of the assessment.
.,..� ..� :�r1. � i�
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TNV'ESTMENT SECURITIES
• 213-658-4477 M.L. STERN INC. 929 P05i�6 SEP �5 '95 ��:�6
• . , . • • •
City of�t�dding �age Three
September 5, I995 �
Cr) Thexe sha�l be no bonds issued secured b�'uz�paid assessments levied upo�aaiy lot or parcel c�f
� land belonging to the United States, or to the State of California, or ta an�r couaZty, city, public
agency mandatory of the govez-�a�ae�it, schaol board, edue�tio�ial, penal or rcfarm instxtution or
instituixo� for the feeble-minded or the insaza.e, whether such lot or parceI of land is in use in the
performance of�,n�'public function.
Y) We estirn�te the total interest cost, iz�cluding discount, ta be $5Q,36X,32, a net intErest r�te of
7.096762%.
This proposal is subrx�itted in duplicate, one copy of r�vhic�� is to be officially signed a�.d returned
to us.
Very truly yours,
M.L, STERN & CO. INC.
Paul H. White
Executive Vice Pr�sidez�t
The£oregoing proposal is hereby accepted on behalf of the City af Reddz�g.
bATE AUTHURIZED STGN'A'�TJ.1�
� � _�.. *�.�.. � '� ����
INVES�'MENT SECURITIES
• • 213-658-4477 M.L. STERN INC. 929 P06i�6 SEP �5 '95 �9:�7
, , � • .
EXH�BIT �
CITY tJF i2EDDIN�,CAL�FQ�N�,A, '
'WYY.,S�YTRE DRIYE.A�.��,r�Vt'A.TERL,INE ASSESS1VY�l�TT DISTR�C'�'NO. �994-1
INTE�ST PRINCYPA�
YFAR $ATE AMOUNT
; 1996 S.QO% $9,969
' 1997 5.50 $9,000
1998 6.00 $�0,000
1999 6.20 $11,004
20Q0 G.40 $II,000
2001 6.bp $12,000
2Qp2 6.7Q $13,p00
zoa� �.so �14,000
aaa4 6.�0 $i4,000
2oos �.00 ���,aaa
E�z�ibit A is hereby ace�pted on behalf of the City of Redding.
DA'�'� __. ... _ AiJT�ORIZED SIC�I�TUR.E
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INVEST1v�ENT S�CURITIES �