HomeMy WebLinkAboutReso 1989-150 - Ordering change of proceedings without notice or hearing II
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j RESOLUTION NO. y-
1 RESOLUTION ORDERING CHANGE OF PROCEEDINGS
WITHOUT NOTICE OR HEARING
VICTOR AVENUE BRIDGE ASSESSMENT DISTRICT NO. 1983-9.
Y
The City Council of the City of Redding resolves :
1 1. On May 31, 1985 , bonds were delivered representing
!! the unpaid assessments for the Victor Avenue Bridge Assessment
i
District No. 1983-9. The actual amount of the discount paid
and the reserve fund required by the bond underwriter were lower
11
than the amounts estimated. In order to distribute the funds
available in a more equitable manner, this Council approves the
Revised Cost Estimate attached to this resolution.
2 . This Council hereby authorizes and directs the
!
'i City Clerk to change Exhibit B of the Engineer ' s Report on file 1
in the proceedings and recorded in the office of the Director of
Public Works using the attached Revised Cost Estimate. This
change is made without further notice or hearing.
* * *
I HEREBY CERTIFY that the foregoing resolution was
I duly and regularly adopted by the City Council of the City of
i Redding, Shasta County, California, at a regular meeting thereof ,
e, held on the 16th day of May , 1989.
, AYES : Councilmembers Buffum, Dahl , Fulton, Johannessen and Carter
NOES : Councilmembers None
p 'i
ABSENT: Councilmembers None
ETHEL A. NICHOLS , City Clerk,
ii City of Redding, Shasta County, California
�Ir' /a_
By -'rL�. s, JIIA ,��
Connie Strohmayer, Assistay
0 nnint 5 61 L �1
4e
I' C
410 411
REVISED COST ESTIMATE
f� I' VICTOR AVENUE BRIDGE ASSESSMENT DISTRICT NO. 1983-9 •
I. Payment to Bank of America covering
construction and interest expense $ 567 ,247. 70*
11,
II. Incidental Expense
a. Assessment Engineering $ 5 , 940. 00*
b. Bond Counsel Fee 17 , 574 . 60*
c. Bond Printing 2 , 000. 00
d. Bond Registration 13 , 900 . 00
e. Appraisal Fee 3 ,500. 00*
jf. Bond Counsel out-of-pocket
expense 1 , 844 . 25*
g. Misc. expense 521. 98
TOTAL INCIDENTAL EXPENSE 45 ,280 . 83
TOTAL PROJECT COST
_ $612 ,528 . 53
Bond Reserve Fund (7% of bond issue) 41, 467. 10*
Bond Discount (5. 0025% of bond issue) 29 , 634 . 17*
$683 , 629 . 80
Less Cash Payments •
91 , 242 . 65*
TOTAL AMOUNT OF BOND ISSUE $592 , 387 . 15*
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*Actual amounts
EXHIBIT B _