HomeMy WebLinkAboutReso. 1988-314 - Resolution ordering sale of bonds lebrun lane/polk street street assessment district no. 1987-4 ! •
RESOLUTION NO. O D J/5/
RESOLUTION ORDERING SALE OF BONDS
LEBRUN LANE/POLK STREET STREET ASSESSMENT DISTRICT NO. 1987-4
The City Council of the City of Redding resolves:
The City Council accepts the offer of M.L. STERN & CO. , INC.
(attached to this resolution and by reference incorporated in it) to
purchase all of the improvement bonds to be issued in Lebrun
Lane/Polk Street Street Assessment District No. 1987-4 .
The City Council directs the sale and delivery of the
bonds to the offeror in accordance with the terms and conditions
stated in the offer.
* * *
I hereby certify that the foregoing resolution was duly and
regularly adopted and passed by the City Council of the City of
Redding, California, at a regular meeting thereof, held on the 6th
day of September, 1988.
AYES: Councilmembers Buffum, Carter, Dahl, Fulton, & Johannessen
NOES: Councilmembers None
ABSENT: Councilmembers None
ETHEL A. NICHOLS, City Clerk,
City of Redding, Shasta County, California
BY (.l i
ITH1911A- ,1),1
"�o
Ri•rd Scibird
M. L. Stern & Co.
200 Forrest Glen
Olympic, CA 95730
BID FORM FOR 1915 ACT BONDS
TO: Office of the City Treasurer
City of Redding
760 Parkview Avenue
Redding, CA 96001
FOR: Proposal for Improvement Bonds
Lebrun Lane/Polk Street Street Assessment
District No. 1987-4 , Not to Exceed $298, 289. 95
In accordance with all terms and conditions of your Notice Inviting
Sealed Bids of Improvement Bonds, Improvement Bond Act of 1915,
Lebrun Lane/Polk Street Street Assessment District No. 1987-4, dated
August 17, 1988, I/we submit the following bid for Improvement Bonds
(Improvement Bond Act of 1915) to be dated October 3, 1988, with
interest payable March 2, 1990 and thereafter semiannually on March
2 and September 2 :
BONDS BONDS
MATURING PRINCIPAL INTEREST MATURING PRINCIPAL INTEREST
1991 $ 8,289.95 6 . 50% 1998 $20, 000. 00 8 . 10%
1992 10, 000. 00 6 . 75 1999 25, 000. 00 8 . 20
1993 15, 000. 00 7 . 00 2000 25, 000. 00 8 . 25
1994 15, 000. 00 7 . 25 2001 25, 000. 00 8 . 25
1995 20, 000. 00 7 . 50 2002 30, 000. 00 8 . 30
1996 20, 000. 00 7 . 75 2003 30, 000. 00 8 . 30
1997 20, 000. 00 8 . 00 2004 35, 000. 00 8 . 35
We will pay 97 . 500 % for a total of $ 290 , 832 . 70
which is a discount/x(remtux of $ 7 , 457 . 25 from the
$298, 289.95 par value. We estimate our Net Interest Cost to be 8 . 3409% .
This offer is subject to a satisfactory legal opinion by Sturgis,
Ness, Brunsell & Sperry, Emeryville, California, approving the
validity of the Bonds, at the expense of the City.
Enclosed herein is a Cashier' s or Certified check in the amount of
$5, 000 payable to the order of the City of Redding, which funds we
request be returned promptly in the event we are not the successful
bidder, otherwise to be retained and applied against the purchase
price of the Bonds. Check No. 04490270 .
SUBMITTED BY: M.L. Stern & Co. Inc.
8350 Wilshire Blvd. , Suite 210
Beverly /Hillls , A 90211
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Paul H. White
Senior Vice President