HomeMy WebLinkAboutReso. 1988-419 - Approving the commercial installment note and ancillary documentation with the redding bank of commerce for the purchase of an offset printing press 0
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RESOLUTION NO. en'9f
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE COMMERCIAL INSTALLMENT NOTE AND ANCILLARY
DOCUMENTATION WITH THE REDDING BANK OF COMMERCE FOR THE
PURCHASE OF AN OFFSET PRINTING PRESS FOR THE CITY'S IN-HOUSE
PRINT SHOP, AND AUTHORIZING THE CITY MANAGER TO SIGN ALL
NECESSARY DOCUMENTATION.
WHEREAS , the City of Redding operates an in-house print shop
responsible for the printing, collating, cutting, punching, and
binding of envelopes, reports, forms , newsletters, public
notices , and other printed materials and brochures required by
City departments; and
WHEREAS, the print shop currently operates two offset
printing presses that are 15 to 30 years old; and
WHEREAS , this equipment no longer meets the quality
standards of the City, and the production speed is too slow to
keep up with printing demands; and
WHEREAS , staff has recommended that the City purchase a
Multigraphics 1862 GPC two-color offset printing press in the
amount of $28 ,275 . 80 , to be financed over four years through the
Redding Bank of Commerce, to meet current and future printing
needs;
NOW, THEREFORE, IT IS HEREBY RESOLVED by the City Council of
the City of Redding as follows :
1 . That the City Council of the City of Redding hereby
authorizes the purchase of one Multigraphics 1862 GPC two-color
offset printing press in the amount of $28 ,275 . 80 .
111 , 411
2 . That the City Council of the City of Redding hereby
approves the Commercial Instalment Note between the City of
Redding and the Redding Bank of Commerce dated November 28 , 1988 ,
in the amount of $28 ,276 . 00 , a true copy of which is attached
hereto and incorporated herein by reference, on the terms and
conditions stated therein.
3 . That the City Manager of the City of Redding is hereby
authorized and directed to sign said Note and all necessary
ancillary documentation on behalf of the City of Redding for said
purchase , and the City Clerk is hereby authorized and directed to
attest the signature of the City Manager and to impress the
official seal of the City of Redding on the aforesaid documents ,
when appropriate.
I HEREBY CERTIFY that the foregoing Resolution was
introduced and read at a regular meeting of the City Council of
the City of Redding on the 6th day of December , 1988 , and was
duly adopted at said meeting by the following vote:
AYES: COUNCIL MEMBERS: Buffum, Carter, Dahl , Fulton, & Johannessen
NOES : COUNCIL MEMBERS : None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS : None
K. ,AU' CE JOHANNESSEN, Mayor
City of Redding
ATTEST: • 5.O'PPROVED:
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4 .: 00,
ETHEL A. NICHOLS , City Clerk • .NDALL A. HAYS , City Attorney
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ACCT OFFICER
INITIALS
NUMBER
STUB FOR BANK USE ONLY
COMMERCIAL INSTALMENT NOTE
$ 28,276.00 Redding ,California Nov. 28 19 88
For value received,the undersigned promise(s) to pay to gadding Bank of Commerce(the"Bank"), or order,at its
Main Office in fled ing California,
in lawful money of the United States of America,the principal sum of
TWENTY EIGHT THOUSAND TWO HUNDRED SEVENTY SIX AND NO/100**************************
-- — — — -- — Dollars,
Qlus interest on the unpaid balance of said principal sum,as hereinafter stated.
Interest shall be computed daily, on the outstanding principal balance owing hereunder,for each of the actual number of calendar days elapsed from the
date hereof(check one):
(FIXED RATE)at a rate per day equal to i/ 360 of 8.663 percent.
/ I (VARIABLE RATE)at a rate per day equal to 1/ of percent above the rate which the Bank announces
publicly from time to time,at its Redding,California,Office,as its "prime rate" for unsecured commercial loans(the "Prime
Rate"). Any change in the interest rate resulting from a change in the Prime Rate shall be effective as of the date of such
change.
Principal and interest hereunder shall be payable as follows(check one):
LX. (INTEREST INCLUDED IN INSTALMENTS) On demand or if no demand is made, then in consecusthe instalments o<
S._701.24 each, commencing on January 1 19 89 , and continuing on the 1st day of each
month
--- ---- ------------ --- --- - ---- thereafter
until December 1 , 19 92 ,at which time any principal remaining unpaid and all unpaid interest accrued
hereunder shall be due and payable.
/7 (INTEREST PAYABLE SEPARATELY) On demand, or if no demand is made, then (1) the principal in consecutive instal-
ments of S_ _each,commencing on-__—.. _ _, 19 ,and continuing on the day
of each _-_____..._— thereafter
until___—._—..__—_—_ , I9__ , at which time any principal remaining unpaid and all unpaid interest accrued hereunder
shall he due and payable, AND(2) interest payable _— ,commencing on
, 19 , and continuing on the — day of each
thereafter until the entire principal sum hereof and all interest accrued hereunder are paid in full.
THIS NOTE IS SECURED BY SECURITY AGREEMENT OF EVEN DATE
Each payment received hereunder shall, at the option of the holder hereof, be applied first to interest then due and the remainder,if any,to principal.
The holder hereof shall be entitled at any time to demand payment of the entire amount of principal remaining unpaid and all unpaid accrued interest
hereunder, notwithstanding that the date of such demand is earlier than any payment date otherwise specified herein,and whether or not any payment is
in default at the date of such demand.
Upon default in payment of any instalment of principal or interest when due hereunder, the whole of the principal sum then remaining unpaid and at
unpaid interest accrued hereunder shall, at the option of the holder hereof,become immediately due and payable without demand or notice.The under-
signed shall pay any and all collection costs and reasonable attorneys'fees incurred or expended in connection herewith and shall pay a late charge equal
to %•) % of the amount of each instalment delinquent 10 days or more. If the undersigned is more than one, their covenants and obligations
hereunder are joint and several and each hereby waives demand,diligence,presentment,proteryd notice of every,kind.This note shall be governed by
and be construed in accordance with the laws of the State of California. City o9fpf'd/n•��a Munic�'pal Corporation
Robert M. Christo son — City Manager
760 Parkview Redding, CA 96001 '` ?ffi�P 5 ED
Address '
4�R, A PR-11 8/82
CITY LEGAL DEPT... /