HomeMy WebLinkAboutReso. 1985 - 004 - Lake keswick sewer assessment district no. 1982-6 , • •
RESOLUTION NO. 84-- (2/
RESOLUTION ORDERING SALE OF BONDS
LAKE KESWICK SEWER ASSESSMENT DISTRICT NO . 1982-6
The City Council of the City of Redding resolves:
The City Council accepts the offer of Municicorp of
California (attached to this resolution and by reference
incorporated in it) , to purchase all of the improvement bonds to be
issued in Lake Keswick Sewer Assessment District No. 1982-6 , City of
Redding, Shasta County, California.
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 by the City Council of the City of Redding,
Shasta County, California, at a regular meeting thereof, held on the
7th day of January, 1985.
AYES: Councilmembers Demsher, Fulton, Pugh, & Kirkpatrick
NOES: Councilmembers None
ABSENT: Councilmembers Gard
ETHEL A. NICHOLS, City Clerk ,
City of Redding, Shasta County, California
By 6.
RaNAL
•
EXHIBIT A
LETTER OF COMMITMENT TO PURCHASE FROM MUNICICORP OF CALIFORNIA
TO FOLLOW
E W
r >_
® Ct'rY CLCtiK'S OtiriCe
14_ C r
OF CALIFORNIA
Specialists in Tax-Exempt Municipal Bonds,Funds&U.S.Government Securities
1888 Century Park East, Los Angeles, California 90067•(213) 552-1681
January 4 , 1985
Mayor and City Council
City of Redding
City Hall
Redding, CA. 96001
RE: City of Redding, not to exceed $673, 331. 00 , Series A, Lake
Keswick Sewer Assessment District No. 1982-6 .
Dear Mayor & City Council Members :
This is to advise you that MuniciCorp of California agrees to
purchase the bonds to be issued on the above described project
under the following terms and conditions:
1. The bonds will be issued under the Municipal Improvement
Act of 1913 pursuant to the Improvement Bond Act of 1915.
2. The approving, unqualified legal opinion of bond Counsel
shall accompany the bonds when delivered.
3. These Sereis A bonds are being purchased with the under-
standing that should Series B bonds be sold, the ratio of
assessment to MAI appraisal following the sale of Series B
bonds shall not be less than 1 . 60 to 1.
4 . The price to be paid for the bonds is to be ninety percent
(90%) of the face amount issued.
5. Property taxes and prior assessment installments :must be
paid current at or prior to delivery of the bonds to
MuniciCorp of California.
-continued-
EXHIBIT A
Other offices in San Francisco,Palm Springs,Newport Beach&Woodland Hills-Member of NASD•Member of SIPC
� . , I .
Mayor & City Council 14- 1
page 2 ,�
01-04-85 `' ,
6. The coupon rates and estimated principal amounts for each
maturity will be as follows:
Principal Interest Principal Interest
Year Amount Rate Year Amount Rate
1986 $ 3,331 10. 00% 1993 $55,000 11. 50%
1987 . 5,000 . 10 . 00% 1994 55,000 11. 75%
1988 5 ,000 10. 50% 1995 55,000 12. 00%
1989 55 ,000 10. 75% 1996 55 ,000 12. 00%
1990 55 ,000 11 . 00% 1997 55,000 . 12. 00%
1991 55 ,000 11. 00% 1998 55 ,000 . 12. 00%
1992 55 ,000 11. 25% 1999 55 ,000 12. 00%
2000 55 ,000 12.00%
Very truly yours,
---,/' -- 7'--
'KennethI
ge
President
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