HomeMy WebLinkAboutReso. 1985 - 098 - Resolution ordering sale of bonds victor avenue bridge assessment district no. 1983-9 • S
RESOLUTION NO. 15-' 7g/
RESOLUTION ORDERING SALE OF BONDS
VICTOR AVENUE BRIDGE ASSESSMENT DISTRICT NO. 1983-9
The City Council of the City of Redding resolves:
The City Council accepts the offer of Birr ,
Wilson & Company, Inc . , (attached to this resolution and by
reference incorporated in it) , to purchase all of the improvement
bonds to be issued in Victor Avenue Bridge Assessment District
No. 1983-9, 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
20th day of May, 1985.
AYES : Councilmembers Demsher, Fulton, & Gard
NOES: Councilmembers None
ABSENT: Councilmembers Kirkpatrick
ABSTAIN: Councilmember Pugh
ETHEL A. NICHOLS , City Clerk,
City of Redding , Shasta County, California
by Connie Strohmayer, Deputy
BY
.cam
•
BIRR, WILSON & CO., INC.
CHICO MEMBER MAIN OFFICE
CUPERTINO NEW YORK STOCK EXCHANGE. INCORPORATED 155 SANSOME STREET
EUREKA SAN FRANCISCO. CALIFORNIA 94104
(415) 989.7700
MENLO PARK
OAKLAND
OROVILLE MAILING ADDRESS
PARADISE P.0.BOX 7160
SAN FRANCISCO, CALIFORNIA 94120
PETALUMA May 20, 1985
RED BLUFF
REDOING
SAN RAFAEL
SANTA ROSA
VALLEJO City Council
YUBA CITY City of Redding
NEW YORK CITY
PORTLAND. OREGON Council Chambers Building
RENO. NEVADA 1313 California Street
SEATTLE. WASHINGTON
Redding, California 96001
RE: $592,387.15 of City of Redding , Victor Avenue Bridge Assessment
District No. 1983-9 Assessment Bonds
Gentlemen:
Birr, Wilson & Co. , Inc. hereby agrees to purchase from the City
of Redding (County of Shasta) the Victor Avenue Bridge Assessment
District No. 1983-9 Improvement Bonds in an amount not to exceed
$592,387.15 of par value to be issued under the Improvement Bond Act
of 1915 , subject to the following terms and conditions:
1. The Bonds shall mature and bear interest as shown below:
Date Maturity Interest
July 2 Amount Rate
1986 $ 7,387.15 6.25%
1987 25 ,000.00 6.50
1988 25,000.00 7.00
1989 30 ,000.00 7.50
1990 30,000.00 7.75
1991 30,000.00 8.00
1992 35 ,000.00 8.20
1993 35 ,000.00 8.40
1994 40,000.00 8.60
1995 45 ,000.00 8.80
1996 50,000.00 9.00
1997 55,000.00 9.00
1998 55,000.00 9.10
1999 60 ,000.00 9.10
2000 70,000.00 9.10
2. The Bonds shall be dated and shall be delivered to Birr, Wilson &
Co. , Inc. in San Francisco, California or a mutually agreeable
location on or about May 31 , 1985.
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City Council 05/20/85
City of Redding Page Two
3. The Bonds shall have printed thereon the unqualified approving
legal opinion of Sturgis, Ness, Brunsell and Sperry, Bond
Counsel, Emeryville, California, and a specimen of such Bond will
be furnished to Birr, Wilson & Co. , Inc. prior to their delivery.
Birr, Wilson understands that a "No Merit" certificate, rather
than a "No Litigation" certificate will accompany the Bond,
because of the law suit, case 83255 in Superior Court of
California for the County of Shasta.
4. The District will covenant to begin judicial foreclosure
proceedings 150 days following the delinquency of any assessment
payment.
5. There shall be a reserve fund established from bond proceeds in
the amount of 7% of the bonds issued.
6. It is understood that in the event the District determines not to
proceed with the project there is not obligation for the District to
deliver any Bonds to Birr, Wilson & Co. , Inc.
7. Birr, Wilson & Co. , Inc. will pay 94.9975% of the par value for
the Bonds and no accrued interest from their date, April 2, 1985.
As a matter of interest,
Interest over the life of the
issue is: $516 ,688.38
Discount is: 29 ,634.17
The net interest rate
(including discount) is: 9.29%
Yours very truly,
BIRR, WILSON & CO. , INC.
10;41 AII di
Albert 111
Vice Presii ent
Public Finance
AG:ds