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Home My WebLink AboutReso. 1987 - 105 - Resolution ordering sale of bonds buckeye pressure zone assessment district no. 1984-1 ®R�GdNA� RESOLUTION NO. p`/--//4).6 RESOLUTION ORDERING SALE OF BONDS BUCKEYE PRESSURE ZONE ASSESSMENT DISTRICT NO. 1984-1, CITY OF REDDING 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 Buckeye Pressure Zone Assessment District No. 1984-1, City of Redding. 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 21st day of May, 1984. AYES: Councilmembers Demsher, Fulton, Gard, Pugh, & Kirkpatrick NOES: Councilmembers None ABSENT: Councilmembers None ETHEL A. NICHOLS, City Clerk , City of Redding, Shasta County, California or By L / ri Connie Strohmayer, Dep 0 OR GINA RESOLUTION NO. (Y-4).6 RESOLUTION ORDERING SALE OF BONDS BUCKEYE PRESSURE ZONE ASSESSMENT DISTRICT NO. 1984-1, CITY OF REDDING 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 Buckeye Pressure Zone Assessment District No. 1984-1, City of Redding. 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 21st day of May, 1984. AYES: Councilmembers Demsher, Fulton, Gard, Pugh, & Kirkpatrick NOES: Councilmembers None ABSENT: Councilmembers None ETHEL A. NICHOLS, City Clerk , City of Redding, Shasta County, California /'" -/ JAG ` By Connie Strohmayer, Dep / -2,.';.---.-.'„ . , •..f,.::. __,,,,,,,...„ , , t4TERN8cC, , ... 7 . 7.„ .„--..,„.„„:„..: _ , -- 4,,, „:„....,.. „:„ 7„,..7„,,,....,, ,,,?,,.. „.. '4.47,-.,,,,,. ..,,,ffl", , ,..,:..,4, MUNICIPAL BONDS . f May 21, 1984 City Council , ;_ ` City of Redding 1:r '- ',, City Hall '',?.*:•,.•,-,;'';',7;, ,r-4-:- / ' 760 Parkview Avenue Y, y ', Redding, California 96001 Dear Council Members, :;.... :,14 ‘',.'5,,..-,.=.;-,-,'..., '.!, For approximately $605,000 par value legally issued Improvement '' Bonds, City of Redding, Buckeye Pressure Zone Assessment District No. 1984-1, dated June 19, 1984, and maturing serially from July 2, :,,, ;: s , 1985, to July 2, 1999, subject to all of the terms and conditions "W following, we will pay ninety-three percent (93%) of the par value , & thereof, with accrued interest to the date of delivery, for bonds .', bearing interest at the rates and maturing in the approximate amounts shown below: `f� INTEREST PRINCIPAL INTEREST PRINCIPAL YEAR RATE AMOUNT YEAR RATEAMOUNT 1985 8.00% $ 15,000 1993 10.25% $ 40,000 °', '._ 1986 8.25 20,000 1994 10.45 45,000 1987 8.50 25,000 1995 10.65 50,000 .,„,-,-,i;,,,,,,:,,,,,.,-..,:� , 1988 9.00 25,000 1996 10.70 55,000 5* " 1989 9.25 30,000 1997. 10.75 60,000 1990 9.50 30,000 1998 10.75 65,000 1991 9.75 35,000 1999 10.75 75,000 ''....':'.;‘'.;., ..2..,...;.:11-„,-, „ 1992 10.00 35,000 Said bonds shall be in the denomination of $5,000 each. This bid is made for acceptance by the City Council on May 21, 1984, and is subject to the unqualified approving legal opinion of Sturgis, 5, Ness, Brunsell & Sperry, to be furnished to us at your expense. Said legal opinion is to be printed on the bonds at your expense. Delivery of these bonds is to be made to us on or about June 19, 1984.'.- - 7.,..:L'..-A --..'-q-,.- ",t2.-- , , .: ''',A r',"::::-;:f.-S,-'r If 984 .- If the bonds are not tendered for delivery to us accompanied by said approving legal opinion within the time stated in this proposal, we shall have the right, at our option, to cancel the contract of pur- chase. However, by mutual agreement, the time for delivery may be extended. ' This bid is also made subject to the following terms and conditions: 8350 Wilshire Boulevard, Beverly Hills,California 90211 (213) 650-4001 Branch Offices:Carmel,San Diego, Sacramento Member:NASD,SIPC i,',=',''..--:-,,,,...`. .:,,'„,,,,:,,-, 4 n'F- ...._ ... .-.. _,Y.-7 .;.yam. f 1 ” J • ,,'.2::::,,:,-,;r;-,4_,,,..,,;.:,..'..-- f ,, 2 .., , :, x ,.,, �rS.t _: „.s,l.. A -"i .w, • 111 A) The Bonds to oe sold will be secured by unpa assessments levied upon private property within said Assessment District, and authorized by pro- ceedings taken pursuant to the "Municipal Improvement Act of 1913", . being Division 12 of the Streets and Highways Code of the State of California, and are to be issued pursuant to the provisions of the "Improvement Bond Act of 1915", being Division 10 of said Code. Proceeds from the sale of such bonds will be used to pay the costs of the Improvement Project as authorized by . said proceedings. B) Any bond may be redeemed on any January 2, or July 2, prior to. its fixed maturity date, at the option of the Treasurer of the City, upon giving 60 days' prior notice, and upon the payment of the principal amount thereof and interest accrued thereon to the date of redemption, plus a redemption pre- mium of five percent (5%) of the principal amount thereof. C) In the event of any delinquency in the payment of any installment of an unpaid assessment, the City must order institution of an action in the Superior Court of the State of California to foreclose the lien of such unpaid assessment, as authorized by Part 14, Division 10 of the Streets and Highways Code of the State of California. In such action, the real properties subject , to the unpaid assessment may be sold at judicial foreclosure. The City has determined to authorize judicial foreclosure in lieu of a tax sale and the • ;; five-year redemption period within 150 days following the date of such a ' .delinquency. • D) A Special Reserve Fund will be created to provide available funds from which the City can advance and make payment on the amount of any delinquent ''' assessments levied for these proceedings. Payments from the .Reserve Fund shall be an advance to be reimbursed from the proceeds of redemption or sale of the properties with respect to which payment has been made. Said Special Reserve Fund shall be maintained as a separate trust account distinct from all other funds of the City. The Reserve Fund shall be in an amount equal to ten percent (10%) of the bonds issued for the proceedings. The Reserve Fund shall be ad- ministered and payments shall be made all as authorized under the provisions of the "Improvement Bond Act of 1915." E) At the time of payment for and delivery of said bonds, the City will • furnish a certificate that there is no litigation pending affecting the validity of the bonds or the legality of the assessment. F) There shall be no bonds issued secured by unpaid assessments levied upon any lot or parcel of land belonging to the United States, or to the State, • or to any county, city, public agency, mandatory of the government, school board, educational, penal or reform institution or institution for the feebleminded or the insane, whether such lot or parcel of land is in use in the performance of any public function. G) At the time of payment for and delivery of said bonds, all Shasta County taxes levied upon affected parcels or lots within Buckeye Pressure Zone Assessment District No. 1984-1 shall be paid current for Fiscal Year 1983/84 and all prior Fiscal Years. This proposal is submitted in duplicate, one copy of which is to be officially signed and returned to us. Jery truly yours, M.L. STERN & CO. , INC. • 4'014 . By: /jtiA/ePa cH. i Senior Vice President The foregoing proposal is hereby accepted on behalf of the City Council of the City of Redding. Authorized nature ��'�`'� Date hid Si��` g /