HomeMy WebLinkAboutReso. 1984 - 228 - Resolution amending resolution ordering sale of bonds no. 84-105 adopted may 21, 1984 ORM ''� L
RESOLUTION NO. (3'9 .."-- -1.2"
RESOLUTION AMENDING RESOLUTION ORDERING SALE OF BONDS, NO. 84-105
ADOPTED MAY 21, 1984 ,
BUCKEYE PRESSURE ZONE ASSESSMENT DISTRICT NO. 1984-1
CITY OF REDDING
The City Council of the City of Redding resolves:
On May 21, 1984 , the City Council of the City of Redding
adopted Resolution No. 84-105 , "Resolution Ordering Sale of Bonds" .
Resolution No. 84-105 is hereby amended to read as follows:
"The City Council of the City of Redding resolves:
"The City Council accepts the offer of M. L. Stern and
Company (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 . "
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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
15th day of October , 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
By ?,-e t6_ a./
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- - MUNICIPAL BONDS '
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October 15, 1984
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a. City Council j'
City of Redding
City Hall
760 Parkview Avenue .
Redding, California 96001
Dear Council Members,
For approximately $595,162 par value legally issued Improvement
Bonds, City of Redding, Buckeye Pressure Zone Assessment District
No. 1984-1, dated November 2, 1984, and maturing serially from
July 2, 1986, to July 2, 2000, subject to all of the terms and
conditions following, we will pay ninety-three percent (93%) of
the par value thereof, with accrued interest to the date of de- -
.. livery, for bonds bearing interest at the rates and maturing in
A the approximate amounts shown below:
PP
INTEREST PRINCIPAL INTEREST PRINCIPAL
YEAR _ RATE AMOUNT YEAR RATE AMOUNT •
1986 9.00 % $ 5,162 1994 10.70% $ 40,000
1987 9.50 20,000 1995 10_8Q 45,000
1988 _9.75 25,000 1996 10.90 50,000
1989 1 0.00- 25,000 1997 1 1 .00 55,000 .
1990 i0_ �5 30,000 1998 11 .10 60,000
? 1991 10_40 30,000 1999 11 _2Q 65,000
1992 10.50 35,000 2000 11 .25 75,000
'1993 10.60 35,000
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,•. Said bonds shall be in the denomination of $5,000 each, except
i Bond No. 1, due July 2, 1986, shall be in the denomination of
$5,162. ,•
This bid is made for acceptance by the City Council on October 15,
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i1984, and is subject to the unqualified approving legal opinion of
Sturgis, Ness, Brunsell & Sperry, to be furnished to us at your ex-
pense. 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 November 2,
1984. If the bonds are not tendered for delivery to us accompanied
by said 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 Bills.California 90211 (213)650.4001
Branch Offices.Carmel.San Diego, Sacramento Member.NASD.Sll'C •
• A) The But o be sold will be secured by unpa ssessments levied
prop,private propy within said Assessment District, 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
arc 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
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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
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. 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."
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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. •
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• 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. •
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• 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.
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Very truly yours,
M.L. STERN & CO. , INC. •
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e e
Paul H. White
Senior Vice President
The foregoing proposal is hereby accepted on behtil.f of the City Council of
the City of Redding. .
Date Authorized Signature