HomeMy WebLinkAboutReso. 1983 - 076 - Resolution ordering sale of bonds victor avenue and other streets sewer assessment distric no. 1982-5 •
RESOLUTION NO. S 5-7
RESOLUTION ORDERING SALE OF BONDS
VICTOR AVENUE AND OTHER STREETS
SEWER ASSESSMENT DISTRICT NO. 1982-5
The City Council of the City of Redding resolves:
The City Council accepts the offer of M. L. Stern and
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 and Other Streets Sewer Assessment
District No. 1982-5.
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 18th day of April, 1983.
AYES: Councilmembers Demsher, Fulton, Kirkpatrick, Pugh, and Gard
NOES: Councilmembers None
ABSENT: Councilmembers None
ETHEL A. NICHOLS, City Clerk, City of
Redding, Shasta County, California
BY r� JG
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April 12, 1983 ` '
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City COL1nC11 ,- ,„.�y ,,'
V City of Redding `
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r ` City Hall . 4• 0
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ga Redding, Ca. 96001 ;, . • �
.ac � w 0, e, Gentlemen: __V
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''. For $113,176.90 par value legally issued Improvement Bonds, Cs y,of:_ A�
Redding, Victor Avenue and Other Streets Sewer Assessment Districtiv-�� ,,
z -, n& No. 1982-5, dated May 16, 1983, and maturing serially fra •AILu
x� � 2, 1984 to la Q .
fr - Al JulyJuly 1, 19 9 8, subject to all of the terms and *?-
IP%A�� '� conditions following, we will pay ninety'threeo; arid one-half percent �� �'
, - (93 1/2%) of the par value thereof, with accrued interest to the }
r i date of delivery, for bonds bearinginterest at the rates and
f
,g 0 � maturing in the approximate amounts shown below: °
'INTEREST PRINCIPAL INTEREST PRINCIPAL .
54e 5'441,1,5,1°A5545:515,
°;515155,111 r 1 �LREAMOUNT YEAR RATE AMOUNT YYe- n4 n
F��; p . }}
1984 7.00% 9.30% m , w�
$4,176.90 1992 $ 8,000.00 q �
1985 7.50 4,000.00 1993 9.40 8,000.00 m
r 6 1986 8.00 4,000.00 1994 9.50 9,000.00 . ,
} ; te, 1987 8.50 . 5,000.00 1995 9.60 10,000.00 ,• "
1988 8.75 5,000.00 '"`'z `" ..
•�% -1 1996 9.70 11 000.00
*:� � 1989 9.00 6,000.00 1997 • 9.75 12,000.00 . _fe .4
? " 1990 9.00 6,000.00 1998 9.75 14,000.00 4
1991 9.25 7,000.00
s "� 3 Said bonds shall be in the denomination of $1,000.00 each, except there , � „ ; ,
j may be one bond, due July 2, 1984, in an odd denomination. R `A •A
• 4 , � �� This bid is made for acceptance bythe CityCouncil on April 18, 1983 V.A/VO r�
P
i a, and is subject to the unqualified approving legal opinion of Sturgis, rlk ;�0
� �4 io,,-,�� Ness, Brunsell & Sperry, to be furnished to us at your expense. Said • � � �u�
' x legal opinion is to be printed on the bonds at your expense. :
^1, „semN111.411 :+',i,+4., • .. . . , a ,
t , is Delivery of these bonds is to be made to us on or before May 20, 1983. ,, ,,- '
',. , • If the bonds are not tendered for deliv to us accompanied b said r " ,
' approving legal opinion within the time stated in this proposal, we
' ' shall have the _right.; at our option, to cancel the contract of pur- ,d,
4 chase. However, by mutual agreement, the time for delivery may be
4i extended. ��G�� r/41, ,
This bid is also made subject to the following terms and conditions: 9 •
A) The bonds to be sold will be secured by unpaid assessments w ^� t
levied upon private property within said Assessment District, 'and 4^ ' '
�x n , ; ' authorized byproceedings taken _>
� P g pursuant •to the Municipal •Improvcmient . �:,s ,� �.
. 0 ?, Act of 1913":, being Division 12. .of the Streets and Highways_Code of the ;':KL f .'
4„, µ State of 'California, and are to be issued pursuant to the provisions
4ft0A"'r ixwv of the "Improvement Bond Act 1915", being Division 10 of said Code. g � " °
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Page 2411
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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
premium 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 un-
paid assessment, as authorized by Part 14, Division 10 of the Streets and
Highways Code of the State of California. In such action, the real proper-
ties subject to the unpaid assessment may be sold at judicial foreclosure.
The City has determined to authorize the judicial foreclosure in lieu of •
tax sale and the five-year redemption period within 120 days following the
date of such a delinquency.
•
• D) A Special Reserve Fund will be created toprovide available funds .
from which the City can advance and make payment on the amount of any.
delinquent assessments levied for these proceedings. Payments from such
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 five percent (5%) of the bonds issued for the
proceedings. The Reserve Fund shall be administered 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 ofland 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.
• This proposal is submitted in duplicate,.one copy of which is to be officially
signed and returned to us.
Very truly yours, •
M.L. STERN & CO, INC.
•
By ///
•
Paul H. White
Senior Vice President
The foregoing proposal is hereby accepted .on behalf of the City Council of the
City of Redding.
Date Authorized Signature