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HomeMy WebLinkAboutReso. 1983 - 114 - Resolution ordering sale of bonds • • RESOLUTION NO. RESOLUTION ORDERING SALE OF BONDS Kenyon Drive Sewer Assessment District No. 1983-3 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 Kenyon Drive Sewer Assessment District No. 1983-3, 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 June, 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 &J) CA BIAL • • June 20 , 1983 The City Council of the City of Redding Councilmembers: For acceptance by you at your meeting on June 20 , 1983, we hereby offer to purchase not less than all of the bonds of your proposed 1915 Act improvement bond issue to be known as Kenyon Drive Sewer Assessment District No. 1983-3 , City of Redding, Shasta County, California, on the following terms and conditions : We will pay 95% of the par value thereof , with accrued interest to the date of delivery, for bonds bearing interest at the rate of 11% and maturing in the amounts and on July 2 in the year shown on Exhibit A attached hereto and by this reference incorporated herein. Said bonds shall be in the denomination of $1, 000. 00 each, except Bond No. 1, due July 2 , 1984 , in an odd denomination. This bid is subject to the unqualified approving legal opinion of Sturgis , Ness , Brunsell & Sperry a professional corporation, to be furnished to you at your expense and printed on the bonds . Delivery of these bonds is to be made to us on or before June 30 , 1983. If the bonds are not tendered for delivery to us accompanied by said approving legal opinion within the time stated in this pro- posal , we shall have the right, at our option, to cancel the contract of purchase. This bid is also made subject to the following terms and conditions: A) The bonds to be sold will be secured by unpaid assessments levied upon private property within said assessment district, and authorized by proceedings 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 prin- cipal amount thereof and interest accrued thereon to the date of re- demption, 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 install- ment of an unpaid assessment, the City must order institution of an action in the Superior Court of the State of California to foreclose 411 June 20 , 1983 To City Council of the City of Redding Re: Kenyon Drive Sewer Assessment District 1983-3 Page 2 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 the judicial foreclosure in lieu of tax sale and the five-year redemp- tion 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 paymentonthe 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) 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. 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 �% L -,44%/e./)46 Paul H. White Senior Vice President The foregoing proposal is hereby accepted on behalf of the City Council of the City of Redding. Date June 20, 1983 Authorized Signature /s/ Barbara A. Gard Mayor • • III AUDITOR'S RECORD Kenyon Drive Sewer Assessment District 1983-1 City of Redding Shasta County, California DATE OF BONDS: 6/30/83 YEAR RATE PRINCIPAL INTEREST TOTAL 1983-84 11. 000 $1,633 .70 $5 ,047 . 59 $6 ,681.29 1984-85 11.000 1,000 .00 4 ,840 .00 5 ,840 .00 1985-86 11.000 2,000 .00 4 ,730 .00 6 ,730 .00 1986-87 11.000 2,000 .00 4 ,510 .00 6 ,510 .00 1987-88 11.000 2,000 .00 4 , 290 . 00 6 , 290 .00 1988-89 11.000 2,000 .00 4 ,070 .00 6 ,070 .00 1989-90 11.000 2,000 . 00 3 ,850 .00 5 ,850 .00 1990-91 11.000 3 ,000 .00 3 ,630 .00 6 ,630 .00 1991-92 11. 000 3 ,000 .00 3 ,300 .00 6 ,300 .00 1992-93 11.000 3 ,000 .00 2,970 .00 5 ,970 .00 1993-94 11. 000 4 ,000 .00 2,640 .00 6 ,640 .00 1994-95 11. 000 4 ,000 .00 2, 200 .00 6 , 200 .00 1995-96 11. 000 5 ,000 .00 1,760 .00 6 ,760 .00 1996-97 11.000 5 ,000 .00 1,210 . 00 6 , 210 .00 1997-98 11.000 6 , 000 .00 660 .00 6 ,660 .00 $45 ,633 .70 $49 ,707 .59 $95,341.29 • HIBITA