HomeMy WebLinkAboutReso. 1980 - 060 - Authorizing sale of bonds - Castle Court Assessment District no. 1979-5 • III
RESOLUTION NO. SO- e),
RESOLUTION AUTHORIZING SALE OF BONDS
CASTLE COURT ASSESSMENT DISTRICT NO. 1979-5
The City Council of the City of Redding resolves :
The City Council accepts the offer of Stone & Youngberg
(attached to this resolution) and by reference incorporated in it)
to purchase all of the improvements bonds to be issued in the
Castle Court Assessment District No. 1979-5 .
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 17th day of March, 1980 .
AYES: Councilmembers Kirkpatrick, Pugh, and Fulton
NOES: Councilmembers None
ABSENT: Councilmembers Gard and Demsher
MILDRED L. BRAYTON, City Clerk,
City of Redding, Shasta County,
Clifornia
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STONE & YOUNGBERG
MEMBERS: PACIFIC STOCK EXCHANGE
March 13, 1980
City Council
City of Redding
760 Parkview Avenue
Redding, California 96081
RE: City of Redding
Assessment District #1979-5
(Shasta Co.) - Castle Court
Dear Council Members:
Pursuant to our investigation and discussion with special bond counsel
on the above described Assessment District and your intention to sell
the bonds to issue from this Assessment District, we submit the follow-
ing proposal:
We agree to purchase all of the bonds to issue from Assess-
ment District 1979-5, Castle Court, and you agree to sell
the bonds to us subject to the following conditions:
1. The assessment proceeding is to be taken under the Muni-
cipal Improvement Act of 1913, with bonds to be issued
under the Improvement Bond Act of 1915.
2. The bonds shall be accompanied by the unqualified ap-
proving, legal opinion of Sturgis, Ness, Brunsell &
Sperry of Emeryville, California. This opinion shall
be printed on the bonds and paid for by the City.
3. All bonds shall bear interest at the rate of ten percent
(10%) per annum and shall mature serially over a period
of fifteen (15) years.
4. The total amount of bonds to issue shall not exceed
$19,822.38.
5. The purchase price of the bonds shall be ninety-five
percent (95%) of the par value without accrued inter-
est. This purchase price shall be paid in full when
the bonds, accompanied by the legal opinion and non-
litigation certificate, are delivered to us by the
City.
ONE CALIFORNIA STREET. SUITE 2800 • SAN FRANCISCO. CALIFORNIA 94111 • (415)981-1314
- . City Council - C, of Redding
March 13, 1980
Page 2
6. A bond reserve fund shall be established in an amount
of five percent (5%) of bonds to issue.
7. The bonds shall be dated not later than May 2, 1980
and delivered to us on or about their date.
8. The City resolves and covenants prompt judicial fore-
closure of delinquent assessment liens.
9. All other provisions of issuance contained in the
Resolution of Intention are included in and made a
part of this bid.
We ask that you take action on this proposal by appropriate resolution
at your meeting of March 17, 1980.
Very truly yours,
STONE & YO ERG
Scott C inton
SC:rej