HomeMy WebLinkAboutReso. 1979-051 Ordering Sale of Bonds Redbanks Subdivision Assessment District No. 1977-5� • •
RESOLUTION NO. 7 j-� /
RESOLUTION ORDERING SALE OF BONDS
REDBANKS SUBDIVISION ASSESSMENT DISTRICT NO. 1977-5
The City Council of the City of Redding resolves :
The City Council accepts the offer of Birr, Wilson &
Co. , Inc. (attached to this resolution and by reference incorporated
in it) to purchase all of the improvement bonds to be issued in
Redbanks Subdivision Assessment District No. 1977-5 .
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.
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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 19th day of March, 1979, by the following vote , to wit:
AYES : Councilmembers Fulton, Gard, Kirkpatrick, Pugh, and Demsher
NOES : Councilmembers None
ABSENT: Councilmembers None
MILDRED L. BRAYTON, City Clerk,
City of Redding, Shasta County,
Cali£ornia
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City of Redding
Redding, CA 96001
Re: Redbanks Subdivision Assessment District #1977-5
GentLemen:
For al1 the bonds to be issued by the Gity of Redding on the abo��e described
assessment district in the approximate amount of �400, 762. 00 par walue we' hereby
agree to purchase said bonds under the foiiou�ing terms and conditions:
1. The bonds sha11 be issued under the Municipal Improvement Act of 1913
, pursuant to the Improvement Act of 191I.
2. _ The bonds shaLl bear a coupon rate of 7 1/2 percent per annum and be
payable in fifteen equal annual installments insofar as possible,
3. Bonds may be redeemed at any time after issuance upon the payment of
10� percent of the unpaid principal due plus the current interest coupon
and aL1 penalties, if any, to date of payment.
4. Birr, Wilson and Co. sha11 pay a price of 96 percent of par value plus
accrued interest from the date of the bonds to the date of delivery
5. The approving legal opinion of Sturgis, Ness and Brunsell, Attorneys at
Law, shaL1 accompany the bonds when delivered.
This commitment sha11 be valid and binding for a period of 120 days but may
be e�:tended by mutual agreement of Birr, \VilSon & Go. , Inc, and the Gity of
Redding,
Very truly yours,
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