HomeMy WebLinkAboutReso. 1979-126 Selling $5,000,000 Principal Amount of "City of Redding 1977 Electric System Improvement Bonds, Series B," and Fixing the Definitive Rates of Interest Thereon� .
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CITY OF REDDING
RESOLUTION N0 . 79-126
SELLING $5 , 000, 000 PRINCIPAL AMOUNT OF "CITY
OF REDDING 1977 ELECTRIC SYSTEAS ZhIPROVEh1ENT
BONDS, SERZES B, " AND FIXING THE DEFINITIVE
RATES OF INTEREST THEREON
WHEREAS, the City Council of the City of Redding
has duly authorized the issuance of $5 , 000 , 000 principal
amount of bonds designated the "City of Redding 1977 Electric
System Improvement Bonds , Series B" (herein called the "bonds")
and further duly authorized the sale of the bonds at public
sale to the highest bidder therefor; and
WHEREAS, notice o£ the sale of the bonds has been
duly given and the following bids for the bonds were and are
the only bids received, to wit :
Name of Bidder Net Interest Cost
United California Bank $4,606,012.50
Bank of America National Trust and $4,626,387.50
Savings Association
Crocker National Bank $4,655,037.50
Wells Fargo Bank, P7ational Association $4,662,958.00
Security Pacific National Bank $4,708,424.00
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AND WHEREAS, the bid of United California Bank
is the highest bid for the bonds , considering the interest
rates specified and the premium, if any, offered;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Redding, as follows :
S2ctiOn 1 . Sdid bid Of United California Bank
for the bonds is hereby accepted and the Treasurer is hereby
authorized and directed to deliver the bonds to said purchaser
thereof upon payment to the Treasurer o£ the purchase price ,
to wit : The par value thereof and a premium of $ -0- ,
together with accrued interest at the following rates :
Bond Numbers
(inclusive)
(All bearing Principal Maturity Date Interest
Prefix "B" ) Amount August 1 Rate
1 - 15 $ 75 , 000 1980 7.00 �
16 - 30 75 , 000 1981 7-00
31 - 50 100 , 000 1982 7-00
51 - 70 100 , 000 1983 7.00
71 - 90 100 , 000 1989 7.00
91 - 115 125 , 000 1985 7.00
116 - 140 125 , 000 1986 7.00
141 - 165 125 , 000 1987 �.00
166 - 195 150, 000 1988 �.00
196 - 225 150 , 000 1989 �.00
226 - 260 175, 000 1990 �.00
261 - 295 175, 000 1991 6.30
296 - 335 200 , 000 1992 s.ao
336 - 375 200 , 000 1993 5.ao
376 - 415 200 , 000 1994 5.50
416 - 460 225, 000 1995 5.60
461 - 505 225 , 000 1996 5.60
506 - 555 250, 000 1997 5.70
556 - 610 275 , 000 1998 5.75
611 - 670 300, 000 1999 5.80
671 - 730 300 , 000 2000 s.ao
731 - 795 325, 000 2001 5.80
796 - 860 325 , 000 2002 5.90
861 - 930 350 , 000 2003 5.00
931 - 1000 350 , 000 2004 s.00
The bonds shall bear interest at the rates hereinabove set
forth, payable semiannually on February 1 and August 1 in
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each year, except interest for the first year which is
payable annually on August 1 , 1980 .
Section 2 . All bids except said accepted bid are
hereby rejected and the City Clerk is hereby directed to
return to the unsuccessful bidders their several checks
accompanying their respective bids .
Section 3 . This resolution shall take effect
from and after its passage and approval.
PASSED AND ADOPTED this 18th day of July, 1979 ,
by the following vote :
AYES: Councilmembers : Gard, Kirkpatrick, Pugh, and Fulton
NOEs : Councilmembers: None
ABSEV'r: Councilmembers: Demsher
kC"Z i�. �,l�C�Gf7n_ r'i7
vice Mayor of the City of Redding , '
California
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ATTEST:
�J/G ' - �� �-l� �
cC�C,, , � � �a �--��
City Clerk� / /
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CLERK' S CERTIFICATE
I , Alildred L. Brayton , City Clerk of the City
of Redding, State of California, do hereby certify that the
foregoing is a full , true and correct copy of a resolution
duly adontec at an adjourned reaular meeting of the City
Council of said City duly and regularly and legally held at
tne reyular meeting place thereof on the 18th day of July ,
1979 , of o:hich meetina all of the members o� said City Council
had due notice and at which not less than a majority of the
members thereof were present and acted; that at said meeting
said resolution oras introduced by Councilmember Puqh ,
and was thereupon, upon motion of Councilmember Puqh ,
seconded by Councilmember Gard , adopted by the
following vote :
AYES : Councilmembers : Gard, Kirkpatrick, Pugh, and Fulton
NOEs : Councilmembers: None
aaSENT: Councilmembers: Demsher
That I have carefully compared the same with the
original minutes of said meeting on file and o£ record in my
office ; that said resolution is duly entered of record in the
minutes ; that the foregoing is a full , true and correct copy
of the original resolution adopted at said meeting and entered
in said minutes; that said resolution has not been amended,
modified or rescinded since the date of its adoption and that
the same is now in full £orce and effect .
WITNESS my hand and the seal of said City , this
lSthday of July, 1979 .
�_L��1? ,'� :/ .,C: -���t��: GC-�-,
� ity Clerk o'f�the�C/it/y of Redding
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