HomeMy WebLinkAboutReso. 1979-148 Ordering Sale of Bonds Chestnut Street Assessment District No. 1979-1 RESOLUTION NO. lc/-
RESOLUTION ORDERING SALE OF BONDS
CHESTNUT STREET ASSESSMENT DISTRICT NO. 1979-1
2
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 improvement bonds to be issued in Chestnut
Street Assessment District No. 1979-1.
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 August, 1979 , by the following vote, to wit:
AYES: Councilmembers Gard, Kirkpatrick, Pugh, and Demsher
NOES : Councilmembers None
ABSENT: Councilmembers Fulton
MILDRED L. BRAYTON, City Clerk,
City of Redding, Shasta County,
California
BY: 111/4 "c- —
Ethel A. Richter, Deputy
STONE &, YOUNGBERG
MEMBERS: PACIFIC STOCK EXCHANGE
August 16, 1979
City Council
City of Redding
City Hall
760 Parkview
Redding, California 96001
Re: City of Redding Improvement Bonds
Chestnut Street Assessment District
Members of the Council:
Pursuant to our investigations and discussions with your special
Bond Counsel on the above-referenced assessment district and your
intention to sell the bonds to issue from this District, we submit
the following proposal:
We agree to purchase all of the bonds to issue from
the Chestnut Street Assessment District, and you
agree to sell the bonds to us subject to the following
conditions:
1) Bonds shall be issued pursuant to the Municipal
Improvement Act of 1913 and the Improvement Bond
Act of 1915.
2) The bonds shall mature serially commencing July 2,
1981 through July 2, 1995, inclusive, subject to our
approval.
3) The total amount of bonds to issue shall not exceed
$27,000. The exact amount of bonds to be issued
and the maturity schedule shall be determined at the
end of the cash collection period.
4) The bonds shall be accompanied by the unqualified
approving legal opinion of Sturgis, Ness & Brunsell
of Emeryville, California. Said opinion shall be
printed on the bonds.
5) All bonds shall bear interest at the rate of 7-3/4%
per annum and shall be in $1 ,000 denomination, except
for one bond in an odd amount maturing July 2, 1981'.
The first interest coupon shall be payable
January 2, 1981.
•
ONE CALIFORNIA STREET. SUITE 2800 • SAN FRANCISCO. CALIFORNIA 94111 • 1415/981-1314
•
City Council
City of Redding
Page 2
August 16, 1979
6) The bond issue is validated by the Superior Court
particularly on issues related to Proposition 13.
7) The purchase price of the bonds shall be ninety-
seven percent (97%) of the par value thereof, plus
accrued interest. 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.
8) The bonds shall be delivered to us on or before
October 15, 1979.
•
9) The City resolves to adopt a policy of instituting
prompt judicial foreclosure should there be a
delinquency in the collection of an assessment install-
ment beyond 120 days.
10) All 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 next council meeting. We appreciate the opportunity to submit
this bid .
Very truly yours,
ST NE b YO ' ERG
•
Scott linton
SC/rc
cc: Mr. Samuel Sperry /