HomeMy WebLinkAboutReso. 1979-168 Selling $5,700,000 Principal Amount of "City of Redding 1979 Water Revenue Bonds" and Fixing the Definitive Rates of Interest Thereon CITY OF REDDING
RESOLUTION NO. 79-168
SELLING $5 , 700, 000 PRINCIPAL AMOUNT OF "CITY OF
REDDING 1979 WATER REVENUE BONDS" AND FIXING
THE DEFINITIVE RATES OF INTEREST THEREON
WHEREAS, the City Council of the City of Redding
has duly authorized the issuance of $5 , 700, 000 principal
amount of bonds designated the "City of Redding 1979 Water
Revenue Bonds" (herein called the "bonds") and further
duly authorized the sale of the bonds at public sale to
the highest bidder therefor; and
WHEREAS, notice of 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
Blythe Eastman Dillon & Co. $6 , 737 , 925 . 00
Incorporated and Associates
Goldman, Sachs & Co. 6 , 772 , 507 . 00
Merrill Lynch White Weld Capital 6 , 716 , 716 . 00
Markets Group and Associates
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AND WHEREAS, the bid of Merrill Lynch White
Weld Capital Markets Group and Associates
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 :
Section 1 . Said bid of Merrill Lynch White
Weld Capital Markets Group and Associates
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 of the purchase price ,
to wit : The par value thereof and a premium of $ 809 ,
together with accrued interest at the following rates :
Bond Numbers Principal Maturity Date Interest
(inclusive) Amount September 1 Rate
1 - 10 $ 50, 000 1981 8 %
11 - 20 50 , 000 1982 8
21 - 30 50 , 000 1983 8
31 - 45 75, 000 1984 8
46 - 65 100, 000 1985 8
66 - 85 100 , 000 1986 8
86 - 105 100 , 000 1987 8
106 - 130 125 , 000 1988 8
131 - 155 125 , 000 1989 8
156 - 185 150 , 000 1990 -8-
186 - 215 150, 000 1991 7 . 60
216 - 250 175, 000 1992 6 . 10
251 - 285 175, 000 1993 6 . 10
286 - 340 275, 000 1994 6 . 20
341 - 395 275, 000 1995 6 . 20
396 - 455 300, 000 1996 6 . 25
456 - 520 325 , 000 1997 6 . 25
521 - 590 350, 000 1998 6 . 30
591 - 665 375, 000 1999 6 . 30
666 - 740 375, 000 2000 6 . 30
741 - 820 400, 000 2001 6 . 30
821 - 900 400, 000 2002 6 . 30
901 - 980 400 , 000 2003 6 . 40
981 - 1060 400 , 000 2004 6 . 40
1061 - 1140 400 ,000 2005 6 . 40
The bonds shall bear interest at the rates hereinabove set
forth, payable semiannually on March 1 and September 1 in
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each year , except interest for the first year which is payable
annually on September 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 llth day of September,
1979 , by the following vote :
AYES : Councilmembers: Fulton, Gard, Kirkpatrick, Pugh, and Demsher
NOES: Councilmembers: None
ABSENT: Councilmembers :: None
C - -- C
Mayor of the City of Redding,
California
[Seal]
Attest :
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City Clerk of the City' of Redding,
California
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CLERK' S CERTIFICATE
I , MILDRED L. BRAYTON, City Clerk of the City
of Redding, California, hereby certify that the foregoing
is a full , true and correct copy of a resolution duly
adopted at an adjourned regular 'meeting of the City Council
of said City duly and legally held at the regular meeting
place thereof on the llth day of September, 1979 , of which
meeting all of the members of said City Council had due
notice and at which a majority thereof were present; that
at said meeting said resolution was adopted by the follow-
ing vote:
AYES : Councilmembers : Fulton, Gard, Kirkpatrick, Pugh, and Demsher
NOES : Councilmembers: None
ABSENT: Councilmembers: None
that I have carefully compared the same with the original
minutes of said meeting on file and of record in my office;
that said resolution is a full, true and correct copy of
the original resolution adopted at said meeting and entered
in said minutes; and that said resolution has not been
amended, modified or rescinded since the date of its
adoption, and is now in full force and effect.
WITNESS my hand and the seal of the City of
Redding this 11th day of September, 1979 .
"City Clerk of the'City of Redding,
California
[Seal]