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Home My WebLink AboutReso. 1981 - 169 - Ordering the sale of bonds - Patterson Tract Unit 2 Assessment District No. 1980-6U RESOLUTION NO. RESOLUTION ORDERING THE SALE OF BONDS Patterson Tract Unit 2 Assessment District No. 1980-6 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 Patter- son Tract Unit 2 Assessment District No. 1980-6. 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 August, 1981. AYES: Councilmembers Demsher, Fulton, Gard, Kirkpatrick and Pugh NOES: Councilmembers None ABSENT: Councilmembers None ETHEL A. RICHTER, City Clerk, City of Redding, Shasta County, California 1311m, AVII.SON & CO., INC. CMCO MEMUER CUPERTINO NEW YORK STOCK EXCHANGE, INCORPORATED EUREKA FAIRF:£LO ' GRAS& VA"EV. MENLO PARK OAKLAND OROVILLE PARADISE PETALUMA -KO RLurF wl LID,N"i G.N RA,'AF.L <sk"T,% ROLA "04 cry August 18, 1981 Honorable City Council. Membertt City of Redding City Administrative Offices Redding, California MAIN OFFIC11 I55 SANSOMF. GTwFYT SAN FRANCISCO, CALIF,,,, 1415) 70].7100 MAILING ADORrsa P. O. ROY. anA.l SAN FRANCISCO, CALI/On4,4 •„„ S Cr,�r S''..T' 0 2ATo r�: •r (::�Cl�h.ti'..Ci.:t"({'.': `•;:'�i=f 14;:1.1 RE: $206,000 PATT1;RSON TRACT UNIT #2; ASSESSMENT DISTRICT NO. 1980-6 Dear. Council. Membera: Hirr, Wilson S Co., Enc. hereby agrees to purchase the bonds to be issued by the Ci.t.y of Redding as described above under the follow- ing terms and 1.:11"11 i t. ions : 1. Thu bonds shall be issued under the Municipal Improvement Act of 1913 pursuant to the Lmprovement Act of 1915. 2. The approvInR and il"aliftu,_t tegal. opinion of tho !=w Of SLurglo, Scria, Brunuel l & Sperry shall ncl_'ompany t,hs bundu when delivered. 3. The bonds shall bear a coupon rate of ten percent (10%) and be made callable at a price of one -hundred, five percent (105;x) of the par valuiv. 4. The price to he paid ::hall he eighty-five. percent (85%) of LK total par value issued. 5. Bonds shall mature in eleven maturities with the first ma- turity due .7-2-83 and the last maturity due 7-2-93. Interest is to be paid semi-annually commencing; January 2nd, 1983. inn orable City Council Members City of Redding City Administrative. Offices Redding, California Page Two 6. Bonds shall be issued in $5,000.00 denominations exccpt.in;; bond #1 which will be in the amount of $1,000.00 1. The maturity schedule shall be as follows: 1' EAR AMOUNT 7 -1. -Ha $ 11,000 84 15,000 ,y1 15,000 80 20,000 8 20,000 8,; 20,000 89 20,000 90 20,000 91 20,000 92 20,000 93 25,000 The bonds are to tic• daud September 2nd, 19£31 and delivery made on or about September 1:5, 1981. Very truly yours, B1RR, WSON & CO.. INC. 3 J �!`!'J •l j� J `J �'j t H, Michael Whardsoit __ a L. H. !.">WrIiq-, ,fes LAW OFFICES OF STURGIS, NESS, BRUNSELL 8 SPERRY A PROFE55IONAL CORPORATION EUGENE K.STURGIS (1892-1976) SUITE 1150,WATERGKFE TOWER EDWIN N. NESS EMERYVILLE, CALIFORNIA 94608 MAILING ADDRESS: ROBERT BRUNSELL TELEPHONE (4L5) 652-7588 BOX 8808 SAMUEL A. SPERRY EMERYVILLE, CA 94662 September 8, 1981 Mrs. Ethel A. Richter City Clerk, City of Redding 760 Parkview Ave. Redding, CA 96001 Re: Patterson Tract Unit 2 Assessment District No. 1980-6 Dear Ethel: We are transmitting herewith the original of the bond purchase commitment from Birr, Wilson & Co. for the bonds of this assess- ment district, which commitment is dated August 24, 1981. We have also confirmed directly with Birr, Wilson & Co. the fact that the bodns are to be dated September 15 rather than September 2. This will also confirm receipt from you of a certified copy of Resolu- tion No. 81-169, to which you had attached a previous bond commitment from Birr, Wilson for this same bond issue dated August 18, 1981. We had not received a copy of this commitment from Birr, Wilson and had therefore requested them to please issue a commitment, which they did on August 24, apparently duplicating the earlier commitment letter. This is to expressly confirm that both the August 18 and August 24 letters of commitment are consistent with the award of sale of bonds by Resolution No. 81-169, except that each of the written commitments erroneously specifies the date of the bonds as September 2, whereas in fact the bonds will be dated Septem- ber 15, 1981. Yours very truly, STURGIS, NESS, BRUNSELL & SPERRY a pro essional corporation amuel A. Sperry SAS:mc cc: Robert Courtney J. Michael Richardson BIRR, WILSON & CO., INC. CHICO MEMBER CUPERTINO NEW YORK STOCK EXCHANGE. INCORPORATED EUREKA FAIRFIELD GRASS VALLEY MENLO PARK OAKLAND OROVILLE PARADISE PETALUMA RED BLUFF REDDING SAN RAFAEL SANTA ROSA VALLEJO YUBA CITY (gyp August 24, �1+981 BOISE. IDAHO NEW YORK CITY PORTLAND. OREGON RENO. NEVADA POULSBO. WASHINGTON SEATTLE. WASHINGTON Members of the City Council City of Redding' Administrative Building Redding, California MAIN OFFICE 155 SANSOME STREET SAN FRANCISCO. CALIFORNIA 94104 (415) 983.7700 MAILING ADDRESS P.0. BOX 3548 SAN FRANCISCO. CALIFORNIA 94119 RE: PATTERSON TRACT UNIT #2 A. D. DISTRICT #1980-6 WITH THE BONDS TO BE ISSUED BY THE CITY OF REDDING IN THE AMOUNT OF $206,000 Dear Council Members: We hereby agree to purchase the above described bonds under the following terms and conditions: 1. The bonds shall be issued under the Municipal Improvement Act of 1913 pursuant to the Improvement Act of 1915. 2. The bonds shall bear a coupon rate of ten -percent per annum and be made redeemable at one -hundred, five per- cent of the principal amount of each outstanding bond. 3. The approving and unqualified legal apinion of Messrs, Sturgis, Ness, Brunsell & Sperry shall accompany the bonds when delivered. 4. The price to be paid shall be eighty-five percent of the total amount to be issued. 5. The bonds shall mature in amounts and with maturity dates as described on the proceeding page. • Members of the City Council City of Redding Administrative Building Page two Dated: September 2, 1981 Year 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 LHE:Irh Principal Amount $ 11,000 15,000 15,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 25,000 • Due: July 2, as shown below Coupon 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% Very truly yours, BIRR, WILSON & CO., INC. I.. H. EASTERLING Financial Consultant < by: —_ BIRR, WILSON & CO., INC. FINANCE COMMITTEE