HomeMy WebLinkAboutReso. 1981 - 292 - Ordering sale of bonds - Henderson Road Assessment District 1981-10
RESOLUTION NO. Xi- .( yZ
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RESOLUTION ORDERING SALE OF BONDS
HENDERSON ROAD ASSESSMENT DISTRICT 1981-1
The City Council of the City of Redding resolves:
The City Council accepts the offer of STONE &
YOUNGBERG INC. (attached to this resolution and by
reference incorporated in it), to purchase all of the
improvement bonds to be issued in Henderson Road Assessment
District 1981-1.
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 21st day of December, 1981.
AYES: Councilmembers Demsher. Fulton. Gard. and Puah
NOES: Councilmembers None
ABSENT: Councilmembers Kirkpatrick
ETHEL A. RICHTER, City Clerk, City of
Redding, Shasta County, California
OGNG A L
STONE & YOUNGBERG
MEMBERS: PACIFIC STOCK EXCHANGE
City Council
City of Redding
City Hall
Redding, California
Re: City of Redding Improvement Bonds
Assessment District No. 1981-1
(Henderson Road)
Members of the Council:
Ll
December 16, 1981
In accordance with your desire to sell all of the improvement bonds to
issue from the above -referenced proceedings, said bonds to finance the
construction of public improvements within the assessment district, we submit
the following proposal:
We agree to purchase from the City of Redding all of the improvement bonds
to issue subject to the following terms and conditions:
1. The bonds shall be issued pursuant to the Municipal Improvement Act
of 1913 and the Improvement Bond Act of 1915.
2. The par value of bonds to issue shall not exceed $81,113.97 and shall
mature serially over a period of ten years as shown on the attached
schedule.
3. Bonds shall be issued in $5,000 denominations except may include one
bond in odd amount in 1983 and five $1,000 denomination due 1987.
All Bonds shall be callable prior to maturity at 105%. All bonds
shall be issued to Bearer and be registrable and deregistrable as to
principal and interest.
4. The bonds shall bear interest at 12% per annum.
5. The purchase price of the bonds shall be 87.50% of the par value plus
accrued interest. This purchase price shall be paid when the bonds
accompanied by the legal opinion and non -litigation certificate are
delivered to us by the City.
6. The bonds shall be accompanied by the unqualified approving legal
opinion of Sturgis, Ness, Brunsell & Sperry of Emeryville. Said
opinion shall be printed on the bonds.
COPY
ONE CALIFORNIA STREET. SUITE 2800 - SAN FRANCISCO. CALIFORNIA 94111 • 1415) 981-1314
•
City Council
City of Redding
December 16, 1981
Page -2-
7. The City resolves and covenants to commence prompt judicial
foreclosure of any delinquent assessment installments. Such
foreclosure shall commence within 90 days following the date of such
delinquency (April 10 or December 10).
8. The City shall establish a Bond Reserve Fund from Bond proceeds equal
to 5% of the principal amount of the issue ($4,055).
9. Interest on the bonds will be payable semi-annually on January 2 and
July 2 of each year, except that the first interest payment will be
due on January 2, 1983, and will represent interest from their date.
10. The bonds will be dated January 4, 1982 and be delivered on or about
their date.
11. The bonds will be awarded to us at your meeting of December 21, 1981.
12. All other provisions of issuance contained in the Resolution of
Intention are included in and made a part of this bid.
Very truly yours,
S NE 6 Y GBERG
cot Clinton
Partner
SC:pw
City Council December 16, 1981
City of Redding Page -3-
$81,113.97
CITY OF REDDING IMPROVEMENT BONDS
ASSESSMENT DISTRICT NO. 1981-1
(HENDERSON ROAD)
MATURITY DATE
JULY 2
AMOUNT
COUPON
1983
$ 6,113.97
12%
1984
5,000
12%
1985
5,000
12%
1986
5,000
12%
1987
5,000
12%
1988
10,000
12%
1989
10,000
12%
1990
10,000
12%
1991
10,000
12%
1992
15,000
12%