HomeMy WebLinkAboutReso 82-221 - Ordering sale of bonds - Upper Churn Creek Sewer Assessment District No. 1980-7RESOLUTION NO. i�.Z -,22
RESOLUTION ORDERING SALE OF BONDS
UPPER CHURN CREEK SEWER ASSESSMENT DISTRICT NO. 1980-7
The City Council of the City of Redding resolves:
The City Council accepts the offer of
M. L. Stern and Company, Inc.
(attached to this resolution and by reference incorporated
in it), to purchase all of the improvement bonds to be
issued in Upper Churn Creek Sewer Assessment District
No. 1980-7, City of Redding, Shasta County, California.
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 6th day of December, 1982.
AYES: Councilmembers Demsher, Fulton, Kirkpatrick, Pugh, and Gard
NOES: Councilmembers None
ABSENT: Councilmembers None
ETHEL A. NICHOLS, City Clerk, City of
Redding, Shasta County, California
By��
December 6, 1982
City Clerk of the City of Redding
Shasta County, California
Gentlemen:
For $2,579,167.90 par value legally issued City of Redding,
Upper -Churn Creek Sewer Assessment District No. 1980-7 scheduled
to be sold by you on December 6, 1982, maturing.serially according
to schedule 1, from 1984, to 1998, and subject to all of the terms
and conditions of your Official Notice of Sale, we will pay
97 p % of the par value thereof, plus accrued interest to the
date of delivery, for bonds bearing interest as follows:
DATE OF' SCHEDULE 1 DATE OF SCHEDULE 1
MATURITY ANNUAL AMOUNT RATE MATURITY ANNUAL AMOUNT RATE
1984
$ 74,167.90
12.0710
1992
$175,000.00
/U- S
1985
90,000.00
% O
1993
190,000.00
/0.75-
1986
100,00.0.00
/0-s-
1994
205,000.00
//.o
1987
110,000.00
/0.3-
1995
225,000.00
/1.4
1988
125,000.00
le -s-
1996
250,000.00
1989
135,000-00
1997
280,000.00
1990
145,000.00
/O. O
1998
MUNICIPAL BONDS
i/• L
-1991
160,000.00
/p.2.5'
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December 6, 1982
City Clerk of the City of Redding
Shasta County, California
Gentlemen:
For $2,579,167.90 par value legally issued City of Redding,
Upper -Churn Creek Sewer Assessment District No. 1980-7 scheduled
to be sold by you on December 6, 1982, maturing.serially according
to schedule 1, from 1984, to 1998, and subject to all of the terms
and conditions of your Official Notice of Sale, we will pay
97 p % of the par value thereof, plus accrued interest to the
date of delivery, for bonds bearing interest as follows:
DATE OF' SCHEDULE 1 DATE OF SCHEDULE 1
MATURITY ANNUAL AMOUNT RATE MATURITY ANNUAL AMOUNT RATE
1984
$ 74,167.90
12.0710
1992
$175,000.00
/U- S
1985
90,000.00
% O
1993
190,000.00
/0.75-
1986
100,00.0.00
/0-s-
1994
205,000.00
//.o
1987
110,000.00
/0.3-
1995
225,000.00
/1.4
1988
125,000.00
le -s-
1996
250,000.00
1989
135,000-00
1997
280,000.00
1990
145,000.00
/O. O
1998
315,000.00
i/• L
-1991
160,000.00
/p.2.5'
This bid is made for immediate acceptance and subject to the un-
qualified approving legal opinion of Sturgis, Ness, Brunsell &
Sperry to be furnished to us at your expense. A certified copy of
the legal opinion is to be printed on each bond at your expense,
although this is not a condition of sale.
We enclose cashier's check No. 21213237, in the amount of
$20,000.00, to be held uncashed by you as evidence of our good
faith. This check is to be returned to us if the above-mentioned
attorneys do not approve the legality of the bonds, or to be for-
feited as full liquidated damages if we fail to fulfill the terms
of this proposal. This check is to be immediately returned to us
if this proposal is not promptly accepted.
This bid is submitted in duplicate, one copy to be officially
signed and returned to us if we are awarded the bonds.
Estimated Interest Cost Very truly yours,
$ 2,
QS ¢ �1 S� / 7. M.L. STERN & CO . , INC.
Average Net -Interest Cost ��1 L
.! �7'
o
Wilshire ou evard, Beverly Hills, A90211(213)650-4001
Branch Office: Carmel Member: NASD" SIPC
The foregoing proposal is hereby accepted on behalf of the above-named
and receipt of the cashier's check is hereby acknowledged...