HomeMy WebLinkAboutReso 82-177 - Ordering sale of bonds - Branstetter/Cedars Sewer Assessment District 1982-2RESOLUTION NO. V-/77
RESOLUTION ORDERING SALE OF BONDS
BRANSTETTER/CEDARS SEWER ASSESSMENT DISTRICT 1982-2
The City Council of the City of Redding resolves:
The City Council accepts the offer of
M. L. STERN & CO., INC., (attached to this resolution and
by reference incorporated in it), to purchase all of the
improvement bonds to be issued in Branstetter/Cedars Sewer
Assessment District 1982-2, 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 18th day of October, 1982.
AYES: Councilmembers Demsher, Fulton, Kirkpatrick, and Pugh
NOES: Councilmembers None
ABSENT: Councilmembers Gard
ETHEL A. NICHOLS, City Clerk, City of
Redding, Shasta County, California
'14
Oflo-IMINNA
MUNICIPAL BONDS
October 15, 1982
Mr. Samuel A. Sperry
Sturgis, Ness, Brunsell & Sperry
Suite 1150, 1%atergate Tower
Emeryville, California 94608
$93,138.90 CITY OF RIDDING
BRANSTETT"r.R/CEDARS SEER ASSESSMENT DISTRICT 198-2
Dear Sam,
Confirming our telephone conversation of this morning, our ccnnittirent
to purchase the above captioned issue is as follows: We will pay 85
per cent or $79,168.07 for the issue.
DATED 11-02-82 FIRST COUPON 1-02-84
PAR VALUE MATURITY RATE
$ 3,138.90
7-02-84
8.00%
5,000.00
7-02-85
8.00%
5,000.00
7-02-86
9.00%
5,000.00
7-02-87
9.00%
5,000.00
7-02-88
9.00%
5,000.00
7-02-89
9.00%
5,000.00
7-02-90
10.00%
5,000.00
7-02-91
10.00%
5,000.00
7-02-92
10.00%
5,000.00
7-02-93
10.00%
5,000.00
7-02-94
10.00%
10,000.00
7-02-95
10.000
10,000.00
7-02-96
10.00%
10,000.00
7-02-97
10.00%
10,000.00
7-02-98
10.00%
TOTAL $93,138.90
The bonds will be issued
in bearer form
in $5,000.00 denominations
except Bond nl which will
be $3,138.90.
They will.mature serially from 7-02-84 through 7-02-98 according to
the above maturity schedule. The Bonds will pay interest semiannually
commencing 1-02-84 at the rates stated above.
The bonds will be issued subject to the legal opinion of Sturgis,
Ness, Brunsell & Sperry which will be printed on the bonds. The City
will bear the cost of the legal opinion and the cost of the printing
of the bonds.
The bond issue will have a 5% reserve fund and will be subject to a
120 day foreclosure. All terms and conditions of applicable laws will
be adhered to.
Very truly yours,
J R. Glynn, III
M.L. STERN & CO., INC.
8350 Wilshire Boulevard Beverly Hills, CA 90211 (213) 650-4001
Branch Office: Carmel Member: NASD, SIPC