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RESOLUTION ,NO.
4383
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARCADIA, CALIFORNIA, ACCEPTING PROPOSAL AND
MAKING AWARD FOR SALE OF BONDS, AND PROVIDING
FOR THE ESTABLISHMENT OF A REDEMPTION FUND FOR
THE PAYMENT OF SAID BONDS IN THE MATTER OF THE
CONSTRUCTION OF CERTAIN IMPROVEMENTS TOGETHER
WITH APPURTENANCES IN ASSESSMENT DISTRICT NO. 72-1,
ARCADIA INDUSTRIAL PARK..
WHEREAS, the City Council of the City of Arcadia,
California, has heretofore instituted and conducted proceedings
for the construction of certain street improvements together
with appurtenances in ASSESSMENT DISTRICT NO. 72-1, ARCADIA
INDUSTRIAL PARK, under the provisions of the "Municipal Improve-
ment Act of 1913," and
WHEREAS, said City Council in its Resolution of Intention
therein determined and declared that bonds should issue under the
provisions of the "Improvement Bond Act of 1915;" and
WHEREAS, the City Council has now received in proper form a
proposal for the purchase of said bonds in ASSESSMENT DISTRICT NO.
72-1, ARCADIA INDUSTRIAL PARK, from
Stern. Brenner & Comoanv
and said proposal received is, in the opinion of this City Council,
considered to be the bid that would best serve the interest of
owners of land included within the Assessment District and should
be accepted by this City Council.
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE CITY COUNCIL
OF,' THE CITYO,F ARCADIA, CALIFORNIA, as f.ol1ows:
,
SECTION 1. The above recitals are all true and correct.
SECTION 2. That the proposal of Stern. Brenner & Comoanv
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4383
dated the 16th day of
October'
, 197~, for the,purchase
of improvement bonds for the improvements together with
appurtenances in ASSESSMENT DISTRICT NO. 72-1, ARCADIA INDUSTRIAL
PARK, in the City of Arcadia, California, is hereby accepted and
approved.
SECTION 3. Said sale is sUbject to all terms and conditions
as set forth in the approved Notice of Sale of said Bonds and in
the accepted bid.
SECTION 4. That the City Treasurer be and is hereby
directed to have said bonds printed upon the expiration of the
cash collection period and he shall then have said bonds signed
and delivered to said bidder upon receipt of the amount of monies
due pursuant to said bid upon the performance of all the conditions
contained in said written offer.
SECTION 5. ,That the interest rate or rates on said
securities be and the same hereby is fixed at the rate or rates
as set forth in said accepted bid proposal.
SECTION 6. That the City Treasurer is hereby authorized
and directed to keep a redemption fund designated by the name of
the proceedings in which he shall place all sums received for the
collection of the assessments and the interest thereon, together
with all penalties, if applicable, thereon, and from which he
shall disburse such funds upon presentation of proper coupons.
Under no circumstances shall the said securities or interest
therein be paid out of any other fund except as provided by law.
SECTION 7. Said fund shall be designated as "Redemption
Fund for ASSESSMENT DISTRICT NO. 72-1, ARCADIA INDUSTRIAL PARK.
APPROVED' and AbOPTED' this 16th day of
October
, 1973.
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4383
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF ARCADIA,
)
) SS
)
I,
CHRISTINE VAN MAANEN
City Clerk of the City of
Arcadia
-'
California, DO HEREBY CERTIFY that the foregoing
Resolution, being Resolution No.
4~8~
, was
duly passed, approved and adopted by said City Council,
approved and signed by the Mayor, and attested by the
City Clerk, all at a
regular
meeting of
said City Council held on the 16th day of
October.
1973
, and that the same was passed and adopted by
the following vote, to wit:
AYES:
COUNCILMEN Butterworth, Helms, Scott
and Arth
NOES:
~~~l~~X None
ABSENT:
COUNCILMEN Hage
,
DATED this 16th
day of
October.
1973
(SEAL)
t&c:Tt$~41 ~4(M0
CITY CLERK OF THE CITY OF
ARCADIA, CALIFORNIA
l I
I
STERN. BRENNER & COMPANY
I.
MuNICIPAL BONDS
8665 WILSHIRE BLVD,. SUITE 201
SEVERLY HILLS. CALIF, 90211
659.2700 . 655-8161
City Council
c/o city Clerk
City Hall
240 West Huntington Drive
Arcadia, California 91006
Gentlemen:
For $ 339.270.46 par value legally issued City of Arcadia. Assessment
District 72-1, Los Anqeles County. California, 1915 Act
scheduled to be sold by you on October 16. 1973 . maturing serially on
Julv 2 , from l~. to 1999. and subject to all of the terms and
conditions of your Official Notice of Sale, we will pay 100 %
of the par value thereof. plus accrued interest to the date of delivery, for
bondS bearing interest as follows: 6% 1975-1979
5 3/4% 1980-1990
5 ~ % 1991-1999
In addition. we will pay a total premium of $ 0
This bid is made for immediate acceptance and subject to the unqualified
approving legal opinion of F. Mackenzie Brown
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. Said bonds are to be in ~As per official statement) denominations.
We enclose cashier's check No. B of A, 0213337.,17 . in the amount of
$ 5.000.00 . to be held un cashed 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 forfeited 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,
STERN, BRENNER & COMPANY
$ 318.360.37
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By ~ ~~:=.:::: '.
M( ~. Stern, presid;~t--
,
Average Net Interest Cost
5.579Q3
%
The foregoing proposal is hereby accepted on behalf of the above-named
. and receipt of the cashier's check is
hereby acknowledged.
Date
Authorized Signature