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HomeMy WebLinkAbout4383 ,/ 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 " ' . ":,',:'\' ,-', , .' "'". " -1- ....~,r..~.., . ....: \ ,".'.: . i~.. ___" . . lit- 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. .' ~ . "-2':.. n',-:.," .....,. ~. ,.., ',' \.' 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 C--2~ J7, /' / ..-;:/'_,..,_,.. 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