HomeMy WebLinkAboutRES NO 188-86RESOLUTION NO. 188-86
A RESOLUTION APPROVING PURCHASE RATE
REDUCTION FOR SERIES "A" BONDS -
CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO.
86-2
WHEREAS, Resolution No. 166-86 of the City of Bakers-
field, adopted November 5, 1986, approved, inter alia, the Pur-
chase Contract for the Series "A" Bonds of City of Bakersfield
Assessment District No. 86-2; and
WHEREAS, in the interim since such approval and the
delivery of said Series "A" Bonds there has been an improvement
in price for bonds in the market for such municipal bonds; and
WHEREAS, M.L. Stern & Co. Inc. has presented a reduced
purchase rate schedule for said Series "A" Bonds as a matter of
good faith dealing in the negotiations, which reduction is not a
legal requirement but is evidence of the fair dealing intent of
the parties and which will result in substantial savings to the
property owners in said Assessment District No. 86-2;
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Bakersfield as follows:
1. That Exhibit "A(1)" of the Purchase Contract ap-
proved by said Resolution No. 166-86 and on file with the City
Clerk of the City of Bakersfield be voided by agreement of the
parties thereto.
2. That Exhibit "A" submitted by the Bond Underwriter
and purchaser under said Purchase Contract and attached to this
Resolution shall be utilized and become the rate schedule for
said Purchase Contract.
e
remain in full
I HEREBY CERTIFY that
adopted by the Council
meeting thereof held on
ing roll call vote:
In all other respects said Purchase Contract shall
force and effect.
......... o0o .........
the foregoing Resolution was passed and
of the City of Bakersfield at a regular
December 10, 1986 by the follow-
NOES: COUNCILMEMBERS:
ABSENT: COUNCILME~,;BERS
ABSTAINING: COUNCILMEMBERS:
AYES: COUNCILMEMBERS: CHILDS, CHRISTENSEN, SMITH, ~TPf, MOORE, DICKERSON, SAL~SGIO
CI?¥ CLEEE and Ex Officio C]erk of the
Council of the City of BakersYield
APPROVED December 10, 1986
MAYOR of the City of Bakers'field
CrTY ATTO~RNEY of tgr~'City
Bakersfield
of
4ressig
EXHIBIT A(1)
MATURITY SCHEDULE SERIES A BONDS
Year
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Amount Maturing
September 2nd
$ 152 223.96
175 000.00
200 000.00
225 000.00
225 000.00
250 000.00
275 000.00
300 000.00
325 000.00
350 000.00
375 000.00
400 000.00
450,000.00
475 000.00
500 000.00
550 000.00
600 000.00
650 000.00
700 000.00
750 000.00
TOTAL: $7,927,223.96
Interest
Rate
5 250%
5 750%
6 000%
6 250%
6 500%
6 750%
7 000%
7 200%
7 400%
7 500%
7 600%
7 700%
7 800%
7 900%
8 0O0%
8 000%
8 000%
8 00O%
8 OO0%
8 000%
Notes:
1. Purchase Price: 97.250%
2. Bond Date: November 12, 1986
3. First interest payment on March 2, 1987
4. Reserve Fund requirement: 9.8%
(initial funding $777,000)
5. Early discharge premium: 3%
A-1