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Home My WebLink AboutRES NO 125-86 I passed and regular meeting thereof held on the 1986, by the following vote: RESOLUTION NO. 125-86 A RESOLUTION OF THE COUNCIL OF THE CITY OF BAKERSFIELD, CALIFORNIA, AWARDING SALE OF BONDS IN THE MATTER OF CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO. 86-3 WHEREAS, the Council by Resolution No. 125-86 adopted August 13 , 1986, authorized the issuance of not to exceed $2,845,000 principal amount of bonds to be known as "IMPROVEMENT BONDS, CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO. 86-3", all dated the date of delivery, which is expected to be August 13, 1986, and further authorized the sale of such; and WHEREAS, sale of such bonds is pursuant to Resolution No. 124-86 , a Resolution Determining the Unpaid Assessments and Providing for Issuance of Bonds; and WHEREAS, the highest bid received for such bonds was from M.L. STERN & CO., INC. , whose bid on the various bonds maturing as set forth in the bid on file with the City Clerk of the City of Bakersfield and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF BAKERSFIELD, CALIFORNIA, AS FOLLOWS: 1. The sale of such bonds to M. L. STERN & CO., INC. , for $2,845,000 amount of Improvement Bonds, City of Bakersfield Assessment District No. 86-3 pursuant to the terms of the bid therefore on file with the City Clerk of said City, is in the best interest of the public and shall be and is hereby authorized. 2. This resolution shall take effect upon adoption. ......... o0o ......... HEREBY CERTIFY that the foregoing Resolution was adopted by the Council of the City of Bakersfield at a 13th day of August , of the Council of the City of Bakersfield APPROVED this 13th day of August , 1986. MAYOR of the City of Bakersfield APPROVED as to form: AT~JRNEY 6f~t~h~ City of Bakersfield SUGGESTED FORM OF PROPOSAL FOR PURCHASE OF BONDS August 13, 1986 City of Bakersfield c/o Battle Wells Associates 1636 Bush Street San Francisco CA 94109 Re: Assessment District No. 86-3 For $2,845,000 Improvement Bonds of Assessment District No. 86-3 of the City of Bakersfield, as described in the notice inviting bids, which is incorporated herein and made a part of this proposal, we will pay the sum of $ ~?~ 9.~-c*) and interest to the date of their delivery for bonds to bear interest at the annual rates set forth below: Cuml. Maturity Cuml. Maturity Bond Date Principal Interest Bond Date Principal Interest Years Sept. 2 Amount Rate Years Sept. 2 Amount Rate 72.9167 1987 277.0833 1988 581.2500 1989 1,086,4583 1990 1,716.6667 1991 2,471.8750 1992 3,528.1250 1993 4,935.4167 1994 6,517.7083 1995 8,526.0417 1996 $ 75,000 100 000 100 000 125 000 125 000 125 000 150 000 150 000 150 000 2OO 000 7.2 % 9,630.2083 1997 ~% 10,834.3750 1998 ~E_% 12,464.5833 1999 Zz-% 14,219.7917 2000 Z-~% 16,476.0417 2001 7.~-% 18,882.2917 2002 ~- 2-% 21,864.5833 2003 7.,/% 25,021.8750 2004 ?.5~% 28,830.2083 2005 ?, ~ % 32,838.5417 2006 $100000 100000 125000 125 000 150 000 150 000 175 000 175 000 200 000 200 000 ?.7% z?% z7% A certified or cashier's check in the amount of $gO,090 payable to the order of "City of Bakersfield Assessment District No. 86-3" is enclosed. (For information only, not part of proposal) Interest payable from 8/17/86 through 9/2/06 Less p r emium/3~is cou~ff~ Net interest payable Net effective interest rate (A list of the members of our underwriting group is attached.) SUGGESTED FORM OF PROPOSAL FOR PURCHASE OF BONDS August 13, 1986 City of Bakersfield c/o Barfie Wells Associates 1636 Bush Street San Francisco CA 94109 Re: Assessment District No. 86-3 For $2,845,000 Improvement Bonds of Assessment District No. 86-3 of the City of Bakersfield, as described in the notice inviting bids, which is incorporated herein and made a part of this proposal, we will pay the sum of $~, Z~'f, /f;/. ~_~ and interest to the date of their delivery for bonds to bea~ interest at the annual rates set forth below: Cuml. Maturity Cuml. Maturity Bond Date Principal Interest Bond Date Principal Interest Years Sept. 2 Amount Rate Years Sept. 2 Amount Rate 72.9167 1987 277.0833 1988 581.2500 1989 1,086,4583 1990 1,716.6667 1991 2,471.8750 1992 3,528.1250 1993 4,935.4167 1994 6,517.7083 1995 8,526.0417 1996 $ 75,000 100 000 100 000 125 000 125 000 125 000 150 000 150 000 150 000 200 000 _K.~-5% 9,630.2083 1997 .5,7~ % 10,834.3750 1998 ~,25% 12,464.5833 1999 ~,7_~% 14,219.7917 2000 7. OD% 16,476.0417 2001 ?,20% 18,882.2917 2002 7.~O % 21,864.5833 2003 ~k%% 25,021.8750 2004 28,830.2083 2005 ~% 32,838.5417 2006 $100000 100000 125000 125000 150000 150000 17~000 175,000 200,000 200,000 7o7~ % ?.?~% Z ¢0% W. oo% A certified or cashier's check in the amount of'$50~000 Payable to the order of "City of Bakersfield Assessment District No. 86-3" is enclosed. (For information only, not part of proposal) Interest payable from 8/17/86 through 9/2/06 Less premium/Plus discount Net interest payable Net effective interest rate (A list of the members of our underwriting group is attached.) Signed:~ ~f~~ Bateman Eichler, Hill Richards' 333 MARKET STREET, SUITE 160Q SAN FRANR~qr-o, CA 94105 ,(415) 989-1000 SUGGESTED ~ORM O~ PROPOSA~ FOR PURCHASE OF BONDS August 13, 1986 City of Bakersfield c/o BarUe Wells Associates 1636 Bush Street San Francisco CA 94109 Re: Assessment District No. 86-3 For $2,845,000 Improvement Bonds of Assessment District No. 86-3 of the City of Bakersfield, as described in the notice inviting bids, which is incorporated herein and made a part of this proposal, we will pay the sum of $ :Z~ 76~,, ~,zff~. ~ and interest to the date of their delivery for bonds to bear' interest at the annual rates set forth below: Cuml. Maturity Cum]. Maturity Bond Date Principal Interest Bond Date Principal Interest Years Sept. 2 Amount Rate Years Sept. 2 Amount Rate '72.9167 1987 7o $/f-5,000 ~'.2g % 9,630.2083 1997 ~.' % 10,834.3750 1998 277.0833 1988 100,000 ~ 581.2500 1989 100,000 12,464.5833 1999 1,086,4583 1990 125,000 ~.~% 14,219.7917 2000 1,716.6667 1991 125,000 -~.~ % 16,476.0417 2001 2,471.8750 1992 125,000 7,~% 18,882.2917 2002 3,528.1250 1993 15(],000 '~.{~9_% 21,864.5833 2003 4,935.4167 1994 17f-1-5~,000 ~.~ % 25,021.8750 2004 6,517.7083 1995 17~Sfr, 000 7.~% 28,830.2083 2005 8,526.0417 1996 200,000 ~'.~% 32,838.5417 2006 $100,000 100,000 125,000 125 000 150 000 150 000 175 000 175 000 200 000 200 000 A certified br cashier's check in the amount of f2[,000 payable to the order of "City of Bakersfield Assessment District No. 86-3" is enclosed. [ ] ] [ (For information only, not part of proposal) ] [ [ ] [ Interest payable from ] [ 8/17/86 through 9/2/06 $ ] [ ] Less premium/Plus discount ] Net interest payable i,~-/~Z~,/~.~d> ] ] ] Net effective hnterest rate 7' ~ Z~() ] ] ] ] ] (A list of the members of our underwriting group is attached.) ~