HomeMy WebLinkAboutRES NO 94-76RESOLUTION NO. 94-76
RESOLUTION OF THE COUNCIL OF THE CITY
OF BAKERSFIELD, CALIFORNIA, AWARDING
$15,500,000 GENERAL OBLIGATION BONDS
OF SAID CITY TO THE BEST BIDDER AND.
REJECTING ALL OTHER BIDS
WHEREAS, at the time and place fixed for the opening of
bids for the $15,500,000 bonds of the City of Bakersfield, Cali-
fornia, designated "City of Bakersfield 1976 Water Bonds", all
bids were publicly opened, examined and read, and a tabulation
thereof has been entered in the minutes; and
WHEREAS, the bid of the bidder hereinafter named is the
best bid made by a responsible bidder for said bonds;
NOW, THEREFORE, the Council of the City of Bakersfield,
California, DOES HEREBY RESOLVE, DETE~4INE AND ORDERas follows:
SECTION 1. That the bid of Security Pacific National
Bank offering par, accrued interest to
date of delivery and a premium of $ 885.90 for bonds bearing
interest payable annually the first year and semiannually there-
after at the rates of:
RATES
6 %
4.75 %
4.80 %
4.75 %
4.80 %
4.90 %
5.00 %
............... 5.10 %"
5.20 %
5.25 %
5.30 %
5.40 %
YEARS
1978 to 1986
1987
1989 '_~
19 92
1993 ~," .....
~9941 .-
1995 L ' '~i~.) i''
1996 tO 1997
,1998 to 1999
RATES
5.5O
5.6O
5.OO
YEARS
2000 to 2003
2004 to 2005
2006
is the bid for said bonds yielding the lowest net interest cost.
Said bid is hereby accepted and the bonds awarded to said best
bidder in accordance with the terms of the proposal.
SECTION 2. That all bids other than, the one accepted in
Section 1 hereof are rejected and the City Clerk is directed to
return the checks accompanying said rejected bids to the respec-
tive bidders.
SECTION 3. That the interest rates on said bonds are hereby
fixed at the rates stated in Section 1 hereof.
SECTION 4. That the City Treasurer is hereby directed to
deliver said bonds to the successful bidder upon payment therefor
and accrued interest, if any, to date of delivery.
o0o
I HEREBY CERTIFY that the foregoing resolution was passed
and adopted by the Council of the City of Bakersfield at an adjourned
meeting thereof held on the 7th day of December, 1976, by the follow-
ing vote:
COUNCILMEN BARTOI',i, I, CHRiSTENSEN, MEDDERS, ROGF, RS, SCEALES, STRONG
~YES: COU~-iC~LLZEN:
NOES:
~STAINING COUNCILMEN:
CITY ~and Ex 0 icio Clerk of
,~,,-~"~<;'-"~ ~'- Council of ~ ~akersfield
ApPR/V.i{D ~this ~,_~?,:_~~h da of er, 1976
~: ' ield
APPROV~D~-as-~'6~ fore:
CITY ATTORNEY e of Bakersfield
the