HomeMy WebLinkAboutRES NO 64-65P~ESOLFfION NO o '64~;=~5 .. __ .
RESOLUTION OF T~] COUNCIL OF THE CITY OF
BAF~SFV_ELD CALLING FOR T~E RED~,~LPTION OF
SERIES A OFF~STR~ET REVE~3E BO~$ NOSo A590
TO A574~ INCLUSIVE; FOR PUBLICATION OF NOTICE
OF RED~4PTION OF SAID BONDS~ AND AUTHORIZING
THE FISCAL AGENT TO REDEEM SAID BOb~So
WHEP~_S~ putsLant to Kesoiutton ~.t'oo ~5~55 of the Council
c~f the City of Bakersfield~ adopted. November l~.p 1955~ and pursuant
to the C~r~er of the City of Bakersfield~ and in accordance with
~he Constitution and la~.~s of the State of California~ the City of
Bakersfield did issue certain Off~S~reet Parking Revenue Bonds
Series A~ which were duly sotd~ and
~~S~ by said Resolution it is specified that Series
A Bonds Nos. A176 to A880~ both inclusive~ are redeemhie only in
reverse n~erical order from high to lower upon the dete~ination
of the Council and upon notice of said red~tion~ and
W~I{~$~ by said ~eso].u~ion the ~ity is obligated to
redeem Series A bonds whenever there is money in the Serie~ A Sinking
~d on any October 10th or April 10th in amours sufficient to
redeem at leas~ $1~000~00 principal amount~ and
W~S~ on October lO~ 1965 there tqas sufficien~ money in
the Series A Sinking Fund to redeem certain bonds~ and
W~S~ it is the desire of the Council to call ,for ~he
redemption of ~eries A Off~Street Parking ~evenue Bonds Ncs~ A5~O
to A574~ tnclusive~ on December 1~ 1965~
NOW~ T~FOE~ BE XT ~ESOL~D by the Co~cil of ~he City
of Bakersfield~ as foltows~
That said Bonds A590 to A574~ inclusive~ shall be redeemed
on Decembe~ 1~ 1965~ and that the Crocker~ttizens National Bank~
successors to ~he ~glo~California National Bank~ the Fiscal Agent
~nder said Eeso!ution No~ 75~55~ be and it is hereby authorized
and directed to redeem said bonds according to the ~ez~s of said
bonds0 and of said Resolution~ at the redemption price of one hundred
two and fifty one hundredths percent (102o50%) of their principal
amounts upon presentation and surrender of such bonds, and that
the interest on said bonds heroinabove set forth to be redeemed~
shall' cease to accrue from and after December 1, 1965o
That said Fiscal Agent is hereby authorized and directed
to transfer into the Series A Sinking Fund from the Off-Street
Parking Reserve Fund~ any and all sums which may be necessary for
the redemption of said bonds~ should said Series A Sinking Fund
be insufficient for the purposes heroinabove set forth~
BE iT FFR, T~iER RESOLVED that the Clerk is hereby directed
to p~biish Notice of Redemption t~ice in The Bakersfield Californian~
a daily newspaper of general circulation published in the City of
Bakersfield~ California~ once a week for two successive weeks~ the
first publication to be not less than thirty (30) days prior to
the redemption date~ and that a similar notice be also mailed to
~he Fiscal Agent~ to the original purchaser of each series of
Bonds issued under said Resolution Noo 75-55, and also the respective
registered owners of any bonds designated for redemption at their
addresses appearing on the bond registration books, at least
thirty (30} days prior to the redemption date°
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X HER~b~ CERTIFY that the foregoing Resolution was
passed and adopted by the Council of the City of Bakersfield at a
regular meeting thereof held on the 1st day of November~ 1965~ by
the following vote=
AYES: COUNCILMEN BALFANZ, 0OOLIN, F:OSKtNG, PARIS; RU.e.I,:iEI~; g:IERN, WHritEMOJ~E.
NOES: COUNCILMEN: ~//~...u..~_..,'
ABSENT COUNCILMEN: ~ j
~IkSTAINING COUNCILMEN, ,,~.,.,~ ......