HomeMy WebLinkAboutRES NO 27-62RESOLUTION NO.
27-62
RESOLUTION OF THE COUNCIL OF THE CITY OF
BAKERSFIELD CALLING FOR THE REDEMPTION OF
SERIES A OFF-STREET PARKING..REVENUE BONDS
NOS. A-701 TO A-692, INCLUSIVE; FOR PUBLI-
,CATION OF NOTICE OF REDEMPTION OF SAID BONDS;
AND AUTHORIZING THE FISCAL AGENT TO REDEEM
SAID BONDS.
WHEREAS, pursuant ..to ResOlution No'. 75-55 of the Council of
.the City lof Bakersfield, adopted November 1'4, 1955, and pursuant to
the. Charter of the City of Bakersfield., and .in accordance 'with the
Constitution and laws of the State ~of California~ the City of Bakers-
field did issue certain Off-Street~ Parking Revenue Bonds Series A,
which were duly sold, and.
WHEREAS, by said Resolution it is specified that Series A
Bonds Nos. A-701' to A-692, both 'inclusive, 'are redeemable only in
reverse numerical order f~om high. to. lower upon the determination
of the Council and upon notice of said redemption, and
WHEREAS, by said 'Resolution the City is obligated to redeem
Series A bonds whenever there is money in the Series-A Sinking
Fund on any October 10th or April 10th in amounts sufficient' to
redeem at' least $1,000.00 principal amount, and
WHEREAS, on April 10, 1962 there was sufficient money in
the Series A Sinking Fund to redeem certain bonds, and
WHEREAS,' it' is the desire of the COuncil to call'for the
redemption of Series A Off-Street Parking Revenue Bonds Nos. A-701
to A-692, inclusive, on June 1, 1962.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City
of Bakersfield, as follows:
That s aid Bonds A,_ Z-Oi_, .tO _._A_- .6..~9_2_,= _ i_nC!u~ iv~_,~. ~sh~a !! .Ibe_. ~re_deemed..
on June 1, 1962, and that the Crocker-Anglo National Bank,
successors to the Anglo-California National Bank, the Fiscal Agent
1.
-under said Resolution No. 75-55, be and it is hereby authorized and
directed to redeem said bonds according tO the terms of said bonds,
and of said Resolution, at the redemption price of one hundred
.three and twenty-'five one hundredths percent (103.25%) of their
principal amount, upon presentation and surrender of such bonds,
and that the interest on said bonds hereinaboVe set forth to be
redeemed, shall cease to accrue. from and after June 1, 1962.
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 s'aid Series A Sinking'Fund
'be insufficient.for the purposes hereinabove set forth.
/
o0o:
I HEREBY CERTIFY that the foregoing Resolution was passed
'and adopted by the Council of the City of Bakersfield at a regular
meeting the'reof held on the P. 3rd'day of April, 1962, by the
following vote:
AYES, BALFANZ, CROES, DOOLIN, MARCHBANKS, MOSSMAN, RUCKER, STIERN
NOES: .- ,
ABSENT, ~' 'J ,
ABSTAINING, ~
Ex'Officio Clerk of the
.......... Counqi_!_. 0.~f_t_h~ ..C.ity ~f .~ak_.eT_sf~g!~. ......
~is.p, 3rd day of April, 1962.
· "'~ ./':'~ '~ ~ V~ '
o'f the City of Bakersfield.