HomeMy WebLinkAboutRES NO 98-61RESOLUTION NO, 98-61
RESOLUTION OF THE COUNCIL 'OF THE CITY OF
BAKERSFIELD CALLING' FOR THE' REDEMPTION OF
SERIES A OFF-STREET PARKING RE-VENUE BONDS
NOS. A-717 TO A-702, 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 Of Bakersfield, adopted November. 14, 1955, and pursuant to.
the Charter of the City of Bakers field,, and in accordance' with the
Constitution and 'laws of the State of'California,= the' City of .
Bakersfield did issue'certain Off-Street ~arking Revenue Bonds Series A,
which were duly sold, and '
WHEREAS, '.by said Resolution it is specified+that Series A
Bonds Nos. A-176 to A-880, both inCluSive, are redeemable only in
reverse numerical Order from 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·S1,=000.00 principal·amount, and
WHEREAS, on October 10, 1961 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'717
tO.A-702, inclusive, on December' 1~ 1961.
NOW, THEREFORE, BE IT RESOLVED by the+ Council 6f the City of
Bakersfield, as follows:
That said Bonds A-717 to A-702, inclusive, shall be redeemed
'on Ire-d~Y~b~"l, 1961, a~d" th~'~the~'~r6d~r~2'Ahgi'~
successors to the· Anglo~California National Bank, the Fiscal'Agent
under said Resolution No. 75-55,·be and ~t~.~· 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 [hree·
and twenty-five one hundredths percent (103.25%) of their principal
amount, upon pre'sentation 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 December 1, 1961.
· That said Fiscal Agent is hereby authorizedanddirected to
transferinto 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 in-
sufficient for the purposes hereinabove set forth.
o0o
HEREBY CERTIFY that the foregoing Resolution was passed and
adopted by the Co'uncil of the City of Bakersfield at a regular meeting
thereof held on the/~' day of October, 1961, by the ·following vote:
AYES: BALFANZ, Cg~NS~CROES, DOOLIN, MARCHBANKS, MOSSMAN, STIERN
'?:",APPR6' D thib day of October, 1961:
..... C'~' C~ty '~£ Bakers field.
d k of
C an Ex-Officio Cler the
Council of, the City of .Bakersfield.