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HomeMy WebLinkAboutContracts & Agreements_4-1962AnDVVMVVM AGREEMENT made and entered into this 3rd day of A-oril , 19 62 , by and between the City Council of the City of Redlands hereinafter called the "Board" and the Board of Administration of the State Employees, Retirement Sys- tem, hereinafter called "System." - YY I A l.`b E S S E d. H o WHEREAS, the Board by a Resolution dated February 6, 1962 has adopted plans and specifications for construction of a City Hall Annex building at Brookside Avenue and Eureka Street; and WHEREAS, the Board by Resolution dated April 3,_ 1962 has authorized and created an issue of not exceeding � 475,000.00 aggregate principal amount of Building Certificates, Issue 1962, and provided the terms and conditions for the issuance thereof for the purpose of financing the construction of said building; and WHEREAS, the Board has offered to sell said Certificates authorized by said Resolution to System, and the'parties hereto desire to enter into an agreement for the purchase by System of said Certificates and establishing the rates of interest said Cer- tificates shall bear NOW, THEREFORE, IT IS MUTUALLY AGREED by the parties hereto as follows-. to The Board agrees to sell and issue to System and System agrees to accept from the Board on the dates the Board from time to time orders their issuance, Building Certificates, Issue 1962, upon the terms and 6onditions provided in the Board's aforesaid Resolu- tion dated April 3 1962.T-- - in the aggregate principal amount of $ 475,000.00 or as much thereof as may be necessary to fi- nance the cost of the public building to be constructed pursuant to the plans and specifications adopted by the Board in its aforesaid Resolution dated February.6� _1962____ 2e The per annum rate of interest each Certificate shall bear shall be determined by averaging the daily highest per a num -30- 0 interest yield (compounded semiannually) on any issue of market- able United States Treasury Bonds with a maturity of 15 years or more from the date of issue of such Certificate as set forth in the applicable Notice of Intention to Issue Certificates, pro- vided for in said Resolution, during each of the Last ten busi- ness days (i.e., days on which said United States Treasury Bonds are traded in the open market), ending ten days immediately prior to the date on which such Certificate is ordered in the order for issuance to be authenticated and delivered by the Trustee to the System and adding thereto 0.750 . In computing the per annum in- terest yield on the said marketable United States Treasury Bonds under the provisions of this paragraph, the per annum interest yield to maturity on the asked side of the market as set forth in the published daily closing quotations of the First Boston Corporation shall be used. The System shall calculate said in- terest rate promptly upon receipt of said Notice of Intention to issue Certificates and inform the Board thereof. In the event the adjusted average per annum interest yield on marketable United States Treasury Bonds established as above provided shall exceed the rate of 6.000000/ per annum, each Certi- ficate to be issued on the date of issue prescribed in the said order for issuance shall bear interest at the per annum rate of interest of 6n000000%, 3. It is mutually agreed that the Board will issue Certi- ficates only as the need for farads to meet the costs of the public building arises and that the Board will, prior to the commencement of the issue of any Certificates relating to the costs of the pub - ?is building to be financed pursuant to the provisions of said Resolu- tion, furnish to System a "Schedule of anticipated Monetary Needs" for such building. Such schedule shall set forth the best estimate of the dates on which it will be necessary to issue the said Certi - f i cates and of the principal amount of such Certificates to be is- sued on each c f the said dates. It is further agreed tl-iat the Board shall from time to -time supplement the said. "Schadul.e of -31- Anticipated Monetary Needs" for such building as more accurate es- timates are available 4. It is mutually agreed that any engineering, architec- tural, or Legal expenses incurred by the System in negotiation of this Agreement will be paid by the Board and will be included in the cost of the public building 5. It is further agreed that this agreement shall become null and void and the System thereafter shall not be obligated to purchase said Certificates on December 31, 1962, if the Board has not prior to that date entered .into a legal contract for construc- tion of said building. 6e This Agreement, as provided in Section 3,01(A) of the said Resolution, shall be filed with the Treasurer -of the City of Redlands, the Trustee under said Resolution,- and shall be and be- come a part of said Resolution. IN WITNESS WHEREOF, the parties hereto have set their hands the day, month, and year first above written. CITY OF REDLANDS B y Mayor BOARD OF ADMINISTRATION OF THE STATE EMPLOYEES' RETIREMENT SYSTEM By P esident Approved as to form and legality By City Attorney -32- RESOLUTION NO. 2211 A RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF AGREEMENT FOR SALE OF CITY OF REDLANDS BUILDING CERTIFICATES. BE IT HEREBY RESOLVED: That Charles C. Parker, Mayor of the City of Redlands, be and he is hereby authorized and directed to execute, on behalf of the City of Redlands, an agreement for purchase by the State Employees' Retire- ment System of City of Redlands Building Certificates, Issue 1962, in the form and content of the copy of an Agreement attached hereto as "Exhibit A", and by this reference incorporated herein. ADOPTED, SIGNED, AND APPROVED this lst day of May, 1962. r Mayor of the ity of Redlands, California ATTEST: City C rk APPROVED FOR FORM,. sZ Edward F. Taylor City Attorney I, Harry R. Whaley, City Clerk, City of Redlands, hereby certify that the foregoing resolution was duly adopted by the City Council at a regular meeting thereof held May 1, 1962. City CXterk a RESOLUTION A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF .REDLANDS ACCEPTING ARCHITECT'S PLANS FOR THE CONSTRUCTION OF THE CITY HALL ANNEX AND AUTHORIZING THAT BIDS BE CALLED THEREFOR. The City Council of the City of Redlands hereby resolves as follows Architect C. Paul Ulmer, retained in his capacity as an archi- tect to prepare and submit plans and drawings for the construction of the new City Hall Annex and having at this time submitted said plans and drawings for Council consideration, NOW THEREFORE, BE IT RESOLVED, that the City Council hereby accepts said final plans and that the City Clerk is hereby authorized to call for bids for the construction of the Annex, bids to be opened March 20, 1962 at 7:00 P. M. in the Council Chambers of the City Hall. ADOPTED, SIGNED, AND APPROVED this 6th day of February, 1962 Mayor of the City of Redlands, California. ATTEST: City cfe �1 �1 APPROVEDO• sl Edward F D _Taylor___ City Attorney 1, Harry R. Whaley, City Clerk, City of Redlands, hereby certify that the foregoing resolution was duly adopted by the City Council at a regular meeting thereof held February 6, 1962.