HomeMy WebLinkAboutContracts & Agreements_17-1985_CCv0001.pdf Merrill Lynch
ritlay 2, 1965
Mr. John Holmes
City Manager.
City of Redlands
30 Cajon Street
Redlands, California 92373
Dear John:
We are pleased that the City of Redlands desires to use Merrill
Lynch Capital Markets as its managing underwriter on its proposed:
$7,000,000 tax and revenue anticipation note issue for fiscal year
1985-86.
We will structure the nate issue as a one--year nate dated
July 1, 1985, maturing June 30, 1936 and writ: the official statement
along with bond counsel of Best, Best & Krieger. Much economics
can be achieved from the work we are currently doing on the
Redevelopment Agency's and the City's bond issues. Much of the
official statement material is already prepared and printed and we
have already included it in our M dy's meeting in New York.
As your managing underwriter we will handle all aspects of the
note financing. All casts of issuance, including the bond counsel
fee, will not exceed $15,000. In late June, after the official
statement is prepared, we will negotiate the teras (interest rate)
based on market conditions. If at that time you are satisfied with
there, we will jointly execute a purchase agreement for your nates.
At the closing ear, July 1, 1935 we will provide the City with the note
proceeds ($7,000,000) in exchange for the notes.
I look forward to assisting you and the City with the 1985-86
short-term financing program.
Sine , f € ,
n C : Fitz i ld
western Ilegion
Municipal Finance Department
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Accepted this `day of 1965
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