HomeMy WebLinkAbout4330_CCv0001.pdf RESOLUTION NO. 4330
RESOLUTION CSE THE CITY COUNCIL OF THE CITY
OF REDLAN S AUTHORIZING AND DIRECTING THE
NOTICE OF SALE OF NOT TO EXCEED $7,620, 000
PRINCIPAL AMOUNT GENERAL OBLIGATION BONDS,
SERIES IBA, APPROVING AN OFFICIAL NOTICE
OF SALE, APPROVING THE PREPARATION ANIS
DISTRIBUTIONOF A PRELIMINARY OFFICIAL
STATEMENT, AUTHORIZING THE SALE OF THE
BONDS ON CERTAIN TERMS AND CONDITIONS,
APPOINTING BOND COUNSEL, AUTHORIZING
ING
CERTAIN OTHER OFFICIAL ACTIONS AND
PROVIDING FOR OTHER MATTERS PROPERLY RELAT-
ING THERETO
WHEREAS, the City Council of the City of Redlands,
California (the "City" ) intends to authorize by a separate
resolution the issuance by the City of its General... Obliga-
tion
tion, Bonds, Series 18A, in the principal amount of not to
exceed $7,620, 000 (the "Bonds") , and it is desirable that
the Bonds be offered for public sale at this time; and
WHEREAS, proceeds of the Bonds will be used to
acquire certain park: and recreation lands and open space
lands for the benefit of the City and its inhabitants; and
WHEREAS, this City Council desires to authorize the
sale of the Bonds upon the teems and conditions hereinafter'
set forth;
NOW, THEREFORE, the City Council, of the City of
Redlands does hereby resolve and declare as follows:'
SECTION 1. Sale Authorized, Time and Place for
Bids. The sale of not to exceed Seven Million Six Hundred
Twenty Thousand Dollars ($7 ,620,000) principal amount CITY
OF REI LANDS GENERAL OBLIGATION BONDS, SERIES 1988A, (herein
sometimes referred to as the "Bonds" ) , in accordance with
law, is hereby authorized. Tuesday, February 2, 1986 (and
without further advertising and so long as a proposal has
not theretofore been accepted by the City, Tuesday,
February 9, 1988 and each Tuesday thereafter ) , and the hour
of 1100 a.m. Pacific Standard Time, is hereby fixed as the
time, and the offices of Seidler-Fitzgerald Public Finance,
515 South Figueroa Street, Sixth Floor , Los Angeles,
California, is hereby fixed as the place at which bids will
be received for the purchase of the Bonds, as described in
and subject to the terms and conditions of the Official
Notice of Sale hereinafter referred to. The Bonds shall be
awarded within 26 hours thereafter by the City to the
responsible bidder offering the lowest net interest cost to
the City, all as determined by the City, with the right
being reserved to reject any and all bids. The City Man-
ager , in consultation with the City' s Financial Consultant
and Bond Counsel, is hereby authorized to establish the
final principal amount of the Bonds prior to the publication
of the official Notice of Sale, provided that said amount
shall not exceed $7,620, 000.
SECTION 2. official Notice of Sale. The invita-
tion for bids for the purchase of the Bonds is hereby autho-
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rued, such invitation to be substantially in accordance
with the Official Notice of Sale, which includes a bid form,
all attached to and incorporated herein as Exhibit A ( the
"Official Notice of Sale" ) , with such changes and modifica-
tions as may be deemed appropriate or necessary by City
staff and counsel to the City, including the final principal
amount of the Bonds, to cause the Official Notice of Sale to
conform to the terms of the Bonds as such terms are set
forth in the hereinafter-referred-to Preliminary Official
Statement.
SECTION 3 . Publication of Official Notice of
Sale. The City Clerk shall cause the official Notice of
Sale, with such changes and modifications referred to in
Section 2 hereof, to be published once in the Daily_j�acts, a
newspaper published and of general circulation in the City
of Redlands, California, on or before January 22 , 1988,
which is a date at least ten ( 10) days prior to the day
fixed for the receipt of bids.
SECTION 4. Terms and Conditions of Sale. The
terms and conditions of the offering and the sale of the
Bonds shall be as specified in the Official Notice of Sale,
including such modifications thereto as permitted pursuant
to Section 2 hereof.
SECTION 5. Official Statement Authorized. The
City hereby approves the preparation of a preliminary offi-
cial statement ( the "Preliminary Official Statement" ) by
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Seidler-Fitzgerald Public Finance (the "Financial Consul-
tant" ) , and authorizes its distribution in connection with
the sale of the Bonds. The City Manager is authorized to
approve the amendment of the Preliminary official Statement
from time to time, pending distribution of the Preliminary
Official Statement, as shall be required to cause the Pre-
liminary Official Statement to contain any further informa-
tion necessary to accurately describe the Bonds. The form
of final Official Statement relating to the Bonds shall be
submitted to this City Council for its approval prior to its
use.
SECTION 6. Furnishing of Official Notice of Sale
and Preliminary official Statement. The City Clerk and the
Financial Consultant are hereby authorized and directed to
cause to be furnished to prospective bidders a reasonable
number of copies of the Official Notice of Sale ( including
the Bid Form) and a reasonable number of copies of the Pre-
liminary Official Statement.
SECTION 7. Publication of Intention to Sell. The
City Clerk shall cause a copy of a Notice of Intention to
Sell Bonds to be published once in the RRpj Buyer , One State
Street Plaza, New York, New York, substantially in the form
attached hereto as Exhibit B with such changes and modifica-
tions as may be deemed appropriate and necessary by the City
Manager and counsel to the City to cause said Notice of
Intention to Sell Bonds to conform to the terms of the Bonds
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as such terms are set forth in the Preliminary Official
Statement . Such publication shall be on or before Janu-
ary 18, 1988, which is a date at least fifteen (15) days
prior to the date fixed for the receipt of bids.
SECTION 8. Financial Consultant and Bond Counsel.
The financial consulting firm of Seidler- Fitzgerald Public
Finance has been retained as Financial Consultant for this
transaction and the law firm of Best, Best & Krieger is
hereby retained as Bond Counsel on the terms set forth in
the proposal letter of said firm presented to this meeting,
and the Mayor is hereby authorized and directed to execute
said proposal letter for and in the name of the City.
SECTION 9. Financial Consultant to Bid. Pursuant
to Government Code Sections 53690 and 53692, inclusive, the
Financial Consultant named in Section 8 hereof has given the
City written notice that it intends to bid on the Bonds, and
the City hereby consents to the Financial Consultant acting
as underwriter at such sale.
SECTION 10 . Piling of CAC Notice. The City
hereby approves the filing by Bond Counsel of a notice of
the City's intent to sell the Bonds with the California Debt
Advisory Commission pursuant to Section 8855 of the Califor-
nia Government Code.
SECTION 11 . General Authorization. The Financial
Consultant and/or Bond Counsel are hereby authorized and
directed to open' the bids at the time and place specified in
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said official Notice of Sale and to present the same to this
City Council. The Financial Consultant and/or Bond Counsel
are hereby authorized and directed to receive and record the
receipt of all bids made pursuant to said official Notice of
Sale, to cause said bids to be examined for compliance with
said official Notice of Sale, to cause computations to be
made as to which bidder has bid the lowest net interest cost
to the City and to present such bids to this city Council,
as provided in said official Notice of Sale, along with a
report as to the foregoing and any other matters deemed
pertinent to the award of the Bonds and the proceedings for
the issuance thereof.
SECTION 12. Supersedes. This Resolution shall
supersede all prior action of this city Council relating to
the solicitation of bids for the Bonds and the other matters
contained herein.
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SECTION 13. Effective Date. This Resolution shall
take effect upon adoption.
ADOPTED AND APPROVED t",,,s 5th day of January, 1988.
Mayor of the City of Redlands
ATTEST:
ctt-y 1 e--r k
(SEAL)
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GES0255C
LORRIE POYZER, city Clerk of the City of Red-
lands, California, do hereby certify that the foregoing
Resolution No. 4330 was regularly introduced and adopted by
the city Council of the City of Redlands, California, at a
regular meeting thereof held on the 5th day of January,
1988, by the following vote of the city Council:
AYES: Councilmembers Wormser, DeMirjyn, Johnson,
Cunningham; Mayor Beswick
NOES: None
ABSENT: None
and that said resolution has not been amended, superseded or
repealed, and is in full force and effect .
IN WITNESS WHEREOF, I have hereunto set my hand
this l6th day of February 1988.
City Clerk
City of Redlands, California
GES0255C
EXHIBIT
OFFICIAL NOTICE OF SALE
CITY OF R EDLANDS
COUNTY OF SAN BERNARDINO, CALIFORNIA
NOTICE INVITING BIDS
7,620,000
CITY OF REDLANDS GENERAL OBLIGATION BONDS
SERIES 1988
NOTICE IS HEREBY EBY CIV N that sealed proposals for the
purchase of Seven Million Six r Hundred Twenty Thousand
Dollars (87,628, 808) principal amount of general obligation
bands of the City of Redlands (hereinafter referred is as
the "City" ) will be received by the City up to the time and
t the place specified:
TIME: Tuesday, February 2, 1988
11.86 o'clock a.m.
Pacific Standard Time
PLACE. Seidler-Fitzgerald Public Finance
516 South Figueroa Street, Sixth Floor
Less Angeles, California 0072-3396
The bids will be :received at the above time and place,
will be opened by the 'Financial Consultant and/or Band. Coun-
sel and will be presented to the City Council of the City at
its meeting to be held within 26 hours thereafter. There-
after, without further advertising and so long as a proposal-
has not theretofore been accepted by the City, bids will be
received. on Tuesday, February 9, 1988 and each Tuesday
thereafter at 11:00 a.m. Pacific Standard Time at the above
location until bids are received and accepted.
The Bonds will be issued pursuant to Article 1 of Chap-
ter 4 of Division 4 of Title 4 of the Government Code of the
State of California (commencing with Section 43680 thereof)
(the "Laws" ) and a Resolution to ,be adopted by the City Coun-
cil prior to the delivery of the Bonds to the successful
bidder (the "Resolution" ) . The Scads are more particularly
described in the Preliminary Official Statement, cosies of
which will be furnished to any interested bidder upon
request. See "Official Statement" herein. The Bards are
generally described as follows
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ISSUE: Seven Million Six Hundred Twenty Thousand
Dollars ($7, 620,000) designated "City of Redlands General_
Obligation Bands, Series 1988A"" (the "Bonds")-. The Bonds
shall be in registered fora only, in the principal amount of
$5,000 or any integral multiple thereof and shall be dated
as of February 1, 1988
MATURITIES: The Bonds will mature an February l as
follows
Maturity Date Principal Amount
1989 65,000
1990 75,000
1991 80,000
1992 85,000
1993' 90,000
1994; 100,000
1995 105,00
1996 115,000
1997 125,000
1998 135, 000
1999' 145,000
2000 155,000
2001- 170,000
2002 185,000
2003 200,000
2004 215,000
2005 230,000
2006 250,000
2007 270,000
2005 290, 000
2009` 315,000
2010; 340,000
2011 365,000
2012 395,000
.2013 425,000
2014 460,000
2015 495,000
2016 535, 000
2017 580,000
2018 625,000
INTEREST: The Bands will bear interest at a rate to be
fixed upon the sale thereof, but not to exceed twelve per-
cent ( 12%) per annum, payable commencing August 1, 1988, and
semiannually thereafter on February 1 and August 1 in each.
year.
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PAYMENT: The Bonds and the interest thereon and any
premiums upon the redemption thereof prior to maturity are
payable in lawful money of the United States of America.
Interest on the Bonds is payable by mailed check or draft
except for final interest payment at maturity or upon
redemption. Principal on the Bonds is payable at the prin-
cipal corporate trust office of the Paying Agent for the
City, Bank of America National Trust and Savings Associa-
tion, San Francisco, California.
REGISTRATION: The Bonds are issued as fully registered
Bonds payable to the registered owner . Transfer of owner-
ship of a Bond or Bonds shall be made by exchanging the same
for a new Bond or Bonds of the same maturity. All of such
exchanges shall be made in such manner and upon such reason-
able terms and conditions as may from time to time be deter-
mined and prescribed by the City; provided, however, no such
exchange shall be made between the fifteenth (15th) day of a
month preceding any interest payment date and such interest
payment date.
OPTIONAL REDEMPTION: Bonds maturing on or before Febru-
ary 1, 1993, are not subject to redemption before their
stated maturities. Bonds maturing by their terms on or
after February 1, 1994, are subject to redemption as a whole
or in part in inverse order of maturity (and by lot within
any one maturity) prior to their respective maturity dates,
at the option of the City, on any interest payment date on
or after February 1, 1993, from moneys< derived by the City
from any source, at the following redemption prices
(expressed as a percentage of the principal amount of bonds
called for redemption) together with accrued interest
thereon to the date fixed for redemption:
Redemption Dates Redemption Price
February 1, 1993 to August 1, 1993 102 %
February 1, 1994 to August 1, 1,994 1012,
February 1, 1995 to August 1 , 1.995 101
February 1, 1996 to August 1, 1996 10012
February 1, 1997 and thereafter 100
NOTICE OF REDEMPTION: Notice of any redemption will be
mailed to the respective registered owners of the Bonds
designated for redemption as provided in the Resolution.
Bidders are referred to the Preliminary Official Statement
for further particulars (see "Official Statement" herein) .
PURPOSE OF ISSUE: The Bonds are to be issued by the
City in order to acquire certain park and recreation lands
and open space lands for the benefit of the City and its
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inhabitants Bidders are referred to the Preliminary
Official
on all Bonds from February 1, 1988, to the stated maturity
date of the Bonds at the applicable interest rate specified
in the bid, and the award will be made on the basis of the
lowest net interest cost to the City. The purchaser gust
pay accrued interest, computed on a 860-dayyear basis, from
the date of the Bonds to the date of delivery. The cost of
printing the Bonds will be borne by the City -
RICHT OF REJECTION: The City reserves the right, in its
discretion, to reject any and: all bids and, to the extent
not prohibited by law, to waive any irregularity or infor-
mality in any bid.
PROMPT AWARD: The City will tale action awarding the
Bonds or rejecting all bids not later than twenty-six (26)`
hours atter the time herein prescribed for the receipt of
bids; provided that the award may be grade after the expira-
tion of the specified time if the bidder shall not have
given to the City notice in writing of the withdrawal of
such bid.
BBIP: CUSIP identification numbers may be imprinted on
the Bonds, but such numbers shall not constitute a part of
the contract evidenced by the Bonds and no liability shall
hereafter be attached to the City or any of the officers or
agents thereof because of or on account of said numbers..
Any error or omission with respect to said numbers shall not
constitute cause for refusal by the successful bidder to
accept delivery of and pay for the Bonds.
CALIFORNIA DEBT ADVISORY COMMISSION PEE: Attention of
bidders is directed to California Government Code Section
8856, which provides that the lead underwriter or the pur-
chaser of the Bonds may be charged the California Debt Advi-
sory Commission fee, which is 1/80th of 1 percent of , the
principal amount of the Bonds not to exceed $2, 500.
DELIVERY AND PAYMENT: Delivery of the Bonds will be
made to the successful bidder at the offices of Best, Best
Krieger, Bond Counsel, 488 Mission Square, 3788 University
Avenue, Riverside, California, on or about February 17,
1988, Payment for the ,Bonds must be made by federal funds
check of funds immediately available to the City in Los
Angeles, California. Any expense of providing such funds
shall be borne by the purchaser.
CANCELLATION FOR LATS DELIVERY': The successful bidder
shall have the right , at his caption, to cancel the contract
of purchase for the Bonds if the City shall: fail to execute
the Bonds and tender them for delivery within 60 days from
the award of the sale of the Bonds, and in such event the.
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successful bidder shall be entitled to the return of the
proceeds of the check accompanying his bid.
FORM OF BIB, NO DISCOUNT: All bids rust be for not less
than all of the Bonds hereby offered for sale and for not
less than one hundred percent (10 0%) of the par value:
thereof and accrued interest thereon to the delivery date.
Each bid, together with the bid check must be in a sealed a
envelope, addressed to the City, with the envelope and bid'
clearly marked "Bid for $7,620,000 City of Redlands General
Obligation Bonds, Series 198 A" and delivered to its repre-
sentative at; the address mentioned above. Each bid must be
unconditional and in accordance with the terms and condi-
tions set forth herein, or permitted herein, and must be
submitted on, or in substantial accordance with, bid forms
provided by the City.
BID CHECK: A certified or cashier ' s check on a respon-
sible bank or trust company in the amount of Seventy-Five
Thousand Dollars ($75,400) , payable to the carder of the
City, must accompany each; bid as a guaranty that the bidder,
if successful, will accept and pay for the Bonds in accor-
dance with the terms of his bid. The check accompanying any
accepted` bid shall be cashed and the proceeds thereof
applied to the purchase price. If such bid is accepted but
.not performed, unless such failure of performance shall be
caused by any act or omission; of the City, the proceeds of
the; check accompanying any accepted bid shall be retained by
the City. The check accompanying each unaccepted bid will
be returned promptly. No interest shall be paid upon the
deposit made by any bidder .
CHANGE Its TAX-EXEMPT STATUS: At any time before the
Brands are tendered for delivery, the successful bidder may
disaffirm and withdraw the bid if the interest received by
private owners from notes or bonds of the same type and
character shall be declared to be includable in gross income
under present federal income tax laws, either by a ruling of
the Internal. Revenue Service or by a decision of any federal
court, or shall be declared taxable by the terms of any
federal income tax law enacted subsequent to the elate of
this notice.
LEGAL OPINION: The opinion of the Bond Counsel: firm of
Best, Best, & Krieger, Riverside, California, approving the
validity of the Bonds and stating that interest on the Bonds
is excluded from gross income under present federal income
tax laws and that such interest is also exempt from personal
income taxes of the State of California under present State
income tax laws, will be furnished the successful bidder at
or prior to the time of delivery of the Bonds at the expense
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of the City. The legal opinion will be subject to laws
affecting creditors' rights and to the exercise of judicial
discretion in accordance with general principles of equity.
A copy of such opinion, certified by an officer of the City
by his facsimile signature, will be printed on the back of
each definitive Bond without charge to the purchaser.
ARBITRAGE: On the basis of the facts, estimates and
circumstances ( including covenants of the City) in effect at
the time of issuance of the Bonds, it is not expected that
the proceeds of the Bonds will be used in a manner that will
cause the Bonds to be arbitrage bonds and the City will fur-
nish to the successful bidder at the time of delivery of the
Bonds an arbitrage certificate certifying to the foregoing.
NO LITIGATION: There< is no litigation pending concern-
ing the validity of the Bonds, the existence of the City or
the title of the officers thereto to their respective
offices, and the City will furnish to the successful bidder
a no-litigation certificate certifying to the foregoing as
of and at the time of delivery of the Bonds. Bidders are
referred to the Preliminary Official Statement for further
particulars.
CERTIFICATE CONCERNING OFFICIAL STATEMENT: The City
will provide to the purchaser of the Bonds a certificate of
an appropriate officer of the City dated as of the date of
delivery of the Bonds to the effect that to the best of such
officer 's knowledge and belief, and after reasonable inves-
tigation, (a) neither the Official Statement nor any amend-
ment or supplement thereto contains any untrue statement of
a material fact or omits to state any material fact neces-
sary to make the statements therein, in light of the circum-
stances in which they were made, not misleading; (b) since
the date of the Official Statement, no event has occurred
which should have been set forth in an amendment or supple-
ment to the Official Statement which has not been set forth
in such an amendment or supplement; and (c) there has not
been any material adverse change in the operations or finan-
cial affairs of the City since the date of the Official
Statement.
STATEMENT OF NET INTEREST COST: Each bidder is
requested, but not required, to state in its bid the total
net interest cost of its bid in dollars to the City, and the
percentage net interest cost determined thereby, which shall
be considered informative only and not binding on either the
bidder or the City.
OFFICIAL STATEMENT; The City has caused a Preliminary
Official Statement to be prepared containing additional
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information relating to the Bonds and the City, copies of
which may be obtained from the City 's Financial Consultant
named below. The City will furnish to the successful bid-
der, at no charge, a reasonable number of copies of the
Anal Official Statement (but not to exceed 3 ) for this
issue for use in connection with any resale of the Bonds.
INFORMATION AVAILABLE: Requests for copies of the Pre-
liminary Official Statement pertaining to the Bonds, or for
other information concerning the City, should be addressed
to the Financial Consultant tai= the City:
Seidler-Fitzgerald Public Finance
515 South Figueroa Street, Sixth Floor
Los Angeles, California 90071-3396
( 213) 624-4232
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GIVEN by the order of the City Council of the City of
Redlands by resolution adapted on January 5, 1988.
i
fsj Lorrie Poyzer
City Clerk of the City of
Redlands, California
A-9
GE 0255C
BID
FOR THE PURCHASE OF
$7 ,620,000
CITY OF REDLANDS GENERAL OBLIGATION BONDS
SERIES 1988A
February —, 1988
City Council of the City of Redlands
Redlands, California
Pursuant to the Notice Inviting Bids hereinafter men-
tioned, we offer to purchase the Bonds designated as "City
of Redlands General Obligation Bonds, Series 1988A" in the
total principal amount of $7,620,000 plus a premium of
$ F making an aggregate sum of $ plus
interest accrued on such Bonds from February 1, 1988 to the
date of delivery thereof.
The and are to bear interest at the rates set forth in
the following schedule:
Maturity Principal Interest Maturity Principal Interest
(February 1) Amount Rate (February l Amount Rate
1989 $ 65, 000 % 2004 $215,000 %
1990 75,000 2005 230,000
1991 80,000 2006 250,000
1992 85,000 2007 270,000
1993 90,000 2008 290,000
1.994 100, 000 2009 315,000
1995 105,000 2010 340,000
1996 115,000 2011 365,000
1997 125,000 2012 395,000
1.998 135,000 2013 425,000
1999 145,000 2014 460,000
2000 155,000 2015 495,000
2001 170,000 2016 535,000
2002 185t000 2017 580,000
2003 200,000 2018 625,000
This bid is made subject to all the terms and conditions
of the Notice Inviting Bids heretofore published, all of
which terms and conditions are made a part hereof as fully
as though set forth in full in this bid.
As specified in the Notice Inviting Bids, this bid is
subject to acceptance not later than twenty-six (26) hours
after the expiration of the time for the receipt of bids,
and the opinion of the Bond Counsel firm< of Best, Best &
Krieger, Riverside, California, approving the validity of
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the Bonds, will be furnished us (if we are the successful
bidder) at the time of delivery of the Bonds at the expense
of the City.
There is enclosed herewith a cashier ' s check in the
amount of Seventy-Five Thousand Dollars ($75,000) payable to
the order of the City.
our calculation of the net interest cost and net inter-
est rate, which is considered to be informative only and not
a part of the bid, is as follows:
Total Interest $
Less Premium
Net Interest Cost
Net interest Rate %
Following is a list of members of our account on whose
behalf this bid is made.
Respectfully submitted,
Name:
(Account Manager )
By:
Address:
City:
State:
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GES0255C
ggggg",
EXHIBIT B
NOTICE OF INTENTION TO SELL
$7,620,000
CITY OF RE LAN SGENERAL OBLIGATION BONDS
SERIES 1988A
NOTICE IS HEREBY GIVEN that the City of Redlands
( the "City") intends to sell at public sale $7,620,000 "City
f Redlands General Obligation Sends, Series 1988A" (the
"Bonds") to aid in the financing of the acquisition of park:
and recreation lands and gran space lands:. Bids will be
received on Tuesday, February 2, 1988 (and without further
advertising and so long as ,a proposal has not theretofore
been accepted by the City, Tuesday, February 9, 1988, and
each Tuesday thereafter) at 1180 a.m. Pacific Standard Time
at the following location;
Seidler-Fitzgerald Public Finance`
515 South Figueroa Street, Sixth Floor
Los Angeles, California 90071-3396
The City has caused to be prepared a detailed Offi-
cial Notice of Sale and Preliminary Official Statement,
copies of which will be furnished upon request from Seidler-
Fitzgerald Public Finance, 515 South Figueroa Street, Sixth
Floor, Los Angeles, California 0071--3396, ( 213) 624-4232.
C1 ty Clerk oaf the City cf
Redlands, California
--
ES0 55
LAW OFFICES OF
ARTHUR L-LJTTLEWORTH I,1tQGHYTA A.ETTINGER BEST, BEST & KRIEGEFS. OFF ES IN
GLEN E.STEFIENS- VICTOR L,WO!F
WILLIAM R,DeWOLFE OAN:EL r.OUVtER A NA—ERSHIP INCLIJOING PROFESSIVNAL CORPORATIONS
BARTON C.GAUT. DANIEL:i,WHUGH 400 MISSION SOUARE PALM SPRINGS
CHARLES D.FIELD CARL F,HERBO,D '619) 32S-7264
PAUL T,SEL25R STEPHANIE K.HARLAN 3750 UNIVERSITY AVENUE
DALLAS HOLMES MARC E-EMPEY
CHRTSYOPHEA CARPENTER- JOHN R:ROITSCHAEFER PO-5`7 OFFICE, BOX W023 RANCHO MIRAGE
RiCHAfT0 T.ANDERSON* MARTIN A.MUELLER
JOHN VrWAHLIN* J,MICHAEL SUMMERCUP RIVERSIOE�CALIrORNIA 92SO2 ('a4sa"SGS—Iren
MICHAEL 0 HARRIS. HOWARD B.SULDS
W.CURT EALY- EUGENE TANAKA TELEPHONE 686-14SO
-rHOMAS S.SLOVAK MARGARET F.TANAKA SAN DIEGO
JOHN E.BROWN- SAIL T.CHAP14AN TELECOPIER '714) 686-3083 619'457-4915
RONALIT J.KOHL JEFFERY J.CRANDALL
MICHAEL T.RIDDELL E 5C07T C,SWTH
MEREDITH A.J(JPY* LANCE A,ADAIR RAYMOND DCS r"IS68-IAG7'' GOPCION COLOGNE 0 COUNSEL
MICHAEL GRANT JACK S.CLARKE JAMES H.KRIEOt'R SON�,0"
FRANCIS J.BAUM* JEANNETTE A.PETERSON JAMCS B.CORI F COUNSEL
ANNE T'THOMAS- TERI L.VOLLNOGLE EuGrVc sr--r RICHARD A.OSMINS#OF:COUNSEL
0,MARTIN 14CTHERY BARBARA E.KRISTAL AMMtT7CP SN NEW YORA,HLVACA
GEORGE M,REYES BRFAN M.LEWIS
YES.
W.FLOYD.JRV MCITHY M.CONNOR
MICHAEL A.ORiSTIE A. GEORGE H,CHANT=
GREGORY L,,HAROKE RONALD A.VAN BLARCOM
RICHARD CROSS REBECCA 0,HIC:KOX
KENDALL H,MAOVEY BRADLEY C.NEUFFLO
CLARK H.ALSOP ELISE. K.TRAYNUM
DAVID J,ERWIN DONALD P.BREWSTER
LARCH
J.ANDELSON CECT
S,WU December 29, 1987
DOUGLAS S.PHILLIP$ DAVID A,ffRANDENSURG
CHARLES M.E"tS- MICHAEL C.HULME.JR.
LANTSON C.ELDRED* GEOFFREY K,WILLIS
IRWIN L,GOUDS WILLIAM 0,0AHLING,JR,
ANTONIA G.WEINER WYNNE 5,FURTH
GREGORY K,WILK#NSOI,4 KANDY LEE ALLEN
HARLEY L.SJELLAND T,HOMAS W,WEIOENBAC14
DAVID L,5ARON TERESA J.McEUHANNON
A PROFESSIONAL CORPORATION
VIA MESSENGER
Ms. Lorrie Poyzer
City Clerk
City of Redlands
30 Cajon Street
Redlands, CA 92373
Re: City of Redlands General Obligation Bond Issue
Dear Lorrie:
Please find enclosed the original and 12 copies of the
resolution authorizing solicitation of bids for the General
Obligation Bonds (Park Land and Open Space Project) .
Very truly yours,
n tschaefer
r �s
Be; est & Krieger
JRR:bmf
LAW OFFICES. OF
ARTHUR J-LITTLEWOR th vIRGINXA A.ETTINC R BEST,.: BEST CSX KRIEGER. OFFICES IN
GLEN E.STERN ENS:* VICTOR L.WOLF
WILLIAM R,O€WOLF'£+ DANIEL E.L]Lt'dBER.
A...PASiTNEgSHIV INCUJ' ING wa ROFt F5IdNAL rORFORATIONS-
BARTON C.GAUT* DANIEL J•MCHIJG.H :PALM SPFANGS
SD.FIELD CARL F.HrRHOLO
CNARLES 40D MISSION 54�UARE
PAS L T.:SELZER*. STEPHANIE K.HARLAN 3750 UNC VERSITY: AVENUE S6t9y 32'5-T26+6:
DALLAS HOLMES* MARC E.EMPEY.
CHR€STOPRCR CARPENTER'": JOHN RROTTSCHAEFER. POST OFFICE E30X IOP-S, RANCHO MIRAGE::
RSCRARD T.ANDERSON* MARTIN A.MUELLER . .'655;,^5�Fr8-261'.f
.tOHN 0,WAFIUN .� MICHAEL,SUM#.t EkT.LD 17 Fe. RIVERSIDE,. CALIPC.7 F23+�IA 92S ES 2.
M iCHAEL 0,HARRIS:'* HOWARD D.GOLD$
W.CURT EALY- EUGENE TANAKA TELEPHONE-7T4)686-4,450: SAW DIEGO
THOMAS S.SLOVAK ti MARGARET P.TANAKA
JFSNN E.BROWN BASIL T.CHAPMAN TEL.ECOPRR (734) 6815-30383. gEIR` 457-491:15
RONALD J,KOUT JEFFFRY J.CRANDALL _.
MICHAEL EIT T.RI 00C JVRY L* CC.CE C.ADAIR. r�..:AYYMOND BEST(4868-18�S7.:. GORDON COLOGNE,OF COUNSEL
ITH
f�EREt}1YEi... A.,JURY+ L4NCE.A.A:E?AIR
MICHAEL GRANT :;JACK B.CLARKE JAMES H.KMEGER'Y5a3-I97S) JAMES 9,COIRISON,OF COUNSE.L..
FRANCIS J.BAUk«D*.. JEANNETTE A.PETERSON EUGENE BEST(I89:3-t98f) RICHARD A.OSH;NS,OF CO NSCI-
ANNE T.THOMAS* TEFU L.VOLLNOGLE
D.MA141IN NETHERY.* BARBARA E.KRISTAL A�MEsvC€�IR N€^a�'YORK,i3EVAgA.
G BORGE M.REY ES: BMAN M.LrWi v+A�x+.IaaG.r�,+N,�.c.UCs�+aT or�Lnq M 5:
W.LLIAM W.FLOYD, „R. TIMOTHY W.CONNOR
M IC HAEL.A,CRISTE* GEORGE:H,CHANT M
GREGORY L.HARDKE RONALD A:.VAN BLARCOM
RICHARR CROSS: REBECCA O.HICKOX
KENDALL.H.M--VEY. BRADLEYE..NEUFE.LD...
CLARK H.. A¢,SOP ELISE K.TRAY NOM January 1. � 198
CAVVIiD J.ER""IN x DONALD P. BREWSTER
MICHAEL J.ANDELSON vt. GECIUA$:.WU
DOUGLAS S.PHILLIPS* DAVID A.BRA N DEN BU RG
CHARLES f+4.ELOS* MICHAEL E.HULME,JR..
LANTSON E.ELDRE€7*. GEOFFREY K.WJ LLIS..
IRWIN L. OLDS WILLIAM 0,CDAKUNG,JR::
ANTONIA G.WEMER WYNNE S-:FURTH
GREGORY K.WILKI.NSON :KAN CDY LEE ALLEN
HARLEY L.BJELLAND THOMAS W.WEIDENEAC-'H
6A.VIO L.BARON TERESA J.McELHANNON.
A PROFESSIONAL CORPORATION
The City of Redlands
30 Cajon Street
P . C. Box 280
Redlands, CA 92373
Attention: Louie Pay e
City Clerk
Re: $7 ,620, 000 City of Redlands General
Obligation Bond, Series 1988A
Resolution No. 433 ;
I „
F
Deal Ms. Poyzer
Enclosed please find Official Notice of Sale pertaining
to the above. Please have this document published, in the
t a l r 'a is no later than January 22 , 1988.
Should you have any questions, please contact- e,
eery; truly yours,
en E. .9thn
of } est, Best & Krieger
GES -nd
OFFICIAL NOTICE_OF SALE
CITY OF REDLANDS
COUNTY OF SAN BERNARDINO, CALIFORNIA
NOTICE INVITING BIDS
$7,620,000
CITY OF REDLA IDS GENERAL OBLIGATION BONDS'
SERIES 1988A
NOTICE IS HEREBY GIVEN that sealed proposals for the
purchase of Seven Zillion Six Hundred Twenty Thousand;
Dollars ($7,620,000) principal amount of general obligation
bonds of the City of Redlands (hereinafter referred to as
the "City") will be received by the City up to the time and
at the glace specified.
TIME. Tuesday, February 2 1988
11:00 o'clock a.m.
Pacific Standard Time
PLACE. Seidler-Fitzgerald Public Finance
515 South Figueroa Street, Sixth- Floor
Los Angeles, California 90071-3396
The bide will be received at the above time and place,
will be opened by the Financial Consultant and,/or Band Coun-
sel and will be presented to the City Council of the City at
its meeting to be held within 26 hours thereafter . There-
after,
after, with out ,further advertising and so bang as a proposal
has not theretofore been accepted by the City, bids will be
received on Tuesday, February 9, 1985 and each Tuesday
thereafter at 11: 00 a.m. Pacific Standard Time at the above
location until bids are received and accepted.
The Brands will be issued pursuant to Article 1 of Chap-
ter 4 of Division 4 of Title 4 of the Government Code of the
State of California (commencing with Section 43500 thereof)
(the "Law" ) and a Resolution lution to be adopted by the City Coun-
cil prior to the delivery of the Bands to the successful
bidder (the "Resolution") . The Brands are more particularly
described in the Preliminary Official Statement, copies of
which will be furnished to any interested bidder upon
request. See "Official Statement" herein. The Bands are
generally described as follows
q
x
"
ISSUE: Seven Million Six Hundred 'T'wenty Thousand
Dollars ($7,620,000) designated "City of Redlands General
Obligation Bonds, Series 1988A" ( the "Bonds") . The Bonds
shall be in registered form only, in the principal amount o
;5, 000 or any integral multiple thereof and shall be dated
as of February 1, 1988.
MATURITIES: The Bonds will mature on February 1 as
follows:
Maturity pate Principal Amount
1989 5,000
1990 75,000
1991 80,000
1992 85,000
1993 90,000
1994 100, 000
1995 105,000
1996 115,000
1997 125, 000
1998 135,000
1999 145,000
2000 155,000
2001 170,000
2002 185,000
2003 200, 000
2004 215,000
2005 230,000
2006 250,000
2007 270,000
2008 290,000
2009 315,000
2010 340,000
2011 365,000
2012 395,000
2013 425,000
2014 460,000
2015 495,000
2016 535,000
2017 580,000
2018 625,000
}
r
INTFRL'8T: The Bonds will bear interest at a rate to be
fixed upon the sale thereof, but not to exceed twelve pier-
cent (12% ) per annum, payable commencing August 1, 1988, and
semiannually thereafter on February 1 and August 1 in each
year.
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PAYMENT: The Bands and the interest thereon and any
premiums upon the redemption thereof prior to maturity are
payable in lawful money of the United States of America.
Interest on the Bonds is payable by mailed check or draft
except for final interest payment at maturity or upon
redemption. Principal on the Bonds is payable at the prin-
cipal corporate trust office of the Paying Agent for the
City, Bank of America National Trust and Savings Associa-
tion, San Francisco, California.
REGISTRATION: The Bonds are issued as fully registered
Bonds payable to the registered owner. 'transfer of owner-
ship of a Bond or Bonds shall be made by exchanging the same
for a new Bend or Bonds of the same maturity. All of such
exchanges shall be made in such manner and upon such reason-
able
e son--able teras and conditions as may from time to time be deter-
mined and prescribed by the City, provided, however, no such
exchange shall be made between the fifteenth ( 15th) day of a
month preceding any interest payment date and such interest
payment date.
OPTIONAL REDEMPTION: Bonds maturing on or before Febru-
ary 1, 1993, are not subject to redemption before their
stated maturities. Bonds maturing by their terms on or
after February 1, 1994, are subject to redemption as a whole
or in part in inverse order of maturity (and by lot within
any one maturity) prior to their respective maturity dates,
at the option of the City, on any interest payment date on
or after February 1, 1993, from moneys derived by the City
from any source, at the following redemption prices
(expressed as a percentage of the principal amount of bonds
called for redemption) together with accrued interest
thereon to the date fixed for redemptions
Redemption Dates Redemption Price
February 1, 1993' to August 1., 1993 10
February 1 1994 to August 1 , 1994 1012
February 1, 1995 to August 1, 1995 loll
February 1 , 1996 to August 1, 1996 10021
February 1 ,- 1997 and thereafter 10
NOTICE OF REDEMPTION: Notice of any redemption jaill be
mailed to the respective registered owners of the Bonds
designated for redemption as provided in the Resolution.
Bidders are referred to the Preliminary Official Statement
for further particulars (see "Official Statement" herein) .
PURPOSE OF ISSUE: The Bonds are to be issued by the
City in order to acquire certain park and recreation lands
and open space lands within and for the benefit of the 'City
PURPOSE OF ISSUE!- The Bonds are to be issued by the
City in order to acquire certain park and recreation lands
and open space lands 1n,�° for the benefit of the City
lzaa
A pr d �
3- 4It w
( t�}t� W`'d5gy { rf$\t `1i�4t �y3a5
_Was;.akwa�s;;?n3",din.+�'ai5"srcs�u�*f�333p�a"rst,`���'i.�iak'�`���,�s��bn{�tx?�".4ttss�iNs,..1 a.f4�Rt��Ss ��tll�z�i 3x�at��1. .ht ans'�.,..
P
` and its: inhabitants. Bidders are referred to the Prelim-
inary Official Statement for further particulars (see "Offi-
cial Statement" herein) .
SECURITY: The Bends are general obligations of the City
of Redlands and the City has the power, is obligated and has
covenanted to levy ad valorem takes open all property within
the City subject to taxation by the City, without limitation
as to rate or amount, for the payment of the Bonds and the
interest thereon.
TERMS ' 3F SALT:
INTEREST RATE: Maximum on any maturity of the Bonds not
to exceed twelve percent ( 12x) per annum, payable on
August 1, 1988 and semiannually thereafter on February 1 and
August l of each. year. Bidders must specify the rate or
rages of interest which the Bonds shall bear; -provided that
(a) all Bonds maturing by their terms in any one year rust
bear the same rate of interest; (b) each interest rate spe-
cified must be in a multiple of 1120 or 1,/8 of l and a zero
rate of interest cannot be specified; "(c) no Band shall bear
more than one rate of interest; (d) each Bond shall bear
interest front its date to its stated maturity date at the
interest rate specified in the bid; and (e) any premium must
be paid in immediately available move' s as part of the
purchase price and no bid will be accepted which
contemplates the waiver of any interest or other concession
by the bidder as a substitute for payment in full of the>
purchase price in immediately available moneys;. Bids which
do not conform to the tens of this paragraph will be,
rejected,
AWARD: The Bonds shall be sold for cash only. All bids
must be for not less than all of the Bonds hereby offered`
for sale and each bid shall state that the bidder offers
accrued interest to the date of delivery, the purchase
price, which shall not be less than one hundred percent
( 100%) of the principal amount of the Bonds hereby offered,
and the interest rate does not exceed that specified herein,
at which the bidder offers to buy the Bonds. Each bidder
shall state in his bid the total net interest cost in dol-
lars and the net interest rate determined thereby, which
shall be considered informative only and not a part of the
bice.,
HIGHEST BID: The Bonds will be awarded to the highest
responsible bidder . The highest bid will be determined by
deducting the amount of the premium bid (;if any) from the
total amount of interest which would be required to be paid
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mr f.,�. 1�4�,s.,.sc 1k, r �ba' ''.tuix i:c`rt��'�„7 ;,n':.-;',r�2
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on all Bonds from February 1, 1988, to the stated maturity
date of the Bonds at the applicable interest rate specified
in the bid, and the award will be made on the basis of the
lowest net interest cost to the City. The purchaser must
pay accruedinterest, computed on a 360-day year basis, from
the date of the Bonds to the date of delivery. The cost of
printing the Bands will be borne by the City.
RIGHT OF REJECTION: The City reserves the right, in its
discretion, to reject any and all bids and, to the extent
not prohibited by law, to waive any irregularity or infor-
mality in any bid.
PROMPT AWARD: The City will take action awarding the
Bonds or rejecting all bids not later than twenty-six ( 26)
hours after the time herein prescribed for the receipt of
bids; provided that the award may be made after the expira-
tion
pira-tion of the specified time if the bidder shall, not have
given to the City notice in writing of the withdrawal o
such bid.
CUBIP. CUBIP identification numbers may be imprinted on
the Bands, but such numbers shall not constitute a part of
the contract evidenced by the Bonds and no liability shall:
hereafter be attached to the City or any of the officers or
agents thereof because of or on account of said numbers.
Any error or omission with respect to said numbers shall not
constitute cause for refusal by the successful bidder to
accept delivery of and pay for the Bonds.
CALIFORNIA DEBT ADVISORY COMMISSION FEE, Attention of
bidders is directed to California Government Code Section
8856, which provides' that the lead underwriter or the pur-
chaser of the Bands may be charged the California Debt Advi-
sory Commission fee, which is 1 88th of 1 percent of the
principal amount of the Bonds not to exceed $2,508.,
DELIVERY AND PAYMENT ; Delivery of the Binds will be
made to the successful bidder at the offices of Best, Best
Krieger_, Bond Counsel, 488 Mission Square, 3750 University
Avenue, Riverside, California, on or about February 17,
1988 , Payment for the Bonds must be made by federal funds
check of funds immediately available to the City in Los
Angeles, California, Any expense of providing such funds
shall be borne by the purchaser.
CANCELLATION FOR LATE DELIVERY: The successful bidder
shall have the right, at his option, to cancel the contract
of purchase for the Bonds if the City shall fail to execute
the Bonds and tender them .for delivery within 68 days from as
the award of the sale of the Bonds, and in such went the
a
a '
successful bidder shall be entitled to the return of the
proceeds of the check accompanying his bid.
ECRM OF BIB; NO DISCOUNT: All bids mint be for not less
than all of the Bonds hereby coffered for sale and for not
less than one hundred percent (100 ) of the par value
thereof and accrued interest thereon to the delivery date.
Each bid, together with the bid check rust be in a sealed,
envelope, addressed to the City, with the envelope and bid
clearly marked "Bid for $7,620,000 City of Redlands General
Obl-igation Bonds, Series 1988A" and delivered to its repre-
sentative
presentative at the address mentioned above. Each bid mast be
unconditional and in accordance with the germs and condi-
tions set forth herein, or permitted herein, and must be
submitted on, or in substantial accordance with, bid forms
provided by the City,
BILA CHECK, A certified or cashier 's check on a respon-
sible bank or trust company in the amount of Seventy-Five
Thousand Dollars ($75,000) , payable to the order of the
City, moist accompany each bid as a guaranty that the bidder ,
if successful , will accept and pay for the Bunds in accor-
dance with the terms of his bid. The ;check accompanying any
accepted bid shall be cashed and the proceeds thereof
applied to the purchase price. If such bid is accepted but
not performed, unless such failure of performance shall be
caused by any act or omission of the City, the proceeds of
the check accompanying any accepted bid shall be retained by
the City. The check accompanying each, unaccepted bid will
be returned promptly. No interest shall be paid upon the
deposit made by any bidder.
CHANGE IN TAX-EXEMPT STATUS: At any time before the
Bonds are tendered for delivery, the successful bidder may
disaffirm and withdraw the bid if the interest receive by
private owners from notes or bonds sof the same type, and
character shall be declared to be includable in grass income
under present federal income tax Saws, either by a ruling of
the Internal Revenue Service or by a decision of any federal
court, or shall be declared taxable by the terms of any
federal income tax law enacted subsequent to the date of
this notice.
LEGAL OPINION: The opinion of the Bond. Counsel firm of
Best, Fest & Krieger, Riverside, California, approving the
validity of the Bonds and stating that interest on the Bonds
is excluded from gross income under present federal income V
tax laws and that such interest is also exempt from personal
income taxes of the State of California under present State
income tax laws, will be furnished the successful bidder at
or prior to the time of delivery of the Bonds at the expense
-6-
of the City. The legal opinion will be subject to laws
affecting creditors ' rights and to the exercise of judicial;
discretion in accordance with general principles of equity..
copy of such opinion, certified by an officer of the City
by his facsimile signature, will be printed on the back of
each definitive Bond without charge to the purchaser.
ARBITRAGE: On the basis of the facts, estimates and
circumstances ( including covenants of the City) in effect at
the time of issuance of the Bonds, it is not expected that
the proceeds of the Bonds will be used in a manner that will.
cause the Bonds to be arbitrage bends and the City will fur-
nish to the successful bidder at the time of delivery of the
Bonds an arbitrage certificate certifying to the foregoing.
NO LITIGATION: There is no litigation pendingconcern-
ing the validity of the Bonds, the existence of the City or
the title of the officers thereto to their respective
offices, and the City will furnish to the successful bidder
a no--litigation certificate certifying to the foregoing as
of and at the time of delivery of the Bonds. Bidders are
referred to the Preliminary Official Statement for further
particulars.
CERTIFICATE CONCERNING OFFICIAL STATEMENT: The City
will provide to the purchaser of the Bonds a certificate of
an appropriate officer of the City dated as of the date of
delivery of the Bonds to the effect that to the best of such
officer 's knowledge and belief, and after reasonable inves-
tigation, (a) neither the Official Statement nor anis amend-
ment or supplement thereto contains any untrue statement of
Material fact or omits to state any material fact neces-
sary to 'make the statements therein, in light of the circum-
stances in which they were made, not misleading; (b) since
the date of the Official Statement, no event has occurred
which should have been set forth in an amendment or supple-
ment to the Official Statement which has not been set forth:
in such an amendment or supplement , and (c) there has not
been any material adverse change in the operations or finan-
cial affairs of the City since: the date of the Official
Statement.
STA'T'EMENT OF NET INTEREST COST: Each bidder is
requested, but not required, to state in ,its bid the total
net interest cast of its bid in dollars to the City, and the
percentage net interest cost determined thereby, which shall
be considered informative only and not binding on either the
bidder or the City.
OFFICIAL STATEMENT: The City has caused a Preliminary
Official Statement to be prepared containing additional
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information relating to the Bonds and the City, copies of
which may be obtained from theCity' s Financial Consultant
named below. The City will furnish to the successful bid-
der, at no charge, a reasonable number of copies of the
final Official Statement (but not to exceed 00) for this
issue for use in connection with any resale of the Bonds.
INFORMATION AVAILABLE: Requests for copies of the Pre-
liminary Official Statement pertaining to the Bonds, or for
other information concerning the City, should be addressed
to the Financial Consultant to the City;
Seidler-Fitzgerald Public Finance
515outh---Figueroa Street, Sixth Floor
Los Angeles, California 90071-3396
(213) 624-4232
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GIVEN by the order of the City Council of the City of
Redlands by resolution adopted on January 5, 1988.
CI yclerk of, City of
Redla,nds, Calf rnia
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GES0255C
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".:, ,,,.,,.:. .anar.*cs xtirititia„>f,ssStas}i;�\\\lst4`iis;{fit2�7r{fiS11iY,�;< ttt t'€" tcs'hSSs'St3tc tt,}i�t�tz*,ssy sst�}§,roc{;gr��'��j tt,{,(�s �re.� ,s,,�$$Ms`i31"."fi�`";
BID
FOR THE PURCHASE OF
$7, 620, 000
CITY OF REDLANDS GENERAL OBLIGATION BONDS
SERIES 1988A
February r' 198$
City Council of the City of Redlands
Redlands_, California
Pursuant to the Notice Inviting Bids hereinaftermen-
tioned, we offer to purchase the Bonds designated as "Cit
of Redlands General Obligation Hands, Series 1988A" in the
total principal amount of $7,620, 000 Plus a premium of
, making an: aggregate sum of $ plus
interest accrued on such Bonds from February, 1, 1988 to the
date of delivery thereof.
The Bonds are to ?year interest at the rates set forth in
the following schedules
Maturity Principal Interest Maturit
(February l Amount Rate Y Principal Interest
(Februar 1 Amount Rate
1989 55,000
1990 75, 000 2004 $215,000
1991 00,000 2005 230,000
1992 85, 000 2006 250,000
1993 90, 000 2007 270, 000
1994 100,000 2008' 290,000
1995` 105,000 2009 315,000
1996= 115,000 2010 340,000
1997 125, 000 2011 365, 000
1998 135, 000 2012 395,000
1999 145,000 2013 425,000
2000 155, 000 2014 460, 000
2001 170, 000 2015 495, 000
2002 185,000 2016 535, 000
2003 200, 000' 2017 580,010
2018 625, 000
This bid is, made subject to all the terms and conditions
of the Notice Inviting Bids heretofore published, all of
which teras and conditions are mage <a part hereof as fully
as though set forth in full in this bid.
As specified in the Notice Inviting Bids, this bid is
subject to acceptance not later than twenty-six (' 26) hours
after the expiration of the time for the receipt of bids,
and the opinion of the Band Counsel:; firm of Best, Best
Krieger, Riverside, California, approving the validity of
d
10�°
the Bonds, will be furnished us
bidders at the time Of delivery of h Bonds atif we are expenssuccessfue
of the City- P ase
There is enclosed herewith a cashier 's check in the
amount of ;eventY -Five Thousand Dollars ($75,000) Payable to
the order of the City.
Our calculation of the net interest cost and net inter-
est rate, which is considered to be informative only and not
a ,part of the bid, is as follows:
Total Interest
Less Premium $
Net interest Cost
Net Interest Rate
Following is a list of members of our account on whose
behalf this bid is made.
Respectfully submitted,
dame
(Account Manager}
By:
Address:
City:
State:
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CF 02550 rc
tis
,x Yz,�tzii�;5�,tsTM,ztiti��Sg�ttl7ltkaifi,lif'� «„�2L ,r�i 7,1.. �c„3 �At�t�. "fi4}} �: art Sir Y tuft rai,Sl t �'1.� 11 t, � C. c i i t „L},
F'RC9Ct,4 THF. ['7}Fft.E 7f Th§E
CITY CLERK
31) G1TV KALI,
cr:,rc�uSaaFT
ate C)L ANtl`, &A.9',1371 & PHONE (7”t 4)798-753.9
CITY OF REDLANDS, CALIFORNIA
January 27, 1988
Glen E Stephens
Best, Best & Krieger
Post Office Box 1028
Riverside, CA 9502f
Lear Mr. Stephens:
Enclosed Please find Proof of Publication of the
7, 620,000 City of Redlands General Obligation Bond, Series
1988A,
Sincerely,
Lorre Poy e
City Clerk
LP:calm
Enclosure
3
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i
LAW OF-FIcES OF-
ARTHUR L-LST LEWORTH'* V:RGfNfA A.ETTUYG ER S E ST, BEST K R t EER
GLEN E.STEPHENS' VICTOR L.WOLF OFFICES roc
WILLIAM R OtWOLFE'�. DAN EL E.OUVIEFP A PrRTNCRSHIP eNC.UC1W.lAOtC5510NAL COR�R,+.Ts4N5
BANTON C.GAUT w DANIEL J.MCHUG:R
%HARLES D.F€ELD* CARL.F.HERBOLD 400 MISSION 50OARE PALM SPRIAGS
DALLAS
S SELME � STEPN IE K.Yf.ARLVN 37-5C} UNIVERSITY AVENUE (615 12F.-7c64
LJ.aLLAS Ht)(,M ES s MARCMAR4�.E.Ehi P£Y
CFIRISTOPMFI'4 CAR PEItTE:R* JOHN R.POTT SCHAEFEP r-'C1 .7 OFFICE SC3X IBJ..? +
RICHARD T.ANDERSON* MARTIN A,MUELLER fthNar.Mp MIRAGE
.#E3NN Ct WAHLiN" J MIC:.HAEL, SLIMMEROuR F'�'l V:F'RiSIOE;CALIFORNIA:52SC7.2 =619) S68 26f
MICHAEL G.HAFtRJS HOWARD B,GOLDS
`Wh CURT EALI- EUGENE TANAKA: TEL CPHUTNE(714)686-1.45[3
THOMAS S.SLOVAK' MARGARET F TANAKA
JOHN E..BROWN* BAS(L.:.CHAPTELEECOPJER (7t4) 666.,.3E E3.� SAN OIE�C7
RONALD
J.KOHUT JEFFERY J.CRANDALL - t61.:j)457-4P15
MICHAEL T,RIDDELL.�+ SCOTT C.SMITH:
MER€INTH A..JURYa LANCE:A,ADAFR RAYMOND BEST(.I8t PJ- q5) -�
MtlCHAEL GRANT JACK S.CLARK€. -`MES M.KRi>•:GT::R{I9r3-S97S) GORDON DON Ci%�.:QGzp£.OF v?54FM5EG
FRANCIS J.BAUM. JE.ANNCTTV A PETERSON ,NAMES B..CQRBGNN,OF'COUNSEL
ANNE T.THOMAS- TFRt L.VOLLNOGLE F,UGENE BEST(i&�3-IB@i): f�1Ck#AH{}A.:4'a"tal#5.13F. 'T"'NS£'L
0 MARTIN NETHERY>b BARBARA E.KRISTAL
GEGFtGE M.REiYES FRIAR M,tCW15 aaMtnes�xro aerr YtxnK;:HevAaA
WELLIAM W.FLOYD,JR, TIMOTHY M.CONNOR w+isxrNGrt tca;�c.c�um of rwl+es
MICHAEL A.C..RiSTE+. GEORGE H CHANT'T,T{
GREGORY �L-HARDKE RONALD A,VAN BLARCOM
RICHARD CROSS REBECCA 0,HIC:KOX:
KENDALL H.MACVEY BRADLEY E.NEUFELD ry 1988
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CLARK H,ALSOP ELISE K.TRAYNUM February r�.#�.r� .G� 1 IY7 C3
DAVID J.ERWIN- DONALD P.BREWSTER
MICHAEL J.A:NDELSON A: CECILIA S.WU
DOUG LAS S.PHILLIPS* DAVID A,BRANDENBURi,
CHARLES M.ELLIS* MICHA:.:CL E.HULME,JR,
LANTSON E ELDRED A GEOFFREY K.WILLIS
IRWIN L.GOLO5WILLIAM O7 DARLING,JR.ANTONIA G.WEINER WYNNE:S.FURTH
GREGORYK-WILKINSON KANDY LEE ALLEN
HARLEY L.SJELLA €3 THOMAS W.WEB)rNBACH
DAVID L.EIARON TERESA J.MtELNANNfON
'k A PROFESSIONAL CORPORATION
Mayer and Citic Council
of the City of Redlands
30 Cajon Street
Redlands, CA 92373
Re: Proposal for Brand Counsel Services
for General Obligation Band Issue
Wadies and Gentlemen:
We are pleased to submit this proposal for bond
counsel services in connection with the issuance of general
obligation bands in the principal amount of $7,620,000 by
the City of Redlands. The firm of Fest, Best & Krieger
would be pleased to serve as bund counsel on this financing
and proposes to perform the following services on the basis
:set forth in this letter .
We will confer and d consult with City staff .'anal the
City's financial consultant on all ratters relating to the
financing including participation in the review and
selection of appropriate .financing methods. We will assist
the City in identifying the most advantageous method of
financing based upon our experience and we will attend all
meetings of the City's staff and consultants at which i
financing methods are to be discussed and analyzed for
successful completion of the financing.
4,4
Our services will include the preparation of all
ordinances, resolutions, notices, bid forms, band forms and
ftp,
x�
r
LAW OrPICES OF
EBE T, EENT & KRIEGER
Mayor and City Council
of the City of Redlands
February 2, 1908
Page
other documents required in the proceedings. We will also
review any official statement prepared on behalf of the
City, and attend all meetings in which any action in
connection with the proceedings is to be taken.
Subject to completion of the financing
satisfaction, Best, Best to our
Krieger will issue its approving
legal opinion to the purchasers of the bands to the effect
that all proceedings have been legally undertaken for the
authorization, issuance, sale and delivery of such bands, or
other transactions relating to the financing and that
interest paid with respect to the bonds is excluded from
gross income for purposes of federal income taxation and is
exempt from State of California personal income taxation.
We will also issue appropriate supplemental opinions and
certificates as may be necessary or appropriate.
Our fee for the foregoing legal services, will be
based on the total principal amount of bonds to be sold and
will be computed as follows:
Total Amount of
Bonds authorized Fee
$1. 000,003 or less $10,000
$1,000, 000 to $5,000,000 $10,000 plus . 40% of the
excess over $1,000,000
$5,000,0oo to $10,000,000 $20,000 plus . 15% of
the excess over
$5,000,000
$10,000, 000 of more $33, 500 plus . 10% of
the excess over
$10,000,000
The above fees will be payable only upon completion
and sale of the bonds from the proceeds of the financing,
and not otherwise. if other services are requested by the
City which are not within the scrape of those outlined above,
they will be performed on a time basis at the hourly rate of
the attorneys involved. In the event this financing is not
completed for any reason, the City will have no liability
�r
s
LAW OFPICES OF
SEST. B ST & KRI GE
Mayor and City Council
of the City of Redlands
February 2, 1988
Page 3
for any fees incurred by our firm with respect: to the
financing.
In addition to theabove band counsel fees, we
would expect to be reimbursed by the City for out-of-pocket
expenses incurred by us on behalf of the City, such as long
distance telephone calls, telegrams, messenger and courier
services, travel at the request of appropriate City
officials, duplicating, computer time sharing and the like.
If this arrangement is satisfactory to you, please;
authorize our employment according to the terms of this
letter and return to us a copy of this letter executed by an
authorized officer of the City.
Respectfully submitted,
Glen E. Stephens
of Best , Best & Krieger
CES*ec
TERMS OF BOND COUNSEL EMPLOYMENT APPROVED
THIS
, DAY OF FEBRUARY, 1988.
thorn. ed Officer of the
ty of 'Redlands
t