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Home My WebLink About141 RDA_CCv0001.pdf RESOLUTION NO. 141 RESOLUTION OF REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS DECLARING ITS INTENTION TO SELL TAX ALLOCATION BONDS OF SAID AGENCY IN THE AMOUNT OF $5, 670 ,000, FIXING THE TITLE AND PLACE FOR TAKING BIDS AND DIRECTING PUBLICA- TION OF THE NOTICE INVITING BIDS WHEREAS, the Redevelopment Agency of the City of Redlands proposes to issue tax allocation bonds in the principal amount of $5, 670,000 , said tax allocation bonds to be designated "Redlands Redevelopment Project Tax Allocation 'Bonds" (the "Tax Allocation Bonds") ; and WHEREAS, a resolution providing for the issuance of the Tax Allocation Bonds will be adopted prior to the award of said Bonds; and WHEREAS, this Agency deems it proper and on necessity therefor, it appears that bids be invited for the purchase of the Tax Allocation Bonds and that if bids are satisfactory, said Bonds be sold in the manner and at the time and place hereinafter set forth; NOW, THEREFORE, the Redevelopment Agency of the City of Redlands DOES HEREBY RESOLVE , DETERMINE AND ORDER as follows: Section 1. Sealed bids for the purchase of the Tax Allocation Bonds of the Agency shall be received by the Agency at the time and place hereinafter set forth in the Notice Inviting Bids. Section 2. The Secretary of the Agency is here- by authorized and directed to publish said Notice Inviting Bids by one insertion in the REDLANDS DAILY FACTS, a news- paper of general circulation published in the City of Redlands, California, said publication to be at least 10 days prior to the date of opening bids stated in saidNotice. Section 3 . The Secretary is further authorized and directed to furnish to prospective bidders copies of said Notice Inviting Bids and of the Official Statement, when approved by this Agency, relating to the properties, operations and finances of the Agency; but the failure, in whole or in part, to comply with this section, shall not in any manner affect the validity of the sales of the Tax Allocation Bonds. Section 4. Said Notice shall be substantially as follows: [INSERT NOTICE] 61/27/75 NOTICE INVITING BIDS ON REGis,rRATION: 'he Bonds will be issued as coupon bonds or as fully registered bonds with provision $5,670,000 I'AX ALLOCATION BONDS OF THE for exchange, all in accordance with the provisions set forth in REDEVELOPMENT AGENCY OF the Resolution providing for the issuance of the Bonds (the '*Resolution") to be adopted by the Agency on June 27, 1975. THE CITY OF REDLANDS REDEMPTION; The Bonds maturing on or prior to July 1, 1987, shall not be subject to call or NoncE is J-1EREBY GIVEN that scaled proposals for redemption prior to maturity, The Bonds maturing on or after the purchase of $5,670,000 par Value tax allocation bonds of the Redevelopment Agency of the City of Redlands will be July 1, 1988, may be called before maturity and redeemed at received by said Agency at the place and up to the time below the option of the Agency on July 1, 1987, or on any interest spcchis d. payment date thereafter prior to maturity, from any source of funds, as a whole, or in part in inverse order of maturity and TIME: 10:00 o'clock A,N1, by lot within a maturity, at a redemption price for each Tuesday, July 15, 1975 redeemed Bond equal to the principal amount thereof with accrued interest to the date of redemption p1m, a premium of PLACE: City Hall 1/4% of said principal amount for each year, or fraction of a 30 Cajon Street year, between the redemption date and the maturity (late, Redlands, California 92373 PURPOSE The Bonds are to be issued by the Agency under OF ISSUE: and pursuant to the Community Redevelopment MAILED BIDS: Address to Law of the State of California (Part I of Divi- Secretary of the Agency sion 24 of the Health and Safety Code) to aid in financing a at the above address redevelopment project in the City of Redlands, known as the Redlands Redevelopment Project. OPENING OF BIDS: The bids will be opened at the time SECURITY: The Bonds are payable, both principal and in- and place shown above and will be teres(, solely from Tax Revenues (as defined in presented to the Agency at its meeting to be held later on the the Resolution) and from certain other limited funds as pro- same date at the same place. vided in the Resolution. The Bonds are not obligations of the City of Redlands. ISSUE: $5,670,,000 designated "1975 Redlands Redevelopment Project Tax Allocation ',Bonds," consisting of 1,134 bonds numbered I to 1,134, both inclusive, of the denomina- TERMS OF SALE tion of $5,000 each, dated July 1, 1975. Interest Rate: The maximum rate bid may not exceed 8% 'per annum, payable semiannually. Each rate bid MATURITIES: The Bonds will mature in consecutive nu- must be a multiple of tits of 1%. No Bond shall bear more trierical order on July I in the amounts than one interest rate, and all Bonds of the same maturity for each of the several years as follows: shall bear the same rate, Each Bond must bear interest at the rate specified in the bid from its date to its fixed maturity Principal Principal date. Only one coupon wilt be attached to each Bond for each Year Amount Year Amount installment of interest thereon, and bids providing for addi- tional or supplemental coupons will be rejected. The rate on 1978............. $ 90,000 1990_____ $2130,000 any maturity or group of maturities shall not be more than 1979_. ........ 100,000 1991.............. 250,000 2% higher than the interest rate on any otficr maturity or 1980.._...._..._ 110,00() 1992_....._...... 2707000 2 1981.....__...._ 120,000 1993._.._........ 300,000 group of maturities, ,1982------ 130,000 1994....._....... 320,000 1953_...__....... 140,000 1995..-..._._.... 340,000 Award: The Bonds shall be sold for cash only. All bids must 1984...._...._._. 150,000 1996____.__ 370,000 be for not less than all of the Bonds hereby offered 1985.... ...... 160,000 l997______ 400,000 1986... ...... 170,000 1998_........._ 430,000 for sale and each bid shall state that the bidder offers accrued 1987.__.-.__..... 490,000 1)99..._..._.... 470,000 interest to the date of delivery, the purchase price, which shall 1988,_...... 200,000 2000.............. 51(),000 not be less than 918,% ofpar, and the interest rate or rates not. 10139............... 220,000 to exceed those specified bercin, at which the bidder offers to buy the Bonds. Each bidder shall state in its bid the total net INTER EST: The Bonds shall bear interest at a rate or rates interest cost in dollars and the average net interest rate deter- to be fixed upon the sale thereof but not to mined thereby, which shall be considered informative only and exceed 8% per annum, payable semiannually on January I and not a part of the bid. July 1, Highest Bidder: The Bonds will be awarded to the highest PAYMENT: The Bonds and the interest thereon are pay- responsible bidder or bidders considering the able in lawful money of the United States of interest rate or rates specified and the prerniurn or discount America at the Agency Division of Bank of America offered, if in\� PROVII)FD, 4 11AT (I) NO DISCOUNT BID National Trust and Savings Association, Fiscal Agent for the WILL BE CONSIDERED UNLESS THE AGENCY RE- Agency, in Los Angeles, or San Francisco, nlifornia, or, at the CFIVES NO BIDS A,r OR ABOVE PAR; (2) IF A DIS- ontion of the holder, ',If the office of anv Paying Agent of the COUNT IS 1111), Ali, _,'OUPON RATFS MUST BE Agency in New York, New York, or Chicago, Illinois. AND (3) FOR BONDS MATURING ON JULY 1, ADOPTED, SIGNED AND APPROVED this ,: day of June, 1975. Ch rman of the RedeveAopment Agency of the City of Redlands, California ATTEST: ecru � of -th develo mend°` �crency of the City o Redlands , California (SEAL,) STATE OF CALIFORNIA COUNTY OF SAN BERNARDINO SS. CITY OF REDLANDS I, Peggy A. Moseley, City Clerk of the City of Redlands and Secretary of the Redevelopment Agency of the City of Redlands, California, DO HEREBY certify that the foregoing resolution was duly adopted by the Redevelopment Agency of said City and was approved by the Chairman of said Agency at an adjourned regular meeting of said Redevelopment Agency held on the 24th day of June 1975, and that it was so adopted as follows : AYES : Members Members Miller, Grace, Chairman Cummings ABSTAIN: Members DeMirjyn, Knudsen NOES : Members None ABSENT: Members None (SEAL) c�!ity- C,X�fk of the City of _dlands' Sec�� etary of the Redevelor?ent Agency STATE OF CALIFORNIA COUNTY OF SAN BERNARDINO SS. CITY OF REDLANDS I, Peggy A. Moseley, City Clerk of the City of Redlands, California, and Secretary of the Redevelopment Agency, DO HEREBY certify that the above and foregoing is a full, true and correct copy of Resolution No . 141 and that the same has not been amended or repealed. DATED: June 24 1975 7 (SEAL) City of Redlan ---California City , _CaliforniaSel-r9' Redevelopment ' , _California