HomeMy WebLinkAbout174 RDA_CCv0001.pdf RESOLUTION NO. 174
RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF REDLANDS, CALIFORNIA,
PROVIDING FOR THE SALE OF $14,040, 000
PRINCIPAL AMOUNT OF REDLANDS REDEVELOPMENT
PROJECT 1985 TAX ALLOCATION AND REFUNDING
BONDS
WHEREAS, the Redevelopment Agency of the City of
Redlands, California ( "Agency" ) is a redevelopment agency
duly created, established and authorized to transact busi-
ness and exercise its powers, all under and pursuant to the
Community Redevelopment Law (Part 1 of Division 24 of the
Health and Safety Code of the State of California) and the
powers of the Agency include the power to issue bonds for
any of its corporate purposes; and
WHEREAS, the Agency has adopted its Resolution
No. 173 entitled: "Resolution of the Redevelopment Agency
of the City of Redlands, California, Amending Resolution
No. 166 and Authorizing the Issuance of $14, 245,000 Prin-
cipal Amount of 1985 Tax Allocation and Refunding Bonds of
said Agency to Finance a Portion of the Cost of a Redevelop-
ment Project Known as the Redlands Redevelopment Project, "
which amended Resolution No. 166 in its entirety ( said Reso-
lution Nos. 166 and 173 are collectively referred to as the
"Resolution of Issuance" ) ; and
WHEREAS, the Agency deems it necessary to sell at
this time $14,245,000 principal amount of its tax allocation
and refunding bonds as authorized by the Resolution of Issu-
ance and any supplemental resolutions thereto.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
ORDERED by the Redevelopment Agency of the City of Redlands
as follows :
SECTION 1. Sale Authorized. The sale of Fourteen
Million Two Hundred Forty-Five Thousand Dollars
($14,245,000) principal amount REDEVELOPMENT AGENCY OF THE
CITY OF REDLANDS, REDLANDS REDEVELOPMENT PROJECT, 1985 TAX
ALLOCATION AND REFUNDING BONDS (herein sometimes referred to
as the "Bonds" ) , in accordance with law, is hereby autho-
rized.
SECTION 2 . Official Notice of Sale. The invita-
tion for bids for the purchase of the Bonds is hereby
authorized, such invitation to be substantially in accor-
dance with ( i ) the Official Notice of Sale attached to and
incorporated herein as Exhibit "A" ( the "Official Notice of
Sale) and ( ii ) the Bid Form attached to and incorporated
herein as Exhibit "B" ( the "Bid Form" ) , with both of said
forms being subject to such changes and modifications as may
be deemed appropriate or necessary by Agency staff and coun-
sel to the Agency.
SECTION 3 . Publication of Official Notice of
Sale. The Secretary of the Agency shall cause the official
Notice of Sale to be published once in the Redlands Daily
Facts, a newspaper published and of general circulation in
-2-
the City of Redlands, California, 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 said official Notice of Sale,
including such modifications thereto as permitted pursuant
to Section 2 hereof .
SECTION S . Official Statement Authorized. The
Agency hereby approves the form of official statement ( the
"Official Statement" ) prepared by Merrill Lynch Capital
Markets (the "Financial Consultant" ) , as presented to this
meeting, and authorizes its distribution in connection with
the sale of the Bonds, with such changes, omissions, inser-
tions and revisions as the Chairperson may deem advisable
and as shall be approved by Bond Counsel .
SECTION 6 . Furnishing of Official Notice of Sale
and Official Statement . The Secretary of the Agency 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 Offi-
cial Statement.
SECTION 7 . Publication of Intention to Sell . The
publication of a Notice of Intention to Sell in the Bond
Buyer, One State Street Plaza, New York, New York, sub-
stantially in the form attached hereto as Exhibit "C" with
-3-
such changes and modifications as may be deemed appropriate
and necessary by Agency staff and counsel to the Agency is
hereby authorized and approved, which publication shall be
at least 15 days prior to the date fixed for the receipt of
bids.
SECTION 8 . Financial Consultant to Bid. Pursuant
to Government Code Sections 53690 to 53692, inclusive, the
Financial Consultant has given the Agency written notice
that it intends to bid on the Bonds, and the Agency hereby
consents to the Financial Consultant acting as underwriter
at such sale.
SECTION 9 . Bond Counsel . 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 pre-
sented to this meeting and the Chairperson is hereby
authorized and directed to execute said proposal letter for
and in the name of the Agency.
SECTION 10 . 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
said Official Notice of Sale and to present the same to the
Agency. 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
-4-
made as to which bidder has bid the lowest net interest cost
to the Agency and to present such bids to the Agency, as
provided in said Official Notice of Sale, along with a
report as to the foregoing and any other matters deemed per-
tinent to the award of the Bonds and the proceedings for the
issuance thereof .
SECTION 11 . Effective Date. This Resolution shall
take effect upon adoption.
ADOPTED AND APPROVED this 16th day of April, 1985 .
A
Chairperson of the
Redevelopment Agency
of the City of Redlands,
California
ATTEST:
' o 9�c'fotary e Redevelopment
I �� /
Ag ' y of City of Redlands,
Ca fornix
(SEAL)
-5-
I , LORRIE POYZER, Secretary of the Redevelopment
Agency of the City of Redlands , California , do hereby certify
that the foregoing Resolution was regularly introduced and
adopted by members of the Redevelopment Agency of the City of
Redlands , California, at a regular meeting thereof held on
the 16th day of April , 1985 , by the following vote of the
members :
AYES : Messrs . Johnson, DeMirjyn, Larsen
NOES : None
ABSENT: Mr. Martinez , Chairman Beswick
ABSTAIN: None
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Redevelopment Agency of the
City of Redlands , California , this 16th day of April, 1985 .
Sec e ary of- ve
Redeiopment
Agency of the�Wdy" of Re-61,in d s ,
Cali"fornia
JRR0046
(TICACTtVE)90821C,002,006 St 90821C Fort 90821C JEFFRIES C.P.Y. COMPANY (213)742-8800 Comp: 10-Apr-85 09:32 Seg: 1
CITY OF REDLANDS 100 TIMA Chic 127247 112752 Output (CO) 10-Apr-85 09:37 PHA
)az OFFICIAL NOTICE OF SALE
$14,245,000
REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS
REDLANDS REDEVELOPMENT PROJECT
1985 TAX ALLOCATION AND REFUNDING BONDS
NOTICE IS HEREBY GIVEN that sealed proposals will be received and opened by a representative
of the Redevelopment Agency of the City of Redlands(the"Agency"),at the office of the City Clerk,City
Hall, 30.Cajon Street, Redlands, California 92373, on
TUESDAY, MAY 7, 1985
at 10:00 o'clock A.M. for the purchase of$14,245,000 principal amount of tax allocation and refunding
bonds of the Agency designated"Redevelopment Agency of the City of Redlands,Redlands Redevelopment
Project 1985 Tax Allocation and Refunding Bonds" (the "Bonds"), authorized to be issued under the
provisions of the Community Redevelopment Law of the State of California(being Part I of Division 24 of
the Health and Safety Code of the State of Califorhia, as amended) and pursuant to the provisions of
Resolution No. 166,adopted by the Agency March 6, 1984(the"Master Resolution")and Resolution No.
.........adapted by the Agency on.......................(the"First Supplemental Resolution")(collectively referred
to herein as the "Resolution"). The Bonds are more particularly described in the Resolution (which is
incorporated herein by reference),and are generally described as follows:
ISSUE:$14,245,000 aggregate principal amount consisting of fully registered bonds in the denomina-
tion of$5,000 or any integral multiple thereof not exceeding the principal amount of bonds maturing at any
one time, all dated May 1, 1985.
INTEREST RATE: Maximum not to exceed the maximum interest rate permitted by law, which is
twelve percent(12%) per annum,payable on January 1, 1986 and semi-annually thereafter on July I and
January I of each year. Bidders must specify the rate or rates of interest which the Bonds shall bear;
provided that(a)all bonds maturing by their terms in any one year must bear the same rate of interest;(b)
each interest rate specified must be in a multiple of'fm or 'A of 1%and a zero rate of interest cannot be
specified;(c)the difference between the highest and lowest interest rates specified in any bid shall not exceed
two percent(2%);(d) no bond shall bear more than one rate of interest;(e)each bond shall bear interest
from its date to its stated maturity date at the interest rate specified in the bid;and(f)any premium must be
paid in immediately available moneys 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 terms of this
paragraph will be rejected.
MATURITIES: The bonds will mature as follows:
PrkKip a Prindpa
Msm*Due Aneoat Matarity Dau A®avu
(i) Serial Bonds 1997.............................:.... $ 250,000
1987.................................. $ 95,000 1998.................................. 275,000
1988..........I....................... 105,000 1999.................................. 300,000
1989.................................. 115,000 2000....I............................. 330,000
1990.................................. 130,000 2001.................................. 365,000
1991.................................. 140,000 2002............................. 400.000
1992.................................. 155,000 2003.................................. 440,000
1993.................................. 170,000 2004.................................. 485,000
1994.................................. 185,000 2005.................................. 535,000
1995.................................. 205,000 (ii) Term Bonds
1996.................................. 225,000 2015.................................. 9,340,000
1
(TICACTIVE)90821 C,002,006 St 90821C Fmt 90821C JEFFRIES C.P.Y. COMPANY (213)742-8800 Camp: 10-Apr-85 09,.32 Seq: 2
CITY OF REDLANDS 100 TIMA Chk: 161725 111046 Output (CO) 10-Apr.85 0437 PHA
REDEMPTION: Bonds maturing on or before July 1, 1995,are not subject to redemption before their
stated maturities. Bonds maturing by their terms on or after July 1, 1996, 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 Agency,on any interest payment date on or after July 1, 1995, from
moneys derived by the Agency 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:
Rodemptim Daus R�iaa
July 1, 1995 or January 1. 1996............................................................... 102 %
July I, 1996 or January 1, 1997............................................................... 10111/2
July 1, 1997 or January 1, 1998............................................................... lot
July 1, 1998 or January 1, 1999............................................................... 10012
July 1, 1999 and thereafter..................................................................... 100
The Term Bonds maturing July 1, 2015 are subject to mandatory redemption prior to maturity from
and to the extent of Sinking Fund installments commencing July 1, 2006 at a redemption price equal to
100% of the principal amount of the Term Bonds to be redeemed plus accrued interest to the date of
redemption.
The following Sinking Fund Installments are calculated to be sufficient to redeem the following
principal amount of Term Bonds.
TERM BOND SINKING FUND INSTALLMENTS
Year Principal Year Principal
2!tl) Amomet 1� Amount
2006.................................. 3585,000 2011.................................. 5 945,000
2007.................................. 645,000 2012.................................. 1,040,000
2008.................................. 710,000 2013.................................. 1,140,000
2009.................................. 780,000 2014.................................. 1,255,000
2010.................................. 860,000 2015.................................. 1,380,000
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.
PAYMENT:The principal of and premium,if any,on the Bonds are payable in lawful money of the
United States of America at the corporate Agency Division of Bank of America National Trust and Savings
Association in Los Angeles, California, the Fiscal Agent of the Agency. Interest on the Bonds will be
payable in like money by check or draft mailed to the registered owners of the Bonds at the addresses shown
on the registration books of the Fiscal Agent fifteen(15)days before each interest payment date or at such
other addresses as may have been filed by the registered owners of the Bonds with the Fiscal Agent for that
purpose.
REGISTRATION:The Bonds will be issued in fully registered form, and will be exchangeable upon
the terms set forth in the Resolution.
PURPOSE:The Bonds are being issued by the Agency to refund the outstanding$4,670,000 principal
amount of 1975 Tax Allocation Bonds and 54,500,000 principal amount 1977 Redlands Redevelopment
Project Tax Allocation Refunding Bonds of the Agency and provide moneys to aid in financing the Redlands
Redevelopment Project of the Agency in Redlands, California.
SECURITY:The Bonds are special obligations of the Agency and are payable,as to interest thereon,
principal thereof and any premiums upon the redemption thereof, exclusively from the Pledged Tax
Revenues(as that term is defined in the Resolution),and the Agency is not obligated to pay them except
from the Pledged Tax Revenues. Bidders are referred to the official statement for further particulars.
2
(TICACTIVE)90821C,002,006 St 90821C Fmt 90821C JEFFRIES C.P.Y. COMPANY (213)742-8800 Camp: 10-Apr-85 0432 Seq: 3
CITY OF REDLANDS 100 TIMA Chic 065136 034567 Output (CO) 10-Apr-85 0437 PHA
103 TAX EXEMPT STATUS:In the event that prior to the delivery of the Bonds(a)the income received
by any private holder from bonds of the same type and character shall be declared to be taxable(either at
the time of such declaration or at any future date)under any federal income tax laws,either by the terms of
such laws or by ruling of a federal income tax authority or official which is followed by the Internal Revenue
Service or by decision of any federal court,or(b)any federal income tax law is adopted which will have a
substantial adverse tax effect upon holders of the Bonds as such,the successful bidder may,at his option,
prior to the tender of the Bonds by the Agency,be relieved of his obligation under the contract to purchase
the Bonds, and in such case the deposit accompanying his bid will be returned.
LEGAL OPINION: The legal opinion of Best, Best & Krieger, Riverside,California, approving the
validity of the Bonds,will be furnished to the successful bidder without charge.A copy of the legal opinion,
certified by the official in whose office the original is filed,will be printed on each bond without charge to the
purchaser.
BOND INSURANCE:The Financial Consultant,Merrill Lynch Capital Markets,has taken steps to
qualify the Bonds for insurance through the American Municipal Bond Assurance Corporation
("AMBAC"). Bidders on the Bonds may elect to purchase bond insurance, if qualification is obtained,
through AMBAC at their own expense.The cost of obtaining such insurance will not be considered by the
Agency in determining the bid with the lowest net cost to the Agency.
TERMS OF SALE
HIGHEST BID:The Bonds will be awarded to the highest bidder,considering the interest rate or rates
)a specified and the premium offered, if any, or the discount specified, if any. The highest bid will be
determined by deducting the amount of the premium offered(if any)from,or by adding the amount of the
discount specified(if any)to,the total amount of interest which the Agency would be required to pay from
the date of the Bonds to their respective maturity dates at the rates specified in the bid and the award will be
made on the basis of the lowest net interest cost to the Agency.For purposes of determining interest cost,the
Term Bonds maturing July 1, 2015 will be deemed to mature in the amounts and in the years set forth
herein with respect to Term Bond Sinking Fund Installments.The purchaser must pay accrued interest from
the date of the Bonds to the date of delivery.All interest will be computed on a 364-day year basis.The cost
of printing the Bonds will be borne by the Agency.
FORM OF BID; MAXIMUM DISCOUNT: Each bid must be for not less than all of the Bonds
hereby offered for sale and accrued interest to the date of delivery,plus such premium as is offered or less
such discount as is specified in the bid;provided that the amount of discount specified in any bid shall not
exceed 21/z%of the principal amount of the Bonds.Each bid,together with bidder's check,must be enclosed
in a sealed envelope addressed to the Redevelopment Agency of the City of Redlands and delivered to its
representative at the address above mentioned with the envelope clearly marked: "PROPOSAL FOR
PURCHASE OF REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS, REDLANDS
REDEVELOPMENT PROJECT 1985 TAX ALLOCATION AND REFUNDING BONDS."
RIGHT OF REJECTION:The Agency reserves the right,in its discretion,to reject any and all bids
and to waive any irregularity or informality in any bid.
PROMPT AWARD:The Agency will take action awarding the Bonds or rejecting all bids not later
than 26 hours after the expiration of the time herein prescribed for the receipt of proposals,unless such time
of award is waived by the successful bidder. Notice of the award will be given promptly to the successful
bidder.
DELIVERY AND PAYMENT: Delivery of the bonds will be made to the successful bidder at the
office of Fiscal Agent,Bank of America,National Trust and Savings Association in Los Angeles,California,
as soon as the Bands can be prepared,which delivery date is presently estimated to be within thirty days of
the date of sale. Payment for the Bonds must be made in moneys immediately available to the Agency in
Los Angeles,California. Any expense of providing immediate Los Angeles funds, whether by transfer of
Federal Reserve Bank funds or otherwise,shall be borne by the purchaser.
3
(TICACTtVEJ9W21C,002,006 St 90821C Fmt 94821C JEFFRIES C.P.Y. COMPANY (213)742-8600 Carp: IO-Apr-85 0432 Seq: 4
CITY OF REDLANDS 100 TtMA CIBC 105243 137574 Output (CO) 10-Apr-85 0437 PMA
RIGHT OF CANCELLATION:The successful bidder shall have the right,at his option,to cancel the
contract of purchase if the Agency shall fail to execute the bonds and tender the same for delivery within 60
days from the date of sale thereof,and in such event the successful bidder shall be entitled to the return of
the deposit accompanying his bid.
BID CHECK:A certified or cashier's cheek drawn on a bank or trust company transacting business in
the State of California,in the amount of$250,000 payable to the order of the Agency, must accompany
each proposal as a guaranty that the bidder,if successful,will accept and pay for the Bonds in accordance
with the terns of his bid.The check accompanying any accepted proposal shall be applied to the purchase
price.The check shall be cashad and the amount thereof retained by the Agency if,after the award of the
Bonds,the successful bidder fails to complete his purchase on the terata stated in its proposal.The'check
accompanying each unaccepted proposal will be returned promptly. No interest will be paid upon the
deposit made by any bidder.
STATEMENT OF NET INTEREST COST:Each bidder is requested,but not required,to state in its
bid the total net interest coat in dollars to the Agency and the percentage net interest rate determined
thereby,which shall be Considered as informative only and not binding on either the bidder or the Agency.
NO LITIGATION:There is no litigation pending concerning the validity of the Bonds,the existence of the
Agency or the title of the officers thereof to their respective offices,and the Agency 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.
CUSIP NUMBERS:It is anticipated that CUSIP identification numbers will be printed on the Bonds,
but neither the failure to print such number on any bond nor any error with respect thereto shall constitute
cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for the Bonds in
accordance with the terms of the purchase contract.All expenses in relation to the assignment of CUSIP
numbers and the printing of CUSIP numbers on the Bonds shall be paid for by the issuer, provided,
however, that the CUSIP Service Bureau charge for the assignment of said numbers shall be the
responsibility of and shall be paid for by the purchaser.
CALIFORNIA DEBT ADVISORY COMMISSION FEE: Attention of bidders is directed to
California Government Code Section 8856,which provides that the lead underwriter or the purchaser of the
Bonds may be charged the California Debt Advisory Commission fee,which is 1/80th of I percent of the
principal amount of the Bonds.
OFFICIAL STATEMENT:The Agency has caused an official statement to be prepared,copies of
which(together with the Resolution) may be obtained at the offices of the Agency's financing consultant,
Merrill Lynch Capital Markets, Municipal Securities Division,400 South Hope Street, Suite 2020, Los
Angeles,CA 40071,(telephone(213)683-4500).The Agency at its expense will provide not to exceed 500
copies of the official statement to the sucocssful bidder.
CERTIFICATE:The Agency will provide to the purchaser of the Bonds a certificate,signed by an
official of the Agency,confirming to the purchaser that, at the time of the acceptance of the bid for the
Bonds and at the time of delivery thereof,to the best of the knowledge of said official,the official statement
does not contain any untrue statement of a material fact or unit to state a material fact necessary in order
to make the statements made therein,in the light of the circumstances under which they were made,not
misleading,and that there has been no material adverse change in the financial condition or affairs of the
Agency between the date of sale and the date of delivery of the Bonds.
0-
LOR IE POYZ
Secrefiry of the t
Agency of the City of Redlands, California
Dated: April 19, 1485.
4
(TtCACTIVE)90821C,002,006 St 90821C Fmt 90821C JEFFRIES C.P.Y. COMPANY (213)742-8800 COmp: 10-Apr-85 0432 Sao: 5
CITY OF REDLANDS 100 TIMA Chk: 112061 163113 Output (CO) 10-Apr-85 0437 PHA
,0 ' PROPOSAL FOR
$14,245,000
REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS
REDLANDS REDEVELOPMENT PROJECT
1985 TAX ALLOCATION AND REFUNDING BONDS
May 7, 1985
Redevelopment Agency of the City of Redlands
Office of the City Clerk
City Hall
30 Cajon,Street
Redlands, California 92373
Pursuant to the Official Notice of Sale dated April 19, 1985(the terms of which are made a part of this
bid) we offer to purchase $14,245,000, principal amount, all or none, of the "Redlands Redevelopment
Project 1985 Tax Allocation and Refunding Bonds"at the par value thereof plus a premium of$..................
or minus a discount of$..................(making an aggregate sum of 5..................)plus interest accrued on such
Bonds from their date to the date of delivery thereof.
The Bonds are to bear interest at the rates set forth in the following schedule:
MatarNy Principal Matwity Principal
My t AwAmt Rate Jul t AmavW Rate
1987......................... 5 95,000 % 1997......................... 5250,000 %
1988......................... 105,000 1998......................... 275,000
1989......................... 115,000 1999......................... 300,000
1990......................... 130,000 2000......................... 330,000
1991......................... 140,400 2001......................... 365,000
1992......................... 155,000 2002......................... 400,000
1993......................... 170,000 2003......................... 440,000
1994......................... 185,000 2004......................... 485,000
1995......................... 205,000 2005........................ 535,000
19%......................... 225,000
$9,340,000 ....%Term Bonds due July 1, 2015.
This proposal is subject to acceptance not later than 26 hours after the expiration of the time for the
receipt of proposals as,specified in the Official Notice of Sale.
There is enclosed herewith a certified or cashier's check for $250,000, payable to the order of the
Agency.
We hereby request that..................printed copies of the Official Statement(not to exceed 500 copies)
be furnished us in accordance with the terms of the Notice of Sale.
Our calculation of the net interest cost and net interest rate,which is considered to be informative only
and not a part of the bid, is as follows:
TotalInterest............................................................................................... 5
Less Premium or Plus Discount.................................................................
NetInterest Cast.........................................................................................
NetInterest Rate........................................................................................ %
Respectfully submitted,
Name
Account Manager
By:
Address
City State
EXHIBIT "C"
NOTICE OF INTENTION TO SELL
$14, 245 , 000
REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS
REDLANDS REDEVELOPMENT PROJECT
1985 TAX ALLOCATION AND REFUNDING BONDS
NOTICE IS HEREBY GIVEN that the Redevelopment
Agency of the City of Redlands ( the "Agency" ) intends to
sell $14, 245,000 "Redevelopment Agency of the City of
Redlands, Redlands Redevelopment Project, 1985 Tax Allo-
cation and Refunding Bonds" for the purpose of refunding the
Agency' s 1977 Tax Allocation Refunding Bonds and to aid in
the financing of the Redlands Redevelopment Project of the
Agency, and that sealed proposals for the purchase of Four-
teen Million Two Hundred Forty-Five Thousand Dollars
($14, 245,000) principal amount of tax allocation and
refunding bonds of the Agency will be received by the Agency
up to the time and at the place specified:
TIME: May 7 , 1985
10 :00 O'Clock A.M.
PLACE: office of City Clerk, City Hall
30 Cajon Street
Redlands, California 92373
ISSUE: $14, 245, 000
DENOMINATION: $5, 000 or any integral multiple
thereof
DATED: May 1 , 1985
FINAL
MATURITY: July 1 , 2215
INTEREST RATE AND DISCOUNT: The bonds shall bear
interest from their date at the rate to be fixed upon the
sale thereof but not to exceed twelve percent ( 12%) per
annum. The minimum bid will be ninty-seven and one-half
percent (97 1/2% ) of the principal amount of the Bonds .
BID RECEIPT AND AWARD: The bids will be received
and opened at the above time and place and presented to the
Agency at its meeting later that day. The Agency will take
action awarding the Bonds, or rejecting all bids not later
than twenty-six ( 26) hours after the time prescribed for the
receipt of bids .
NOTICE OF SALE AND OFFICIAL STATEMENT: the Agency
has caused to be prepared a detailed Notice of Sale and
Official Statement, copies of which will be furnished upon
request from any of the following:
Merrill Lynch Capital Markets
400 South Hope Street, Suite 200
Los Angeles, California 90071-821
( 213) 683-4500
Best, Best & Krieger
4200 Orange Street
P. O. Box 1028
Riverside, California 92502
(714) 686-1450
Given by order of the Redevelopment Agency of the
City of Redlands, this 16th day of April, 1985.
Lorrie Poyzer, Secretary
of the Redevelopment Agency
of the City of Redlands,
California
JRR0046
SECRETARY 'S CERTICIATION
I, Lorrie Poyzer, Secretary of the Redevelopment
Agency of the City of Redlands , hereby certify that the fore-
going resolution was adopted by the Redevelopment Agency of
the City of Redlands at a regular meeting thereof held on the
16th day of April, 1985 , by the following vote:
AYES : Messrs , Johnson, DeMirjyn, Larsen
NOES : None
ABSENT: Mr. Martinez , Chairman Beswick
ABSTAIN: None
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Redevelopment Agency of the
City of Redlands this 3rd day of June, 1985 .
Secretary, Redevelopment Agency
City of Redlands
Resolution No. 174