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HomeMy WebLinkAbout199 RDA_CCv0001.pdf RESOLUTION NO. 199 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS AUTHORIZING AND DIRECTING THE NOTICE OF SALE OF NOT TO EXCEED $11, 500 , 000 PRINCIPAL AMOUNT REDLANDS REDEVELOPMENT PROJECT 1987 SUBORDINATE TAX ALLOCATION BONDS, APPROVING AN OFFICIAL NOTICE OF SALE, APPROVING THE PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT, AUTHORIZING THE SALE OF THE BONDS ON CERTAIN TERMS AND CONDITIONS, APPOINTING BOND COUNSEL AND A FINANCIAL CONSULTANT, AUTHORIZING CERTAIN OTHER OFFICIAL ACTIONS AND PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO WHEREAS, the Redevelopment Agency of the City of Redlands, California (the "Agency" ) is a redevelopment agency duly created, established and authorized to transact business 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 intends to authorize by a trust indenture to be adopted by a separate resolution the issuance by the Agency of its Redlands Redevelopment Project 1987 Subordinate Tax Allocation Bonds in the principal amount of not to exceed $11 , 500,000 ( 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 finance public improvements in the Redlands Redevelopment Project; and WHEREAS, the Agency desires to authorize the sale of the Bonds upon the terms and conditions hereinafter set forth; NOW, THEREFORE, the Redevelopment Agency 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 Eleven Million Five Hundred Thousand Dollars ( $11, 500,000) principal amount REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS, REDLANDS REDEVELOPMENT PROJECT 1987 SUBORDINATE TAX ALLOCATION BONDS (herein sometimes referred to as the "Bonds" ) , in accordance with law, is hereby authorized. Tuesday, March 17, 1987 (and without further advertising and so long as a proposal has not theretofore been accepted by the Agency, Tuesday, March 24, 1987 and each Tuesday thereafter ) and at the hour of 10 : 00 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 Agency to the responsible bidder offering the lowest net interest cost to the Agency, all as determined by the Agency, with the right being reserved to reject any and all bids. The Executive -2- Director, in consultation with the Agency' 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 $11, 500,000. SECTION 2. Official Notice of Sale. The invita- tion for bids for the purchase of the Bonds is hereby auth- orized, such invitation to be substantially in accordance with (i) 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 modi- fications as may be deemed appropriate or necessary by Agency staff and counsel to the Agency, 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 Secretary of the Agency shall cause the Official Notice of Sale, which such changes and modifications referred to in Section 2 hereof, to be published once in the Redlands Daily Facts, a newspaper published and of general circulation in the City of Redlands, California, on or before March 12, 1987, which is a date at least five ( 5) days prior to the day fixed for the receipt of bids. -3- 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 Agency hereby approves the preparation of a preliminary official statement ( the "Preliminary Official Statement" ) by Seidler-Fitzgerald Public Finance ( the "Financial Consultant" ) , and authorizes its distribution in connection with the sale of the Bonds. The Agency staff 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 Preliminary Official Statement to contain any further information necessary to accurately describe the Bonds . The form of final Official Statement relating to the Bonds shall be submitted to the Agency for its approval prior to its use. SECTION 6. Furnishing of Official Notice of Sale and Preliminary 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 Preliminary Official Statement. -4- SECTION 7 . Publication of Intention to Sell. The Secretary of the Agency shall cause a copy of a Notice of Intention to Sell Bonds to be published once in the Bond Buyer , One State Street Plaza, New York, New York, substan- tially in the form attached hereto as Exhibit "B" with such changes and modifications as may be deemed appropriate and necessary by Agency staff and counsel to the Agency to cause said Notice of Intention to Sell Bonds to conform to the terms of the Bonds as such terms are set forth in the Preli- minary Official Statement. Such publication shall be on or before March 2, 1987, which is a date at least fifteen ( 15) days prior to the date fixed for the receipt of bids. The action of the Secretary heretofore taken in connection with causing said notice to be published on or before said date is hereby ratified and approved. SECTION 8 . Financial Consultant and Bond Counsel. The financial consulting firm of Seidler- Fitzgerald Public Finance and the law firm of Best, Best & Krieger are hereby retained as Financial Consultant and Bond Counsel, respectively, on the terms set forth in the proposal letters of said firms presented to this meeting and the Chairman is hereby authorized and directed to execute said proposal letters for and in the name of the Agency. SECTION 9 . Filing of CDAC Notice. The Agency hereby approves the filing by Bond Counsel of a notice of the Agency's intent to sell the Bonds with the California -5- Debt Advisory Commission pursuant to Section 8855 of the California Government Code. 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 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 re- port as to the foregoing and any other matters deemed perti- nent to the award of the Bonds and the proceedings for the issuance thereof. -6- SECTION 11 . Effective Date. This Resolution shall take effect upon adoption. PASSED, APPROVED AND ADOPTED this 3rd day of March, 1987 . Chairperson of the Redevelopment Agency of the City of Redlands ATTEST: er 4,4 pry o= Redevelopment Agency of t t y of Redlands (SEAL) -7- GES0204 CERTIFICATE I, Lorrie Poyzer , Secretary of the Redevelopment Agency of the City of Redlands, do hereby certify that the foregoing Resolution was regularly introduced and adopted by the Redevelopment Agency of the City of Redlands, at a regular meeting thereof held on the 3rd day of March, 1987 by the following vote of the Board of the Agency: AYES: Members Larsen, DeMirjyn, Wormser, Chairman Beswick NOES: None ABSENT: Member Johnson ABSTAINED: None IN WITNESS WHEREOF, I have hereunto set my hand this 3rd day of March, 1987 . -S '&t-etary of tzl__h1 Rede y'elopment c y of the City of Redlands -8- I, Lorrie Poyzerr Secretary of the Redevelopment Agency of the City of Redlands, California, do hereby certify that the foregoing Resolution No. 199 was regularly introduced and adopted by the Redevelopment Agency of the City of Redlands, California, at a regular meeting thereof held on the 3rd day of March, 1987, by the following vote: AYES: Members Larsen, DeMirjyn, Wormser; Chairman Beswick NOES: None ABSENT: Member Johnson ABSTAINED: 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 30th day of March, 1987. Secretary of the Redevelopment Agency of the City of Redlands, California E X H'I'B IT A FORM OF OFFICIAL NOTICE OF SALE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS COUNTY OF SAN BERNARDINO, CALIFORNIA NOTICE INVITING BIDS $11 , 500, 000 REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS REDLANDS REDEVELOPMENT PROJECT 1987 SUBOaDINATE TAX ALLOCATION BONDS NOTICE IS HEREBY GIVEN ',---hat sealed proposals for the purchase of Eleven Million Five Hundred Thousand Dollars ( $11 , 500, 000 ) principal amount of tax allocation bonds of the Redevelopment Agency of the City of Redlands ( hereinafter referred to as the "Agency" ) will be received by the Agency up to the time and at the place specified: TIME: Tuesday, March 17 , 1987 10 :00 o ' clock a.m. Pacific Standard Time PLACE: Seidler-Fitzgerald Public Finance 515 South Figueroa Street Sixth Floor Los Angeles, California 90071-3396 213/624-4232 The bids will be received at the above time and place, W1be opened by the Financial Consultant and/or Bond Coun- sel and will be presented to the Agency at its meeting to be held within 26 hours thereafter . Thereafter, without further advertising and so long as a proposal has not there- tofore been accepted by the Agency, bids will be received on Tuesday, March 24, 1987 and each Tuesday thereafter at 11 : 00 a.m. Pacific Standard Time at the above location until bLds are received and accepted. The Bonds will be issued pursuant to the Community Rede- velopment Law of the State of California (being Part 1 of Division 24 of the California Health and Safety -y Code) , a Trust Indenture by and between the Agency and Bank of Arv.-_=rica National Trust & Savings Association, dated as of February 1, 1987 and a supplemental trust indenture to be A-1 entered into by the Agency prior to the delivery of the Bonds to the successful bidder (collectively, the "Indenture" ) . The Bonds are subordinate and junior to the Agency' s outstanding Redlands Redevelopment Project 1987 Tax Allocation Refunding Bonds . The Bonds 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 Bonds are generally described as follows : ISSUE: Eleven Million Five Hundred Thousand Dollars ( $11, 500,000) designated "Redevelopment Agency of the City of Redlands, Redlands Redevelopment Project 1987 Subordinate Tax Allocation Bonds" ( the "Bonds" ) . The Bonds shall be in registered form only, in the principal amount of $5,000 or any integral multiple thereof and shall be dated as of March 1, 1987 . The exact issue size and the amounts of the various maturities and sinking fund installments (both hereinafter described) may be modified, as set forth in the Preliminary Official Statement . See "Official Statement" herein. MATURITIES: The Bonds will mature on July 1 as follows: Principal Principal Maturity Date Amount Maturity Date Amount ( i) Serial Bonds (See ( ii ) Term Bonds (See (July 1) Official (July 1) Official Statement Statement 1988 2017 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 The Bonds maturing in the years 1988 to 2002, inclusive, are sometimes referred to herein as "Serial Bonds, " and the Bonds maturing in the year 2017 are sometimes referred to herein as "Term Bonds. " A-2 INTEREST: The Bonds 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 on July 1, 1987 , and semiannually thereafter on January 1 and July 1 in each year . 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 re- demption. Principal on the Bonds and the final interest payment are payable at the principal corporate trust office of the Trustee for the Agency, Bank of America National Trust & Savings Association, in San Francisco, California. REGISTRATION: The Bonds are issued as fully registered Bonds payable to the registered owner . Transfer of ownership 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 ex- changes 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 Agency; 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 . REDEMPTION: 1. optional Redemption. Bonds maturing on or before July 1, 1996, are not subject to redemption before their stated maturities. Bonds maturing by their terms on or after July 1, 1997, 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, 1996 , 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 there- on to the date fixed for redemption: Redemption Dates Redemption Price July 1, 1996 and January 1, 1997 102 % July 1, 1997 and January 1, 1998 101 . 5 July 1, 1998 and January 1, 1999 101 July 1, 1999 and January 1, 2000 100. 5 July 1, 2000 and thereafter 100 A-3 2. Term Bond Sinking Fund Redemption. The Term Bonds maturing July 1, 2017 are subject to mandatory re- demption prior to maturity from and to the extent of Sinking Fund Installments commencing July 1, 2003 and each July 1 thereafter to and including maturity, 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, in each of the years and in the amounts as follows: TERM BOND SINKING FUND INSTALLMENTS Year Principal Year Principal (July 1) Amount (July 1) Amount 2003 (See 2010 (See 2004 Official 2011 Official 2005 Statement 2012 Statement 2006 2013 2007 2014 2008 2015 2009 2016 2017 (maturity) 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 Indenture. 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 Agency in order to aid in the financing of a redevelopment project in the City of Redlands, California, known as the Redlands Redevelopment Project. Bidders are referred to the Preliminary Official Statement for further particulars (see "Official Statement" herein) . SECURITY: The Bonds are payable both as to principal and interest, from Surplus Tax Revenues and interest earnings, as more fully set forth in the Indenture. The Agency has heretofore issued and sold $17, 470 , 000 principal amount of its Redlands Redevelopment Project 1987 Tax Allocation Refunding Bonds (the "Refunding Bonds" ) . The Refunding Bonds are secured by a first and exclusive pledge of the Tax Revenues, as described below, in an amount equal to 100 percent of annual debt service for the then current Bond Year (as those terms are defined in the Indenture relating to the Refunding Bonds) . Tax Revenues are generally defined in the Indenture to mean ( i ) that portion of taxes levied upon taxable property in the Redlands Redevelopment Project Area of the Agency and received by the Agency which is allocated and paid into a special fund of A-4 the Agency pursuant to Article 6 of Chapter 6 of the Community Redevelopment Law and Section 16 of Article XVI of the Constitution of the State or California and ( ii ) reimbursements, subventions, including payments to the Agency with respect to personal property within the Redevelopment Project pursuant to 16110, et seq. , of the Government Code, or other payments made by the State with respect to any property taxes that would otherwise be due on real or personal property but for an exemption of such property from such taxes. Tax Revenues does not include any taxes allocated to the Agency that are payable pursuant to an agreement entered into by the Agency pursuant to Section 33401 of the Community Redevelopment Law or required by Section 33334. 2 or Section 33334 . 6 of the Community Redevelopment Law to be used by the Agency for increasing and improving the supply of low and moderate income housing, other than as provided in the Preliminary Official Statement. The Bonds are secured by Surplus Tax Revenues, being Tax Revenues available each year in excess of the Tax Revenues pledged to secure the payment of principal of, interest on and premium, if any, on the Refunding Bonds . The Bonds are not obligations of the City of Redlands, the State of California or any of its political subdivisions, and do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. TERMS OF SALE INTEREST RATE: Maximum on any maturity of the Bonds not to exceed twelve percent (12% ) per annum, payable on July 1, 1987 and semiannually thereafter on January 1 and July 1 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 1/20 or 1/8 of 1% and a zero rate of interest cannot be specified; (c) the interest rate specified for any maturity must be equal to or greater than the interest rate specified for the preceding maturity rate; (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. A-5 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 ninety-seven percent ( 97% ) 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 dollars and the average net interest rate determined there- by, which shall be considered informative only and not a part of the bid. 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, and adding the amount of the discount bid (if any) tot the total amount of interest which would be required to be paid on all Bonds from March 1, 1987, to the stated maturity date of the Serial Bonds and to the stated mandatory sinking fund redemption date of the Term 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 Agency. For purposes of determining net interest cost, the Term Bonds maturing July 1, 2017 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, computed on a 360-day year basis, from the date of the Bonds to the date of delivery. The cost of printing the Bonds will be borne by the Agency. RIGHT OF REJECTION: The Agency reserves the right, in its discretion, to reject any and all bids and, to the ex- tent not prohibited by law, 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 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 of the specified time if the bidder shall not have given to the Agency notice in writing of the withdrawal of such bid. CuSIP: 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 Agency 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. A-6 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 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, 400 Mission Square, 3750 University Avenue, Riverside, California, or at such other place as may be agreed upon by the successful bidder and the officer of the Agency making delivery. Payment for the Bonds must be made in funds immediately available to the Agency 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 Agency shall fail to exe- cute the Bonds and tender them for delivery within 60 days from the award of the sale of the Bonds, and in such event the successful bidder shall be entitled to the return of the proceeds of the check accompanying his bid. FORM OF BID; MAXIMUM DISCOUNT: All bids must be for not less than all of the Bonds hereby offered for sale and for not less than ninety-seven percent (97%) of the par value thereof and accrued interest thereon to the delivery date. The amount of any discount specified in any bid shall not exceed three percent ( 3%) of the aggregate principal amount of the Bonds. Each bid, together with the bid check must be in a sealed envelope, addressed to the Agency, with the envelope and bid clearly marked "Bid for $11, 500,000 Redlands Redevelopment Project 1987 Subordinate Tax Allocation Bonds of the Redevelopment Agency of the City of Redlands" and delivered to its representative at the address mentioned above. Each bid must be unconditional and in accordance with the terms and conditions set forth herein, or permitted herein, and must be submitted on, or in sub- stantial accordance with, bid forms provided by the Agency. BID CHECK: A certified or cashier ' s check on a respon- sible bank or trust company in the amount of One Hundred Thousand Dollars ($100,000) , payable to the order of the Agency, must accompany each bid as a guaranty that the bidder, if successful, will accept and pay for the Bonds in accordance with the terms of his bid. The check accom- panying any accepted bid shall be cashed and the proceeds thereof applied to the purchase price. If such bid is ac- A-7 cepted but not performed, unless such failure of performance shall be caused by any act or omission of the Agency, the proceeds of the check accompanying any accepted bid shall be retained by the Agency. The check accompanying each unac- cepted 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 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 date 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 exempt from inclusion in 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 of the Agency. The legal opinion will be subject to laws affecting creditor ' s 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 Agency 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 Agency) 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 Agency will furnish to the successful bidder at the time of deli- very of the Bonds an arbitrage certificate certifying to the foregoing. NO LITIGATION: There is no litigation pending con- cerning the validity of the Bonds, the existence of the Agency or the title of the officers thereto to their respec- tive offices, and the Agency will furnish to the successful bidder a no-litigation certificate certifying to the fore- going as of and at the time of delivery of the Bonds. Bid- ders are referred to the Preliminary Official Statement for further particulars. A-8 CERTIFICATE CONCERNING OFFICIAL STATEMENT: The Agency will provide to the purchaser of the Bonds a certificate of an appropriate officer of the Agency 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 Agency since the date of the Official Statement. STATEMENT OF NET INTEREST COST: Each bidder is re- quested, but not required, to state in its bid the total net interest cost of its bid in dollars to the Agency, and the percentage net interest cost determined thereby, which shall be considered informative only and not binding on either the bidder or the Agency. OFFICIAL STATEMENT: The Agency has caused a Preliminary Official Statement to be prepared containing additional information relating to the Bonds and the Agency, copies of which may be obtained from the Agency ' s Financial Consultant named below. The Agency will furnish to the successful bidder , at no charge, a reasonable number of copies of the final Official Statement (but not to exceed 300 ) 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 Agency, should be addressed to the Financial Consultant to the Agency: Seidler-Fitzgerald Public Finance 515 South Figueroa Street Sixth Floor Los Angeles, CA 90071-3396 ( 213) 624-4232 GIVEN by the order of the Agency by resolution adopted on March 3, 1987. /s/ Lorrie g2y_zer Secretary of the Redevelopment Agency of the City of Redlands, California A-9 BID FOR THE PURCHASE OF $11, 500,000 REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS REDLANDS REDEVELOPMENT PROJECT 1987 SUBORDINATE TAX ALLOCATION BONDS March 17, 1987 Redevelopment Agency of the City of Redlands Redlands, California Pursuant to the Notice Inviting Bids hereinafter men- tioned, we offer to purchase the Bonds designated as "Rede- velopment Agency of the City of Redlands, Redlands Rede- velopment Project 1987 Subordinate Tax Allocation Bonds" in the total principal amount of $11, 500, 000 plus a premium of $ or minus a discount of $ making an aggregate sum of $ plus interest accrued on such Bonds from March 1, 1987 to the date of delivery thereof. The Bonds are to bear interest at the rates set forth in the following schedule: Maturity Principal Interest Maturity Principal Interest (July l Amount Rate (July 1) Amount Rate 1988 $ 1996 $ 1989 1997 1990 1998 1991 1999 1992 2000 1993 2001 1994 2002 1995 2017 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 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 Agency. There is enclosed herewith a cashier ' s check in the A-10 amount of One Hundred Thousand Dollars ( $100, 000) payable to the order of the Agency. 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: Total Interest $ Less Premium or Plus Discount 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: A-11 r-PQnqnA EXHIBIT B NOTICE OF INTENTION TO SELL $11, 500, 000 REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS REDLANDS REDEVELOPMENT PROJECT 1987 SUBORDINATE TAX ALLOCATION BONDS NOTICE IS HEREBY GIVEN that the Redevelopment Agency of the City of Redlands ( the "Agency" ) intends to sell at public sale $11,500, 000 Redlands Redevelopment Project 1987 Subordinate Tax Allocation Bonds" to aid in the financing of public improvements in the Redlands Redevelopment Project of the Agency. Bids will be received on Tuesday, March 17 , 1987 (and without further advertising and so long as a proposal has not theretofore been accepted by the Agency, Tuesday, March 24, 1987 and each Tuesday thereafter) at 10 : 00 a.m. Pacific Standard Time at the following location: Seidler-Fitzgerald Public Finance, 515 South Figueroa Street, Sixth Street, Los Angeles, California 90071-3396. The Agency has caused to be prepared a detailed Official 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 90071-3396 , telephone ( 213) 624-4232 . /s/ Lorrie Poyzer Secretary Redevelopment Agency of the City of Redlands, California B-1 r:Pcn'MA