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HomeMy WebLinkAbout130 RDA_CCv0001.pdf RESOLUTION NO. 130 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS DECLARING ITS INTENTION TO SELL BONDS OF SAID AGENCY IN THE AMOUNT OF $2,440,000, FIXING TIME AND PLACE FOR TAKING BIDS AND DIRECTING PUBLICATION OF NOTICE INVITING BIDS WHEREAS, this Agency deems it proper and the necessity therefor appears that bids be invited for the purchase of its $2, 440,000 Parking Lease Revenue Bonds , Series A, and that if bids are satisfactory said bonds be sold in the manner and at the time and place herein- after 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 said 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 is hereby authorized and directed to publish said Notice Inviting Bids by one insertion in the Redlands Daily Facts, a newspaper of general circulation, published in the City of Redlands , California, said publication to be at least ten days prior to the date of opening bids stated in said Notice. Section 3. The Secretary is further authorized and directed to cause to be furnished to prospective bidders copies of said Notice Inviting Bids and of the official statement 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 sale of said bonds. Section 4 . Said Notice shall be substantially as follows: 4/16/74 NOTICE INVITING BIDS ON $2,440,000 BONDS OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of $2,440,000 par value of lease revenue bonds of the Redevelopment Agency of the City of Redlands will be received by said Agency at the place and up to the time below specified: TIME: Tuesday, April 30, 1,974 10:00 o'clock A.M. Office of the City Clerk PLACE: City Hall 30 Cajon Street Redlands, California MAILED BIDS: Address to Secretary of the Agency Post Office Box 280 Redlands, California 92373 OPENING OF BIDS: The bids will be received and opened at 10:00 o'clock A.M. on April 30, 1974,at the aforesaid place and reported to the Agency at its meeting at 2:00 o'clock P.M. of the same day. ISSUE: $2,440,000, designated "Parking Lease Revenue Bonds, Series A," consisting of 488 Z, bonds, numbered Al to A488, both inclusive, of the denomination of $5,000 each, dated May 15, 1974. MATURITIES: The bonds will mature in consecutive numerical order on May 15 in the amounts for each of the several years as follows: Principal Principal Year Amount Year Amount 1978----------------------------- $ 30,000 1989_---- ------- -------- --- $110,000 1979.__.---------------------------- 60,000 1990--------------------------_._-- 110,000 1980--------- ---------------------- 60,000 1991--- ----- --- -- ----------- 120,000 1981------------------- ------- 70,000 1992_._--_._..-.----- -___.- 130,000 1982_-_-_-____---_.--------_----- 70,000 1993-.---------------------------- 140,000 1983._._--------------------------- 80,000 1994-----------_- ...-------- ----- 150,000 1984_---. -------- ------------ 80,000 1995----- _-------- ------- ------ 150,000 1.985-------- -------------—.... 90,000 1996._ ---- 160,000 l986------...... --- 90,000 1997.............. ---- 170,000 1.987..... 100,000 1.998----........_...........----- ,1.80,000 1988..... 100,000 l999......................---- 190,000 INTEREST: The bonds shall bear interest at a rate or rates to be fixed upon the sale thereof but not to exceed 7% per annum, payable semiannually on May 15 and November 15 in each year beginning November 15, 1974. PAYMENTS: The bonds and the interest thereon 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, Fiscal Agent for the Agency, in Los Angeles, California, or at the option of the holder, at the office of any Paying Agent of the Agency in Chicago, Illinois, or New York, New York. I 4/16/74 REGISTRATION: The bonds will be issued as bearer bonds or as fully registered bonds with provision for exchange, all in accordance with the provisions in the resolution providing for the issuance of the bonds (hereinafter referred to as the "Resolution") adopted on April 16, 1974. REDEMPTION PROVISIONS: In the event of loss of, substantial damage to or condemnation of the whole or any substantial part of the Leased Premises (as defined in the Resolution), all or any part of the bonds may be called and redeemed prior to maturity at a redemption price equal to the principal amount thereof, together with accrued interest and a premium as set forth below. Except as set forth in the preceding paragraph, bonds maturing on or prior to May 15, 1986, are not subject to call or redemption prior to maturity. Bonds maturing on and after May 15, 1987, may be called prior to maturity, at the option of the Agency, as a whole, or in part in inverse order of maturity and by lot within a single maturity, and redeemed from funds derived by the Agency from any source, on May 15, 1986, or on any interest payment date thereafter. The redemption price shall be equal to the principal amount thereof plus a premium equal to one quarter of one percent (1/4%) for each year or fraction of a year from the redemption date to the maturity date of the bonds, provided that such premium shall not exceed five percent (5%). PURPOSE OF ISSUE: The bonds are to be issued by the Agency under and pursuant to the Community Redevelopment Law of the State of California (Part I of Division 24 of the Health and Safety Code) to finance the acquisition and clearing of parking sites as part of a redevelopment project in the City of Redlands, California, known as the Redlands Redevelopment Project. SECURITY: The bonds are payable, both principal and interest, solely from Pledged Revenues (as defined in the Resolution, including the base rentals payable by the City of Redlands to the Agency for the leasing of the parking facilities). The bonds are not obligations of the City of Redlands. TERMS OF SALE Interest Rate: The maximum rate bid may not exceed 7% per annum, payable semiannually. Each rate bid must be a multiple of 1;20 of I%. No bond shall bear more than one interest rate, and all bonds of the same maturity shall bear the same rate. Each bond must bear interest at the rate speci- fied in the bid from its date to its fixed maturity date. Only one coupon will be attached to each bond for each installment of interest thereon, and bids providing for additional or supplemental coupons will be rejected. The rate on any maturity or group of maturities shall not be more than 2% higher than the interest rate on any other maturity or group of maturities. 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 par, accrued interest to the date of delivery, the premium, if any, and the interest rate or rates not to exceed those 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 thereby, which shall be considered informative only and not a part of the bid. Highest Bidder: The bonds will be awarded to the highest responsible bidder or bidders con- sidering the interest rate or rates specified and the premium offered, if any. The highest bid will be determined by deducting the amount of the premium bid (if any) from the total amount of interest which the Agency would be required to pay from the date of the bonds to the respective maturity dates thereof at the coupon rate or rates specified in the bid, and the award will be made on the basis of the lowest net interest cost to the Agency. The purchaser must pay accrued interest from the date 2 4/1161/74 of the bonds to the date of delivery computed on a 360-day year basis. 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 extent 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 proposals; provided that the award may be made after the expiration of the specified time if the bidder shall not have given to the Agency notice in writing of the withdrawal of such proposal. Place of Delivery; Funds for Payment: Delivery of the bonds will be made to the successful bidder at Jeffries Banknote Company, 1330 West Pico Boulevard, Los Angeles, California, or at such other place as may be agreed upon by the successful bidder and the Treasurer of the Agency. Payment for the bonds shall be made in Federal Reserve Bank Funds or other immediately available funds. Prompt Delivery; Cancellation for Late Delivery: It is expected that the bonds will be delivered to the successful bidder within thirty days from the date of award thereof. 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 them for delivery within sixty days from the date herein fixed for the receipt of bids, and in such event the successful bidder shall be entitled to the return of the check accompanying his bid. The Agency reserves the right to deliver the bonds in temporary form, exchangeable for definitive bonds. zn Form of Bid: Each bid, together with the bid check, must be in a sealed envelope, addressed to the Agency with the envelope and bid clearly marked "Proposal for $2.440,000 Bonds of the Redevelop- ment Agency of the City of Redlands." Bid Check: A certified or cashier's check on a responsible bank or trust company in the amount of $50,000 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 terms of his bid. The check accompanying any accepted proposal shall be applied on the purchase price or, if such proposal is accepted but not performed, unless such failure of performance shall be caused by any act or omission of the Agency, shall then be cashed and the proceeds retained by the Agency. The check accompanying each unaccepted proposal will be returned promptly. Change in Tax Exempt Status: (a) At any time before the bonds are tendered for delivery, the successful bidder may disaffirm, and withdraw the proposal if the interest received by private holders from bonds of the same type and character (except as stated in (b) below) shall be declared to be taxable 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. (b) Interest on any bonds held by any substantial user of the facilities financed by the bonds or any related person may be taxable pursuant to Section 103(c) of the Internal Revenue Code and regulations adopted thereunder, which Section and regulations may be referred to in the legal opinion hereinafter mentioned. Legal Opinion: The unqualified opinion of O'Melveny & Myers, attorneys, approving the validity of the bonds will be furnished the successful bidder at or prior to the time of delivery of the bonds, at the expense of the Agency. A copy of such opinion, certified by an officer of the Agency by his facsimile signature, will be printed on the back of each bond. No charge will be made to the purchaser for such printing or certification. 3 4/16/14 The unqualified opinion of said attorneys that interest on the bonds is exempt from income taxes of the United States of America (subject to paragraph (b) above) 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 also be furnished the successful bidder at or prior to the time of delivery of the bonds, at the expense of the Agency. zn CUSIP Numbers- CUSIP numbers have been applied for and will be printed on the bonds at the Agency's expense. Neither the absence of CUSIP numbers nor the presence of an incorrect number on any or all of the bonds shall constitute reason for the purchaser thereof to refuse to accept delivery. No Litigation Certificate: At the time of payment for and delivery of the bonds, the Agency will furnish the successful bidder a certificate that there is no litigation pending affecting the validity of the bonds. INFORMATION AVAILABLE: Requests for copies of the Lease Agreement, the Resolution and the Official Statement pertaining to the bonds, or for other information concerning the Agency should be addressed to Stone & Youngberg, Municipal Financing Consultants, Inc., financing consultants to the C, Agency, 1541 Wilshire Boulevard, Los Angeles, California 90017. GIVEN by order of the Agency adopted on April 16, 1974. gen�ecretiar, e Redevelopment A�gen", f- the City of Redlands 4 ADOPTED, SIGNED ANIS APPROVED this 16th day of April , 1974. rman of the Redevelo ` ent gency of the City of Redlands ATTEST: eco t tf the;: Redevel rent Agency of the City of Redlands {SEAL} STATE OF CALIFORNIA COUNTY OF SAN BER14ARDINO SS. CITY OF REDLANDS I , Peggy A. Moseley Secretary of the Redevelopment Agency of the Ci—t—y--o-f Redlands, Redlands , California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Redevelopment Agency of the City of Redlands at a special xualukax meeting of said Agency heldonthe 16th -jay of April 1974 , and that it was soadopted as follo;.q-s: AYES: Members Grace, Knudsen, Miller, Chairman Cummings NOES: None ABSENT: None ABSTAIN: Member DeMirjyn (SEAL) Secrtz��' of the lbedevelo#ment Agency of the City of Redlands STATE OF CALIFORNIA COUNTY OF SAN BERNARDINO SS. CITY OF REDLANDS I , Peggy A. Moseley Secretary of the Redevelopment Agency of the City of Redlands, Redlands, California, DO HERESY CERTIFY that the above and foregoing is a full , true and correct copy of Resolution No. 130 and that the same has not been amended or repealed. DATED: April 17 1974 . (SEAL) 1-� Secre"T e bf thIredevelent t Agency the City of Re ands