HomeMy WebLinkAbout148 RDA_CCv0001.pdf RESOLUTION NO. 148
RESOLUTION OF THE REDEVELOPMENT AGENCY OF'
THE CITY OF REDLANDS AWARDING $5, 670 , 000
PRINCIPAL AMOUNT TAX- ALLOCATION BONDS OF
SAID AGENCY TO THE BEST BIDDER AND REJECT-
ING ALL OTHER BIDS
WHEREAS , at the time and place fixed for the
opening of bids for the $5,670,000 aggregate principal.
amount tax allocation bonds of the Redevelopment Agency
of the City of Redlands designated "RedlandsRedevelopment
Project Tax Allocation Bonds" (the "Tax AllocationBonds")
and numbered I to 1,134 , inclusive, all bids were publicly
opened, examined and read, and a tabulation thereof has
been entered in the minutes; and
WREREAS, the bid of the bidder hereinafter named
is the best bid made by a responsible bidder for the Tax
Allocation Bonds ;
NOW, THEREFORE, the Redevelopment Agency of the
City of Redlands DOES HEREBY RESOLVE, DETERMINE AND ORDER
as fol1lows :
Section 1. The following bid of Merrill Lvnch,
Pierce,--Fenner & Smith, Inc. , manager
specifying the purchase price for the Tax Allocation Bonds
plus accrued interest to the date of delivery and the inter-
est rates per annum, is the bid for the Tax Allocation Bonds
yielding the lowest net interest cost:
[INSERT WINNING BID]
523 West 601 Street,Los Angeles,California 90014 213.488-2611
Talikild Enc
Jv1y 151 1975
Redevelopment Agency of the City of Redlands
Secretary of the Agency
City Hall
30 Cajon Street
Redlands, California 92373
Gentlemen:
In accordance with the terms of your notice of sale dated June 24, 1975, covering $5,670,0
Tax Allocation Bonds of the Redevelopment Agency of the City of Redlands, which is by
reference made a part hereof we submit the following bid:
For your legally issued bonds, as described in said notice of sale, we will pay par plus
accrued interest from the date of the bonds to date of delivery to u lamof
$68,489.0(krovided bonds bear interest per annum as follows: ess a iscount
Bonds maturing 1:978 through 2000 inclusive at 8.00
Bonds maturing through inclusive at
Bonds maturing through inclusive at °fo
Bonds maturing through inclusive at
Bonds maturing through inclusive at
Bonds maturing through inclusive at
Bonds maturing through inclusive at °fa
Bonds maturing through inclusive at
Bonds maturing through inclusive at %
Bonds maturing through inclusive at
We request that the legal opinion be printed on the bonds and that the bonds be issued in
denomination of $5,000.00. Attached hereto is a cashier's check in the amount of $115,000
which represents our good faith deposit and is submitted in accordance with the terms set
forth in the notice of sale. This bid is subject to approval of legality, at your expense,
by Messrs. O'Melveney & Myers, of Los Angeles, CA.
Interest cost in accordance with the above bid:
Gross interest cost $7,804,800.00
us discount 68,489.00
Net interest cost 7,873=289.00
Effective interest rate 8.0702
Res ctfu tted,
A��
Said bid is hereby accepted and the Tax Alloca-
tion Bonds awarded to said best bidder in accordance with
the terms of the proposal.
Section 2. All bids other than the one accepted
in Sectinn 1, hereof are rejected, and the Secretary of the
Agency is directed to return 'the check accompanying each
rejected bid to the unsuccessful bidder.
Section 3 . The interest rates on the Tax Alloca-
tion Bonds are hereby fixed at the rates stated in Section 1
hereof.
Section 4 . The Treasurer of the Agency is hereby
directed to deliver the Tax Allocation Bonds to the success-
ful bidder upon payment therefor including accrued interest
to the date of delivery.
ADOPTED, SIGNED AND APPROVED this 15th day of
July 1975.
airman or the Redev op nt°w Agency of the
City of Redlands, California
ATTEST:
Secrt��,�A'#', /bf the Re'deve 6Z�� nt Agency of the
y
city €,�bl� '!�edlands, Califo 'ia
(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
a regular meeting of said Redevelopment Agency
held on the 15th day of July 1975, and that it was so
adopted as follows :
AYES : Members Miller, DeMirjyn, Grace, Chairman
Cummings
ABSTAIN: Members Knudsen
NOES : Members None
ABSENT: Members None
(SEAL)
It y' of the City WRedlands,
Secretary of the Redeveilbpment Agency