HomeMy WebLinkAboutResolutions 86-290 N.C.S. 10/27/1986,~
i~
~- -~ ~• Resolutoiz No~6-ego: N.C.S. '~
of the City of Petaluma, California
RESOLUTION ORDERING SAI;E OF BONDS
REFUNDTNG ASSESSMENT DTSTRICT NO. 10
The City Council of the City of Petaluma resolves:
The City Council accepts the offer of BTRR, WILSON ~
CO., TNC. (attached to this resolution and by reference
incorporated in it), to purchase all of the refunding bonds to be
issued in Refunding Assessment District No. 10.
The City Council directs the sale and delivery of the
bonds to the offeror in accordance with the terms and conditions
stated in the offer.
®IG~L
Under the power and authority conferred. upon, this Council by the Charter of said City.
I hereby certify the foregoing Resolution -was intr d ced and a opted by the
Cougcil of the.. City of Petaluma at a (Regular) (• ) ( meeting Approced
on the QC fo
.._27th.--...._.. day of ...-----•----•-tObeT' ..................... 19..~., by"the
following vote: .................. .__...._.___...__.
• ty orney
AYES: SOBEL, WOOLSEY", CAVANAQi; BALSHAW, VICE MAYOR• TE[~tCER, MAYOR MATTEI
NOES: '--
ABSENT: DAVIS ~ ~
..._
ATTEST: - -----......_---------- -----• ---.. _,,.......................... .---....~.
City Cleik Mayor
COUNCIL F{LF
SF_7An
~IRR, WILSON ~ ~JO., INC.
CHICO ~ MEMBER
cuPERTINO NEW YORK STOCK EXCHANGE. INCORPORATED
EUREKA October 23
1986
MENLO PARK ,
OAKLAND
OROV MLLE
PARADISE }' (~
Counr
ll
Cl
PETALU MA `.y
.
i
RED"BLUFF Clty of Petaluma
BEDDING 11 En
lish Street
SA N..RA FA EL g
'
BANTA RDBA Petaluma
California 94:952
VALLEJO ,
YU6A CITY
NF_W YORK CITY Attn: Juelle-An'n .Boyer
P017T LAN U, OREGON
RENO. NEVADA
SEATTLE, WASHINGTON Dear Members of the CUl.1nC11
MAIN OFFICE
166 SAN SOME STREET
BAN FRANCISCO, CALIFORNIA 94104
(418) 883-7700
MAILING ADDRESS
P. O. BOX 7160
BAN FRANCIBCO, CALIFORNIA 94120
Birr, Wilson & Co. , Inc. ("Birr, Wilson") hereby agrees to purchase
from the City of Petaluma (the "City") , Refunding Assessment District
No. 10 Bonds (the "Bonds") in the par amount of $2 , 287 , 745.99 to be
issued under the Improvement Bond Act of 1915 and in Compliance with
the Refunding Act of 1984 , subject to the following terms and
conditions:
1) The Bonds shall mature and have interest rates as shown below:
Maturity Date Principal Amount
Interest Rate
Sept. 2, 1988 ~ $147,745.99 5.600
Sept. 2, 1989 120,000.00 6.10
Sept. 2, 1990 120,000.00 6.40
Sep 2, 1991 170,000.00 6.70
Sept. 2, 1992 200,000.00 6.90
Sept. 2, 1993 205,000.00 7.10
Sept. 2, 1994 205,000.00 7.30
Sept. 2, 1995 205,000.00 7.40
Sept. 2, 1996 160,000.00 7.50
Sept. 2, 1997 150,000.00 7.60
Sept. 2, 1998 145,000.00 7.70
Sept. 2, 1999 140,000.00 7.80
Sept, 2, 2000 155,000.00 7.90
Sept. 2, 2001 165,000.00 8.00
2) The Bonds shall have printed thereon the qualified. ,approving
legal opinion of Sturgis, Ness, Brunsell & Sperry, Emeryville,
California., ("Bond. Counsel") , and a specimen of such Bonds will
be furnished to Birr, Wilson prior" to their delivery.
3) At the time. of issuance of the Bonds, a Reserve Fund of (3-1/2$)
or $80 , 071.11 will be established.,. Investment earnings on the
aforementioned amount shall be credited to the Reserve Fund.
~~~~~
RESO~~ ~Pd NCS
4 ~ ~ "~ -;~~,., Me~nladrs of the Council
City of .Petaluma
UcC~Uer 23, 10UU
Second Page
4) The following outlines the sources and uses of funds:
1
USES AND SOURCES OF FUNDS
USES
Interest Dine 1/2/87 on Original Issue
Bonds Having Maturity Advanced ao 1/2/87
Premium on Called Bonds
Underwriters Discount
Reserve Fund
Bond Counsel
Incidential Closing Costs ~ Contingency
Total Uses
SOURCES
Refunding Issue Par Amount
Balance in Current Reserve Fund
Balance in Construction Fund
Interest Earned on Escrow Accounts
Total Sources
$110,143.50
$2,130,OOO.U0
106,500.00
62,913.01
80,.071.11
18,.938.73
29,346.02
$2.537,912.37
$2,287,745.99 _ .
180,.604.32
48,877.73
20,684.33
$2,537,912.37
5) Birr, Wilson wit pay the total sum of $2,224,832.98 or 97-1/40 of
the par amount, plus accrued interest, if any, from the dated
date of the Bonds until the date of Delivery.
6) This Bond Purchase Contract is valid thru October 27 , 198fi .
7) Sale of the- Bonds shall be awarded to Birr, Wilson on October 27,
1986. It is estimated that the Bonds shall be dated on or about
October 29, 1986. f
Very truly yours ,
BIRR, SON' & CO I C.
By: Duke onrad
Ivianaging Director
ACKNOWLEDGED AND ACCEPTED THI~~d y, of OCTOBER, 1986
CITY OF PETALUMA
By:
cc: Dan Bort, Sturgis Ness, Brunsell ~ Sperry
RES0~~9dNCS