HomeMy WebLinkAboutResolutions 85-266 N.C.S. 08/05/1985' ~i~S~~L.l~1~Y1 ~1~. 85-266 ~T. ~. ~.
of t~~~ ~ity of. P~taiuma,_ Califvrnia
RESOLUTION ~RDERING SALE OF BONDS
Assessment District No. 16 NS, Redwood Business Park
The City Council of the City of Petaluma resolves:
The City Council accepts the offer of Wulff, Hansen & Co.,
(attached to this resolution and by reference incorporated in it),
to purchase all of the improvement bonds to be issued in Assessment
District No. 16 NS; Redwood Business Park, City of"Petaluma, Sonoma
County, California.
The City Council direGts the sale and delivery of the
bonds to the offeror in accordance with the terms and conditions
stated in the offer.
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Under the power and authority conferred upon this Council by the Charter of said City.
I hereby certify the fore;oing Resolution was introduced and adopted by the
Council of the City of Petaluma at a(Regular) (A~bt~~~:`~%~Xr~Ia`i~dng APProved as to
forta
on the .:....•_-••`~t~l••••-.. day`~lt•-•....-°----•....--••••-••--••••--~Al~'tFS~•--• 19$.`~?__., by the 85
following vote: •-••--......--•._......__.._._...-_••-•----
Ciry Attorney
AYES:
Bond, Cavanagh, Davis, Woolsey, Tencer, Vice Mayor Balshaw Mayor Niattei
NOES:
e
ABSENT:
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1
ATTEST : ........... ... . . .. . . . . ._. ._ ..----.. . . _......___...__.._..
• - -• --------•----- •- --- .. ... . .. . .. .......
C Clerk Ma
COUNCIL FILF
FlIRM ['A 2 1/AA ova r.~.. 85-266
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' ~ WULFF, HANSEN ~c CO.
~ ' . ESTABLISHED 1931
INVESTMENT BANKERS
201 SANSOME STREET~7T~ FLOOR
SAN FRANCISCO 94104
[415] 421-B900
August 5, 1985
City Council
City of Petaluma
California
Municipal Financing Re: Cit.y of Petaluma, Cali£ornia
Assessment District No. 16NS
(Redwood Business Park)
Special Assessment Dear Members of the Council:
and Revenue Bonds
Wulff, Hansen & Co. as rianaging Underwriter of the
above referenced issue, hereby offers to purchase
co~~tY all, but not less than all, bonds to be offered by
c~tv the City of Petaluma (the "City" ) according to the
SpecialdistriCt Improvement Bond Act. of 19T5 of the State of
Cali`fornia (after proceedings under the.Municipal
Commercial Improvement Act of 1913 ) t.o re'present the cost of
Industriai aCC~,111S1t10I1S and improvements in Assessment District
Residential NO. I6NS (Redwood Business ?~ark) .
Hospital
Public
We make this offer under the following terms and_
conditions:
Street opening
Sewer
Water
• AlilOllrit. of Bonds.; Approximately $1,250,000.00
Landscaping
Sidewalks
Curbs Form of Bonds: Re istered. bonds to be issued
g
_ ~~ne~s serially. Bond denominations of
Lighting - $S~OOO t0 $1~~~0~~.
D~ainage
Traffic control
Parking
Interest Rates: 1987 5.75 1994 8.75
Meters 1988 6.25 1995 9.00
Pedestrial malls
Par~cs
1989 6.75 1996 9.10 .
Playground 1990 7.25 1997 9.20
Recreation _ 1991 7.75 1998 - 9.25 .
Refinancing
Renovation ~992 $,25 1999 9.35
Dredging 199 3 8. 5 0 2 0 0 0 9. 3 5
Reclamation
~r:ice: 96.00~.
-Term: 14 years.
Net Interest Cost: 9.328395°~.
Average
Interest Cost: 8.9310.
NEARLY HALF A CENTURY HELPING CALIFORNIANS
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City Council
City of Petaluma.
August 5, 1985
Page Two
riaturity Schedule: 1987. 5,000.00 1994 90,000.00
1988 60,000.00 1995 100,000.00
'1989 65,000.00 1996 105,000.00
1990 65,-000.00 1997 115,000.00
1991 70,000.00 1998 125,000.00
1992 75,000.00 1999 140,000.00
1993 85,000.00 2000 150,000.00
Date of Bonds and
Delivery Date: Approximately September 3, 1985.
Foreclosure Clause: City to covenant to commen ce judicial
foreclo sure of deli nquent assessments
within 150 days of any del inquency.
Reserve Func3: The City shall establish from the
proceeds of the bonds a reserve fund
equal to 7s of the pr'incipal amount of
the bonds. In our view, it is
reasonably required for this issue,
and vital to the marketing of the
bonds, tha.t proceeds from the
investment of monies in said r-eserve
fund should be retained in said fund
until the amount in said fund equals
the maximum annual debt service on the
bonds.
Redemption Premium: 5~ of unmatured principal.
~- Paying Agent and
Registrar: Bank of .America, San Francisco,
California.
No Litigation: A no litigation certif.icate of the
City shall accompany the bonds at
- delivery. - -
Legal Opinion: The opinion of Sturgis, Ness, Brunsell
& Sperry, Emexyville, California,
without qualifi'cation and without
expense to us to be printed on th e
bonds.
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City Council
City of Petaluma
August 5, 1985
Fage Three
Place of Delivery: Bank of America, San .Francisco,
California.
Time of Delivery: Not later than 48 hours after the City
notifies the undersigned that the
bonds are ready for deli,very. If the
subject bonds are not delivered by
5:00 p.m. on the third day after the
aforementioned~`delivery date, the
Wulff, Hansen & Co, reserves the right
to renegotiate the price and/or the
rate of interest.
Expiration: This offer expires noon August 6,
1985.
Very truly yours,
WUI, F, HANSEN & CO.
. ~v`'IF- ~'~'~ '
Mark Pressman
Vice~es~ent ~
~~ D' L~'rcole
S. ior Vice ~resident
MP:GD:pt
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