HomeMy WebLinkAboutResolution 6854 N.C.S. 03/17/1975 = N 'A "'SECONDED - BY COUNCILMAN
INTRODUCED BY COUNC_N
Robert A. Brunner
William A. PerrY
, Jr.,
CITY ,OF PETALUMA
• RESOLUTION NO. 6'854 N.C.S.
. as .
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RESOLUTION SELLING $750,000 PRINCIPAL. AMOUNT OF CITY OF
PETALUMA 1975 . LIBRART BONDS, AND FIXTNG THE DEFINITIVE
RATES OF INTEREST THEREON ,
WHEREAS, the City Council of the City of Petaluma
has duly authorized the issuance of $750,000 principal
amount of revenue bonds designated "City of Petaluma 1975
Library Bonds" (the "bonds "), and further duly authorized
the sale of the bonds at public sale to the highest bidder
therefor; and
WHEREAS, notice of the sale of the bonds has been
duly given and the following bids for the bonds were and are
the only bids received, to wit:
Name of:; Bidder Net Interest Cost
The Bank of California $ 755,255.00 •
Security Pacific National Bank 790,561.50
United California. Bank 792,667.00
Wells Fargo Bank 795,754.80
Merrill Lynch, Pierce, Fenner, -
and Smith, Inc. 799,755.75
Bank of America N.T. & S.A.
and Associates 804,197.00
Crocker National Bank 807,124.25
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and
WHEREAS, the bid of The Bank. of California, N. A.
is the highest bid for the bonds, consider-
ing the interest rates specified and the premium, if any,
offered;
NOW, THEREFORE, BE IT. RESOLVED by the City Council
of the City of Petaluma as follows:
Section. 1. Said bid of The Bank of California,
N.A. for the bonds is hereby accepted and the
Treasurer of the. City of Petaluma is hereby authorized and
directed to deliver the bonds to said purchaser thereof
upon payment to said Treasurer of the purchase price, to
wit: The par value thereof, together with a premium of
$ _ 0 _ , and accrued interest at the following rates:
SCHEDULE 1
Maturity Years Interest Rate
(inclusive) Per Annum
1997 to 1982 7.00 . o
1983 - 6
1984 - 5.40
1985 tict - - 5.50
1986 - 5.
1987 kat - - 5.70
1988
1989 - 5.
1990 - - 6.00
1991 . - - 6.10
1992 - - 6.20
19 to 1994 6.25
1995 to 1997 6.30
• 19 98 to 2000 6.40
The bonds shall bear interest at the rates hereinabove set
forth, payable semiannually on April 15 and October 15 in
each year
Section 2. All bids except said accepted bid
are hereby rejected and the City Clerk is hereby directed
2
to return to the unsuccessful bidders their several checks .
accompanying their respective 'bids.
Section 3. The City Clerk is' directed to cause "
to be lithographed, printed or engraved a sufficient number
of blank bon ds and coupons of'suitable quality, said bonds
and coupons to show on their face that the same bear interest
at the rates' aforesaid.
Section. 4. This resolution shall take effect from
and after its passage and approval
PASSED AND ADOPTED on March 17, 19 75 by the follow-
ing vote:
AYES: Councilmen Brunner, Cavanagh, Daly, Harberson,
Mattei, :Perry, and Mayor Putnam.
NOES: None. '
ABSENT: None.
Artiop-ki,/ j4'
Mayor
Attest: -
City C 0 .1 k of --t ,ty of :Petaluma
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CITY
CLEWS CERTIFI'CATE
a I, MARJORIE WILSON., City Clerk of the City of
Petaluma, California, do hereby certify as. follows:
The foregoing is a full, true .an(1 correct copy
of a resolution'duly adopted by the Council of said City,
at a regular meeting of said Council duly . and regularly and
legally held at the regular meeting place thereof on March
17, 1975, of which meeting all of the members of said
Council had due notice and at which a majority thereof was
present.
At said meeting said resolution was introduced
by Councilman Robert .A_. Brunner ► and was thereupon, xiox
mag wxagxems uttmmxxxxxxxxxxxxxxxxxxxxx)s seconded by
Councilman William A. Perry , adopted by the following
vote:
AYES: Councilmen Brunner, Cavanagh, Daly, Harberson
Mattel, Perry, Jr., and'Mayor,Putnam.
NOES: None.
ABSENT: None.
I have carefully compared the same with the orig-
inal minutes of. said meeting on file and of record in my
office and the foregoing is a full, true and correct copy
of the original resolution adopted at said meeting and en-
tered in said minutes.
, The original resolution has not been amended, ,,modi
fied or "r ,'ded since the date of its adoption and the same
' ese�in
is now in -full force and effect.
Dated: March 17 , 1975.. _
City C1- rki ;s t City of
Petaluma
[SEAL]