HomeMy WebLinkAboutCC Resolution 8806 (Mariposa Rd Assessment District)RESOLUTION NO. 8806
RESOLUTION ORDERING SALE OF BONDS
MARIPOSA ROAD ASSESSMENT DISTRICT
The City Council of the City of San Rafael resolves:
The City Council accepts the offer of Stone & Youngberg
(attached to this resolution and by reference incorporated in it) to
purchase all of the improvement bonds to be issued in Mariposa Road
Assessment District.
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.
I, JEANNE M. LEONCINI, Clerk of the City of San Rafael,
California, hereby certify that the foregoing resolution was duly
and regularly introduced and adopted at a regular meeting of the
Council of said City held on the 21st day of December, 1992, by the
following vote, to wit:
AYES: COUNCILMEMBERS: Breiner, Cohen, Thayer & Mayor Boro
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Shippey
n .
JFM.LEON�,Ci Clerk
STONE & YOUNGBERG
MEMBERS- PACIFIC STOCK EXCHANGE
ol December 21, 1992
City Council
City of San Rafael
1400 Fifth Avenue
P. O. Box 151560
San Rafael, CA 94915-1560
Attention: Ransom E. Coleman
Re: Offer to Purchase Bonds in the Amount of $233,687.57
City of San Rafael Limited Obligation Improvement Bonds
Mariposa Road Assessment District
Series No. 1-1993
Dear Councilmembers:
Pursuant to discussions with City staff, bond counsel, and our investigation and analysis of
the captioned bond issue, Stone & Youngberg ("the Underwriter") hereby offers to purchase all
of the above referenced bonds (the 'Bonds") subject to the following conditions:
The Bonds shall be issued pursuant to the provisions of the Improvement Bond Act of
1915.
2. The Bonds shall be as described in the Resolution of Issuance for the Bonds.
3. The par value of the Bonds shall be in the amount of $233,687.57 and the Bonds shall
mature and bear interest rates as set forth in Exhibit A.
4. The Bonds shall be issued in denominations of $5,000, or in integral multiples thereof
as may be requested by the Underwriter, with the exception of one Bond in an odd
amount due in 1994.
5. All Bonds shall be issued in registered form in accordance with instructions to be
determined by the Underwriter prior to closing. Bank of America NT & SA shall act
as Paying Agent, Registrar, and Transfer Agent.
6. The Bonds shall be dated January 6, 1993 and shall be delivered on or about their
date.
7. Interest on the Bonds will be payable commencing on March 2, 1993 and
semi-annually thereafter each September 2 and March 2 until maturity.
8. The City shall establish from the proceeds of the Bonds a reserve fund equal to five
percent (5%) of the principal amount of the Bonds. The reserve fund shall be
administered pursuant to the Resolution of Issuance for the Bonds, as well as
pursuant to applicable federal laws and regulations.
ONE CALIFORNIA STREET • SAN FRANCISCO, CALIFORNIA 94111 . (415) 981-1314 C 0 110VI
City of San Rafael
December 21, 1992
Page 2
9. The City shall award the sale of the Bonds to the Underwriter at its Council meeting
of December 21, 1992.
10. The purchase price for the Bonds shall be ninety-seven percent (97%) of par, plus
accrued interest, if applicable. The purchase price shall be paid in full upon delivery
of the Bonds to the Underwriter. Payment for the Bonds shall be made in
immediately available funds. The City shall be responsible for the costs of issuance
of the financing including bond printing, registrar/paying agent fee, bond counsel fee,
and other miscellaneous expenses.
11. The City will deliver to the Underwriter at closing in forms suitable to the
Underwriter:
(a) The unqualified approving legal opinion of Sturgis Ness Brunsell & Sperry of
Emeryville, Bond Counsel. The legal opinion shall be printed on the Bonds at
no charge to us.
(b) A no -litigation certificate of the City.
12. The obligations of the Underwriter to accept delivery of and pay for the Bonds on the
Closing Date shall be subject, at the option of the Underwriter to the following
additional conditions:
(A) At the Closing Date, the Resolution of Issuance and any other applicable
agreements shall be in full force and effect, and shall not have been amended,
modified or supplemented except as may have been agreed to in writing by the
Underwriter, and there shall have been taken in connection therewith, with the
issuance of the Bonds and with the transactions contemplated thereby and by
this Purchase Contract, all such actions as, in the opinion of Bond Counsel,
shall be necessary and appropriate;
(B) Between the date hereof and the Closing Date, the market price or
marketability of the Bonds at the initial offering prices shall not have been
materially adversely affected, in the judgment of the Underwriter (evidenced
by a written notice to the City terminating the obligation of the Underwriter to
accept delivery of and pay for the Bonds) by reason of any of the following:
(a) Legislation enacted (or resolution passed) by the Congress of the United
States of America or a decision rendered by a court established under
Article III of the Constitution of the United States of America or by the
Tax Court of the United States of America, or an order, ruling, regulation
(final, temporary or proposed), press release or other form of notice
issued or made by or on behalf of the Treasury Department or the
Internal Revenue Service of the United States of America, with the
purpose or effect, directly or indirectly, of imposing federal income
taxation upon the interest as would be received by the owners of the
Bonds;
City of San Rafael
December 21, 1992
Page 3
(b) Legislation enacted (or resolution passed) by the Congress of the United
States of America, or an order, decree or injunction issued by any court
of competent jurisdiction, or an order, ruling, regulation (final, temporary
or proposed), press release or other form of notice issued or made by or
on behalf of the Securities and Exchange Conunission, or any other
governmental agency having jurisdiction of the subject matter, to the
effect that obligations of the general character of the Bonds, or the
Bonds, including any or all underlying arrangements, are not exempt
from registration under or other requirements of the Securities Act of
1933, as amended, or that the Resolution of Issuance is not exempt from
qualification under or other requirements of the Trust Indenture Act of
1939, as amended, or that the issuance, offering or sale of obligations of
the general character of the Bonds, or of the Bonds, including any or all
underwriting arrangements, as contemplated hereby or otherwise is or
would be in violation of the federal securities laws as amended and then
in effect;
(c) Any amendment to the Federal or California Constitution or action by
any Federal or California court, legislative body, regulatory body or
other authority materially adversely affecting the tax status of the City,
its property, income, securities (or interest thereon), validity or
enforceability of the reassessments; or
(d) Any event occurring, or inforrnation becoming known which, in the
judgment of the Underwriter makes untrue or misleading in any material
respect any statement or information contained in the Offering
Memorandum prepared by the Underwriter.
Respectfully submitted,
STONE & YOUNGBERG
LIM
APPROVED AND ACCEPTED
CITY OFF SAN RAFAELL
Title:
Date:
• �f
KS:ssj
(WPP/174C)
P.4 1 1 0.11
$233,687.57
CTTY OF SAN RAFAEL 11MTTED OBLIGATION IMPROVEMENT BONDS
MARIPOSA ROAD DISTRICT'
SERIFS 1-1993
Initial
Public
Maturity Date Principal Interest Offering
(September 2) Amount Rate Price
1994
$13,687.57
4.50%
100%
1995
10,000.00
5.00%
100%
1996
10,000.00
5.25%
100%
1997
10,000.00
5.50%
100%
1998
10,000.00
5.75%
100%
1999
15,000.00
6.00%
100%
2000
15,000.00
6.20%
100%
2001
15,000.00
6.40%
100%
2002
15,000.00
6.50%
100%
2003
15,000.00
6.60%
100%
2004
20,000.00
6.70%
100%
2005
20,000.00
6.80%
100%
2006
20,000.00
6.80%
100%
2007
20,000.00
6.90%
100%
2008
25,000.00
6.90%
100%
The average interest rate is 6.578%. The net interest cost including an underwriting discount of
3.0% is 6.885%.