HomeMy WebLinkAboutCC Resolution 7306 (Sun Valley Open Space Assessment District)RESOLUTION NO. 7306
RESOLUTION ORDERING SALE OF BONDS
SUN VALLEY OPEN SPACE ASSESSMENT DISTRICT
The City Council of the City of San Rafael resolves:
The City Council accepts the offer of Wulff, Hansen
(attached to this resolution and by reference incorporated in it),
to purchase all of the improvement bonds to be issued in Sun Valley
Open Space Assessment District, City of San Rafael, Marin County,
California.
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 18th day of February., 1986, by the
following vote, to wit:
AYES: COUNCILMEMBERS: Breiner, Frugoli, Nave, Russom & Mayor Mulryan
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
JE � LEONCINI,tity Clerk _
ORIGINAL
WuEFF, HANSEN & CO.
ESTABLISHED 1931
INVESTMENT BANKERS
201 SANSOME STREET,7TH FLOOR
SAN FRANCISCO 94104
[415] 421-8900
February 18, 1986
City Council
City of San Rafael
San Rafael, California
Re: City of San Rafael, California
Municipal Financing Sun Valley Open Space Assessment District
Term: 20 years.
Average Interest
Cost: 8.318%.
Net Interest Cost: 8.615361%.
NEARLY HALF A CENTURY HELPING CALIFORNIANS
Dear Council Members:
Special Assessment
and Revenue Bonds
Wulff, Hansen & Co. hereby offers to purchase all,
but not less than all, bonds to be offered by the
City of San Rafael according to the Improvement Bond
Act of 1915 of the State of California (after
County
proceedings under the Municipal Improvement Act of
city
Special district
1913) to represent the cost of acquisitions and
P q
improvements in the Sun Valley Open Space Assessment
District (the "Bonds").
Commercial
Industrial
Residential
We make this offer under the followingterms and
Hospital
conditions:
Public
Amount of Bonds: Not to exceed $360,000.00.
Street opening
Sewer
Form of Bonds: Registered bonds to be issued
Water
serially. Bond denominations
Landscaping
Sidewalks
Of $1,000 to $100,000.
Curbs
Gutters
Interest Rates: 1987 5.50 1997 8.20
g
Draina
Drainage
1988 6.00 1998 8.25
Traffic control
1989 6.50 1999 8.30
Parking
1990 7.00 2000 8.35
Meters
Pedestrial malls
1991 7.25 2001 8.40
Parks
1992 7.50 2002 8.45
Playground
1993 7.75 2003 8.50
Recreation
Refinancing
1994 8.00 2004 8.50
Renovation
1995 8.10 2005 8.50
Dredging
1996 8.15 2006 8.50
Reclamation
Price: 96.00% of par value plus
accrued interest.
Term: 20 years.
Average Interest
Cost: 8.318%.
Net Interest Cost: 8.615361%.
NEARLY HALF A CENTURY HELPING CALIFORNIANS
City Council
City of San Rafael
February 18, 1986
Page Two
Approximate
foreclosure of delinquent assessments
within 500 days of any delinquency.
Reserve Fund:
Maturity Schedule:
September 2:
proceeds of the Bonds a reserve fund
equal to 5% of the principal amount of
1987
7,326.18
1997
15,000.00
1988
10,000.00
1998
20,000.00
investment of monies in said reserve
1989
10,000.00
1999
20,000.00
1990
10,000.00
2000
20,000.00
annual debt service on the Bonds.
1991
10,000.00
2001
25,000.00
Registrar:
1992
10,000.00
2002
25,000.00
A no litigation certificate of the
1993
10,000.00
2003
25,000.00
1994
15,000.00
2004
30,000.00
1995
15,000.00
2005
30,000.00
1996
15,000.00
2006
35,000.00
Date of Bonds and
Delivery Date:
Approximately
February 25,
1986.
Foreclosure Clause: City to covenant to commence judicial
foreclosure of delinquent assessments
within 500 days of any delinquency.
Reserve Fund:
The City shall establish from the
proceeds of the Bonds a reserve fund
equal to 5% of the principal amount of
the Bonds. In our view, it is
reasonably required for this issue,
and vital to the marketing of the
Bonds, that proceeds from the
investment of monies in said reserve
fund should be retained in said fund
until the amount in said fund equals
the lesser of 125% of the average
annual debt service or 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 certificate of the
City shall accompany the Bonds at
delivery.
City Council
City of San Rafael
February 18, 1986
Page Three
Legal Opinion: The opinion of Sturgis, Ness, Brunsell
& Sperry, Emeryville, California,
without qualification and without
expense to us to be printed on the
Bonds.
HR 3838: This purchase offer requires an
unqualified opinion from bond counsel
that the interest on the Bonds will
remain tax exempt under the provisions
of HR 3838 as passed by the U.S. House
of Representatives on 12-17-85 and
that the City will covenant to conform
to the requirements of HR 3838 so long
as is necessary to maintain the tax
exempt status of the interest on the
Bonds.
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 delivery. If the
Bonds are not delivered by 5:00 p.m.
on the third day after the
aforementioned delivery date, Wulff,
Hansen & Co. reserves the right to
renegotiate the price and/or the rate
of interest.
Expiration: This offer expires noon February 19,
1986.
Very truly yours,
WULFF, HANSEN & CO.
Mark Pressman
Vice President
.T�
v
eior
Ercole
SVice President
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