HomeMy WebLinkAboutCC Resolution 6907 (kerner Blvd Assessment District)RESOLUTION NO.6907
RESOLUTION ORDERING SALE OF BONDS
KERNER BOULEVARD ASSESSMENT DISTRICT
The City Council of the City of San Rafael 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 the Kerner
Boulevard 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 20th day of August, 1984, by the
following vote, to wit:
AYES: COUNCILMEMBERS: Frugoli, Nave, Russom & Alayor Mulryan
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Breiner
J M. LEON INI, i.ty Clerk
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WULFF, HANSEN & CO.
ESTABLISHED 1931
INVESTMENT BANKERS
201 SANSOME STREET, 7TH FLOOR
SAN FRANCISCO 94104
'41S'i 421-8900
City Counsel
City of San Rafael
California
_-...�...11U11..1 L_ _ .
SRCC Item #16
(8/20/84)
August 20, 1984
Re: Kerner Boulevard Assessment District
Municipal Financing City of San Rafael, California
Dear Council Members:
Special Assessment Wulff, Hansen & Co., and M.L. Stern & Co. hereby offers
and Revenue Bonds 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
County (after proceedings under the Municipal Improvement Act of
City 1913) to represent the cost of acquisitions and
Special district improvements in the Kerner Boulevard Assessment District.
Commercial We make this offer under under the following terms and
Industrial
conditions:
Residential
Hospital
Public
Amount of Bonds:
Not to Exceed
$6,046,134.00.
Form of Bonds:
Registered bonds to
be issued
Street opening
serially. Bond
denominations
of
Sewer
Water
$5,000 to $100,000.
Landscaping
Sidewalks
Interest Rate:
7.50% 1986
10.60%
1996
Curbs
Gutters
8.50% 1987
10.60%
1997
Lighting
10.00% 1988
10.60%
1998
Drainage
10.00% 1989
10.60%
1999
Traffic control
Parking
10.25% 1990
10.70%
2000
Meters
10.25% 1991
10.75%
2001
Pedestrial malls
10.50% 1992
10.80%
2002
Parks
Playground
10.50% 1993
10.85%
2003
Recreation
10.60% 1994
1A : s5
2004
Refinancing
10.60% 1995
10:8'5%
2005 I-2`' /'11("
Renovation
Dredging
Reclamation
Price:
95.00% of par
value plus
accrued
interest.
Term:
20 years
DLC��
Net Interest Cost: 10.881251%.
NEARLY HALF A CENTURY HELPING CALIFORNIANS
EX'2!BITi A
City Council
Kerner Boulevard Assessment District
August 20, 1984
Page Two
Maturity Schedule: Serially from 9-5-86 to
9-5-2004 as shown
below:
1986
$ 1,134.00
1996
$ 280,000.00
1987
$ 5,000.00
1997
310,000.00
1988
$125,000.00
1998
340,000.00
1989
$140,000.00
1999
375,000.00
1990
$155,000.00
2000
415,000.00
1991
$170,000.00
2001
460,000.00
1992
$185,000.00
2002
510,000.00
1993
$205,000.00
2003
565,000.00
1994
$230,000.00
2004
630,000.00
1995
$250,000.00
2005
695,000.00
Delivery Date: Approximately September
5,
1984.
Reserve Fund: The City shall establish from the proceeds
of the bonds a reserve fund equal to 8% 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 maximum annual debt
service on the bonds.
Redemption Premium: 5% of unmatured principal.
Paying Agent and
Registrar: Bank of America, N.T. & S.A., Corporate
Agency, San Francisco, California.
No Litigation: A no litigation certificate of the City
shall accompany the bonds at delivery.
City Counsel
August 20, 1984
Kerner Boulevard Assessment District
Page Three
Legal Opinion: The opinion of Sturgis, Ness, Brunsell &
Sperry, of Emeryville, California, without
qualification, and without expense to us
shall accompany the bonds.
Foreclosure Clause: The City to initiate and vigorously pursue
foreclosure proceedings to be initiated
150 days after delinquency occurs.
Merger of Parcels: The City shall force the merger of parcels
5, 8, & 29 with the closest contiguous
parcels under the same ownership at the
earliest possible date, and shall require
same as a condition of approval on any
development proposals for these or
contiguous parcels.
Time of Delivery: Not later than 48 hours after the City
notifies the undersigned that the bonds
are ready for delivery. If the subject
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.
Place of Delivery:
Expiration:
MP/jm
Bank of America, N.T. & S.A., San
Francisco, California.
This offer expires August 21, 1984.
Very truly yours,
WU FF,.ANSEN & CO.
f'-
R"4�
Mark Pressman
Vice—President
Gr o
Senior Vice President