HomeMy WebLinkAboutCC Resolution 6990 (Kerner Blvd Assessment District)RESOLUTION NO. 6990
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 Series
No. 1985-1, 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 17th day of December, 1984, by the
following vote, to wit:
AYES: COUNCILMEMBERS:Breiner, Frugoli, Nave, Russom & Mayor Mulryan
NOES: COUNCILMEMBERS:None
ABSENT: COUNCILMEMBERS:None
JEA N -,_ LEONCINI City Clerk
YULFF, HANSEN & L ' >•
ESTABLISHED 1931
ZIVVESTMENT BANKERS
201 SANSOME STREET,7TH FLOOR
SAN FRANCISCO 94104
'415J 421-8900
December 13, 1984
City Council
City of San Rafael
California
Re: City of San Rafael, California
Municipal Financing Kerner Boulevard Assessment District
Series 1985-1
Net Interest Cost: 10.922%.
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 Rafa 1 according to the Improvement Bond
Act of 1915 o the State of California (af ter
County
City
proceedings er the s?unicipal Improvement Act of
Special district
1913) represent the cost of acquisitions and
improvements in the Kerner Boulevard Assessment
Commercial
District, Series 1985-1.
Industrial
Residential
We make this offer under the following terms and
Hospital
Public
conditions:
Amount of Bonds: Not to Exceed $354,874.04
Street opening
Sewer
Water
Form of Bonds: Registered bonds to be issue
Landscaping
serially. Bond denominations of
Sidewalks
$5,000 to $100,000, the odd lot
Curbs
b o n d to be i n the f i r s t
Gutters
Lighting
maturity.
Drainage
Traffic control
Parking
Interest Rate: 1986 7.50% 1996 10. $
Meters
1987 8.50% 1997 10.60%
Pedestrial malls
1988 10.0 0 % 1998 10.60%
Parks
1989 10.00% 1999 10.60%
Playground
Recreation
1990 10.25% 2000 10.70%
Refinancing
1991 10.25% 2001 10.75%
Renovation
1992 10.50% 2002 10.80%
Dredging
Reclamation
1993 10.50% 2003 10.85%
1994 10.60% 2004 10.25%
1995 10.60% 2005 10.25%
Price: 94.5% of par value plus accrued
interest.
.a
Term: 20 years.
Net Interest Cost: 10.922%.
NEARLY HALF A CENTURY HELPING CALIFORNIANS
City Council
City of San Rafael
December 13, 1984
Page Two
Maturity Schedule:
1986 4,874.04 1996 15,000.00
1987 5,000.00 1997 20,000.00
1988 5,000.00 1998 20,000.00
1989 10,000.00 1999 20,000.00
1990 10,000.00 2000 25,000.00
1991 10,000.00 2001 25,000.00
1992 10,000.00 2002 30,000.00
1993 10,000.00 2003 30,000.00
1994 15,000.00 2004 35,000.00
1995 15,000.00 2005 40,000.00
Date of Bonds and
Delivery Date:
Approximately January 2, 1985.
Foreclosure Clause:
City to covenant to commence judicial
foreclosure of delinquent assessments
within 150 days of any delinquency.
Reserve Fund:
The City shall establish from the
proceeds of the bonds a reserve fund
equal to 8.00% 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, Corporate Agency, San
Francisco, California.
No Litigation: A no litigation certificate of the
City shall accompany the bonds at
delivery.
Legal Opinion: The opinion of Sturgis, Ness, Brunsell
& Sperry, Emeryville, California,
without qualification and without
expense to us to be printed on the
bonds.
City Council
City of San Rafael
December 13, 1984
Page Three
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: Bank of America, N.T. & S.A., San
Francisco, California.
Expiration: This offer expires midnight December
18, 1984.
Very truly yours,
WULFF, HANSEN & CO.
Mark Pressman
Vice President
G
fie ene D Er oleo
Senior Vice President
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