HomeMy WebLinkAboutResolution No. 6317 (Sale of Bonds Francisco Blvd East)RESOLUTION NO. 6317
RESOLUTION ORDERING SALE OF BONDS
Francisco Boulevard East Assessment District
resolves:
The City Council of the City of San Rafael
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 Francisco Boulevard East 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 adopted at a regular meeting of the
Council of said City held on the 7th day of June, 1982, by the
following vote, to wit:
AYES: COUNCILMEMBERS: Breiner, Frugoli, Miskimen & Mayor Mulryan
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Jensen
J NE M. LEONCINI, City Clerk
ORIGINALtol�iq
Municipal Financing
Special Assessment
and Revenue Bonds
County
City
Special district
Commercial
Industrial
Residential
Hospital
Public
Street opening
Sewer
Water
Landscaping
Sidewalks
Curbs
Gutters
Lighting
Drainage
Traffic control
Parking
Meters
Pedestrial malls
Parks
Playground
Recreation
Refinancing
Renovation
Dredging
Reclamation
WULFF, HANSEN & CO.
ESTABLISHED 1931
INVESTMENT SECURITIES
201 SANSOME STREET, 7TH FLOOR
SAN FRANCISCO 94104
[415] 421-8900
May 26, 1982
City Council
City of San Rafael
California
Re: Francisco Boulevard East Assessment District
We hereby offer to purchase all, but not less than all,
bonds to be issued by the City of San Rafael according
to the Improvement Bond Act of 1915 of the State of
California (after proceedings under the Municipal
Improvement Act of 1913) to represent the cost of
acquisitions and improvements in the Francisco Boule-
vard East Assessment District.
We make this offer under the following terms and
conditions:
Amount of Bonds: Not to exceed $130,480.35.
Form of Bonds: Payable to bearer, 1M and 5M
denominations, due serially with
semi-annual interest coupons
attached. 1M denomination bonds
to be in maturities 1990 through
1994 (5 each maturity). The odd
lot bond to be in the 1983
maturity.
Coupon Rates: 11% 1983/95; 8% 1996/97.
Price: 85% of par value with accrued
interest. We deem this price nec-
essary to underwrite these bonds.
Term: 15 years.
Approximate NIC: 11.320902%.
BBI Revenue Index: 12.74%.
NEARLY HALF A CENTURY HELPING CALIFORNIANS
City of San Rafael
May 26, 1982
Page Two
Maturity Schedule: Serially from 7-2-83 to 7-2-97 as
shown below:
1983
5,480.35
1991
10,000.00
1984
5,000.00
1992
10,000.00
1985
5,000.00
1993
10,000.00
1986
5,000.00
1994
10,000.00
1987
5,000.00
1995
15,000.00
1988
5,000.00
1996
15,000.00
1989
5,000.00
1997
20,000.00
1990
5,000.00
Date of Bonds: June
29, 1982.
Foreclosure Clause: City
to covenant
to initiate
and vigorously
pursue
foreclosure proceedings to be init-
iated
within 120
days after
delinquency
occurs.
The City shall establish from the proceeds
of the bonds a reserve fund equal to at
least 10% of the principal amount of the
bonds. In establishing the amount to be
deposited in the reserve fund from the
proceeds of the bonds, we have considered
the applicability of the obligation of the
City to accumulate in the reserve fund all
proceeds from investment of monies in said
reserve fund until the total of the fund
reaches 15% of the principal amount of the
bond issue less any discount. In this
instance the reserve fund has been initially
established as set forth above, which amount
we deem reasonable for this issue and
necessary to market the bonds at competitive
market rates.
Paying Agent: Bank of America, San Francisco, California.
Cost of We agree to execute the certificate of
Investigation: investigation in usual form, certifying
that we have made our own investigation
of this project.
City of San Rafael
May 26, 1982
Page Three
Place of Delivery:
Time of Delivery:
Redemption Premium:
Legal opinion:
Expiration:
MP/hdk
Treasurer's office or as agreed by City
Treasurer and the undersigned.
Not later than 48 hours after the City
notifies the undersigned that bonds are
ready for delivery.
5% of unmatured principal.
Sturgis, Ness, Brunsell & Sperry, Emery-
ville, California, without qualification
and without expense to us.
This offer expires June 8, 1982.
Very truly yours,
n
Mark Pressman
Vic P sident
f
e hDIErcol
Senior Vice President