HomeMy WebLinkAboutCC Resolution 7254 (Civic Center-Northgate Assessment District)RESOLUTION NO. 7254
RESOLUTION ORDERING SALE OF BONDS
CIVIC CENTER - NORTHGATE 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 Civic
Center - Northgate 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 16th day of December, 1985, by the
following vote, to wit:
AYES: COUNCILMEMBERS:Breiner, Frugoli, Nave, Russom & Mayor Mulryan
NOES: COUNCILMEMBERS:None
ABSENT: COUNCILMEMBERS:None
JEANe1 3ft—. LEONCINI,NCity Clerk
ORIGINAL
7a16 -z
STONE &, YOUNGBERG
MEMBERS: PACIFIC STOCK EXCHANGE
December 16, 1985
Members of the City Council
of the City of San Rafael
c/o City Clerk
San Rafael, California
Re: Offer to Purchase Bonds in the Sum of $4,435,920 par value
City of San Rafael Improvement Bonds Assessment District
(Civic Center-Northgate A.D.)
Members of the Council:
Pursuant to discussions with bond counsel and the property owners and our
investigation and analysis of the captioned bond issue, we hereby offer to
purchase all of said bonds subject to the following conditions:
1. The purchase price shall be 96.8% of par (a discount of 3.20%) plus
accrued interest (if any) from the date of the bonds to the date of
their delivery.
2. The bonds shall be issued pursuant to the Municipal Improvement Act
of 1913 and the Improvement Bond Act of 1915.
3. The par value of the bonds shall be $4,435,920, and the bonds shall
mature serially over a period of 25 years.
4. The bonds shall be issued in denominations of $5,000 or in integral
multiples thereof as may be requested by us. One bond which shall
mature September 2, 1987 shall be issued in an odd amount.
5. All bonds shall be issued in registered form as indicated by us prior
to closing. The City shall retain the Bank of America N.T. & S.A. as
Transfer Agent, Registrar and Paying Agent.
6. The bonds shall be dated December 30, 1985 and delivered on or about
their date.
7. The bonds shall mature in each of the years and in the amounts and at
the rates of interest set forth on the attached maturity schedule.
:FORNIA STREET • SAN FRANCISCO, CALIFORNIA 94111 • (415) 981.1314
Members of the City Council
City of San Rafael
December 16, 1985
Page 2
8. The City shall establish from the proceeds of the bonds a reserve
fund in the amount of 5443,592. The reserve fund shall be held and
maintained as a separate trust account distinct from all other funds
of the City and shall be administered in accordance with bond law.
9. The City shall covenant to commence judicial foreclosure of
delinquent assessments within 150 days after any delinquency.
10. The City shall award the sale of the bonds to us at their meeting on
December 16, 1985.
11. The purchase price of the bonds shall be paid in full upon delivery
to us of the bonds, the unqualified legal opinion of Sturgis, Ness,
Brunsell & Sperry, Emeryville, California, and a no -litigation
certificate of the City. The legal opinion shall be printed on the
bonds at no charge to us.
Respectfully submitted,
STONE & YOUNGB
Wintit
Son
Partner
SC:bp/0453P
$4,435,920
CITY OF SAN RAFAEL IMPROVEMENT BONDS
(CIVIC CENTER NORTHGATE-ASSESSMENT DISTRICT)
Maturity Date
Principal
Interest
(September 2)
Amount
Rate
1987
$ 5,920.00
6.50%
1988
60,000.00
7.00%
1989
65,000.00
7.50%
1990
70,000.00
7.75%
1991
75,000.00
8.00%
1992
80,000.00
8.251.1
1993
85,000.00
8.50%
1994
95,000.00
8.75%
1995
100,000.00
9.00%
1996
110,000.00
9.10%
1997
120,000.00
9.20%
1998
130,000.00
9.30%
1999
145,000.00
9.40%
2000
160,000.00
9.40%
2001
175,000.00
9.507,
2002
190,000.00
9.50%
2003
205,000.00
9.5001/
2004
225,000.00
9.60%
2005
250,000.00
9.601,y
2006
275,000.00
9.60%
2007
300,000.00
9.70%
2008
330,000.00
9.70%
2009
360,000.00
9.70%
2010
395,000.00
9.70%
2011
430,000.00
9.70%
The average interest rate
is 9.549. The net interest cost
(including the 3.2%
discount) is 9.7259%.