HomeMy WebLinkAboutCC Resolution 6910 (Peacock Gap Impr District)RESOLUTION NO.6910
CITY OF SAN RAFAEL
PEACOCK GAP IMPROVEMENT DISTRICT
RESOLUTION AUTHORIZING EXECUTION OF A PURCHASE
AGREEMENT WITH RESPECT TO $9,171,065 PRINCIPAL
AMOUNT OF "CITY OF SAN RAFAEL IMPROVEMENT BONDS,
PEACOCK GAP IMPROVEMENT DISTRICT" AND APPROVING THE
OFFICIAL STATEMENT RELATING TO SAID BONDS
WHEREAS, the City Council of the City of San Rafael
(the "City"), by proceedings duly had and taken, has duly
authorized the issuance of $9,171,065 principal amount of
improvement bonds designated "City of San Rafael Improvement
Bonds, Peacock Gap Improvement District" (the "Bonds"); and
WHEREAS, there has been presented to this City
Council by Stone & Youngberg a form of purchase agreement
with respect to the Bonds, in the form attached hereto,
labeled Exhibit A and made a part hereof, and an Official
Statement relating to the Bonds, in the form now on file with
the City Clerk; and
WHEREAS, this City Council has considered carefully
the terms and conditions of said purchase agreement and of
said Official Statement and is fully advised in the premises;
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Resolution No. 6910
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of San Rafael, as follows:
Section 1. The purchase agreement with respect to
the Bonds in the form attached hereto, labeled Exhibit A and
made a part hereof, is hereby approved for execution by the
City, and the Mayor and the City Clerk of the City are hereby
authorized to execute and seal and deliver said purchase
agreement.
Section 2. The Official Statement relating to the
Bonds, in the form now on file with the City Clerk, is hereby
approved by the City, and the Mayor and the City Manager of
the City are hereby authorized to execute and deliver said
Official Statement on behalf of the City, and the purchaser
of the Bonds is authorized to distribute copies of said
Official Statement in connection with the resale of the Bonds.
Section 3. This resolution shall take effect
immediately.
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Resolution No. 6910
I, JEANNE M. LEONCINI, Clerk of the City of San
Rafael, hereby certify that the foregoing resolution was duly
and regularly introduced and adopted at a regular
meeting of the City Council of said City held on
Monday , the 20th day of August , 1984, by the
following vote, to wit:
AYES: Councilmembers: Frugoli, Nave, Russom & Mayor Mulryan
NOES: Councilmembers: None
ABSENT: Councilmembers: Breiner
J E M. LEONCIN , City Clerk
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STONE & YOUNGBEFIG
MEMBERS: PACIFIC STOCK EXCHANGE
August 17, 1984
The Honorable Members of the City Council
of the City of San Rafael
San Rafael, California
Re: Offer to Purchase Bonds in the Sum of $9,171,065 par value
City of San Rafael Improvement Bonds
Peacock Gap Improvement District
(Marin County, California)
Members of the Council:
Pursuant to discussions with bond counsel and the property owners, and
our investigation and analysis of the captioned bond issue, Stone & Youngberg
hereby offers to purchase all of said bonds subject to the following
conditions:
1. The bonds shall be issued pursuant to the Municipal Improvement
Act of,1913 and the Improvement Bond Act of 1915.
2. The par value of the bonds shall be in the amount of $9,171,065,
and the bonds shall mature serially over a period of 20 years.
3. The bonds shall be issued in denominations of $5,000, or in
integral multiples thereof as may be requested by the
Underwriters. One bond, which shall mature in 1986, will include
the amount of $1,065.
4. All bonds shall be issued in registered form in accordance with
instructions to be determined by Stone & Youngberg prior to
closing. The City shall retain the Bank of America as Fiscal
Agent, Registrar and Paying Agent.
5, The bonds shall be dated September 4, 1984 and be delivered on or
about their date but in no event later than October 2, 1984.
6. 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 marked Exhibit A.
7, The City shall establish from the proceeds of the bonds a reserve
fund equal to five percent (5%) of the principal amount of the
bonds. The reserve fund shall be administered pursuant to the
Resolution of Issuance for the bonds, as well as pursuant to
k-, y ONE CALIFORNIA STREET • SAN FRANCISCO, CALIFORNIA 94111 • (415) 981-1314 EX�•fi-HO u I A
EXHIBIT A
$9,171,065
CITY OF SAN RAFAEL IMPROVEMENT BONDS
PEACOCK GAP IMPROVEMENT DISTRICT
(MARIN COUNTY, CALIFORNIA)
Maturity Date Principal Interest
(July 2) Amount Rate
1986
$ 1,065
10.00%
1987
25,000
10.00%
1988
195,000
10.00%
1989
215,000
10.00%
1990
235,000
10.00%
1991
260,000
10.00%
1992
285,000
10.00%
1993
310,000
10.20%
1994
345,000
10.40%
1995
380,000
10.50%
1996
4200000
10.60`yo
1997
465,000
10.70%
1998
515,000
10.75%
1999
570,000
10.750'
2000
630,000
10.75%
2001
695,000
10.80%
2002
7709000
10.80%
2003
855,000
10.850
2004
950,000
10.85%
2005
1,050,000
10.85%
The net interest cost of the bonds based on the above maturity schedule and a
discount of 3.7274% is 10.97740'. The average interest rate is 10.726%.
The Honorable Members of the City Council
of the City of San Rafael
August 17, 1984
Page 2
applicable federal laws and regulations. The reserve fund balance
shall be shown as a separately stated item in the City's annual
financial report.
8. The City shall covenant to commence judicial foreclosure of
delinquent assessments within 150 days after any delinquency.
9. The City shall award the sale of the bonds to us at their meeting on
August 20, 1984.
10. The purchase price shall be 96.2726 percent of par (a discount of
3.7274%), plus accrued interest, if applicable.
11. The purchase price of the bonds shall be paid in full upon delivery
to us of the bonds, the unqualfied approving legal opinion of Orrick,
Herrington & Sutcliffe, A Professional Corporation, San Francisco,
California, Bond Counsel, and a no -litigation certificate of the
City. The legal opinion shall be printed on the bonds at no charge
t0 us.
12. This bid is conditioned upon the successful consummation of the
assessment district proceedings and should said proceedings for any
reason fail to be successfully consummated, there shall be no
obligation on the part of the City.
Respectfully submitted,
STONE & YOUNGRERG
Scott Linton --
Partner
SC:bp
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APPROVED:
CI F SAN RAFAEL
LAWRENCE E. MULRYAN, Mayor
DATE: August 20, 1984
ATTEST: Approved as to form:
' I rc•r r-,
J A LEONCINI , i ty Clerk '� Tmy ,.'TTnITIT 7"T