HomeMy WebLinkAboutCC Resolution 4029RESOLUTION NO. 4029 RESOLUTION SELLING $1,105,000 CITY OF SAN RAFAEL 1971 SEWER BONDS, AND FIXING THE DEFINITIVE RATES OF INTEREST THEREON WHEREAS, the Council of the City of San Rafael has duly authorized the issuance of $1,105,000 principal amount of bonds designated "City of San Rafael 1971 Sewer Bonds" (the "bonds") and further duly authorized the sale of the bonds at public sale to the highest bidder therefor; and WHEREAS, notice of the sale of the bonds has been duly given and the following bids for the bonds were and are the only bids received, to wit: Name of Bidder Net Interest Cost Bank of America NT&Sa $ 430,462.50 United California Bank - Manager $ 434,439.00 The Bank of California, N.A. $ 435,735.00 Crocker -Citizens National Bank $ 438,300.70 Bateman Eichler, Hill Richards, Inc. $ 442,661.70 Wells Fargo Bank, N.A. $ 450,671.00 Security Pacific National Bank & Associates $ 451,265.00 1 and WHEREAS, the bid of Bank of America NT&SA is the highest bid for the bonds, considering the interest rate(s) specified and the premium offered (if any); NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Rafael as follows: 1. Said bid of Bank of America NT&SA for the bonds is hereby accepted and the City Treasurer is hereby authorized and directed to deliver the bonds to said purchaser thereof upon payment to the Treasurer of the purchase price, to wit: The par value thereof and a premium of $ane 01 together with accrued interest at the following rates: Maturity Years (Tne-l »ci val 1972 to 1q75 1976 1977 to 1978 �9— to 1980 1981 to 1982 1983 to 1984 1985 to 1986 to Interest Rate Per Annum S % 3 1/2 % 3 60 % 0 3 3/4 % 0 3 90 % 4.10 % 4 114 4.40 4.60 % 4.70 % 4 Rn ° 4.90 % The bonds shall bear interest at the rates hereinabove set forth, payable semiannually on May 1 and November 1. 2. All bids except said accepted bid are hereby rejected and the City Clerk is hereby directed to return to the unsuccessful bidders their several checks accompanying their respective bids. 2 3. The City Clerk is directed to cause to be litho- graphed, printed or engraved a sufficient number of blank bonds and coupons of suitable quality, said bonds and coupons to show on their face that the same bear interest at the rates aforesaid. 4. This resolution shall take effect from and after its passage and approval. PASSED AND ADOPTED on April 20, 1971, by the follow- ing vote: AYES: Councilmen : Mulryan, Barbier and Acting Mayor Jensen NOES: Councilmen: None ABSENT: Councilmen: Miskimen and XyoBettini Acting Mayo of the Ci of San Rafael Califo,rhia [Seal] Attest: /177 SL City Clerk 3 CITY CLERK'S CERTIFICATE I, MARION A. GRADY, City Clerk of the City of San Rafael, California, do hereby certify as follows: The foregoing is a full, true and correct copy of a resolution duly adopted by the Council of said City, at an adjourned regular meeting of said Council duly and regularly and legally held at the regular meeting place thereof on April 20, 1971, of which meeting all the members of said Council had due notice and at which a majority thereof was present. At said meeting said resolution vacs=_ upon motion of Councilman Mulrvan , seconded by Councilman adopted by the following vote: R�rF�icr AYES: Councilmen : Mul ryan, Barbier and Acting Mayor Jensen NOES: Councilmen: None ABSENT: Councilmen: Miskimen and Mayor Bettini I have carefully compared the same with the original minutes of said meeting on file and of record in my office and the foregoing is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes. The original resolution has not been amended, modified or rescinded since the date of its adoption and the same is now in full force and effect. Dated: April 20, 1971. [Seal] �7'>t�.. �' /fit c` City Clerk of the City 61 San Rafael California