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
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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.
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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
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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