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HomeMy WebLinkAboutRDA Res 86-16 1986-09-22 RESOLUTION NO. 86-l6 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH AWARDING BONDS OF THE AGENCY TO THE SUCCESSFUL LOW BIDDER I THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section l. Bids for the Redevelopment Agency of the City of Seal Beach, Riverfront Redevelopment Project, Tax Allocation Bonds, Issue of 1986 (the "Bonds") in the aggregate principal amount of two million dollars 1$2,000,000) have been received, opened, read and examined. All steps required by law to be taken precedent ~O the authorization, issuance and sale of the Bonds have been duly and regularly taken as provided by law. I Section 2. The bid of prudential-Bache Securities for the Bonds, attached hereto as Exhibit A and made a part hereof, is the best bid timely submitted for the Bonds. Such bid is hereby accepted in accordance with the terms thereof, and in accordance with and subject to Resolutions Nos. 86-ll (as amended by Resolution No. 86-l5) and 86-l2 of the Agency. Section 3. All bids other than the one accepted pursuant to Section 2 hereof, copies of which are attached ," hereto collectively as Exhibit W, are hereby rejected. Section 4. The interest rates on the Bonds maturing as set forth below are hereby fixed as follows: ". . I " Resolution Number~"'I" Maturity Date Princi pal Interest Maturity Date Principal Interest September 1st of Amount Rate September 1st of Amount Rate 1987 $ 30,000 5.75 1996 $ 50,000 6.50 1988 30,000 5.75 1997 55,000 6.60 1989 35,000 5.75 1998 55,000 6.70 I 1990 35,000 5.75 1999 60,000 6.80 1991 35,000 5.75 2000 65,000 6.90 1992 40,000 6.00 2001 10,000 6.90 1993 40,000 6.15 2013 1, 310,000 6.90 1994 45,000 6.30 1995 45,000 6.40 Section 5. Th, Executive Director or other appropriate officer of the Agency is hereby authorized and directed to deliver the Bonds to the successful bidder upon payment of the purchase price of $l,940,000.OO offered therefor, plus accrued interest to the date of delivery. Section 6. All actions and proceedings heretofore taken in connection with the authorization, issuance and sale I ABSENT: Agency Meml:>ers ~ of the Bonds are __ P PASSED, APPROVED ~/o.k 1986, by t AYES: Agency NOES: Agency Member cretary TATE OF CALIFORNIA) COUNTY OF ORANGE ) SS CITY OF SEAL BEACH ) I I, Joanne M. Yeo, City Clerk of the City of Seal Beach, California, and Secretary to the Seal Beach Redevelopment Agency, do hereby certify that the f9lego~ng resolution is the original copy of Resol tion Number ~b~/~ on file in the office of the City Clerk, pass , approved and adopted by the Seal Be~~~development Agency re lar eeting thereof held on the ~A day of , 1986. ary 22ljo700wls (2) Resolution Number ~~-I'~ OFFICIAL BID FORM BID FOR THE PURCHASE OF $2,000,000 REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH RIVERFRoNT REDEVELOPMENT PRoJECT TAX ALLOCAtION BoNDS ISSUE OF 1986 September 22, 1986 I Redevelopment A.ency of the City of Seal Beach Seal Beach, California On behalf of a .roup which we have formed consistin. of - '~', J . 6' ~ ,......'" ~ ./ ,:;c ~ .."..' I.~~" '1'-,;1., . - ;.,,(' ~.I /-'~/. ~ -.,:r: r. . ~..., ~- . r'/'~ ~ .,.,. "')~h - . anll pursuant to the Notice Invitin. Bills, we offer to purchase Two lfilUon Dollars ($2,000,000) princir.,l &mOuat, all or none, of the Bonds designated as "Redevelopment A.ency of ';.\e City of Seal Beach, Riverfront Redevelopment Project, Tax Allocation Bonds, Issue of 1986", particularly llescribell in such Notice Invitin. Bids, of the maturities anll iaterest rate (rates) set forth below: . Maturity Date Principal Interest Maturity Date Principal Interest September 1 of Amount Rate September 1 of Amount Rate 1987 $ 30,000 5. 7'5 , 1995 $ 45,000 i~ 1988 30,000 ~,1~ I 1996 50,000 1989 35,000 ~'.~ , 1997 55,000 . I I 1990 35,000 , 1998 55,000 - -. : 1991 35,000 S ..-,c; I 1999 60,000 . I 1992 40,000 ~ro , 2000 65,000 ~, IF I 1993 40,000 : IS I 2001 70,000 ~, I c.: I 1994 45,000 7,. ~ I 2013 1,310,000 l- qt' I , and to pay therefor the auulate lUll of S II tJ4tt at>,nJ *, plus accrued interest on such Bonll. to the date of llelivery tbereo . This bid is subject to all the terms and condition. of tbe Notice Inviting Bl11s, all of whicb terms and condition. are malle a part bereof al thoulh set forth in tbis bld. ~ - *""12,000,000 plus' premll1lD or Ie.. discount, if any (discount not to exceed tbree percent (31)), EY~!!~rT Pr. I ~ Resolution Number9b-l'h As specified in the Notice Inviting Bids, this bid is subject to acceptance not later than twenty-six (6) hours after the expiration of the time for the receipt of bids, and the opinion of the Bond Counsel firm of Richards, Watson " Gershon, A Professional Corporation, Los Angeles, California, approving the validity of the Bonds, being furnished to uS (if we are the successful bidder) at the time of delivery of the Bonds at the expense of the Agency. // / There is enclosed herewith a _ .".-;0,0/' ..~. '.,$ ** check in the amount of fifty thousand dollars ($50,000) payable to the order of the Agency. There is submitted herewith a memorandUlD (which shall not constitutl part of this bid) stating the total interest cost in dollars on the Bo during the life of the issue under this bid, and the net interest r determined thereby. Respectfully submitted, By: '/ ',~:. Name: ,;I " Addres.: City: state: Telephone: '~~." ., , .~I ' , - .. YO" . 1"'-"~ .7 .~-~..~.:- MEMORANDUM OF NET INTEREST COST Eacb bidder i. reque.ted, but not required, to .tate in the bid the total net intere.t co.t in dollars to the Agency and the percentage net interest rate determined tbereby (assUlDing for purpose. of the calculation that tt Bonds maturing on September 1, 20l3, are redeemed from the Tem Bond Sinki Fund Payment. a. .cheduled), which shall b. considered a. informative only ar not binding on eitb.r tbe bidder or the Agency. . Total Intere.t L.ss PremiUlD Plu. Discount Net Intere.t Cost Net Interest lat. $:). Jf:J.1 'i ~, ~ $ · ~'!J.rl) $~~I ' .:J. Ii PD ~ **In..rt "certified" or ..ca.bi.r'...." i' EXHIBIT A I " Resolution Number~-I'~ OFFICIAL BID roM BID FOil THE PUlCHASE OF $2.000.000 IlEDEVELOPI'IENT AGENCY OF THE CITY OF SEAL BEACK RIVERFRONT REDEVELOPMENT PROJECT TAX ALLOCATION BONDS ISSUE OF 1986 September ZZ, 1986 I ledevelopment Alency of the City of Seal Beach Seal Beach. California On behalf of a Iroup Which we have formed con.i.tinl of !'" -.. ...... , ,....,....':...."'.""_ ~i.,..tt....:;..,~. Ih""t".. ':J':"''''A.,~" ~ '12' ~ ';;;. . c....... "t..:...L..... c..~ ~t":""" ..., t\ ." 'f... l~ ~ ):1 JJ.. Ca.} ~""- and punuant to the Notice Invitina Bid.. we offu to purcha.e Two Million Dollar. ($2.000.000) princip~i ~unt, all or none. of t~e Bond. de.i.nated a. ''Iedevelopment Asency of tile City of Seal Beach. Riverfront Redevelopment Project. Tax Allocation Bond., I..UlI of 1986"', particularly de.cribed in .uch Notice Invit1n, Bid., of the _Curitie. and iDter..t rate (rates) .et forth below: Maturity Date PriDcipal Interest Katurity Date Principal IDten.t SeDtember 1 of AIIIount late SeDtember 1 of AIIIoun t late 1987 $ 30,000 ~ .. I 1995 $ 45.000 - To , 1-. .... \- 1988 30,000 of:.'~ I 1996 50,000 \; ....C' To I 1989 35.000 \ ~ I 1997 55.000 ..; i'L,. I 1990 35.000 \ ,...&: I 1998 55,000 _ .t... T. 1991 35.000 ~" I 1999 60,000 _ 1.... To \ I 1992 40 ,000 {,n I 2000 6.5.000 7 "-.. To 1993 40 ,000 ~a..) I 2001 70.000 :.... To 1994 105,000 l.:.-I'; I 2013 1,310,000 7 ~; To . .., ~ and to pay therefor the aaarepte su. of . I. ~ '.3. lS04 ~ .oj *, plUII accrued intere.t on such Banda to the date of delivery thereof. This bid is subject to all the te~.wDd cODditions of the NOtice Invitinl Bids, aU of which te~ and cOlldit1on~.1'e made a part hueof .. thouah .et forth in thi. bid. *12.000.000 plus praillll or 1es. dhcount, if 1117 (dhcount aot to exceed three parent (31)). EXHIBIT 8 " h'" . ....~ _ I < Resolution Number !I~-/" A. .peeified in the Notie. Inviting Bid., this bid i. .ubjeet to acceptance not later than twenty-six (26) hour. after the expiration of the time for the neeipt of bids, and. the opinion of the Bond Counsel firm of Richard., Watson , Ger.hon, A Professional Corporation, Lo. Anae1ea, California, approving the validity of the Bond., being furni.hed to u. (if we are the .ueeessful bidder) at the time of delivery of the Bonds at the expen.e of the Agency. . There is enclosed herewith a _. r!,'f ....~., ** cheek in the amount of fifty thousand dollars ($50,000) payable to the ord.r of the Agency. There is submitted herewith a melllOrandllll (WhiCh shall not constitute a part of this bid) stating the total interest cost in dollars on the Bonds during the life' of the issue under thb bid, and the n.t interest rate determined thereby. I Respectfully submitted, By: R..I" '41:.t ~~,.. - /~'''' /.It:-;., (Account Manaler) /; .~ I 4i. _- _....,,.,,, J. J"j,ill.yrr "". I." , j~ ~ ,; _ .7, .r ......L..;'",Z. /, -. . _ __ J~...^..A.1 .._. 7''').,1' 11....1"'.. . H8M: ,~ ? Address: City: Stat.: Te1ephon.: ,. . -, r ,- - '. L "I ;;;;' .}~ MEMORANDUM OF NET INTERFSr COST Each bidder is r.quested, but not required, to stat. in the bid the total net interest eo.t ill dollars to the ",eney aad the pereentale net intenst rat. determin.d thenby (assllllin. for purpose. of the calculation thet the I Bonds maturinl 011 September 1, 2011, are redeelll8d frOlD the T.rm 1I0nd Sinlcing Fund Payment. a. scheduled), which shall be eon.idered a. illfol'mativ. only and not bindinl on either the bidder or the Alency. Total Illt.re.t Less Pr...illll Plue Discount Net Interest Co.t Net Inter..t Rat. $..!"", ;,t is . ....". oJ'y " .J.;t.j,l.~ I, .....,. iI' . -..... "'" ~ ." :-0 " **Insert "certified'" or ..ea.hi.r'.... EXHIBIT 'g' I ~ Resolution Number 81.-/h OFFICIAL BID FORM BID FOR THE PURCHASE OF $2.000.000 REDEVELOPME~T AGE~CY OF THE CITY OF SEAL BEACH RIVERFRONT REDEVELOPMENT PROJECT TAX ALLOCATION BONDS ISSUE OF 1986 September "~, i986 I Redevelopment Agency of the City of Seal Beach Seal Beach. California On behalf of a group which we have formed consisting of MERRILL LYNCH CAPITAL MARKETS & ASSOCIATES and pursuant to the Notice Inviting Bids. we offer to purcha.e Two :ofillion Dollars ($2.000.000) princi~tl amount. all or none, of the Bonds designated as "aedevelopment Agency of t'i. City of Seal Beach, Riverfront Redevelopment Project. Tax Allocation Bonds, Issue of 1986". particulady described in such Notice Inviting Bids, of the maturities and intueat rate (rates) set forth belov: Maturity Date Principal Interest Maturity Date Principal Interest September 1 of ADloun t Rate Seotember t of Amo\1nt Rate 1987 $ 30,000 ~I 1995 $ "5,000 " '1i % 1988 30.000 04.~() I 1996 50.000 ,-. l .,~ 1989 35.000 ~,).o I 1997 55.000 0- . % I 1990 35.000 S"'iC I 1998 55.000 . ,: . I 1991 35.000 ; 7a I 1999 60.000 ...:. ,~ I 1992 40.000 ';,:'1D I 2000 65.000 -:. t ",. l 1993 40,000 t t~ I 2001 70.000 . . % ~ I , 1994 45.000 I 2013 t.310.000 -,- % and. to pay tberefol' tbe allregate SUID of $~*, plus accrued interest on such Bonds to the date of delivery thereof. Ibis bid is subject to all the terM{ and conditions of the Notice Inviting Bids. all of which tenaa and conditio~ are made a part hereof as though set forth in this bid. .' ....2.000.000 plus premiUID or 1e.. discount. if any (discount not to exceed three percent (31)). EXHIBIT B I Resolution Number~~~ As specified in the Notice Inviting Bids, this bid is subject to acceptance not later than twenty-six (26) hours after the expirati.on of the time for the receipt of bids, and the opinion of the Bond Counsel firm of IUcllards, Watson &. Gershon, A Professional Corporation, Los Angeles, California, approving the validity of the Bonds, being furnished to us (if we are the successful bidder) at the time of delivery of the Bonds at the expense of the Agency. There is enclosed herewitn a CASHIER'S .." check in the amount of fifty thousand dollars ($50,000) payable to the order of the Agency. There is submitted herewitn a memorandum (wnich shall not constitutl part of this bid) stating the total interest cost in dollars on the Bo during tne life of the issue under' this bid, and tl\e net interest r determined thereby. Respectfully submitted, Name: ly: .. :J ohn A. Addre.. : City: Los Anaelea State: California Telephone: (2l3) 683-4444 MEMORANDUM OF NET INTEREST COST Each bidder is requested, but not required, to state in the bid the total net interest cost in dollars to the Agency and the percentage net interest rate determined thereby (..suminl for purpos.. of the calculation that tl Bonds _turinl on September 1, 2013, are redeelHd from the Term Bond Sinki Fund r.,ments as scheduled), which shall be considered as informative only a not bindinl on eitber the bidder or the Alency. Total Interest Less Premium Plua Discount Net Intere.t Cost Net Interest Rate *')A~~ '11')- CV * $ ~ .iJ.i,:~) . ~,~-II,'l)'J.f t '7..J1'1""'; I. ,... , ..Insert "certified" or "cashier'sto:. .> .- EXHIBIT 8 I " Resolution Number AI, -II:, OFFICIAL BID FORM BID FOR THE PUIlCHASE OF $2,000,000 REDEVELOPMENT AGEYCY OF THE CITY OF SEAL BEACH RIVERFRONT REDEVELOPMENT PROJECT TAX ALLOCATION BONDS ISSUE OF 1986 September 22. 1986 I Redevelopment Agency of the City of Seal Beach Seal Beach, California On behalf of a group which we have formed consisting of Smith Barney, Harris Upham & Co. ,Inc. and Associates and pursuant to the Notice Inviting Bids. we offer to purchase Two Million Dollars ($2,000,000) princi~al amount. all or none. of the Bonds designated as "Redevelopment Agency of ~he City of Seal Beach, Riverfront Redevelopment Project. Tax Allocation Bonds, Issue of 1986", particularly described in such Notice Inviting Bids, of the maturitie. and interest rate (rates) set forth below: Maturity Date Principal Interest Maturity Date Principal Interest September 1 of Amoun t Rate Seotember 1 of Amount Ilate 1987 $ 30.000 'I.7{' I 1995 $ 105,000 " 1988 30,000 .." ,:(~ I 1996 50,000 " 1989 35.000 oj. I 1997 55,000 " I 1990 35.000 .. " 1998 55,000 " 1991 35.000 ' r_ I 1999 60,000 " . 1992 100.000 ':'../i I 2000 65.000 " 1993 40.000 . ~. S 2001 70.000 " 1994 45.000 ". I 2013 1.310.000 " and to pay therefor the auregate SUID of $ ;"-" *. plus accrued .. .. . interest on .ucb Bond. to the date of delivery thereof. This bid i. subject to all the te~ and conditions of the Notice Inviting Bids. all of wbich terma and coaditiqa. are made a part hereof as though set fortb in thi. bid. ~ *$2.000.000 plus premiUID or less discount, if any (discount not to exceed three percent (31)). EXHIBIT '8" I ~ Resol uti on Number RI,-/It? As specified in the ~otice Inviting Bids, this bid is subject to acceptance not later than twenty-six (26) hours after the expiration of the time for the receipt of bids, and the opinion of the Bond COWlsel firm of Richards, Watson &. Gersllon, A Professional Corporation, Los Angeles, California, approving the validity of the Bonds, being furnished to us (if we are the successful bidder) at the time of delivery of the Bonds at tile expense of the Agency. There is enclosed herewith a cashiers *. check in the amount of fifty tllousand dollars ($50,000) payable to the order of the Agency. There is submitted herewith a memorandum (which shall not constitu"l part of this bid) stating the total interest cost in dollars on the Bo during the life of the issue WIder this bid, and the net interest r detl'rmined thereby. Respectfully submitted, ." ,.'I :~'i:A~~!~' ~.. Address: 800 West 6th St.. #1100 City: Los Anaeles State: California Telephone: 213/486-8871 Inc. MEMORANDUM OF NET INTEREST COST Each bidder is requested, but not required, to state in the bid the total net interest cost in dollars to the Agency and the percentage net interest rate determined thereby (assuming for purposes of the calculation that tl Bonds maturing on September 1, 2013, are redeemed from the Term Bond Sinki Fund Payments as scheduled), which shall be considered as informative only a not binding oa either the bidder or the Agency. Total Interest r...4L. B-1 l.. Plus Discount Net Iateredt Cost Net Iaterest Rate * )'6). ;']'i(J *. J * * I. 1..J ,,\-, .tc .... 'J'~ d7. ..... . .. 7., s..,.,/.~ ,. ." ..Insert "certified" or "cashier's'~ EXH'Sfr B I , Resolution Number ~~~ OFFICIAL BID FORM BID FOR THE PURCHASE OF $2.000.000 REDEVELOPI1ENT AGENCY OF THE CITY OF SEAL BEACH RIVERFRONT REDEVELOPI1ENT PROJECT TAX ALLOCATION BONDS ISSUE OF 1986 September 22. 1986 1- Redevelopment Agency of the City of Seal Beach Seal Beach. California Oft behalf of a group which we have formed consisting of FISER Financial & Investment Services (Alone) and pursuant to the Notice Invitin. Bid.. we offer to purchase Two MilUon Dollar. ($2.000.000) princip,LL .-aunt. all or none. of the Bonds designated a. "Redevelopment Agency of ~lie City of Seal Beach. Riverfront Redevelopment Project. Tax AllocaUon Bond.. I..ue of 1986", particularly dellcribed in such NoUce Inviting Bid.. of the I118turiUe. and interellt rate (rate.) .et forth below: Maturity Date Principal September 1 of Amount I 1987 1988 1989 1990 1991 1992 1993 1994 $ 30,000 30.000 35,000 35,000 35.000 40,000 40,000 45,000 Interest Maturity Date Principal Rate September 1 of Amount Interes t Rate f., S"~~ ~ ; ,', r ~ 1- 7r ~ -,' .. ,-',JiL' , ,..; .....,./~ I '.,-'i'l l "'./"It"' I '7 "1-"'.-:;-- ... - .- 5.d ~ ~, ?.P ~ :5:35" l ~ :,,-l) I 5: 7'; l ~,!,,., l ....2.'" I ~, -Ie l 1995 1996 1997 1998 1999 2000 2001 2013 $ 45.000 50.000 55.000 55.000 60,000, 65.000 70.000 1.310.000 and to paJ therefo~ the allrelate ._ of $.1, .1"tl lV'/'" /,,:7 *, plus accrued intere.t au .ucb Bond. to the date of delivery thereof. Thi. bid i. .ubject to all the te~ and condition. of the ~otice Inviting Bid., all of whicb terma and conditioal are _de a part hereof a. though set fortb in this bid. ~ ......2.000.000 plus premillll or le.. discount, if any (discount not to exceed three percent (31)). I EXHfBfT Bi . Resolution Number 1Ji,.../6 As specified in the Notice Invitinl Bids, this bid is subject to acceptance not later than twenty-six (26) hours after the expiration of the time far the receipt of bid., and the opinion of the Band Counsel firm of Richard., Watson & Gershon, A ~rofessional Corporation, Las Angele., California, approvinl the validity of the Bond., beinl furnished to us (if we are the successful bidder) at the time of delivery of the Bonds at the expense of the Agency. There is enclosed herewith a <:110:1\;....'0: ** check in the amount of fifty thousand dollar. ($50.000) payable to the order of the Agency. There is submitted herewith' a memorandUII (whiCh shall not constitutl part of this bid) statinl the total interest co.t in dollars on the Bo durinl the Ufe of the issue under this bid, and the n.t interest r determin.d th.reby. Respectfully submitt.d, Name I FJ5~R (Account Manaler) " ./,... . '. Je"~ ...... ~ -:... '-__, _~ By: " ,;1 Mdre..: 701 South Parker Street, Suite 8000 City: Oranae State: California 92668 Telephone: 714/647-0800 MEMORANDUM OF NET INTEREST COST Each bidder i. requested, but not required, to state in the bid the total n.t interest co.t in dollars to the Alency and the percentale net interest rate d.termined thereby (a..\llDinl far purposes of the calculation that tl Bond. lIIa'tudnl on September 1, 2013, are redeemetl from the r.m Bond Sinki Fund ~ayment. a. scheduled), which .hall be considered a. informative only aa not bindinl on .ither the bidder or the As.ncy. Total Intere.t Le.. Premium Plus Dlac:ount N.t Inter.Mt Co.t Net Intere.t Rate .. ., ...", ~"I : - "".- .' .~ $ . . .,:. II',' ,.." .~~J/~";I.:1:, "~'--""D," .. h2, ~ J .....- ," **In.ert "c.rtified" or ..ca.hi.r....; EXHIBIT B' I ~ .