HomeMy WebLinkAboutRDA Res 75-13 1975-09-22
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Seal' Beach
. 62,002-2
RESOLUTION NO.
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A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SEAL BEACH SELLING NOTES OF SAID AGENCY
WHEREAS, notice Inviting Bids on the $3,250,OUO
Notes of the Redevelopment Agency of the City of Seal Beach,
designated "Redevelopment Agency of the City of Seal Beach,
Riverfront Redevelopment Project, Tax Allocation Negotiable
Promissory Notes, Issue of 1975" ("Notes"), was given as pro-
vided by law, and
WHEREAS, pursuant thereto, bids have been received,
publicly opened, read and examined, and
WHEREAS, the bid hereinafter described is the best
bid, and
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WHEREAS, all steps required by law to be taken pre-
cedent to the authorization, issuance and sale of said Notes
have been duly and regularly taken as provided by law and this
Agency is fully advised in the premises,
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'; 62,002-2
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE
CITY OF SEAL BEACH DOES HEREBY RESOLVE, DETERMINE AND ORDER
AS FOLLOWS:
Section 1. That the bid of Miller & Schroeder
Municipals, Inc. for $3,250',000 of said Notes, attached
hereto and made a part hereof, is the best bid for said
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Notes. Said bid is hereby accepted in accordance with the
terms thereof, and in accordance with and subject to Reso-
lution No. 75-10, as amended.
Section 2. That all bids, other than the one accep-
ted in Section 1 hereof, are rejected and the Secretary is di-
rected to return checks accompanying said rejected bids to the
respective bidders.
Section 3. That the interest rates on said Notes are
hereby fixed at the rate of seven percent .(7%) per annum pay-
able semiannually on March 1 and September 1 of each year.
Said Notes 'are term Notes maturing on September 1, 1978.
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Section 4. That the Secretary is hereby authorized
and directed to deliver said Notes to the successful bidder upon
payment of $3,106,675 thereof, plus accrued interest, if any,
to date of delivery.
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S'ection 6.
That all actions and proceedings here-
,to fore taken in the authorization, issuance and sale of the
Notes are hereby ratified and confirmed.
The foregoing resolution is adopted by the Rede-
velopment Agency of the city of Seal Beach this 22nd day
of September, 1975.
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a~rman of the Re evelopment
Agency of the City of
Seal Beach
ATTEST:
~L~~lk
Secretary
[SEAL]
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9/22/75 (ac)
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September 22, 197;;
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FOR nm l"UHCHASF. OF
$3,250,OCO nEDEVEI.Ol'~lENT AGENCY OF TI.m CITY OF SEAL ImACH
mVElWHONT m:mWl';L01':\IENl' 1'l\O]ECT
TAX ALLOCATION NECOTiAllLE PHOMiSSORY NOTES
! ISSUE OF 1975
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Redevelopment Agency of the City of Seal Beach
City of Seal Beach, Califomia
In behalf of a group which we have fanned, consisting of
, 0 , 0 )~:I..J)o~ro 0& 0 $~~9-o~:r: 0 ri!J!1:l,t;:~P.CUh oJ;l).t;: 0" , . . 0 0 , , , 0 0 0 0 , , 0 , : , , , , , , . , , 0 , , .. , . , 0 0 0 , .'. 0 , 0
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and pUl"lluant to the Notice Inviting Bids hereinafter mentioned, we oIfer to purchase $3,250,000
principal amount, all or none, of the Notes designated as "Redevelopment Agell(''}' of the Cit}' of Seal
Beach, Riverfront Redevelopment Project, Tax Allocation Negotiable Promissor}' Notes, Issne of 1975",
m~tu~g On September I, 1978, partieulady described in"sai~, !,,<:ti![? bearing interest at the rate of
0,1,0.<), %, and to pay therefor the aggregate sum of $,-", (:-c":,,,), 0 plus interest accrued on such
Notes to the date of delive.y thereof.
11lis bid is made subject to all the terms aud conditions of the Notice Inviting Bids heretofore
puhlished, all of whkh terms and conditions arc made a pmt hereof as fully as though set forth in
filll in this bid,. I
As specified in the Notice Inviting Dids, this bid is suhjeet to acceptance not later than twenty-six
(26) hours after the expiration of the time for the ret'cipt of bids, amI tile unqualified opinion of the
loml Counsel firm of James '''arren Daebe, A Law Corporation, L<)S l~~lgelcs, California, approving
the validity of the Notes will be furnished us (if we are the successful bidder) at Or prior to the time
f delivery of the Notes at the expense of the Agelley,
There is euclosed herewith a 00 .q~!1i~r~!3, 0000 check for $32,500, payable 10 the order of the
Agency, i
o $.1,250,000, plus premium or less discount,
00 Insert "certified" or I:cushier's"o
60,002-2..6
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TIlCrc is suhmitted herewith a memorandllln (which shall not eOlls:itutc a part of this bid) stating
the totalnct intcre;t cost in dollars 011 the ]\lutes durilli: the life of ll,e issue und,~r this bid, and the
average net inlerest rate dctemlined thereby.
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!;l9r\q .Y;~.q:r:9. . . .9, 75.Q , . , , , . . . , , , . , , , , , , . . . . .
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MEMORANDUM OF INTEREST COST
TIle total net interest cost on the Notes during the life of the issue under the above bid is
$. ,9;"'<;" y').,$', . ., and the average net iuterest rate determineu thereby is .[;..'170. %.
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00,002-2-0
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v,; LOS ANG<=LES, CALIFORNIA
00160298
16-12
1220
DATE SEPTEl,lBER 22. 1975
P.4Y TO THE ~H.Y} REDE\ll;<]';iPtj~NT AGE~iCT O? r.l1iE CITY OF S~..L BE..:\CH
ORDE~ OF, , '- ~32.S00.00*,::'"
~~11nC~If:CKEr. Ir:,~~, ~~W' 'I~I li:'J":' t1l1:ht" 111!1iil '1111'1 lilill!'11'11~1' ,...'INf....
. t'1'.T,'nij" i.1r.IIII"!; l ,I '" I I I' I I \'1' I... I .1 l..
U .114 .J ........I.u1 .,t..l '111~lI.ll,,,, I,i!ll .!:ml ,;" 1.1 ,.' 1:111,1 ':m' ..., ...~ DOLLARS
CASHJER'S CHEtl{
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-,r Al!Tt'Oll:ll.=O-SION~T'J!l.i:.
lI'OO~b02g811' 1:~220n'OO~21: 'i~5 ?5028LII'
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There is suhmUted herewith a memnr:mduln (which sh~ll not <:ollstilnt" a part of this bid) st~ling
.the totalnt't intcrest cost in dollars on the l':olcs during th.) Hie of the issuc under this bid, and the
average net interest rate uettl.rmiI~ec1 thereby.
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MEMORANDUM OF INTEREST COST
The total net interest cost on the Notes during the life of the issue under the above bid is
~ 9~-J 5" dt! . 't' dth b ' 't']3"\ Cl
y. ,C,). , . }' , , , , . . ., an Ie ayerage net lllterest rate Cle ermllle ere Y IS ,..,... "" . 10.
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I S;::CURITY P)..ClFiC j',Lu.TIONAL BANK I' 0""---.------ '6"2323037]
. SIXTH & S?RU:G OF::I::: .
561 S. SPRING STRi::ET, LOS'^NG~lt=:S. CA 90013 . Septemb~r 2Z, 1975
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\ Fon T~IE J!uaCI-[i\.SE OF
$3,250,000 nEDJ~VELOI)j\!ENT AG.E(-~CY Of.c' TIill CiTY OF SEAL DEllerI
nIVj~Hj?Hn~T n3!:D_~~V!::i.np3rENT PROjECT
TAX ALLOCATION i'i~GOTIAnU, l'J::0:lHSSOllY NOTES
ISSUE OF Wi5
!
September 22, 19i5
Redeveloplllent Agency of the City of Seal Beach
City of Sea! Beach, California
In behalf of a group which we have fonned, consisting of
, ,..,..... ,g.o. P-.t?0. ~ .'!.'-:'? ~:'~.. ~W~-::.(~',:-. 7~.~'~. .f~'r.:'JI.,. .lY,,,!~. ~.~",....".,
J'-" \J"; I"' D .....'of> ,
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and pursuant to the Notice Ill'liting Bids hereinafter mCl,tiollecl, we oITer to purchase $3,230,000
principal amount, all or n01l8, of the T{otes desigllatecl as "Heclevclol'ment }..gene}" of the City of Seal
Deach, Riverfront lledevelopnHmt Proj(~(.'t, Tax Allocation N'e~otinbl{' rlron~jssory Notes, Issl!e of .1975",
maturing on September 1, IfJ78, particularly described in -:~a.ifl No!.ice, beuxiog intere~t at the rate of
7, '-t Q , %, and to pay therefor the ll;!gregate sum of I';,~, ( J,-, y , .0 plus intewst acemed on ~ueh
Notes to the daJe of delivC'r}" i;,.'Jereof,
This hid i. made subject to all the terms and eonditiolls of the Notice Im'iting Bius heretofore
published, an of whieh terms ::illd conditions am made a p"rt hereof as fully as though set forth in
full in this 1iJ, "
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As specified in the N'otlCC Inviting lHds, this hid j~ .-.:ubject to; acceptflnce not lntcr than iWfmty-six
(26) hours after th" <:xp;ratioll of the l)me for the n:ccipt of bi.J~, :lJl(llhe unqll:\liBerl opinioll of the
llond Counsel firm of jmnes 'Varr!':! Heche, A Law Corporatlo:l, Los Augclcs, Calif01lli~ approving
the validity of the Notes will bc furnislwd us (if we o.l'e the sll(4ssrul Liduer) at e,' prior to the time
of delivery of 1110 Notes at the l'xp.m.c of 111C Agency, I
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There is enclosed herewith a .. ,f,;;tt;'~f, . ~~,>':: , , check fori $3'2,500, payable to the order of the
Agency. /'
o $3,260,OOn, plus premium 0" lcss ,diseonnt, l
OD I{l5t.~tt "C€ltiflcu" or c'cashier.s".
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