HomeMy WebLinkAboutRDA Res 78-05 1978-03-27
.
,
"
, ,
I '
I
~-
, I
I
,
I
"
RESOLUTION NO. 7,f'- S'"
.
RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF SEAL BEACH SELLING BONDS
WHEREAS, Notice Inviting Bids on $4,000,000
Redevelopment Agency of the City of Seal Beach, Riverfront
Redevelopment Project, Tax Allocation Bonds, Issue of 1978"
(the "Bonds"), was given as required by law; and
WHEREAS, pursuant thereto, bids for the Bonds have
been received, publicly opened, read and examined; and
WHEREAS, the bid hereinafter described is the best
bid;: and
WHEREAS, all steps required by law to be taken
precedent to the authorization, issuance and sale of the Bonds
have been duly and regularly taken as provided by law and the
Agency is fully advised in the premises.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY
OF SEAL BEACH DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section I. That the bid of Miller & Schroeder
MunicipalS, Inc. for the Bonds, attached hereto and made a part
hereof, is the best bid for the Bonds. Said bid is hereby
accepted in accordance with the terms thereof, and in accordance
with and subject to Resolutions Nos. 77-3 and 77-4 of the
Agency.
Section 2. That all bids other than the one accepted
in Section 1 hereof are rejected.
.
rl
I
I
Section 3. That the interest rate on the Bonds is
hereby fixed as follows:
Year of Maturity Principal Amount Interest Rate Bid
1981 $ 80,000 5.75%
1982 85,000 6.00
1983 90,000 6.10
1984 95,000 6.20
1985 105,000 6.30
1986 110,000 6.40
1987 115,000 6.50
1988 125,000 6.60
1989 130,000 6.70
1990 140,000 6.80
1991 150,000 6.90
1992 155,000 7.00
1993 165,000 7.00
2003 2,455,000 7.10
Section 4. That the Secretary is hereby authorized
and directed to deliver the Bonds to the successful bidder
upon payment of $3,800,000 therefor, plus accrued interest
to the date of delivery.
Section 5. That all actions and proceedings hereto-
fore taken in the authorization, issuance and sale of the Bonds
are hereby ratified and confirmed.
.
r!
I i
I I
I
I
d PASSED, APPROVED
~ , 1978.
ATTEST:
,
and ADOPTED this
II
.J?l- day of
PASSED, APPROVED and ADOPTED by the Seal B~ch Redevel~t Agency at
their regular adjourned meeting this cf11 day of ~..f-"'~) ,
1978, by the following vote: ~
AYES: Agency Members ~d
NOES:
ABSENT:
Agency Members
Agency Members
-
.
r
,
,
I
i
I,
I
EXHIBIT B
BID
FOR THE PURCHASE OF
"'-000,000 REDEVELOPMENT AGENCY OF THE ClTY OF SEAL BEACH,
RIVERFRONT REDEVELOPMENT PROJECf
TAX ALLOCATION BONDS, ISSUE OF 1978
Redevelopment Agency of the City of Seal Beach
City of Seal Beach, California "
-In beha1f f hicb ha f ed, nsistin f //.'<2 -v-vU (. :h- ..!J.
,f-_~:'\""" ::l~~K,~,,,;:;;::~ ~;:;;'~-A-,~"",~~", ' ",:::::,?::"",'
~ --
/;t?:"'':-? ">
and pursuant to the Notice Inviting Bids hereinafter mentioned, we offer to purchase $4,000,000
principal amount, all or none, of the Bonds designated as "Redevelopment Agency of the City of
Seal Beach, Riverfront Redevelopment Project, Tax Allocation Bonds, Issue of 1978", particularly
described in said Notice, bearing interest at the following rates per annum:
IDmest
l\ale
Bid
-('
J,,1,%
~ I
Y... of
Malurity
Inte....t
lIote
Bid
PriDeipal
-
Y... of
Maturity
l'riDcipaI
,AmOWII:
1981
1982
1983
1984
1985
1986
1987
i.,;> %
(?
$ 80,000
85,000
90,000
95,000
10'5,000
110,000
115,000
1988
1989
1990
1991
1992
1993
2003
$ 125,000
130,000
140,000
150,000
155,000
165,000
2,455,000
~.~
I'"
- ' ,
'.7
")
i,,:J
~. ~
::. ~/,!-
.,
,
~.{,
?3
and to pay therefor the aggregate sum of $ (1) plus accrued interest on such Bonds to the date
of delivery thereof, .J, .1",~; IJf:,I,cN
This bid is made subject to all the terms and conditions of the Notice Inviting Bids he:etofore
published, all of which tenns and conditions are made a part hereof as fully as though set forth in
full in this bid.
(1) $ ,plus premium or less cliscount.
As specilled in the 111 otice Inviting Bids, this bid is subject to acceptance not later than twenty-si't
(26) bours after the expiration of the time for the receipt of bids, and the approving opinions of the
Bond Counsel firms of Richards, Watson, Dreyfuss IX Gershon, Los Angeles, California, and :Mudge
Rose Guthrie IX Alexander, New York, New York, approving the validity of the Bonds, which will, be
furnished us (if we are the successful bidder) at the time of delivery of the Bonds at the expense
of the Agency,
1
-
r
)
;\ - :, ~ I
,There is enclosed herewith a \,. '" 1... -'-'-",-
of the Agency.
(2) Insert "certified- or "cashier's.,
There is submitted herewith a memorandum (which shall not constitute a part of this bid) stating
the total net interest cost in dollars on the Bonds bid for during theif'Iife Under this bid, and the
average net interest rate detennined thereby, 7//\..... /
&.~
:~~ :A., ~iEsc1i. fo~ Me~,~i.:p., ,L~~)1,.,
"Piex:c;~., F~~!,!r 4<, !>mi~!1 ~I).C;:" " ,
, '''''' ;-, Manager ,-
:-
(2) check for $/,>~~6.~. payable to the order
................ .. .......
I
MEMORANDUM OF INTEllEST COST
The total net interest cost on the Bonds during their life under the above bid is $ '. and the
average net interest rate detennined thereby is ')' %. ,( (,?3, :fr
,,-,'fJ..n
-
I I
,
I
2
-
r"
I
.'
GIlI/Jlllnn
Sat'lIS
March 27, 1978
I
Seal Beach Redevelopment Agency
C/O Richards, Watson, Dreyfuss, & Gershon
333 South Hope Street
38th Floor
Los Angeles, CA 90071
Gentlemen:
Re: $4,000,000 Redevelopment Agency of the City of Seal Beach,
Riverfront Redevelopment Project, Tax Allocation Bonds, Series of 1978,
Dated March 1, 1978.
In accordance with your Official Notice of Sale on the above described
bond issue, we respectfully submit a bid of the par value thereof; less
a discount of S : { .... ~-.... i,..... . ..... ~.
Such bonds to bear interest as follows:
3-1-81 " 3-1-89 / 9.,.....
. ~
,- .. ....~
3-1-82 " ~,. 3-1-90 {. ~::
~~ :. \ !
3-1-83 .:..0'..... 3-1-91 ,"
" I
-
3-1-84 ! .,:",r". 3-1-92 .-,
I
3-1-85 . - 3-1-93 r{
....''''::
3-1-86 :.....;j
3-1-87 , ~,
" -, '1
3-1-88 /.~ :,j 3-1-2003 -:!.'-.
;" -. .
I
In addition, we will pay accrued interest on the bonds from their
dated date to the date of delivery, This bid is made subject to our
receiving on settlement date an unqualified legal opinion of Richards,
Watson, Dreyfuss, & Gershon, Los Angeles, and Mudge Rose, Guthie &
Alexander, New York,
New York I Boston: Chicago I Dallas I Los Angeles I Phl1adelohl8: St, LoUIs: San FrancISCO! Detroit I Memonls
.
i'
(iolllman
Sarlls
.-1'" \......-
The gross interest cost is computed to be $..:::. ::>. t..1 1..1 ~ .'::>. Cr:, The
net interest cost is $....s... _.. 4 ~..:, t',l" ,and the average net interest
t' '2 .1.- " ..- %'
cos J.s _ .....,~ '-I' -., .
I
Sincerely,,, ,
'(!...............,~ '-., \"'\ ~'-'-'
'., t_
Thomas E. Morris '~ ~
Vice President-Fixed Income Dept.
San Francisco, CA
TEM/mm
Enc. $150,000.00
,-
I
New York 80ston! Ch'cagc I Dallas I L:Js Angeles' PhllaClel;>tua I S~ LOUIS I San F~ai1clsco DSlrelll Memphis
.
[I
, f
,,,)
I
~
:1
I
I
,
J!OAI:Wltr B
BID
FOR THE PURCHASE OF
$4,000,00O REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH,
RIVERFRONT REDEVELOPMENT PROjECl'
TAX ALLOCATION BONDS. ISSlJE OF 1978
Recleve.Iopment Agency of the City of Seal Besch
City of Seal Beach, Ca1ifomia,
In behalf of a group which we have formed, coosisting of "
....... ......... ........... .............................................................
. .. .................... . .... . . ............... . ... .. . . .. .. .. .
" "" ,SMIXH, Bll1INl$Y" ,H~J;S, rJJ'1{AM, ,& ,co.,.", ,!NC.., ,AND. A$So.C,J;lJ.TEli,
..... -,... ....... ..... ..... .... ..... .... ... ...... ... ........ ... .... ....
. . . . . . . . . . . . . . .. ........... ............ .... ...... ..... '. . . .. . ... . . . . . .. .. ...
........... ..................... ... . ... ................. ... ... ... .... .......
.... ... ........................ ................ ... . . '" ...... -,. ....... .... .
. ....... ..... .............. ...... ... ....... ........... . . .... . ..... . .-..
and pursuant to the Notice Inviting Bids hereinafter mentioned, we oller to purchase $4.000,000
principal amount, all or none, of the Bonds designated as 'Redevelopment Agency of the City of
Seal Beach, Riverfront Redevelopment Project, Tax Allocation Bonds, Issue of 1978", particularly
described in said Notice, bearing interest at the following rates per annum:
ID_
Ralll
Bid
(~" ?'O%
r, ItJ
ft, ~o
(".:3 CJ
~. 'It;
~'OO
(,,!ftJ
T...of
MaIlIrity
1981
1982
1983
1984
1985
1986
1987
-
l\oIe
Bid
{,., ?o,;,
V,7r
/ g-O
V, 90
~:t'o
7.00
7. .is'
Priaoipa1
Amoat
T... of
Maturity
1988
1989
19l1O
1991
1992
1993
2003
Priaoipa1
A-.at
$ 80,000
85.000
90,000
95,000
1a5,000
110.000
115,000
$ l25,OOO
130,000
140,000
150,000
135,000
165,000
2.4155,000
'-
and to pay therefor the aggregate sum of $, (1) plus accrued interest on such Bonds to the date
, of delivery thereof. -3/ fao, / / d. So
This bid is made subject to all the terms and conditions of the Notice Inviting Bids heJetofore
published, ail of which terms and conditions are made a part hereof as fully as though set forth in
full in this bid.
(1) .iC;~, ,~f!i~ _ .. 901.55 discount.
As speciBed in the Notice Inviting Bids, this bid is subject to acceptance not later than twenty-six
(28) hours after the expiration of the time for the receipt of bids, and the approving opinions of the
Bond Cowrsel fhms of Richards, Watson, Dreyfuss & Gershon, Los Angeles, California, and Mudge
Rose Guthrie & Alexander, New Yorlc, New Yorlc, approving the validity of the Bonds, which will be
furnished us (if we are the successful bidder) at the time of delivery of the Bonds at the expense
of the Agency,
1
.
I
;1
I
I
R. ...
JSAI1llSlT B
BID
FOR THE PURCHASE OF
$4,000,000 REDEVELOPMENT AGE."lCY OF THE CITY OF SEAL BEACH,
RlVEBFRONT REDEVELOPMENT PROJECT
TAX ALLOCATION BONDS, ISSUE OF 1978
Redevelopment Agency of the City of Seal Besch
City of Seal Beach, Califomia
In behalf of a group which we have formed, coll5istiDg of, .. .... .. .. , .. .. .. .. .. .. .., ..
.. .. (;1/1;, l-'L 't.:fiL"j"~, ::'''''; '-' ~';.. "n'i;;; : ''-,: .. ';";": ': ..,.. '- .: 'c- .... .. ,
...../,/., .. I- ,r....,c,Hfi!C. .;:.~,~,/.! , , ....,1.,_./.1. ,'h.-5", .4-"v", ....,
........... .............. .. . ............................. . . ...... .. ... .. .... .
and pursuant to the Notice Inviting Bids hereinafter mentioned, we oiier to purchase $4,000,000
principal amount, all or none, of the Bonds designated as "Redevelopment Agency of the City of
Seal Beach, Riverfront Redevelopment Project, Tax Allocation Bonds, Issue of 1978ft, particularly
described in said Notice, bearing interest at the following rates per annum:
lD_
Rate
Bid
Y_of
Maturity
IDtenst
Rate
BkI
Priaeipa1
-
Y_of
Mamrity
Priaeipa1
-
1981 $ 80,000 ;: ,7,5% 1988 $ 125,000 4~
1982 85,000 1.... r;.-C) 1989 130,000 ~, 7'0
1983 90,000 f:" /D 1990 140,000 ' "."..
I. ,-
. ,
1984 95,000 (,.20 ' 1991 150,000 . 'lL--:
{.,
1985 105,000 {" J:..' 199.2 155,000 7, (.;"'c
1986 110,000 ". t./ {) 1993 165,000 1. ,:-C
1987 1l5,000 t. ;c 2003 2,455,000 'lIe
and to pay therefor the aggregate sum of $~ r; ;;:, C'f (1) plus accrued interest on such Bonds to the date
of delivery thereof.
This bid is made subject to all the terms and conditions of the Notice Inviting Bids he:etofore
published, all of which tenus and conditions are made a part hereof as fully as though set forth in
full in this bid.
(1) $4'C;~. pI,.,. ~ ;"- or less discount.
As speciJled in the Notice 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 approving opinions of the
Bond Counsel !inns of Richards, Watson, Dreyfuss & Gershon, Los Angeles, California, and Mudge
Rose Guthrie & Alexander, New York, New York, approving the validity of the Bonds, which will be
furnished us (if we are the successful bidder) at the time of delivery of the Bonds at the expellSe
of the Agency,
1
.
,-
,-
'There is enclosed herewith a ':'::"-,<k...: ,"
of the Agency.
(2) Insert .certifled" or .casbier's.,
There is submitted herewith a mem011lDdum (which shall not constitute a part of this bid) stating
the total net interest cost in dollars on the Bonds bid for during their life UDder this bid, and the
average net interest rate determined thereby,
(2) chec:k for $/;;;;!tt;' payable to the order
A_ /L~(_~,~~~c._-._,-,
." .,..._.....-..~.....,...... .... .......
. . . . . . . . . . . . . . . . . . . . . . . .. ...... ..... .... ..
. . . . . . . . .. . . . .. ............... . .........
. ... ....... ......... . .. .......... ......
.................... ............... .........
....... .... .. ........ ....... .... ........
... ............... .... . ......... ......
. .......... . ....... .. .. ..
1
MEMORANDUM OF INI'EllEST COST , ' ..,'/:.., 7~'?-
The total net interest cost on the Bonds during their life under the above bid is $ .., I .; and the
average net interest rate determined thereby is , '%' 7 ^ S ..2-"2. <OJ",
r" ~
,I j
, -
'I
2
...
.. ,
,
;'
I
'There is enclosed herewith a ,CASHIERS (2) check for ./~4 to,d;,,;ayable to the order
of the Agency.
(2) IDsert "certilled" or "cashier's.,
There is submitted herewith a memorandum (which shall not constitute a part of this bid) stating
the total net interest cost in dollan on the Bonds bid for during their life under this bid, and the
....... ......................... """"WX' 7. .......
"'W:LLLIAH'D.,~~': ..,
" ACCOUN!f. ,MirNAGER '
'" SMITH, BllBNEX HAJlRZS, UPHAM & ,CO,.,. ,INC.
.. , sao , WES.T , SIXTH, SXREET. , .. .., , , ......
, ,UJS AN.GELES, CALIFOl?-NIi;.__ 900P" ,
I
MEMORANDUM OF INTEREST COST
r
The total net interest cost on the Bonds during their life under the -above bid is $ , and the
average net interest rate determined thereby is, %' -Jo,' 5, 7.3c" J ~?:1 ZI 0
7,'-19)
,
I
-
'I
2