HomeMy WebLinkAbout1986 069 CC RESO1986 069 CC RESO ;¢fì ø Ã RESOLUTION NO. 86-69
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF BALDIWN PARK AWARDING THE SALE OF
IMPROVEMENT BONDS FOR ASSESSMENT DISTRICT
NO. 86-1 IMPROVEMENT BONDS
WHEREAS/ the City Council of the City of Baldwin Park
heretofore by Resolution No. 86-40, adopted June 4, 1986,
called for bids on the sale of improvement bonds to be issued
by the City in Assessment District No. 86-1, pursuant to the
Improvement Bond Act of 1915; and
WHEREAS, notice of the sale of said bonds has been duly
given in the manner prescribed by said resolution and the
following bids for said bonds were and are the only bids
received by said City Council, to wit:
NET INTEREST COST
NAME OF BIDDER TO CITY
Stone & Youngberg
Smith Barney, Harris Upham
Prudential Bache/Shearson
Thomas F. White & Co.
8.164419%
8.284751
8.3687
8.7437
AND WHEREAS, the said bid of Stone & Youngberg is the
highest bid for said bonds, considering the interest rate s)
specified, discount requested or the premium offered;
NOW, THEREFORE, IT IS HEREBY RESOLVED by the City
Council of the City of Baldwin Park, California, as follows:
Section 1. The bid of Stone & Youngberg for
$3/430,925.26 par value of the bonds shall be and is hereby
accepted, and upon their issuance the City Treasurer is
hereby authorized and directed to deliver the bonds to the
purchaser upon payment to the City Treasurer of the purchase
price. The bonds shall bear interest at the rates herein-
below set forth, payable March 2, 1987, and semi-annually
thereafter:
Years September 2)
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Interest Rate
Per Annum
7.50%
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.75
7.75
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
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1986 069 CC RESO ;¢fì ø Ã Resolution No. 86-69
Page 2
Section 2. All bids except the bid of Stone &
Youngberg are hereby rejected and the City Clerk is hereby
ordered and directed to return to the unsuccessful bidders
their several checks accompanying their respective bids.
APPROVED AND ADOPTED this 6th day j^f August/ 1986.
y^^—
MAYOR
ATTEST:
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES ss
CITY OF BALDWIN PARK
I, LINDA L. GAIR/ City Clerk for the City of Baldwin
Park, do hereby certify that the foregoing Resolution was
duly and regularly approved and adopted by the City Council
of the City of Baldwin Park at its regular meeting of the
City Council on the 6th day of August, 1986 by the following
vote:
AYES: COUNCILMEN MCNEILL, GIBSON, IZELL, KING AND MAYOR WHITE
NOES: COUNCILMEN NONE_____________________________________
ABSENT: COUNCILMEN NONE
GAI^; CITY CLERK
BIB]
37847-U01
1986-U02
069-U02
CC-U02
RESO-U02
LI3-U03
FO2126-U03
FO20545-U03
DO20608-U03
C6-U03
RESO-U03
8/12/2003-U04
ROBIN-U04