1980-0416_STONE & YOUNGBERG_Agreement0
BETWEEN
[4801119
NE & YOUNGBERG FOR
Thie agreement is made and entered into this 16th day of April ,
1980, by and between the City of San Juan Capistrano, hereinafter called Seller,
and STONE & YOUNGBERG of San Francisco, California, a partnership, hereinafter
called Buyer.
RECITALS
1. The parties hereto do hereby agree as follows:
A. The Seller will undertake, through assessment district proceedings,
pursuant to the Municipal Improvement Act of 1913, financing of the acquisition
and/or construction of certain improvements to benefit lands contained within
said proposed Assessment District 78-1, and,
B. The total estimated costs of the construction, engineering, legal,
financing and other incidental expenses, is approximately $350,000.00. This
amount will be assessed by the City of San Juan Capistrano against the benefited
properties within the Assessment District and,
C. The property owners as well as the Seller herein agree that it is
desirable that all of the bonds to issue should be sold at this time.
II. Seller hereby agrees to sell to Buyer and Buyer agrees to purchase from
the City all the bonds to issue as a result of Assessment District 78-1 under
the following terms and conditions:
A. All bonds shall be issued pursuant to the Improvement Act of 1911 and
shall mature 1/10th each year from January 2, 1981 through January 2, 1990, in-
clusive. Said bonds shall be callable prior to their maturity at 105% of the
unmatured principal.
-I-
W. D. Murphy'
WDM:GA/rem
Encl.
FOR CITY COUNCIL AGENDA .. .... /
AGREEMENT BETWAK CITY OF SAN JUAN CAPISTRANO
THE ENPURCHASE — aF SPECIAL AS
----- E MINT-DI�TiFICI`W
This agreement is made and entered into this
day of -La N /98v,
447.9; by and between City of San Juan Capistrano, hereinafter called Seller, and
STONE b YOUNGBERG of San Francisco, California, a partnership, hereinafter called
Buyer.
RECITALS
1. The parties hereto do hereby agree as follows:
A. The Seller will undertake, through assessment district proceedings,
pursuant to the Municipal Improvement Act of 1913, financing of the acquisition
and/or construction of certain improvements to benefit lands contained within
said proposed Assessment District 78-1, and,
B. The total estimated costs of the construction, engineering, legal,
financing and other incidental expenses, is approximately $350,000.00. This
amount will be assessed by the City of San Juan Capistrano against the benefited
properties within the Assessment District and,
C. The property owners as well as the Seller herein agree that it is
desirable that all of the bonds to issue should be sold at this time.
11. Seller hereby agrees to sell to Buyer and Buyer agrees to purchase from the
City all the bonds to issue as a result of Assessment District 78-1 under
the following terms and conditions:
A. All bonds shall be issued pursuant to the Improvement Act of 1911 and
shah mature 1/10th each year from January 2, 1981 through January 2, 1990, in-
clusive. Said bonds shall be callable prior to their maturity at 105% of the
unmatured principal.
B. The bonds •ll be accompanied by the unquo*ied approving legal
opinion of F. Mackenzie Brown of Newport Beach, California, as to the validity of
the assessment and the enforcement of the lien.
C. All parcels separately assessed shall have access to dedicated roadway
or private and/or public easement.
D. The total par value of the City of San Juan Capistrano bonds to issue
shall not exceed $350,000.00.
E. The purchase price of all bonds to issue shall be 95% of the principal
amount without accrued interest for bonds to bear interest at the rate of eight
percent (B%) per annum. This margin includes and covers the cost of syndication,
sales, distribution and offering statements, and return for the capital commitment
and risk. Under no conditions will the purchase price be less than 95% of par.
All bonds to issue are hereby awarded to Buyer on the basis of this sale and
purchase agreement. Award of said bonds is deemed to have been made by Seller
upon execution of this agreement by authorized officers of the City under resolution
authorizing the same by the City Council of the City of San Juan Capistrano.
F. Buyer reserves the right to form and manage an underwriting syndicate
for the purpose of underwriting and distributing any part or all of the bonds to
issue as a result of this project. The formation of any such syndicate shall not
change any terms of this underwriting agreement.
G. The purchase price of the bond issue shall be paid in full when the bonds,
accompanied by the legal opinion and a non -litigation certificate are delivered
to Buyer by Seller. Said delivery is subject to an acceptable schedule of
delivery and payment.
H. All bonds so issued by the city are awarded to Buyer by Seller. Said
bonds shall be dated, issued, and delivered to Buyer for payment on or before
March 1, 1980.
-2-
I. Buyer may terminate this agreement any time prior to the delivery of
the bond issue in the event legislation by the Congress of the United States or
the State of California has been enacted, a decision by a court of the United
States, or a Tax Court of the United States has been rendered, or a ruling
regulation, or official statement by or on behalf of the Treasury Department of
the United States, the Internal Revenue Service or other governmental agency
has been made with respect to federal and/or state taxation upon interest
received on bonds which, in the opinion of Buyer, materially and adversely affects
the market price of the bonds.
J. In connection with any part of this agreement or arrangements of the
city may make to provide interim funds for the construction contracts, Stone &
Youngberg agrees to supply the city with financial information and/or co-operate
with any city plan for interim financing.
III. This agreement is subject to the conduct of public hearings and consumma-
tion of the proceedings initiated pursuant to said resolutions of intention
in the manner provided by law, and in the event said proceedings are not
consummated for any reason, neither party shall be liable to the other
on account of this agreement.
1V. The terms and conditions of this agreement are hereby approved by all
property owners of said Assessment District.
-3-
Gou tek n A. Ashik
33032 Palo Alto
Dana Point, California 92629
Warren E ..fie , e a
C/o 34177 Coast High ay
Dana Point, California 92629
o n opo
31901 Camino Capistrano
San Juan Capistrano, CA. 92675
IN WITNESS WHEREOF, the parties hereto have executed this agreement the
date and the year hereinabove written.
CITY OF SAN JUAN CAPISTRANO
SELLER
Kenneth E. Friess, Mayor
By
City Clerk �.
APPROVED AS TO FORM:
l�
ity Attorney
STONE & YOUNGBERG
AGREEMENT BETWEEN CITY OF SAN JUAN CAPIS
This agreement is made and entered into this 3JSS day of %
1979, by and between City of San Juan Capistrano, hereinafter called Seller, and
STONE & YOUNGBERG of San Francisco, California, a partnership, hereinafter called
Buyer.
RECITALS
1. The parties hereto do hereby agree as follows:
A. The Seller will undertake, through assessment district proceedings,
pursuant to the Municipal Improvement Act of 1913, financing of the acquisition
and/or construction of certain improvements to benefit lands contained within
said proposed Assessment District 78-1, and,
B. The total estimated costs of the construction, engineering, legal,
financing and other incidental expenses, is approximately $350,000.00. This
amount will be assessed by the City of San Juan Capistrano against the benefited
properties within the Assessment District and,
C. The property owners as well as the Seller herein agree that it is
desirable that all of the bonds to issue should be sold at this time.
II. Seller hereby agrees to sell to Buyer and Buyer agrees to purchase from the
City all the bonds to issue as a result of Assessment District 78-1 under
the following termc and conditions:
A. All bonds shall be issued pursuant to the Improvement Act of 1911 and
shall mature 1/10th each year from January 2, 1981 through January 2, 1990, in-
clusive. Said bonds shall be callable prior to their maturity at 105% of the
unmatured principal.
0
B. The bonds shall be accompanied by the unqualified approving legal
opinion of F. Mackenzie Brown of Newport Beach, California, as to the validity of
the assessment and the enforcement of the lien.
C. All parcels separately assessed shall have access to dedicated roadway
or private and/or public easement.
D. The total par value of the City of San Juan Capistrano bonds to issue
shall not exceed $350,000.00.
E. The purchase price of all bonds to issue shall be 95% of the principal
amount without accrued interest for bonds to bear interest at the rate of eight
percent (8%) per annum. This margin includes and covers the cost of syndication,
sales, distribution and offering statements, and return for the capital commitment
and risk. Under no conditions will the purchase price be less than 95% of par.
All bonds to issue are hereby awarded to Buyer on the basis of this sale and
purchase agreement. Award of said bonds is deemed to have been made by Seller
upon execution of this agreement by authorized officers of the City under resolution
authorizing the same by the City Council of the City of San Juan Capistrano.
F. Buyer reserves the right to form and manage an underwriting syndicate
for the purpose of underwriting and distributing any part or all of the bonds to
issue as a result of this project. The formation of any such syndicate shall not
change any terms of this underwriting agreement.
G. The purchase price of the bond issue shall be paid in full when the bonds,
accompanied by the legal opinion and a non -litigation certificate are delivered
to Buyer by Seller. Said delivery is subject to an acceptable schedule of
delivery and payment.
H. All bonds so issued by the city are awarded to Buyer by Seller. Said
bonds shall be dated, issued, and delivered to Buyer for payment on or before
March 1, 1980.
-2-
0
I. Buyer may terminate this agreement any time prior to the delivery of
the bond issue in the event legislation by the Congress of the United States or
the State of California has been enacted, a decision by a court of the United
States, or a Tax Court of the United States has been rendered, or a ruling
regulation, or official statement by or on behalf of the Treasury Department of
the United States, the Internal Revenue Service or other governmental agency
has been made with respect to federal and/or state taxation upon interest
received on bonds which, in the opinion of Buyer, materially and adversely affects
the market price of the bonds.
J. In connection with any part of this agreement or arrangements of the
city may make to provide interim funds for the construction contracts, Stone &
Youngberg agrees to supply the city with financial information and/or co-operate
with any city plan for interim financing.
III. This agreement is subject to the conduct of public hearings and consumma-
tion of the proceedings initiated pursuant to said resolutions of intention
in the manner provided by law, and in the event said proceedings are not
consummated for any reason, neither party shall be liable to the other
on account of this agreement.
IV. The terms and conditions of this agreement are hereby approved by all
property owners of said Assessment District.
-3-
Goultekin A. Ashik
33032 Palo Alto
Dana Point, California 92629
Warren E. Carnell, et a
C/o 34177 Coast Highway
Dana Point, California 92629
Juan Capistrano,
IN WITNESS WHEREOF, the parties hereto have executed this agreement the
date and the year hereinabove written.
CITY OF SAN JUAN CAPISTRANO
SELLER
Kenneth E. Friess, Mayor
City Clem
APPROVED AS TO FORM:
i y Attorney
STONE & YOUNGBERG
BUYER
92675
AGREEMENT BETWEEN CITY OF SAN JUAN CAPISTRANO AND STONE & YOUNGBERG FOR
THE SALE AND PURCHASE OF SPECIAL ASSESSMENT BONDS OF
ASSESSMENT DISTRICT NO. 78 -
This agreement is made and entered into this day ofd
1979, by and between City of San Juan Capistrano, hereinafter called Seller, and
STONE & YOUNGBERG of San Francisco, California, a partnership, hereinafter called
Buyer.
RECITALS
1. The parties hereto do hereby agree as follows:
A. The Seller will undertake, through assessment district proceedings,
pursuant to the Municipal Improvement Act of 1913, financing of the acquisition
and/or construction of certain improvements to benefit lands contained within
said proposed Assessment District 78-1, and,
B. The total estimated costs of the construction, engineering, legal,
financing and other incidental expenses, is approximately $350,000.00. This
amount will be assessed by the City of San Juan Capistrano against the benefited
properties within the Assessment District and,
C. The property owners as well as the Seller herein agree that it is
desirable that all of the bonds to issue should be sold at this time.
II. Seller hereby agrees to sell to Buyer and Buyer agrees to purchase from the
City all the bonds to issue as a result of Assessment District 78-1 under
the following termq and conditions:
A. All bonds shall be issued pursuant to the Improvement Act of 1911 and
shall mature 1/10th each year from January 2, 1981 through January 2, 1990, in-
clusive. Said bonds shall be callable prior to their maturity at 105% of the
unmatured principal.
��
B. The bonds shall be accompanied by the unqualified approving legal
opinion of F. Mackenzie Brown of Newport Beach, California, as to the validity of
the assessment and the enforcement of the lien.
C. All parcels separately assessed shall have access to dedicated roadway
or private and/or public easement.
D. The total par value of the City of San Juan Capistrano bonds to issue
shall not exceed $350,000.00.
E. The purchase price of all bonds to issue shall be 95% of the principal
amount without accrued interest for bonds to bear interest at the rate of eight
percent (8%) per annum. This margin includes and covers the cost of syndication,
sales, distribution and offering statements, and return for the capital commitment
and risk. Under no conditions will the purchase price be less than 95% of par.
All bonds to issue are hereby awarded to Buyer on the basis of this sale and
purchase agreement. Award of said bonds is deemed to have been made by Seller
upon execution of this agreement by authorized officers of the City under resolution
authorizing the same by the City Council of the City of San Juan Capistrano.
F. Buyer reserves the right to form and manage an underwriting syndicate
for the purpose of underwriting and distributing any part or all of the bonds to
issue as a result of this project. The formation of any such syndicate shall not
change any terms of this underwriting agreement.
G. The purchase price of the bond issue shall be paid in full when the bonds,
accompanied by the legal opinion and a non -litigation certificate are delivered
to Buyer by Seller. Said delivery is subject to an acceptable schedule of
delivery and payment.
H. All bonds so issued by the city are awarded to Buyer by Seller. Said
bonds shall be dated, issued, and delivered to Buyer for payment on or before
March 1, 1980.
-2-
I. Buyer may terminate this agreement any time prior to the delivery of
the bond issue in the event legislation by the Congress of the United States or
the State of California has been enacted, a decision by a court of the United
States, or a Tax Court of the United States has been rendered, or a ruling
regulation, or official statement by or on behalf of the Treasury Department of
the United States, the Internal Revenue Service or other governmental agency
has been made with respect to federal and/or state taxation upon interest
received on bonds which, in the opinion of Buyer, materially and adversely affects
the market price of the bonds.
J. In connection with any part of this agreement or arrangements of the
city may make to provide interim funds for the construction contracts, Stone &
Youngberg agrees to supply the city with financial information and/or co-operate
with any city plan for interim financing.
III. This agreement is subject to the conduct of public hearings and consumma-
tion of the proceedings initiated pursuant to said resolutions of intention
in the manner provided by law, and in the event said proceedings are not
consummated for any reason, neither party shall be liable to the other
on account of this agreement.
IV. The terms and conditions of this agreement are hereby approved by all
property owners of said Assessment District.
-3-
Goultekin A. Ashik
33032 Palo Alto
Dana Point, California 92629
Warren E. Carnell, et a
C/o 34177 Coast Highway
Dana Point, California 92629
0
John Nopo i
31901 Camino Capistrano
San Juan Capistrano, CA. 92675
IN WITNESS WHEREOF, the parties hereto have executed this agreement the
date and the year hereinabove written.
CITY OF SAN JUAN CAPISTRANO
SELLER
Kenneth E. Friess, Mayor
By
City C1 k
APPROVED AS TO FORM:
C ty Attorney
STONE & YOUNGBERG
niivrn
32400 PASEO ADELANTO
SAN JUAN CAPISTRANO, CALIFORNIA 92675
PHONE 493.1171
April 25, 1980
John Doyle
STONE A14D YOUNGBERG
445 South Figueroa Street
Los Angeles, California 90071
Re: Agreement for Purchase of Assessment
Bonds, Assessment District 78-1
Dear Mr. Doyle:
At their meeting of April 16, 1980, the City Council
approved the agreement for the sale and purchase of special
assessment bonds for Assessment District 78-1 (Camino Capistrano
South).
Enclosed for your files is a fully -executed copy of
the agreement. If you have any questions, or need additional
information, please let us know. Thank you for your cooperation.
Very truly yours,
(MRS) MARY ANN HANOVER, CMC
City Clerk
MAH/cj
Enclosure
cc: F. Mackenzie Brown (with enclosure)
Walt Hamilton (with enclosure)
Director of Public Works
//7
RECEIVED
F MACKENZIE HR❑
INCORPORATED1{
1600 DOVE STREET, SUITE 110 T
•,
NEWPORT REACH, CALIFORNIA BBBBO (`� I� (•
LOS ANGELES (213) 587-4755 (714) 752-9025 SAN J��Ni1 SAN DIEGO (714) 755-3090
CAFIS
April 1, 1980
Mr. William D. Murphy
Director of Public Works
CITY OF SAN JUAN CAPISTRANO
32400 Paseo Adelanto
San Juan Capistrano, CA 92675
Re: CITY OF SAN JUAN CAPISTRANO
ASSESSMENT DISTRICT NO. 78-1
Dear Bill:
Enclosed herein find amended agreement between City of San Juan
Capistrano and Stone & Youngberg relating to the Assessment
District No.78-1.
Please review the agreement, and if acceptable with you, place
on the next most convenient agenda of the City Council for
acceptance by motion.
This would merely amend the previous agreement inasmuch by reason
of the delays in the initiation of the proceedings, we were un-
able to delivery the bonds pursuant to the original agreement.
Please call if you have any questions. Thank you.
Ver
?y tru y yours,
F. KENZIE BROWN
FMB: lm
Enclosures
324on ra.slto Auc't-ANTO
sAla JUAN curl TI:A140. cA1-11 ORN1A gads
r.
1'HONr: 493 1171
January 29, 1980
John L. Doyle
STONE k YOUNGBERG, INVESTMENT
SECUrU IPS
445 SouLh Figueroa Street
Los Angeles, California 90071
Re: Assessment Districts 78-1 and 78-3 Bonds
Dear Mr. Doyle:
At their meeting of January 23, 1980,. the City Council
accepted your proposals for the sale of: bonds for Assessment
Districts 78---1 (Cami)io Capistrano South) and 78-3 (Ortega
Properties) by the adoption of the enclosed Resolutions Nos.
80-1-23-12. and 80-1-23-18.
Enclosed also are fully --executed copies of the Agreement
for the Sale and Purchase of Special Assessment Bonds of Assessment
District No. '18-1.
If you need any additional information, or have any questions,
please do not hesitate to call.
Very truly yours,
(Dills) DIARY TNN IIANOVER, CMC
City Clerk
MAI I/c j
P]nclosu.res
cc: L'. Dlacken•r,.i.e Drown
Director of Public Works
i
STONE & YOUNGBERG INVESTMENT SECURITIES
MEMBERS: PACIFIC STOCK EXCHANGE
January 14, 1980
Mr. William Murphy
City Engineer
San Juan Capistrano
P. 0. Box 994
San Juan Capistrano, California 92675
Re: Assessment District No. 78-1
Dear Bili:
Enclosed you will find our Proposal between the City of San Juan
Capistrano and Stone & Youngberg for the purchase of the 1911 Act
Special Assessment Bonds of the above listed 1911 Act Issue. It
is our understanding that this Proposal will be submitted to the
City Council on the meeting of January 23, 1980.
Please note that all of the property owners have agreed to this
Proposal and have approved said Proposal between the City and us.
Should you have any questions regarding this Agreement, please do
not hesitate to contact me.
Yours very truly,
0
-Jbbn L. Doyle
Partner
JLD:pat
Enclosure
cc: F. Mackenzie Brown
445 SOUTH FIGUEROA STREET . LOS ANGELES. CALIFORNIA 90071 . (213)626-5351