Resolution Number 98-6-16-5203
RESOLUTION NO. 98-6-16-5
AWARDING SERIES A OF 1998 GENERAL OBLIGATION
REFUNDING BONDS (OPEN SPACE PROGRAND
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN
CAPISTRANO, CALIFORNIA, AWARDING SERIES A OF 1998 GENERAL
OBLIGATION REFUNDING BONDS (OPEN SPACE PROGRAM) IN THE
PRINCIPAL AMOUNT OF $18,155,000 TO THE BEST BIDDER AND
REJECTING ALL OTHER BIDS AND RATIFYING ALL ACTIONS OF THE
STAFF HERETOFORE TAKEN (PAINE WEBBER, INC.)
WHEREAS, at the time and place fixed for the opening of bids for the general
obligation refunding bonds of the City of San Juan Capistrano, designated "Series A of 1998 General
Obligation Refunding Bonds of City of San Juan Capistrano (Open Space Program)" (herein, the
"Bonds"), all bids were publicly opened, examined and read, and a tabulation thereof has been
entered in the minutes; and,
WHEREAS, the bid of the bidder hereinafter named is the best bid made by a
responsible bidder for the Bonds; and,
WHEREAS, this City Council has heretofore adopted Resolution No. 98-5-19-4,
titled "Resolution of the City Council of San Juan Capistrano Providing for the Issuance of Its Series
A of 1998 General Obligation Refunding Bonds (Open Space Program) in the Amount of Eighteen
Million Five Hundred Thousand Dollars ($18,500,000) for Park, Agricultural, Open Space and
Related Uses;" and,
WHEREAS, this City Council desires to ratify and confirm all actions of the Staff
of the City of San Juan Capistrano heretofore taken pertaining to the Bonds.
NOW, THEREFORE, the City Council of the City of San Juan Capistrano does
hereby resolve, determine and order as follows:
SECTION 1.
The bid of $18,155,000, offering par, less an underwriter's discount of $152,683.55,
bearing interest payable on February 1, 1999, and semiannually thereafter at the rates of:
204
is the best bid for the bonds, yielding the lowest true interest cost. Said bid is hereby accepted, and
the Bonds awarded to said best bidder, Paine Webber, Inc., in accordance with the terms of the
proposal.
SECTION 2.
The interest rates on the Bonds are hereby fixed at the rates stated in Section 1 hereof.
SECTION 3.
The City Clerk is hereby directed to deliver the Bonds to the successful bidder upon
payment therefor.
SECTION 4.
All bids other than the one accepted in Section I hereof are rejected, and the City
Clerk is directed to return the checks accompanying said rejected bids to the respective bidders.
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Principal
Interest
Year
Amount
Rate
08/01/99
$ 895,000.00
3.650000%
08/01/00
1,005,000.00
3.750000
08/01/01
1,045,000.00
3.800000
08/01/02
1,085,000.00
3.900000
08/01/03
1,125,000.00
4.000000
08/01/04
1,170,000.00
4.000000
08/01/05
1,220,000.00
4.050000
08/01/06
1,270,000.00
4.100000
08/01/07
1,320,000.00
4.150000
08/01/08
1,375,000.00
4.250000
08/01/09
1,435,000.00
4.350000
08/01/10
1,495,000.00
4.450000
08/01/11
1,100,000.00
4.550000
08/01/12
385,000.00
4.650000
08/01/13
405,000.00
4.750000
08/01/14
425,000.00
4.850000
08/01/15
445,000.00
4.900000
08/01/16
465,000.00
5.000000
08/01/17
490,000.00
5.000000
is the best bid for the bonds, yielding the lowest true interest cost. Said bid is hereby accepted, and
the Bonds awarded to said best bidder, Paine Webber, Inc., in accordance with the terms of the
proposal.
SECTION 2.
The interest rates on the Bonds are hereby fixed at the rates stated in Section 1 hereof.
SECTION 3.
The City Clerk is hereby directed to deliver the Bonds to the successful bidder upon
payment therefor.
SECTION 4.
All bids other than the one accepted in Section I hereof are rejected, and the City
Clerk is directed to return the checks accompanying said rejected bids to the respective bidders.
2-
SECTION 5.
All action of the staff os said city heretofore taken in conjunction with the
authorization of, notification regarding, and issuance of the Bonds are hereby ratified and confirmed.
PASSED, APPROVED, AND ADOPTED this 166 day of June, 1998.
ATTEST:
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF SAN JUAN CAPISTRANO )
I, CHERYL JOHNSON, City Clerk of the City of San Juan Capistrano, California,
DO HEREBY CERTIFY that the foregoing is a true and correct copy of ResolutionNo. 98-6-16-5,
adopted by the City Council of the City of San Juan Capistrano, California, at a regular meeting
thereof held on the 16' day of June, 1998, by the following vote:
AYES: Council Members Swerdlin, Greiner, Hart, Campbell
and Mayor Jones
NOES: None
ABSTAIN: None
ABSENT: None
(SEAL)
3-
MY