Loading...
Resolution Number 90-8-7-8125 RESOLUTION NO. 90-8-7-8 AWARDING SERIES 1990 GENERAL OBLIGATION BONDS (OPEN SPACE PROGRAM) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN CAPISTRANO, CALIFORNIA, AWARDING SERIES 1990 GENERAL OBLIGATION BONDS IN THE PRINCIPAL AMOUNT OF $4,995,000 TO THE BEST BIDDER AND REJECTING ALL OTHER BIDS, RATIFYING ALL ACTIONS OF THE STAFF HERETOFORE TAKEN AND AMENDING RESOLUTION NO. 90-6-19-7 TO DESIGNATE THE LOCATION OF THE PAYING AGENT WHEREAS, at the time and place fixed for the opening of bids for the general obligation bonds of City of San Juan Capistrano designated "Series 1990 General Obligation 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. 90-6-19-7, titled "Resolution of the City Council of City of San Juan Capistrano Providing for the Issuance of Bonds of Said City in the Amount of $4,995,000 for the Acquisition and Construction of Certain Park, Agricultural, Open Space and Related Uses," and now desires to change the location of the principal corporate trust office of the Paying Agent designated in said Resolution; 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 Bank of America offering par, plus a premium of $652.35, plus accrued interest to date of delivery for the Bonds bearing interest payable on February 1, 1991, and semiannually thereafter at the rates of: -1- Principal Interest Principal Interest Year Amount Rate Year Amount Rate 1991 $115,000 8.25% 2001 $245,000 6.70% 1992 $120,000 8.25% 2002 $260,000 6.75% 1993 $130,000 8.25% 2003 $280,000 6.80% 1994 $145,000 8.25% 2004 $295,000 6.80% 1995 $155,000 8.25% 2005 $315,000 6.90% 1996 $170,000 8.25% 2006 $340,000 6.90% 1997 $180,000 8.25% 2007 $360,000 7.00% 1998 $195,000 8.25% 2008 $390,000 7.00% 1999 $215,000 7.75% 2009 $415,000 6.25% 2000 $230,000 6.60% 2010 $440,000 6.25% -1- 126 y is the best bid for the Bonds, yielding the lowest net interest cost. Said bid is hereby accepted, and the Bonds awarded to said best bidder 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 1 hereof are rejected, and the City Clerk is directed to return the checks accompanying said rejected bids to the respective bidders. SECTION 5. All actions of the Staff of said City heretofore taken in conjunction with the authorization of, notification regarding and issuance of the bonds are hereby ratified and confirmed. SECTION 6. Resolution No. 90-6-19-7 is amended by inserting the name "San Francisco" in lieu of the name "Los Angeles" wherever it appears therein. PASSED, APPROVED, AND ADOPTED this of August ,1990. ATTEST: VA 7th day -2- 12"7. 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 Resolution No. 90-8-7-8 adopted by the City Council of the City of San Juan Capistrano, California, at a regular meeting thereof held on the 7th day of August 1990, by the following vote: AYES: Councilmen Schwartze, Friess, Buchheim, Bland and Mayor Hausdorfer NOES: None ABSTAIN: None ABSENT: None (SEAL) CHERYL JOH ON ITY CLERK -3-