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:
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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%
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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
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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
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