HomeMy WebLinkAboutRESOLUTIONS - 10181983 - 83-1119 RESOLUTION N0.
RESOLUTION ORDERING SALE OF BONDS
Assessment District No. 1981-1r San Ramon Valley Boulevard
The Board of Supervisors of the County of Contra Costa
resolves:
The Board of Supervisors accepts the offer of
STONE & YOUNGBERG (attached to this resolution and
r
by reference incorporated in it) r to purchase all of the
improvement bonds to be issued in Assessment District
No. 1981-1, San Ramon Valley Boulevard, Contra Costa County,
California.
The Board of Supervisors directs the sale and delivery
of the bonds to the offeror in accordance with the terms and
conditions stated in the offer.
I HEREBY CERTIFY that the foregoing resolution was
duly and . regularly adopted by the Board of Supervisors of the
County of Contra Costa, State of California, at a regular
meeting thereof, held on the 18th day of October , 1983.
ATTEST: OCT 18 1983
JAMES R. OLSSONr Clerk
Bye
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270
STONE & YOUNGBERG
' MEMBERS: PACIFIC STOCK EXCHANGE
October 13, 1983
The Honorable Members of
the Board of Supervisors
of the County of Contra Costa
Martinez, California 94553
Re: Offer to Purchase Bonds in the Sum of $1,155,803.32 par value
County of Contra Costa Improvement Bonds Assessment District 1981-1
(San Ramon Valley Boulevard/Oak Road and Smith Road)
Members of the Council :
Pursuant to discussions with bond counsel and our investigation and
analysis of the captioned bond issue, we hereby offer to purchase all of said
bonds subject to the followinq conditions:
1 . The purchase price shall be 96% of par (a discount of 4.00%) plus
accrued interest (if any) from the date of the bonds to the date of
their delivery.
2. The bonds shall be issued pursuant to the Municipal Improvement Act
of 1913 and the Improvement Bond Act of 1915.
3. The par value of the bonds shall be $1 ,155,803.32, and the bonds
shall mature serially over a period of 20 years.
4. The bonds shall be issued in denominations of $5,000 or in integral
multiples thereof as may be requested by the underwriters. One bond
which shall mature July 2, 1985 shall be issued in the amount of
$803.32.
5. All bonds shall be issued in registered form as indicated by us prior
to closing. The County shall retain the Bank of America N.T. & S.A.
as Transfer Agent, Registrar and Paying Agent.
6. The bonds shall be dated November 2, 1983 and delivered on or about
their date, but in any event prior to 3 P.M. , November 15, 1983, or
we may renegotiate the purchase price of the bonds if market
conditions have changed.
7. The bonds shall mature in each of the years and in the amounts and at
the rates of interest set forth on the attached maturity schedule.
8. The County shall establish from the proceeds of the bonds a reserve
fund equal to five percent (5%) of the principal amount of the
bonds. The reserve fund shall be held and maintained as a separate
trust account distinct from all other funds of the County and shall
be administered in accordance with bond law.
ONE CALIFORNIA STREET. SUITE 2800 • SAN FRANCISCO. CALIFORNIA 94111 • (415)981-1314 271
The Honorable Members of the Board of Supervisors October 13, 1983
County of Contra Costa Page 2
9. The County shall covenant to commence judicial foreclosure of
delinquent assessments within 150 days after any delinquency.
10. The County shall award the sale of the bonds to us at their meeting
on October 18, 1983.
11 . The purchase price of the bonds shall be paid in full upon delivery
to us of the bonds, the unqualified legal opinion of Sturgis, Ness,
Brunsell & Sperry, a Professional Corporation, Emeryville,
California, and a no-litigation certificate of the City. The legal
opinion shall be printed on the bonds at no charge to us.
Respectfully submitted,
S AKCi YOUN c
J `
Everett D. Williams
Partner
EDW.-bp
cc: Sturgis, Ness, Brunsell & Sperry
Doc. No. 1260A
272
$1 ,155,803 32 Par Value
COUNTY OF CONTRA COSTA IMPROVEMENT BONDS
ASSESSMENT DISTRICT NO. 1981-1
(SAN RAMON VALLEY BOULEVARD/OAK ROAD AND SMITH ROAD)
Maturity Date Principal Interest
(July 2) Amount Rate
1985 $ 803.32 8.75%
1986 10,000.00 8.75
1987 25,000.00 8.75
1988- 259000.00 8.75
1989 309000.00 8.75
1990 30,000.00 9.00
1991 359000.00 9.20
1992 40,000.00 9.40.
1993 45,000.00 9.60
1994 50,000.00 9.75
1995 55,000.00 10.00
1996 60,000.00 10.00
1997 65,000.00 10.00
1998 709000.00 10.00
1999 80,000.00 10.20
2000 909000.00 10.20
2001 100,000.00 10.25
2002 105,000.00 10.25
2003 115,000.00 10.25
2004 1259000.00 10.25
Based on the 4 percent bond discount and the above coupons, the net interest
cost is 10.349281 .
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