HomeMy WebLinkAbout87-17CITY OF UKIAH
RESOLUTION NO. 87-17
A Resolution of the City Council of the City of Ukiah
Selling $2,890,000 Principal Amount of
City of Ukiah Electric Revenue Bonds,
Series 1986 B, and Fixing
the Definitive Rates of Interest Thereon
Adopted August 6, 1986
CITY OF UKIAH
RESOLUTION NO. 87-17
A Resolution of the City Council of the City of Ukiah
Selling $2,890,000 Principal Amount of City of Ukiah
Electric Revenue Bonds, Series 1986 B, and Fixing the
Definitive Rates of Interest Thereon
WHEREAS, the City Council of the City of Ukiah (the
"City"), by proceedings duly had and taken, has authorized the
issuance of $2,890,000 principal amount of City of Ukiah
Electric Revenue Bonds, Series 1986 B (the "Bonds"), and has
further duly authorized the sale of the Bonds at public sale
to the highest bidder therefor; and
WHEREAS, notice of the sale of the Bonds has been
duly given and the following bids for the Bonds were and are
the only bids received, to wit:
Name of Bidder
Dean Witter Reynolds Inc.
Merrill Lynch Capital Markets
PaineWebber Incorporated
Prudential-Bache Securities Inc.
Smith Barney, Harris Upham & Co.
Incorporated
Stone & Youngberg
Net Interest Cost
$5,300,026.25
5,324,328.33
5,318,787.18
5,231,040.83
5,310,260.83
5,295,602.50
AND WHEREAS, the bid of Prudential-Bache Securities
Inc. is the highest bid for the Bonds, considering the
interest rates specified and the premium, if any, offered, or
the discount, if any, specified;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Ukiah, as follows:
Section 1. Said bid of Prudential-Bache Securities
Inc. for the Bonds is hereby accepted and the Fiscal Agent of
the City for the Bonds is hereby authorized and directed to
deliver the Bonds to said purchaser thereof upon payment to
the Fiscal Agent of the City of the purchase price, to wit:
The par value thereof, less a discount of $25,350, together
with accrued interest at the following rates:
Principal Maturity Date Interest
Amount June 1 Rate
$ 25,000 1988 7.60%
30,000 1989 7.60
30,000 1990 7.60
30,000 1991 7.60
35,000 1992 7.60
35,000 1993 7.60
40,000 1994 7.60
40,000 1995 7.60
45,000 1996 7.70
45,000 1997 7.80
50,000 1998 7.85
55,000 1999 7.90
60,000 2000 7.90
65,000 2001 8
405,000 2006 8
1,900,000 2018 8.10
The Bonds shall bear interest at the rates hereinabove set
forth, payable on December 1, 1986, and semiannually
thereafter on June 1 and December 1 in each year.
Section 2. All bids except said accepted bid are
hereby rejected and the City Clerk of the City is hereby
directed to return to the unsuccessful bidders their several
checks accompanying their respective bids.
Section 3. The City Council of the City hereby
determines that $2,890,000 principal amount of the electric
revenue bonds authorized at the election held in the City on
June 8, 1982, are hereby cancelled and shall not be issued by
the City.
Section 4. This resolution shall take effect from
and after its passage and approval.
PASSED AND ADOPTED on August 6, 1986, by the
following vote:
Ayes:
Noes:
Absent: None
Councilmembers Schneiter, Shoemaker, Hickey, Kier,
and Mayor Henderson
None
( Seal )
~-Mayor of the ~ity of Ukiah
ty Clerk'of th~City of Ukiah
CITY CLERK'S CERTIFICATE
I, Yvette S. Hayes, City Clerk of the City of Ukiah,
hereby certify as follows:
The foregoing is a full, true and correct copy of a
resolution duly adopted at a regular meeting of the City
Council of the City of Ukiah duly and regularly and legally
held at the regular meeting place thereof on August 6, 1986,
of which meeting all the members of said City Council had due
notice and at which a majority thereof was present.
At said meeting said resolution was adopted by the
following vote:
AYES:
Councilmembers Schneiter, Shoemaker, Hickey, Kier,
and Mayor Henderson
NOES: None
ABSENT: None
I have carefully compared the same with the original
minutes of said meeting on file and of record in my office and
the foregoing is a full, true and correct copy of the original
resolution adopted at said meeting and entered in said minutes
and said original resolution has not been amended, modified or
rescinded since the date of its adoption and the same is now
in full force and effect.
Dated: August 20, 1986.
( Seal )
City Clerk of the
City of Ukiah