HomeMy WebLinkAbout84-19 CITY OF UKIAH
RESOLUTION NO. 84-19
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH
SELLING $18, 000, 000 PRINCIPAL AMOUNT OF CITY OF UKIAH
ELECTRIC REVENUE BONDS, SERIES A, AND FIXING THE
DEFINITIVE RATES OF INTEREST THEREON
WHEREAS, the City Council of the City of Ukiah has
duly authorized the issuance of $18, 000, 000 principal amount
of City of Ukiah Electric Revenue Bonds, Series A (herein
called the "bonds" ) and 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 Net Interest Cost
Merrill Lynch Capital Markets $51, 039, 168. 75
Paine, Webber, Jackson & 50,292,258. 75
Curtis Incorporated
Salomon Brothers Inc . 50, 376,381. 32
AND WHEREAS, the bid of Paine, Webber, Jackson &
Curtis Incorporated is the highest bid for the bonds,
considering the interest rates specified and the premium, if
any, offered;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Ukiah, as follows:
Section 1 . Said bid of Paine, Webber, Jackson &
Curtis Incorporated 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 purchase price, to
wit: The par value thereof, plus a premium of $ -0-,
together with accrued interest at the following rates:
Principal Maturity Date Interest
Amount June 1 Rate
$ 60, 000 1985 10. 40%
65, 000 1986 10. 40
70, 000 1987 10. 40
80, 000 1988 10. 40
90, 000 1989 10. 40
100, 000 1990 10. 40
110, 000 1991 10. 40
120, 000 1992 10. 40
135, 000 1993 10. 40
150, 000 1994 10. 40
165, 000 1995 10. 40
185, 000 1996 10. 40
205, 000 1997 10. 40
230, 000 1998 10. 40
255, 000 1999 10. 40
280, 000 2000 10. 40
310, 000 2001 10. 40
345, 000 2002 10.40
385, 000 2003 10. 40
425, 000 2004 10. 40
475,000 2005 10. 40
525, 000 2006 10. 40
585, 000 2007 10. 40
645, 000 2008 10. 40
12, 005, 000 2018 10. 50
2
The bonds shall bear interest at the rates hereinabove set
forth, payable on June 1, 1984 and semiannually thereafter on
December 1 and June 1 in each year.
Section 2 . All bids except said accepted bid are
hereby rejected and the City Clerk is hereby directed to
return to the unsuccessful bidders their several checks
accompanying their respective bids.
Section 3 . This resolution shall take effect from
and after its passage and approval .
PASSED AND ADOPTED on September 7, 1983, by the
following vote:
AYES: Counci lmembers Dickens, Hickey, Myers. Kelley
NOES: Counci lmember Fei busch
ABSENT: None
Approved:
Mayor of the
City of Ukiah, California
[ SEAL]
ATTEST:
City Clerk of the
City of Ukiah, California
3
CITY CLERK' S CERTIFICATE
I , Hattie Tillotson, City Clerk of the City of
Ukiah, California, 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, California duly and regularly
and legally held at the regular meeting place thereof on
September 7, 1983, 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 Dickens, Hickey, Kyers, Kelley
Noes: Councilmember Feibusch
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: September 121 1983 .
City Clerk of the
City of Ukiah, California
(Seal)