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Home My WebLink AboutCC RES 88-115RESOLUTION NO. 8$-115 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT AWARDING ZMPROVEMENT BONDS FOR ASSESSMENT DISTRICT NO. 87-1 TO THE SUCCESSFUL BIDDER THE CITY COUNCIL OF THE CITY OF PALM DESERT HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section 1. Bids for its Improvement Bonds, City of Palm Desert, Assessment District No. 87-1, Issue of 1988 (the "Bonds"), have been received, opened, read and examined by representatives of the City. All steps required by law to be taken precedent to the authorization, issuance and sale of the Bonds have been duly and regularly taken as provided by law. Section 2. The bid of Smith Barney, Harris Upham & Co., Inc. (and the members of their account as specified in such bid) for the Bonds, attached hereto as Exhibit A and made a part hereof, is the best bid timely submitted for the Bonds. Such bid is hereby accepted in accordance with the terms thereof, and in accordance with and subject to Resolution No. 88-?4 of the City Council and all Resolutions of the City Council supplemental to and amendatory of such Resolution No. 88-74. Section 3. All bids other than the one accepted pursuant to Section 2 hereof, copies of which are attached hereto �ollectively as Exhibit B, are hereby rejected. Section 4. Pursuant to the Notice Inviting Bids for the Bonds, for the purposes of calculating the best bid for the Bonds, a maturity schedule providing for Bonds in the aggregate amount of the levied assessment of $4,710,878.42 was utilized. As set forth in Resolution No. 88-114 of the City Council, the unpaid assessments and the aggregate principal amount of Bonds to be issued representing unpaid assessments shall be $4,135,123.13. In accordance with the List of Unpaid Assessments and the Notice Inviting Bids for the Bonds, a maturity schedule has been arranqed to provide for approximately level debt service so that the amount of principal maturity each year plus the amount of interest payable in that year in accordance with the best bid will be an aqgreqate amount that is approximately equal in each year. Therefore, the interest rates on the Bonds maturing as set forth below are hereby fixed as follows: - � �= _ ��•l = !i _-. � . . �1989 1990 1991 1992 1993 1994 1995 1996 199? 1998 ri �1� Alno�mt $100,123.13 310,000.00 115,000.00 120,000.00 130,000.00 140,000.00 145,000.00 160,000.00 170,000.00 180,000.00 --� =� - 5.75� 6.00 6.20 6.40 6.50 6.75 7.00 7.2Q ?.30 7.40 _ w � �: - •_ - �1= !! := t. . �,�. _�� . - 1999 2000 2001 2002 2003 2004 2005 2005 2007 2008 $195,000.00 210,000.00 225,000.00 245,000.00 260,000.00 280,000.00 300,000.00 325,000.00 350,000.00 375,000.00 7.50� 7.55 7.60 ?.60 ?.60 7.70 7.70 7.70 7.70 7.70 �,ection 5. The City Treasurer and other appropriate officials and employees of the City, are hereby authorized and directed to deliver or cause to be delivered the Bonds to the successful bidder upon payment of the par amount thereof less the discount offered therefor, plus accrued interest to the date of delivery, and to execute such certificates, receipts and other documents prepared by bond counsel or the financial advisor to the City, as may be necessary or desfrable in connection with the closing and delivery of the Bonds. —2— 880825 pf A975.VLS(4) 0 n � Section 6. Al1 actions and proceedings heretofore taken in connection with the authorization, issuance and sale of the Bonds are hereby ratified and confirmed. 1988. AYES: NOES: ABSENT: ABSTAIN: PASSED, APPROVED AND ADOPTED this 25th day of August, CRITES, KELLY, SNYDER, WILSON NONE BENSON NONE ATTEST: ' , i i �( � n � �� r' �� :� City Clerk Sheila R. Gilligan, City Clerk —3— Mayo S . Ro� �> , / / . a80825 pf A975.YLS(4) M u OFFICIAL BID FORM BID FOR THE PURCBASE OF NOT TO ERCEED =4,710,878.42 _ IMPROVFMENT BONDS CITY OF PALM DESERT ASSESSMENT DISTRICT N0. 87-1 ISSUE OF 1988 LIMITED OBLIGATION IMPROVEMENT August 25, 1988 Mayor and Nlembers of the City Council City of Palm Deeert, Califoraia Purauant to the Notice Inviting Bids, we offer to purchase not to exceed 54,710,818.42 principal amount, all or none, of the Bonda deaignated as •'Improvement sonds, City of ��alm Decert, Assesament District No. 87-1, Icsue of 1988, Limited Obligation Improvement", particularly described in such Notice Inviting Bide, at the following interest ratea: Maturity Year Principal Interest Maturity Year Principal Interest September 2nd Miount Rate September 2nd Amount Rate 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 �115,878.42 120,000.00 130 , 000 . 00 135,000.00 145 , 000 . 00 iss,000.00 165,000.00 175,000.00 190,000.00 205,000.00 5 ��_� 6-0o s �.� x 6 •.�i0 x 6-� � �fp.� � .00 x �•�A x �-..� CS Z � . �-i 0 x 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 �220�000.00 235,000.00 255,000.00 275,000.00 300,000.00 320,000.00 350,000.00 375,000.00 405,000.00 440,000.00 �.SC� x �x �• 6o x �.GG x �.6a x �-.�e x � � � �. �-O x �'.� '� �-•�o x aad to pay therefor the par value thereof �� a^-��:.-a€ # os lea� a discount of = �, which discount i� not more than three percent of such par valu (making an aggregate sum of � .Z o8 to be paid for the purchaQe of the Bonds), pluc accrued intere t on such Bonds to the date of delivery thereof. 1 Exhibit A � J ' Thi� bid i� subj ct to all the terma and conditions of the Notice Inviting Eids, all of which te� and coaditions are aade a part hereof as though fully •et forth in this bid. As specified ia the Notice Invitin� Eid�, this bid i� subject to acceptance aot later t6an 26 houra after the expiration of the time for the receipt of bids, aad the opinion of the Bond Counsel firm of Richardb, S�atson i Gershon� A Professioaal Corporation, Los Angeles, California, approving the validity of the Donda, being furni�hed to us (if we are the •uccea�ful bidder) at tbe time of delivery of the Bonds at the expen�e of the Agency. There is enclosed herewith a certified or cashier's check in the amount of �50,000 payable to the order of the City. Our calculation of the net interert co�t and net intere�t rate, which is considered to be iaform�stive only and not a part of the bid, ia as follows: Total Intere�t Lesa Premium Plus Di�count Net Iaterezt Cost Net Interect Rate t �5t_ S�l. �SS.ot _ � l�l[_.�o.�'/ =Ta_j!/�-!.� 4-�9�� t Z Following ia a liat of inemberi of our account on rrhoae behalf this bid is �ade: Re�pectfully subIDitted, Name: Smith Barney Harris Upham (Account Manager) By: Address: o. Grand Ave. 52nd Floor City: Los Angeles . 90071 State: California Telephone: (213) 486-8871 2 Exhibit A OF'FICIAL BID FORM nID FOR THE PURCHASE OF NOT TO ERCEED _ I �� p�S . '� � t4,710,878.42 �� / II�ROVEMENT 30NDS - CITY OF PAL!! DESERT ASSESSMENT DISTRICT N0. 87-1 ISSUE OF 1988 LIMITED OBLIGATION II�xOVQl�NNT Ausust 25, 1988 !layor and Member� of the City Council City of Pa2m De�ert, California Pursuant to the Notice Inviting Bids, vre offer to purchaae not to euceed =4,710,678.42 principal amount, all or none, of the nonda desiQaated as ••Improvement Bonds, City of Palm De�ert, A�seasment District No. 81-1, Issue of 1988, Limited Obligation Improvement•', particularly de�cribed in such Notice Inviting Bida, at the following intere�t ratea: I�aturity Year Principal September 2nd Aaqunt 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 311s,8�s.42 120,000.00 130.000.00 135,000.00 145,000.00 155,000.00 165,000.00 115,000.00 190,000.00 205.000.00 Intere�t Rate G.00 x , 20 x , KO x �; . �o s �oo s , 20 � f � A 7- Sa s '�� G o z Maturity Year Principal September 2nd Amount 1999 2000 2001 2002 2003 2004 2005 2006 200 7 2008 3z2o,000.00 235,000.00 255,000.00 275,000.00 300,000.00 320,000.00 350,000.00 375,000.00 405,000.00 440,000.00 Interest Rate ,ox 7, �o s , 0 � . fi� x , oz 7. �To s � Ox . 0 � �%• 7 � x . 7� s and to pay therefor the par value thereof plua a premium of = —� or less a discount of � •3S, which discouat is aot mere than three percent of such par value (making an a�gregate sum of � �i 2°� to be paid for the purchase of the Bonds), plua accrued interea o auch Bonds to the date of delivery thereof. 1 Exhibit B � This bid is subject to all the teras and conditions of the Notice Inviting nida, all of �+hich terms aad conditiona are �ade a part hereof as though fully aet forth in this bid. As specifi�d ia the Hotice Iaviting Eidt, thi� bid ic subject to acceptaace not later than 26 hours after the expiration of the time for the receipt of bids, and the opinion of the Bond Counsel firm of Richards, Wataon i Gershon, A Professional Corporation, Los Angeles, Califoraia, aQproving the validity of the Bond�, being furnished to us (if we are the succeaaful bidder) at the time of delivery of the Bondc at the expense of the Ageacy. There is enclosed herevith a certified or cashier's check in the amount of �50,000 payable to the order of the City. Our calculation of the net intere�t cost and net interest rate, Mhich is con�idered to be iaformative only and not a part of the bid, is as follows: Total Intere�t I.eaa Premium Plus Diacount Net Interest Cost Het Interect Rate � y, b�Q,, p 30 • u �T _� S 7fi /L' �� Z FolloMing is a lfst of inember� of our accouat on v►hoae behalf this bid is aade : TFt�w. Spu i'�.GK S c io cr�2 [�� R R Gvs � coa� OD�.`t� :�.,.�.- Reapectfully submitted, Hame : � �'L'Vt� �� C l�lC,Br2 By: Addre City: State: Telephone: 2 Exhibit B � OF'FICIAL BID FORM � BID FOR THE PURCHASE OF NOT TO EXCEED Z4,710,878.42 IMPROVF.MENT $ONDS CITY OF PAI�! DESERT ASSESSMENT DISTRICT N0. 87-1 ISSUE OF 1988 LIMITED OBLIGATION II�ROVEMENT Augu�t 25, 1988 l�ayor aad !lembers of the City Council City of Palm De�ert, California Pursuant to the Notice Invitiag Bids, we offer to purchase not to exceed �4,710,878.42 principal asau�rt, � all or none, of the BoAds designated a� "Improvement Bonds, City�of :Palm De�ert, Assessment District No. 87-1, Iasue of 1988, Limited Obligation Improvement", particularly described in auch Notice Invitiag Bidc* at the following interest ratea: !laturity Year September 2ad 1989 1990 1991 1992 1993 1994 1995 � 1996 1991 1998 Principal Interest Amount Rate �115,878.42 � � 120 , 000 . 00 V� Lf x i3o,000.0o j�x 135,000.00 ��(�i� 145,000.00 '�x 155,000.00 •IO x 165,000.00 •� 2f T'� I75,000.00, �•Y� � x 190 , 000 . 00 �• T� x " 20b,000.00' ��x Maturity Year September 2nd 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Principal Inttrsst Mouat • itate , �220,000.00 '�� Z 235,000.00 .�0 Z zss,000.00 � �0 z 275,000.00 �•� � 300,000.00 �,3� Z 320 , 000 . 00 �_x 350,000.00 ��x 375,000.00 �_� 405,000.00 ��x 440, 000 . 00 �• �f x , �• .... , • and, to pay therefor the r value thereof plus a premium of = � or le�s a discouat of # . , which diacount i� not more than three perceat of such par value (making an aggregate �um of =�{� j%q,$��• D� to be paid for the purchase of the Bonds), plut accrued interest on auch Bonds to the date of deli�ery, ti�ereof . � �� 1 0 Exhibit B � � Thi� bid is subject to all the teras and conditionc of the Notice Inviting Eids, all of viiich term� and conditions are snde a part hereof a� though fully set forth in this bid. As apecified in the Notice Inviting nids, this bid ia subject to acceptaace aot later than 26 hours after the expiration of the time for the receipt of bfds, and the opinion of the Boad Councel firm of Richards, Wat�on i Gerahon, A Profeasional Corporation, Los Angele�, California, approving the validity of the Bonds, being furnished to us (if �e are the succeasful bidder) at the time of delivery of the Bonds at the expence of the Agency. There is enclosed herewith a certified or cashier's check in the amount of �50,000 paqable to the order of the City. Our calculation of the net interest cost and net intere�t rate, which ia considered to be informative only aad not a part of the bid, ie as follovs: Total Intere�t = �. %3 � t'�2� 7Z/ Less Premium t Plus Discount � ?,b• Net Interest Cost = S' . D Net Interest Rate Z Following is a lict of inembers of our account oa �+hose behalf thia bfd is ssde: �n+-,��G,o � �,'r,� ��x By: _-�,_ � Re�pectfullq �ubmitted, . ,. ' Name: .� . �• ' .. _ �, � Addrest: City: ��G'�((,��(i�•�. i . count . �• i' 1�.. ,__ e. r / QCkO �f �Lt l. dsaaer ) � Sf �4�. /3�a State: �J Telephone : r�� l 0 / � �� 2 Exhibit B OFFICIAL BID FORM BID FOR TSE PURCHASE OF NOT TO EXCEED �4,710,878.42 II�ROVEMENT DONDS - CITY OF PAI.M DESERT ASSESSMENT DISTRICT N0. 87-1 ISSUE OF 1988 LIMITED OBLIGATION IMPROVEMENT Au�uBt 25, 1988 Mayor and !lembers of the City Council City of Palm Desert, California , Pur�uant to the Notice Inviting Bids, we offer to purchare not to exceed #4,710,878.42 principal amount, all or none, of the Bonds designated as "Improvement Bonds, City of Palm'Desert, !►aressment District No. 87-1, Iasue of 1988, Limited Obligation Improvement", particularlq dercribed in auch Notice Inviting Bids, at the following interest rates: irlaturity Year Principal Interest Katurity Year Principal Interest September 2nd Amount Rate September 2nd Amount Rate _ , . ----'- 1989 =115,878.42 S. �S Z 1999 .. �220,000.00 �,%i � 1990 120,000.00 b• 44 Z 2000 1 235,000.00 7• 7'S � 1991 130,000.00 �x 2001 255,000.00 7 7S x 1992 135,000.00 G•5� x 2002 275,000.00 •7 %S x 1993 145,040.00 •(� �s x 2003 300,000.00 � �S x 1994 155,000.00 7�' x 2004 320,000.00 7 �S x 1995 165,000.00 ?•Lo x 2005 350,000.00 7.75 x � �1996 • �175,000.00 7�0 x 2006 375,000.00 �• +� Z 1997 190,000.00 �•S� Z 2007 405,000.00 7• d � 1998 205,OOO.DO !�d .� 2008 440,000.00 7 9� x - � and to pay therefor the par value thereof plus a premium of s (� or lesa a discou�t o€ �•1�J�� 2�5 , which discount is not more �han three percent of such par v�lue (making an aggregate �um of �� s� q. SZ.p 7 to be paid for the purcha�e of the Bonds), plus accrued interest on such Bonds to the date of del.�very thereqf. 1 Exhibit B ?his bid .' :ubject to all the terms and c� itions of the nids, all of v�..ch terms and conditions are nade a part hereof set forth in thia bid. Notice� Inviting� as though fully As specified in the Notice Inviting Dids, this bid is subject to acceptxace not later than 26 hour� after the expiration of the time for the receipt of bids, and the opinion of the Bond Councel firm of Richards, Watson i� Gershon, A Professional Corporatioa, Loa Aageles, California, approving the validity-of the Soada, bein� furnirhed to us (if we are the succes�ful bidder) at the time of delivery of the Bondr at the expense of the Agency. There is enclo�ed hereMith a certified or cashier'c check in the amount of �50,000 payable to the order of the City. Our calculation of the net intere�t coat and net intereat rate. which is considered to be informative anly aad not a part of the bid, is a� follows: Total Intere�t Le�s Premium Plus Diccount Ti�� .�kt Interest Cost Net Iatere�t Rate t � 654 ��f �• �-*-7 � # 2 3S � �% O 3 7.�i3? � Folloving i� a list of oembert of our account oa �rho�e behalf thiQ bid is aade: i i l J. 1 y �' ,� . _ , ., . -, Aespectf ully submitted, .� � Naaae : /Nt �% � .SC.h ibCc+�� T71'1i1''�C1Z��j( . (Account Maaager) By� -_---7 - - - - — -- �aar��: �305 l.��sa .Si�„�t1 �Z • City: �� ' . • �- State: �0� Telephone: �il��i1 �d� 9�' 2 Exhibit B OFFICIAL BID FORM � DID FOR THE PURCHASE OF NOT TO EXCEED �4,710,878.42 IA'�PROVEMENT EONDS CITY OF PAI�M DESERT ASSESSMENT DISTAICT N0. 87-1 ISSUE OF 1988 LIMITED OBLIGATION I1�ROVEMENT Au�u�t 25, 1988 !la�or and I�lember� of the City Council City of Palm Desert, Califoraia Pursuant to the Notice Inviting Bids, Me offer to purchaae not to exceed �4,710,878.42 principal amount, all or none, of the Bends de�ignated a� •'I�provemeat Bonds, Citp of Palm Desert, A�se�sment District I�Io. 87-1, Is�ue of 1988, Limited Obligation Improvement"� particularly described in such Notice Invitiag Bids, at the following iaterert rates: �Lturity Year Principal Interest Flaturity Year Principal September 2nd Amount Rate September 2ad A�ouat 1989 1990 1991 1992 1993 1994 1495 1996 1997 1998 � �115,878.42 120,000.00 130,000.00 135 , 000 . 00 145,000.00 155,000.00 165,000.00 175,000.00 190.000.00 205,000.00 (0.00 � �.�s s �.So x �_x G.9e x '1. I D Z 7.15" x �.yo s '1. �0 x _.__'],_'�I�x 1999 2000 2001 200 Z 2003 2004 2005 2006 2007 2008 #220,000.00 235,000.00 255,000.00 2�s,000.00 300,000.00 320,000.00 350,000.00 375,000.00 405,000.00 440,000.00 Interest Rate �L-�.._.� �. is x �� 'i.�0 � �� ri. �S x '7. �S x �. gs s '1. 4.S x ��x and to paq therefor the par value thereof plu� a premium of � or less a discouat of � , which diacouat is not more than three percent of such par value (making an aggregate sum of � to be paid for the purchaae of the Bonds), plus accrued intere� on such Bonds to the dste of delivery thereof. 1 � Exhibit B � ' `.✓ � Thi� bid is subject to all the terms and conditiona of the Notice Inviting nids, all of which terms and conditions are aade a part hereof as though fully set forth in this bid. As specified in the Notice Inviting nidc, thi� bid ia subject to acceptance not later thaa 26 hours after the expiration of the time for the receipt of bida, and the opinion of the Boad Counsel firm of Richards, Watson i� Gera6on; A Profe�sional Corporation, Los Aagelec, California, approving the validity of the Bonds, being furni�hed to us (if we are the succescful bidder) at the time of deliverq of the Bonds at the expen�e of the !►gency. There i� enclosed herewith a certified or cashier'� check in the amount of �50,000 payable to the order of the City. Our calculation of the net interest co�t and net iaterest rate, which is considered to be iaformative only and not a part of the bid, is a� followa: Total Intere�t = ��(,8(r�L�„[ Leas Premium � Plus Di�count � /y/�32� , s Net Iaterest Coat S 7 .o Net Interest Rate 7_ P'3 ZYtX x Following is a lict of oembers of our accouat on vhose behalf this bid is asde: DEAN �1ITTER REYNOLDS INC , MANAGER IItEXEL BURNHAM , CO-MANAGER xespectfully submitted, N�; DEAN uITTER REYNOLDS INC (Account Manager) By: PETER INERMAN, MANAGER Addres�: 800 YILSHIRE BLVD SUITE 304 Citq: LOS ANGELES State: CALIFORNIA 90017 Telephone: (213) 486-42Q8 2 Exhibit B y, T� • OFFICIAL BID FORM BID FOR THE PURCHASE OF NOT TO ERCEED #4,710,878.42 II+lPROVEMENT BONDS CITY OF PALM DESERT ASSESSI�NT DISTRICT N0. 87-1 ISSUE OF 1988 LIMITED OBLIGATION IMPROVFMENT Au�u�t 25, 1988 P4yor and lyembera of the City Council Cit� of Palm Desert, California Pur�uant to the Notice Inviting Bids, we offer to puzchaae�not to exceed �4,710,878.42 principal •a6iounE, all or none, of the Bond� desi�nated ss "Iaprovement Bonds, City�of 1'alm �Decert, Ascessment Df4trict No. 87-1, Issue of 1988, Limited Obliga�i0a •�m�rovement•', particularly descrfbed in such Notice Inviting Bids, at the following interest rates: I�laturity Year Principal September 2ad Amouat 1989 1940 1991 1992 1993 1994 1995 1996 1997 1998 �115,878.42 120,000.00 130,000.00 135,000.00 145,000.00 155 , 000 . 00 165,000.00 175,000.00 190,000.00 205,000.00 Iaterest Rate 6 �, -. G. �-.r x G . �'o Z 6.fo � �. �,r s � x �. �- � x 7. .3 + '�. 7 • `t' o � 7.f'o x I�laturfty Year Principal Intertst September 2nd ` Mount Rate . .; ; --, r' .„ , , . - . • � •;i99�� .4 r�. . . �22��1�' � �� •�i V � 2000 235,000.00 i• � �t Z 2ooi Zss,000.00 a x 2ooz z�s,000.00 i x Zoo3 300,000�0o d x zooa 320,000.0o d x 2005 350,000.00 � x 2006 375,000.00 � � 2007 405,000.00 g Z 2008 440,000.00 � x and to pay tberefor the par value thereof or less a discouat of �//3.0�/. o!, Mhich discount is not more than three percent of such par value (oaking an aggregate sum of s to be paid for the purchace of the Bonds), plus accrued interest on �uch Bonds to the date of delivery thereof. 1 Exhibit B � R . � , . This bid ia sw.�ect to all the terms and conditiona of the Notice Inviting Bida, all of vhich terms and conditionc are ,ade a part hereof as though fully set forth in thia bid. Aa specified ia the Notice Inviting Dids, this bid ir �ubject to acceptance not later than 26 hour� after the expiration of the time for the receipt of bids. and the opinion of the Bond Counsel firm of Richards, �lat�oa i� Gerahon, /� Professional Corporation, Loa Angeles, California, approving the validity of the Bond�, being furniahed to us (if we are the �ucceaaful bidder) •t the time of delivery of the Bondc at the expense of the Agency. There is enclosed herewith a Op�xXfC!l�Cl[1C cashier's check in the amount of 550,000 payable to the order of the City. Our calculation of the net interest cost and net interest rate, which is con�idered to be informntive only and not a part of the bid, is a� follows: Total Interest � y�,7'i d 3 00. �� Plus Di�couat � � i 3 j o l, o t Net Iaterest Cost � y, ti ►. 1� ►. �. s Net Interect Rate d.O 3 t�� Following i� a lirt of inembers of our account on ahose behalf this bid ia aade: r r• iv � 1� yo v,v c 8 E� 4 •' � 'SN6'Artl�.v +�EN••��1,v N✓tTowl ' � -'.; . . . Reapectfully'`submitted, . .- • Name: , � By: Addre . Citq: State: al i fo ni a Q1 d�'� Telephone: ( $,1 R� 7R9-26�'� 2 Exhibit B