HomeMy WebLinkAboutRDA RES 194RESOLUTION NO. 194
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT
AGENCY AWARDING REFUNDING BONDS OF THE AGENCY
TO THE SUCCESSFUL LOW BIDDER
THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS,
DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Section 1. Bids for the Palm Desert Redevelopment
Agency, Project Area No. 1, As Amended (Added Territory Only),
Tax Allocation Refunding Bonds, Issue of 1985 (the "Bonds") in
the aggregate principal amount of seventeen million eight
hundred sixty thousand dollars ($17,860,000.00) have been
received, opened, read and examined. 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 Merrill Lynch Capital Markets
and Associates 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 Resolutions Nos.
184 and 185 of the Agency.
Section 3. All bids other than the one accepted pursu-
ant to Section 2 hereof, copies of which are attached hereto
collectively as Exhibit B, are hereby rejected.
Section 4. The interest rates on the Bonds maturing as
set forth below are hereby fixed as follows:
Maturity Date Principal Interest Maturity Date Interest Principa:
December 1st of Amount Rate December 1st of Rate Amount•
1986 $ 415,000 7.60% 1996 7.80% $ 820,000
1987 440,000 7.60% 1997 7.90% 885,000
1988 465,000 7.60% 1998 7.90% 960,000
1989 495,000 7.60% 1999 7.90% 1,045,000
1990 525,000 7.60% 2000 7.90% 1,135,000
1991 565,000 7.60% 2001 7.90% 1,235,000
1992 605,000 7.60% 2002 7.90% 1,350,000
1993 650,000 7.60% 2003 7.90% 1,470,000
1994 700,000 7.60% 2004 7.90% 1,600,000
1995 755,000 7.60% 2005 7.90% 1,745,000
Section 5. The Executive Director or other appropriate
officer of the Agency is hereby authorized and directed to
deliver the Bonds to the successful bidder upon payment of the
purchase price of $17,351,550.45 offered therefor, plus accrued
interest to the date of delivery.
Section 6. Notwithstanding the provisions of Section 8
of Resolution No. 184 or Section 2 of Resolution No. 187, or the
provisions of the Bylaws of the Agency to the contrary, the
Bonds shall be signed on behalf of the Agency by the facsimile
signatures of the Chairman and Executive Director.
-2-
851121 Ij 0358MLS 4
Section 7. All actions and proceedings heretofore
taken in connection with the authorization, issuance and sale of
the Bonds is hereby ratified and confirmed.
1985.
AYES:
NOES:
ABSENT:
ABSTAIN:
PASSED, APPROVED AND ADOPTED this 21st day of November,
Benson, Jackson, Snyder, Wilson and Kelly
None
None
None
Chairman
ATTEST:
s
Secretary
-3-
851121 Ij 0358WLS 4
QATE
PAY TO THE OROER OF
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November 200985
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1
OFFICIAL BID FORM
BID
FOR THE PURCHASE OF
$17,860,000
PALM DESERT REDEVELOPMENT AGENCY
PROJECT AREA NO. 1, AS AMENDED (ADDED TERRITORY ONLY)
TAX ALLOCATION REFUNDING BONDS
ISSUE OF 1985
November 21, 1985
Palm Desert Redevelopment Agency
Palm Desert, California
On behalf of a group which we have formed, consisting of
& ASSOCIATES
and pursuant to the Notice Inviting Bids, we offer to purchase seventeen million eight hundred sixty
thousand dollars (S17,860,000) principal amount, all or none, of the Bonds designated as "Palm Desert
tedevelopment Agency, Project Area No. 1, As Amended (Added Territory Only), Tax Allocation
?efunding Bonds, Issue of 1985", particularly described in such Notice Inviting Bids, of the maturities and
iterest rate (rates) set forth below:
Maturity Date Interest Maturity Date Interest
December 1 Amount Rate December 1 Amount Rate
1986 S415,000 /' O % 1996 $ 820,000 79.f0
1987 440,000 7 40 % 1997 885,000 7' '/ %
1988 465,000 1 Go % 1998 960,000 7..:y° %
1989 495,000 760 % 1999 1,045,000 7 P %
1990 525,000 1 fe') % 2000 1,135,000
1991 565,000 74' % 2001 1,235,000 , , el %
1992 605,000 7i.° % 2002 1,350,000 1- 40 %
1993 650,000 7. A % 2003 1,470,000 7.'.° %
AP 700,000 � � % 2004 1,600,000 %''U.•%
1995 755,000 /' Go % 2005 1,745,000 .T-Q0 %
and to pay therefor the aggregate sum of S i,� 3 f/�.jG `, plus accrued
interest on such Bonds to the date of delivery thereof.
This bid is subject to all the terms and conditions of the Notice Inviting Bids, all of which terms and
conditions are made a part hereof as fully as though set forth in this bid.
As specified in the Notice Inviting Bids, this bid is subject to acceptance not later than twenty-six (26)
hours after the expiration of the time for the receipt of bids, and the opinion of the Bond Counsel firm of
chards, Watson, Dreyfuss & Gershon, A Professional Corporation, Los Angeles, California, approving
validity of the Bonds, being furnished us (if we are the successful bidder) at the time of delivery of the
ids at the expense of the Agency.
5X'Wh/ r f�
There is enclosed herewith a l.. /}S<1i2 f •• check in the amount of one hundred fifty
thousand dollars ($ 150,000), payable to the order of the Agency.
* $17,860,000 plus premium or less discount, if any (discount not to exceed three percent (3%)).
•• Insert "certified" or "cashier's".
There is submitted herewith a memorandum (which shall not constitute a part of this bid) stating the
total interest cost in dollars on the Bonds during the life of the issue under this bid, and the net interest rate
determined thereby.
Respectfully submitted,
Name: mmmir_T, TYYMOE cArrr. L 24,7 ETs
(Account Manager)
By:
Address: 400 South Fiore Street/19th Floor
City: LDS Angeles
State: California 90071
Telephone: (213) 683-4444
MEMORANDUM OF INTEREST COST
n3
The total interest cost on the Bonds during the life of the issue under the above bid is stef,..7yZi,f05/
and the net interest rate determined thereby is c?, 07// %.
OFFICIAL BID FORM
BID
FOR THE PURCHASE OF
$17,860,000
PALM DESERT REDEVELOPMENT AGENCY
PROJECT AREA NO. 1, AS AMENDED (ADDED TERRITORY ONLY)
TAX ALLOCATION REFUNDING BONDS
ISSUE OF 1985
November 21, 1985
Palm Desert Redevelopment Agency
Palm Desert, California
On behalf of a group which we have formed, consisting of
l )•
'l.0
and pursuant to the Notice Inviting Bids, we offer to purchase seventeen million eight hundred sixty
thousand dollars (517,860,000) principal amount, all or none, of the Bonds designated as "Palm Desert
Redevelopment Agency, Project Area No. 1, As Amended (Added Territory Only), Tax Allocation
Refunding Bonds, Issue of 1985", particularly described in such Notice Inviting Bids, of the maturities and
interest rate (rates) set forth below:
Matarity Date Interest Maturity Date Interest
December 1 Amain t Rate December 1 Amoant Rate
1986 $415,000 ...4o....l :5% 1996 $ 820.000 ....S CO %
1987 440,000 ...42.:.1.Z5% 1997 885,000 ....f . 10 %
1988 465,000 ...(2.t.1....- % 1998 960,000 .... .20
1989 495,000 ...1'O:.,r� % 1999 1,045,000 e •2o
1990 525,000 4t.:.51:7 % 2000 1,135,000 t .
1991 565,000 60• '7?� % 2001 1,235,000 `A...2-0 %
1992 605,000 '1 . CO % 2002 1,350,000 t? •,W %
1993 650,000 /:.,.? % 2003 1,470,000 4'r • ).D %
1994 700,000 ?.50 % 2004 1,600,000 b'1-0
1995 755,000 '),'75 % 2005 1,745,000 • AC %
and to pay therefor the aggregate sum of $......... 32' 12CO . cc ' plus accrued
interest on such Bonds to the date of delivery thereof.
This bid is subject to all the terms and conditions of the Notice Inviting Bids, all of which terms and
conditions are made a part hereof as fully as though set forth in this bid.
As specified in the Notice Inviting Bids, this bid is subject to acceptance not later than twenty-six (26)
hours after the expiration of the time for the receipt of bids, and the opinion of the Bond Counsel firm of
Richards, Watson, Dreyfuss & Gershon, A Professional Corporation, Los Angeles, California, approving
the validity of the Bonds, being furnished us (if we are the successful bidder) at the time of delivery of the
Bonds at the expense of the Agency.
El("9/7"
There is enclosed herewith a ..CLL. itecc L'Y " check in the amount of one hundred fifty
thousand dollars (S 150,000), payable to the order of the Agency.
' S17,860,000 plus premium or less discount, if any (discount not to exceed three percent (3%)).
" Insert "certified" or "cashier's".
There is submitted herewith a memorandum (which shall not constitute a part of this bid) stating the
total interest cost in dollars on the Bonds during the life of the issue under this bid, and the net interest rate
determined thereby.
Respectfully submitted,
Name:
14i426'Ii.�Lt711L1L
(Account Manager)
By:79uddlr, e, aziar
_
Address:
City:
State:
Telephone:
MEMORANDUM OF INTEREST COST
The total interest cost on the Bonds during the life of the issue under the above bid is S .117t€2112%'7-SG
and the net interest rate determined thereby is %.
DATE
PAY
IM�sfaas
Bank
First Interstate Bank
of California
Bond Department
707 Wilshire Blvd.
Los Angeles, CA 90017
Nov. 20, 1985
/!Sr.-r 3:Ys� p .RAJ• l- i
TO THE
ORDER OF
Cashiers Check
** PALM DBSUT IEDSYIIOOPMUT AGECY, G *sr
40394
008 60000 ? IP I: 1 2 2000 2 181: 29 5081.989 5011'
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1220
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THORIZEO SIGNATURE
11
OFFICIAL BID FORM
BID
FOR THE PURCHASE OF
S17,860,000
PALM DESERT REDEVELOPMENT AGENCY
PROJECT AREA NO. 1, AS AMENDED (ADDED TERRITORY ONLY)
TAX ALLOCATION REFUNDING BONDS
ISSUE OF 198S
November 21, 1985
Palm Desert Redevelopment Agency
Palm Desert, California
On behalf of a group which we have formed, consisting of
and pursuant to the Notice Inviting Bids, we offer to purchase seventeen million eight hundred sixty
thousand dollars (S17,860,000) principal amount, all or none, of the Bonds designated as "Palm Desert
Redevelopment Agency, Project Area No. 1, As Amended (Added Territory Only), Tax Allocation
Refunding Bonds, Issue of 1985", particularly described in such Notice Inviting Bids, of the maturities and
interest rate (rates) set forth below:
Mateaity Date Warm Maturity Date Interest
December 1 Amount Rata December 1 Aaoaat Rate
1986 S415,000 .:....% 1996 S 820,000 ... %
1987 440,000 -- • % 1997 885,000 so' o %
``
1988 465,000 �GP:.V % 1998 960,000 ....g_. /0 %
z 1989 495,000 .-4 .% 1999 1,045,000 g. /0 %
1990 525,000 (P.:.7� % 2000 1,135,000r• /0
1991 565,000 7•� % 2001 1,235,000 �i • /� %
1992 605,000 7 AO % 2002 1,350,000 /0 %
1993 650,000 7•. /0 % 2003 1,470,000 ?(.,.i° %
1994 700,000 7.6'0 .% 2004 1,600,000 S. /0 %
1995 755,000 2:.75...% 2005 1,745,000 8,./0 %
and to pay therefor the aggregate sum of S / 7/.. 3:Y8.3 9.4/ 0 •, plus accrued
interest on such Bonds to the date of delivery thereof.
This bid is subject to all the terms and conditions of the Notice Inviting Bids, all of which terms and
conditions are made a part hereof as fully as though set forth in this bid.
As specified in the Notice Inviting Bids, this bid is subject to acceptance not later than twenty-six (26)
hours after the expiration of the time for the receipt of bids, and the opinion of the Bond Counsel firm of
Richards, Watson, Dreyfuss & Gershon, A Professional Corporation, Los Angeles, California, approving
the validity of the Bonds, being furnished us (if we are the successful bidder) at the time of delivery of the
Bonds at the expense of the Agency.
5-xx,/(7_g
There is enclosed herewith a ...�IS ss check in the amount of one hundred fifty
thousand dollars (S150,000), payable to the order of the Agency.
* S17,860,000 plus premium or less discount, if any (discount not to exceed three percent (3%)).
,.
Insert "certified" or "cashier's".
There is submitted herewith a memorandum (which shall not constitute a part of this bid) stating the
total interest cost in dollars on the Bonds during the life of the issue under this bid, and the net interest rate
determined thereby.
Respectfully submitted,
Name: LOMON BROTHERS INC ANO ASSOCIATES
(Account Manager)
nz./
SA DIION BROTHERS INC
Addressait New York Plaza
New York
State: New York
Telephone: (212) 747-7785
c 6,/h1 t
James McCullough
MEMORANDUM OF INTEREST COST Vice President
The total interest cost on the Bonds during the life Qf the i e under the above bid is S ,
and the net interest rate determined thereby is 1 ' / rto %.
E