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Home My WebLink AboutRDA RES 195RESOLUTION NO. 195 A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY AWARDING 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 (Original Territory Only), Tax Allocation Bonds, Issue of 1985 (the "Bonds") in the aggregate principal amount of twenty-six million two hundred seventy-five thousand dollars ($26,275,000.00) 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. 188 and 189 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 for below are hereby fixed as follows: Maturity Date Principal Interest Maturity Date Interest Principa December 1st of Amount Rate December 1st of Rate Amount 1988 $ 715,000 7.60% 1997 7.90% $1,370,000 1989 760,000 7.60% 1998 7.90% 1,485,000 1990 815,000 7.60% 1999 7.90% 1,615,000 1991 870,000 7.60% 2000 7.90% 1,755,000 1992 935,000 7.60% 2001 7.90% 1,910,000 1993 1,005,000 7.60% 2002 7.90% 2,085,000 1994 1,080,000 7.60% 2003 7.90% 2,270,000 1995 1,165,000 7.90% 2004 7.90% 2,475,000 1996 1,265,000 7.90% 2005 7.90% 2,700,000 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 $25,498,361.55 offered therefor, plus accrued interest to the date of delivery. Section 6. Notwithstanding the provisions of Section 8 of Resolution No. 188 or Section 2 of Resolution No. 191, or any 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. Section 7. All actions and proceedings heretofore taken in connection with the authorization, issuance and sale of the Bonds is hereby ratified and confirmed. -2- 851120 Ij 03591413 2 PASSED, APPROVED AND ADOPTED this 21st day of November, 1985. AYES: Benson, Jackson, Snyder, Wilson, and Kelly NOES: None ABSENT: None ABSTAIN: None Chairman ATTEST: Secretary ) -3- 851120 1j 0359WLS 2 g PAY TO THE ORDER OF N2 24157578 3 ♦ . .-1 - . :� .i . .10.411210 • • . •.. .1"'11 i. J •lip' :'1/112 .• ♦ � i. ***** Palm Desert Redevelopment Agency********** 1200,000.00******** 4-4 1-4 . .+•+•+- .+•tit-},s:t. :�.I:..t. r..:i.::., ..:.... : : . . : : . : : Cashiers Check CN N N NNNUN - .+ . 4+..+4+. +. EXW/8,74! ItgiAr SA C• at Pit arA u mammal]) saturunE OFFICIAL BID FORM BID FOR THE PURCHASE OF $26,275,000 PALM DESERT REDEVELOPMENT AGENCY PROJECT AREA NO. 1, AS AMENDED (ORIGINAL TERRITORY ONLY) TAX ALLOCATION 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 MERRITL LYNCH CAPITAL MARKETS & ASSOCIATES and pursuant to the Notice Inviting Bids, we offer to purchase twenty-six million two hundred seventy-five thousand dollars (S26,275,000) principal amount, all or none, of the Bonds designated as "Palm Desert Redevelopment Agency, Project Area No. 1, As Amended (Original Territory Only), Tax Allocation Bonds, Issue of 1985", particularly described in such Notice Inviting Bids, of the maturities and interest rate (rates) set forth below: Maturity Date Interest December 1 Amami Rate 1988 S 715,000 ..2� % 1989 760,000 7.4° % 1990 815,000 7.00 % 1991 870,000 24........% 1992 935,000 7G0 % 1993 1,005,000 74 o % 1994 1,080,000 7 ° % 1995 1,165,000 7. y° % 1996 1,265,000 7- 1J % and to pay therefor the aggregate sum of S Maturity Date December 1 Amoral 1997 S 1.370.000 t 998 1.48 5.000 1999 2000 2001 2002 2003 2004 1.615.000 1.755.000 1,910,000 2,085,000 2,270,000 2,475,000 2005 2,700,000 [merest Rate U 7'c7 . 9ic: % 7. % • 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. parr q There is enclosed herewith a 19S �/ C2S " check in the amount of two hundred thousand dollars (S200,000), payable to the order of the Agency. * S26,275,000 plus premium or Tess 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: MF.RRIIL LYNCH CAPITAL MARKER'S (Account Manager) Address: 400 South Fiore Street, 19 City: Los Angeles State: California 90071 Telephone: (212) 683-4444 MEMORANDUM OF INTEREST COST The total interest cost on the Bonds during the life of the iaue under the above bid is S�' q '‘" yr and the net interest rate determined thereby is A.0.i '7 %. OFFICIAL BID FORM BID FOR THE PURCHASE OF $26,275,000 PALM DESERT REDEVELOPMENT AGENCY PROJECT AREA NO. 1, AS AMENDED (ORIGINAL TERRITORY ONLY) TAX ALLOCATION 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 v A.e,CA2& 1t1 f.Pkrit iu , l t -tJU L J, %t%OrtiY J and pursuant to the Notice Inviting Bids, we offer to purchase twenty-six million two hundred seventy-five thousand dollars ($26,275,000) principal amount, all or none, of the Bonds designated as "Palm Desert Redevelopment Agency, Project Area No. 1, As Amended (Original Territory Only), Tax Allocation Bonds, Issue of 1985", particularly described in such Notice Inviting Bids, of the maturities and interest rate (rates) set forth below: Maturity Date Interest Maturity Date Interest December 1 Amount Rate December 1 Automat Rate 1988 $ 715,000 %. 7. % 1997 S 1,370,000 1 Q % 1989 760,000 (P•'1 % 1998 1,485,000 t • ,i-C-' %. 1990 815,000 ...k...35 % 1999 1,615,000 Z.D 1991 870,000 ....(e 7J % 2000 1,755,000 t tt % 1992 935,000 I, OU % 2001 1,910,000 • ' % 1993 1,005,000 1. ).5 % 2002 2,085,000 • Lci % 1994 1,080,000 9,50 % 2003 2,270,000 e.,.+4C % 1995 1,165,000 i 7, % 2004 2,475.000 2.C' % 1996 1,265,000 00 % 2005 2,700,000 %• 2 C and to pay therefor the aggregate sum of $ a'jt• ''� (pr.�).`,.�Q • 00 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. •, plus accrued EX#ra/7 B There is enclosed herewith a �� " check in the amount of two hundred thousand dollars (S200,000), payable to the order of the Agency. ' S26,275,000 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: (Account Manager) BY: / (L d • Liul,10.,p 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 Sa.7,.52Li, C75.C� and the net interest rate determined thereby is %. 13 net interstate Bank DATE PAY Nov. 20, 1985 1 • Flrst lntsrstata Bank of Califomia Bond Department 707 Wilshire Blvd. Los Angeles. CA 90017 Cashiers Check TO THE Erik PALM DESERT DEYELOPllE11T AGENCY, CA ** ORDER OF �� • 403) UTHORIZEDSIONATURE 11'0860000811' I: L 2 2000 2 &a': 29 S0».989 S0i1' L L • N° 8600008 16-21/295 1220 $ 200*0AA_AA ** OFFICIAL BID FORM BID FOR THE PURCHASE OF S26,275,000 PALM DESERT REDEVELOPMENT AGENCY PROJECT AREA NO. 1, AS AMENDED (ORIGINAL TERRITORY ONLY) TAX ALLOCATION 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 and pursuant to the Notice Inviting Bids, we offer to purchase twenty-six million two hundred seventy-five thousand dollars ($26,275,000) principal amount, all or none, of the Bonds designated as "Palm Desert Redevelopment Agency, Project Area No. 1, As Amended (Original Territory Only), Tax Allocation Bonds, Issue of 1985", particularly described in such Notice Inviting Bids, of the maturities and interest rate (rates) set forth below: Matwity Date [merest Maturity Date [aterest December 1 Amoaat Rate December 1 Amowt Rate 1988 $ 715,000 ....%.sue % 1997 S 1,370,000 ' 00 1989 760,000 ....r�'P•.:- ....% 1998 1,485,000 i�:.�0 % 1990 815,000 ...fi1- 75 % 1999 1,615,000 .1.9..... % 1991 870,000 ....'2..0Q % 2000 1,755,000 /v % 1992 935,000 ....1:.?,j % 2001 1,910,000 gp /0 % 1993 1,005,000 2-r� .Q:/ % 2002 2,085,000 O % 1994 1,080,000 -.6..0 ..% 2003 2,270,000 8.,.P 1995 1,165,000 2:.7' % 2004 2,475,000 ZI°� % 1996 1,265,000 ..... ..%:.7.Q.... % 2005 2,700,000 g•�/V....% and to pay therefor the aggregate sum of S aay 1/'7 2.290 •, 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. his`/Pi? s There is enclosed herewith a •• check in the amount of two hundred thousand dollars (S200,000), payable to the order of the Agency. * S26,275,000 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, Na y: SA MON BROTHEPS INC AND ASSOCIATES (Account Manager) e'&/-6- MON BROT ERS INC Ad ess: One New York Plaza ity: New York State: New York Telephone: (212) 747-7785 MEMORANDUM OF INTEREST COST James McC411 ough The total interest cost on the Bonds during the life of the issue under the above resident and the net interest rate determined thereby is ff../ .lfo 2.. %.