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HomeMy WebLinkAboutRDA RES 214RESOLUTION NO. 214 A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY PROVIDING FOR THE SALE OF ITS PROJECT AREA N0. 1, AS AMENDED (ADDED TERRITORY ONLY), TAX ALLOCATION BONDS, SERIES 1988, AND PROVIDING FOR CERTAIN DETAILS REGARDING THE BONDS RECITALS: A. The Palm Desert Redevelopment Agency is a redevelopment agency, a public body, corporate and politic, duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Redevelopment Law, and the powers of the Agency include the power to issue bonds, notes, interim certificates, debentures or other obligations, for any of its corporate purposes. B. The Agency has adopted its Resolution No. 211 entitled "A Resolution of the Palm Desert Redevelopment Agency Authorizing the Issuance and Providing for the Sale of Its Project Area No. 1, As Amended (Added Territory Only), Tax Allocation Bonds of the Agency to Aid in the Financing of a Portion of the Cost of a Redevelopment Project." C. Section 2 of Resolution No. 211 of the Agency provides that "[w]henever the Agency determines to issue all or part of the Bonds, it shall adopt a Supplemental Resolution specifying the principal amount of such Bonds to be issued and providing for: (i) the distinctive designation thereof, (ii) the date which the Bonds shall bear; (Ili) the method of numbering the Bonds; (iv) the maturity dates of the Bonds; (v) the date or RESOLUTION NO. 214 dates on which all or part of the Bonds may be called for redemption prior to maturity and the premiums, if any, applicable thereto; and (vi) any other provision respecting the Bonds not in conflict with the terms of this Resolution." D. The Agency deems it necessary and desirable to adopt this Resolution (which shall be a Supplemental Resolution as defined and as referred to from time to time in such Resolution No. 211 of the Agency) to provide for the sale of the Bonds authorized by its Resolution No. 211 and to provide for certain details regarding the Bonds as set forth in paragraph C, above. NOW, THEREFORE, THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Sect ion 1. Definitions. Except as otherwise specifically set forth in this Resolution, all terms used in this Resolution shall have the meanings set forth in Resolution No. 211 of the Palm Desert Redevelopment Agency, unless the context requires otherwise. Section 2. Determination to Issue Bonds. Under and pursuant to the Redevelopment Law, Resolution No. 211 of the Agency and this Resolution, the Agency hereby determines to issue a Series of the $8,500,000 principal amount of Bonds authorized by such Resolution No. 211. The Bonds of this Series shall be in the aggregate principal amount of $7,800,000. The Agency is adopting this Resolution as a Supplemental Resolution pursuant to RESOLUTION NO. 214 Resolution No. 211 of the Agency. Section 3. Method of Numbering Bonds. The Bonds shall be numbered by the Fiscal Agency as the Fiscal Agent shall determine and shall be dated as of the date of authentication thereof, except that Bonds issued upon exchanges and transfers of Bonds shall be dated so that no gain or loss of interest shall result from such exchange or transfer. The distinctive designation of the Bonds shall be "Palm Desert Redevelopment Agency, Project Area No. 1, As Amended (Added Territory Only), Tax Allocation Bonds, Series 1988. The Bonds shall bear interest at a rate to be fixed upon the sale thereof but not to exceed 12 percent per annum, payable semiannually on March 1st and September 1st of each year during the term thereof, commencing March 1, 1989. Bonds authenticated prior to February 16, 1989, shall bear interest from September 1, 1988. Payment of interest on the Bonds shall not be conditioned upon presentation or surrender of the Bonds. Section 4. Date of Bonds; Maturity Dates. The Bonds shall be dated as of September 1, 1988 and shall mature on September 1st of each of the years and in the amounts indicated as follows: 3 RESOLUTION NO. 214 Maturity Date Principal Maturity Date Principal September 1st of Amount September 1st of Amount 1989 200,000 1999 365,000 1990 210,000 2000 390,000 1991 220,000 2001 420.000 1992 235,000 2002 455.000 1993 245,000 2003 490,000 1994 260,000 2004 525,000 1995 280,000 2005 570,000 1996 295,000 2006 610,000 1997 320,000 2007 660,000 1998 340,000 2008 710,000 The Bonds maturing on September 1, 1989 through September 1, 2008, are sometimes referred to as "Serial Bonds". The Fiscal Agent, on behalf of and as agent for the Agency, shall receive the proceeds from the sale of the Bonds upon the delivery of the Bonds to the original purchasers thereof and shall dispose of such proceeds as provided in Section 4 of Resolution No. 211 of the Agency. Section 5. Call and Redemption of Bonds Prior to Maturity. The outstanding Bonds, or any of them, may be called before maturity and redeemed as follows: A. The Bonds maturing on or prior to September 1, 1995, are not subject to optional call or redemption by the Agency prior to their respective maturities. RESOLUTION NO. 214 B. The outstanding Bonds maturing on or after September 1, 1996, may be called before maturity and redeemed, at the option of the Agency, in whole from the proceeds of refunding bonds or refunding obligations, or in whole or in part from any other source, on September 1, 1995, or on any interest payment date thereafter prior to maturity , in inverse order of maturity and by lot within a maturity. Bonds so called for redemption shall be redeemed at a redemption price for each redeemed Bond equal to the principal amount thereof, plus accrued interest to the redemption date, and the following premium which is expressed as a percentage of principal amount) if redeemed on the following redemption dates: Redemption Dates Redemption Price September 1, 1995 and March 1, 1996 102% September 1, 1996 and March 1, 1997 101 1/2% September 1, 1997 and March 1, 1998 1017. September 1, 1998 and March 1, 1999 100 1/2% September 1, 1999 and thereafter 1007. Section 6. Sale Authorized. The sale of the Bonds, on an all or none basis and in accordance with law and the provisions of Resolution No. 211 of the Agency, is hereby authorized. Section 7. Notice Inviting Bids. The invitation for bids for the purchase of the Bonds is hereby authorized, such RESOLUTION NO. 214 invitation to be substantially in the form of the Notice Inviting Bids attached hereto, marked "Exhibit A" and by this reference incorporated herein. Such Notice Inviting Bonds and the Bid Form attached thereto are hereby approved. Section 8. Publication of Notice Involving Bids. The Secretary of the Agency is hereby authorized and directed to cause to be published in the manner provided by law, such Notice Inviting Bids. The Secretary is hereby further authorized and directed to cause a notice of the intention of the Agency to sell the Bonds to be published as provided by law. Any and all such publications heretofore made are hereby approved, ratified and confirmed. The terms and conditions of the offering and the sale of the Bonds shall be as specified in such Notice Inviting Bids. Section 9. Preliminary Official Statement. The staff of the Agency and its Financial Advisor are hereby authorized and directed to prepare a preliminary Official Statement regarding the Bonds to be furnished to prospective bidders for the Bonds. Such preliminary Official Statement and the final Official Statement shall be substantially in the form presented to the Agency at this meeting and now on file in the office of the Secretary and the Executive Director. Section 10. Notice Inviting Bids and Official Statement Furnished. The Financial Advisor is hereby authorized and directed to cause to be furnished to prospective bidders a reasonable number of copies of the Notice Inviting Bids, including the Bid Form, and a reasonable number of copies of such 6 1 RESOLUTION NO. 214 preliminary Official Statement. Section 11. Opening of Bids. The Financial Advisor and Bond Counsel to the Agency are hereby authorized and directed to open the bids at the time and place specified in such Notice Inviting Bids and to present the same to the Agency. The Financial Advisor and Bond Counsel are hereby authorized and directed, in addition to taking the above actions, to receive and record the receipt of all bids to be examined for compliance with such Notice Inviting Bids, to cause computations to be made as to which bidder has bid the lowest net interest cost to the Agency as specified in such Notice Inviting Bids and to present such bids to the Agency as provided in such Notice Inviting Bids, along with a report as to the foregoing and any other matters deemed pertinent to the award of the Bonds and the proceedings for the issuance thereof. Section 14. Reserve Requirement. The amount of the Reserve Requirement, which shall be equal to the lesser of ten percent of the proceeds of the Bonds or Maximum Annual Debt Service on all Bonds and Parity Bonds, sha l i be set forth in an instruction to the Fiscal Agent by the Agency. Section 15. Investments. The Fiscal Agent shall be required to make investments only upon the written direction of the Agency. In the absence of such written direction, the Fiscal Agency shall invest solely in units of a taxable government money market portfolio restricted to obligations issued or guaranteed as to payment of principal and interest by the full faith and 7 RESOLUTION NO. 214 credit of the United States Government or repurchase agreements collateralized by such obligations. Section 16. Rebate Fund. There is hereby created with the Treasurer the Rebate Fund described in Resolution No. 211 of the Agency, which Rebate Fund shall be a special trust fund to be held by the Fiscal Agent. Section 17. Effective Date. This Resolution shall become effective upon its adoption. 1988. PASSED, APPROVED AND ADOPTED THIS llth day of August. AYES: CRITES, SNYDER, WILSON, BENSON NOES: NONE ABSENT: KELLY ABSTAIN: NONE f n r)i YLAJ.t"..7 JEN-M. BENSON, CHAIRMAN ATTEST: SHEILA R. GILLIGAN, S1CRETARY PALM DESERT REDEVELOP ENT AGENCY RESOLUTION NO. 214 NOTICE INVITING BIDS $7,800,000 PALM DESERT REDEVELOPMENT AGENCY PROJECT AREA NO. 1, AS AMENDED (ADDED TERRITORY ONLY) TAX ALLOCATION BONDS SERIES 1988 NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of $7,800.000 (principal amount of tax allocation bonds of the Palm Desert Redevelopment Agency (hereinafter referred to as the "Agency") will be received by the Agency up to the time and at the place specified below: Time: 11:00 A.M., Los Angeles Time August 25, 1988 Place: Law Offices of Richards. Watson 8 Gershon, A Professional Corporation 333 South Hope Street 38th Floor Conference Room I Los Angeles. California 90071 -LNING OF BIDS: The bids will be received at the e —me and Duce, will be opened by the Financial Advisor 1 and will be presented to the Agency at its T'""' 'c �e ne l d later on the day on which the bids are RESOLUTION NO. 214 ISSUE: $7,800,000 principal amount of tax allocation bonds, designated Palm Desert Redevelopment Agency, Project Area No. 1. As Amended (Added Territory Only), Tax Allocation Bonds, Series 1988 (the "Bonds"). consisting of fully registered Bonds, in denominations of $5,000 each or any whole multiple thereof within a maturity, dated as of September 1, 1988. MATURITIES: The Bonds will mature on September 1st in each of the years and in the following amounts: Maturity Date September 1st of Principal Amount Maturity Date September 1st of Principal Amount 1989 200,000 1999 365,000 1990 210,000 2000 390,000 1991 220,000 2001 420,000 1992 235,000 2002 455,000 1993 245,000 2003 490,000 1994 260,000 2004 525.000 1995 280,000 2005 570,000 1996 295,000 2006 610.000 1997 320,000 2007 660,000 1998 340,000 2008 710,000 INTEREST: The Bonds will bear interest at a rate or rates to be fixed upon the sale thereof but not to exceed 12 percent per annum, payable March 1st and September 1st in each year. commencing on March 1, 1989. RESOLUTION NO. 214 PAYMENTS: The Bonds, the interest thereon and any premiums due upon the redemption thereof prior to maturity are Payable in lawful money of the United States of America, interest being payable by check or draft mailed to the registered owner of the Bond at the address of the registered owner as shown on the registration books on the fifteenth day cff the month preceding each interest payment date, and principal being payable at the principal corporate trust office of Security Pacific National Bank, Fiscal Agent for the Agency, in Los Angeles, California. FORM OF BOND: The Bonds shall be issued in the form of fully registered Bonds. TRANSFER AND EXCHANGE: Transfer of ownership of a Bond or Bonds shall be made by exchanging the same for a new Bond or Bonds and transferring the registration of such Bond or Bonds on the registration books of the Fiscal Agent. CALL AND REDEMPTION: The outstanding Bonds, or any of them, may or shall. as the case may be, be called before maturity and redeemed as follows: A. The Bonds maturing on September 1. 1989 through September 1. 1995 are not subject to optional call or redemption by the Agency prior to their respective maturities. 3 RESOLUTION NO. 214 B. The outstanding Bonds maturing on or after September 1, 1996. may be called before maturity and redeemed. at the option of the Agency, in whole from the proceeds of refunding bonds or refundina obligations. or in whole or in part from any other source of funds. on September 1, 1995. or on any interest payment date thereafter prior to maturity. in inverse order of maturity and by lot within a maturity. Bonds so called for redemption shall be redeemed at a redemption price for each redeemed Bond equal to the principal amount thereof. plus accrued interest to the redemption date. and the following premium (which is expressed as a percentage of principal amount) if redeemed on the following redemption dates: Redemption Dates Redemption Price September 1, 1995 and March 1, 1996 1027. September 1. 1996 and March 1, 1997 101 1/27. September 1. 1997 and March 1, 1998 1017. September 1. 1998 to March 1. 1999 100 1/27. September 1, 1999 and thereafter 1007. PURPOSE OF ISSUE: The Bonds are to be issued by the Agency under and pursuant to the Community Redevelopment Law of the State of California (Part 1 of Division 24 of the California Health and Safety Code) to aid in the financing of the redevelopment of a project area in the City of Palm Desert known as Project Area No. 1. As Amended. 4 RESOLUTION NO. 214 SECURITY: The Bonds are payable, as to both principal and interest. solely from 20 percent of the taxes allocated to the Agency pursuant to California Health and Safety Code Section 33670 from that portion of such project area which includes only the territory added to such project area. as described in Ordinance No. 275 of the City of Palm Desert. and which 20 percent of such taxes are held in the Low and Moderate Income Housing Fund of the Agency pursuant to California Health and Safety Code Sections 33334.2 and 33334.3. TERMS OF SALE Interest Rate: The rate or rates bid. as the case may be, may not exceed 12 percent per annum, payable March 1st and September 1st in each year during the term of the Bonds. commencing on March 1, 1989. Each rate bid must be a multiple of one -eighth of one percent, or one -twentieth of one percent or any combination thereof. All Bonds of the same maturity must carry the same interest rate and rate bid for any maturity must be the same or higher than the rate for the preceding maturity. The rate on any maturity or group of maturities sha l l not be more than four percent higher than the rate on any other maturity or group of maturities. No Bond may bear more than one rate, and each Bond must bear interest at the rate specified in the bid from its date to its fixed maturity date. 5 RESOLUTION NO. 214 Sale of Bonds. The Bonds shall be sold for cash only and all bids must be for not less than all of the Bonds hereby offered for sale. Each bid shall state that the bidder offers accrued interest to the date of delivery, the purchase price, which shall not be less than 97.5 percent of the aggregate principal amount of the Bonds, and the interest rate, or rates, as the case may be. not to exceed that specified herein, at which the bidder offers to buy the Bonds. Each bidder shall state in the bid the total interest cost in dollars and the net interest rate determined thereby, which shall be considered informative only and not a part of the bid. Highest Bidder; Bond Printing: The Bonds will be awarded to the highest responsible bidder or bidders considering the interest rate or rates specified and the premium or discount offered, if any. The highest bid will be determined by deducting the amount of the premium (if any) from. or adding the amount of the discount (if any) to, the total amount of interest which the Agency would be required to pay from the date of the Bonds to the maturity dates thereof at the rate or rates specified in the bid. and the award will be made on the basis of the lowest net interest cost to the Agency. If two or more bids provide the same lowest net interest cost, the Agency shall determine by lot which bid shall be accepted. and such determination shall be final. The purchaser must pay accrued interest from the date of the Bonds to the date of delivery thereof computed on a 36U-day 6 RESOLUTION NO. 214 year basis. The cost of printing the Bonds will be borne by the Agency. Right of Rejection: The Agency reserves the right. in its discretion, to reject any and all bids and. to the extent not Prohibited by law, to waive any irregularity or informality in any bid. Award of Bonds: The Agency will take action awarding the Bonds or rejecting all bids not later than 26 hours after the time herein prescribed for the receipt of bids; provided that the award may be made after the expiration of the specified time if the bidder shall not have given to the Agency notice in writing of the withdrawal of such bid. Notice of the award will be given promptly to the successful bidder. Form of Bid. Each bid, together with the bid check. must be in a sealed envelope, addressed to the Agency. with the envelope and bid clearly marked "Bid for $7,800.000 principal amount of Palm Desert Redevelopment Agency, Project Area No. 1, As Amended (Added Territory Only). Tax Allocation Bonds, Series 1988." Each bid must be unconditional and in accordance with the terms and conditions set forth or permitted herein, and must be submitted on, or in substantial accordance with, bid forms provided by the Agency. 7 RESOLUTION NO. 214 CUSIP: CUSIP identification numbers may be imprinted on the Bonds. but such numbers shall not constitute a part of the contract evidenced by the Bonds and no liability shall attach to the Agency or any of the officers or agents thereof because of or on account of said numbers. Any error or omission with respect to said numbers shall not constitute cause for refusal by the successful bidder to accept delivery of and pay for the Bonds. Delivery and Payment: Delivery of the Bonds will be made to the successful bidder at such place as may be agreed upon by the successful bidder and the officer of the Agency making del ivery. Payment for the Bonds must be made in funds immediately available to the Agency in Los Angeles. California. Prompt Delivery, Cancellation for Late Delivery: The Bonds are scheduled to be delivered to the successful bidder within 30 days following the sale thereof. If the Agency shall fail to execute the Bonds and tender them for delivery by twelve o'clock noon on the 60th day following the date of sale or the first business day thereafter if the 60th day is not a business day, the successful bidder may (subject to the conditions set forth below under the heading "Bid Check"). on that day or any time thereafter until delivery of the Bonds, withdraw its bid by serving notice of cancellation, in writing on the undersigned, in which event the Agency shall promptly return the good faith deposit. The Agency expects to make such delivery in the form of 8 RESOLUTION NO. 214 definitive bonds, but reserves the right to make such delivery in the form of temporary bonds, exchangeable for definitive bonds, at not cost to the purchaser. Accrued interest to the date of delivery of the Bonds shall be paid by the purchaser at the time of delivery. Bid Check. A certified or cashier's check drawn on a responsible bank or trust company in the amount of $100.000 payable to the order of the Agency, must accompany each bid as a guaranty that the bidder. if successful, will accept and pay for the Bonds in accordance with the terms of the bid. No interest shall be allowed on the good faith checks. and checks of the unsuccessful bidders will be promptly returned to each bidder's representative by hand delivery or first-class mail. The check accompanying any accepted bid shall be cashed and the proceeds thereof applied to the purchase price. If such bid is accepted but not performed, unless such failure or performance shall be caused by any act or omission of the Agency, the proceeds of the check accompanying any accepted bid shall be retained by the Agency. Change in Tax Exempt Status: At any time before the Bonds are tendered for delivery, the successful bidder may disaffirm and withdraw the bid if the interest received from bonds of the same type and character of the Bonds sha l I be declared to be taxable income under present federal income tax 9 RESOLUTION NO. 214 laws, either by a ruling of the Internal Revenue Service or by a decision of any federal court, or shall be declared taxable by the terms of any federal income tax law enacted subsequent to the date of publication of this Notice Inviting Bids. Legal Opinion: The opinion of the Bond Counsel firm of Richards. Watson 8 Gershon, A Professional Corporation, Los Angeles, California, regarding the validity of the Bonds, the exclusion of interest on the Bonds from gross income for purposes of federal income taxation, and the exemption of such interest from State of California personal income taxes, will be printed on the back of each Bond. No charge wi l l be made to the purchaser for such opinion, printing or certification. Reference should be made to the Preliminary Official Statement for a description of the scope of the engagement of Bond Counsel and the matters covered by such opinion. Closing Documents: In addition to the opinion of Bond Counsel referred to above, at the time of payment for the delivery of the Bonds, the Agency will furnish the successful bidder the following documents, all to be dated as of the date of delivery: 1. Arbitrage Certificate - A certificate of an appropriate officer of the Agency certifying that. on the basis of facts, estimates and circumstances 10 RESOLUTION NO. 214 in effect at the time of delivery of the Bonds, it is not expected that the proceeds of the Bonds will be used in a manner that will cause the Bonds to be arbitrage bonds. 2. No Litigation Certificate - A certificate of an appropriate officer of the Agency, certifying that there is no litigation pending or, to the best of such officer's knowledge, threatened against the Agency affecting the validity of the Bonds. 3. Signature Certificate - A certificate of appropriate officers of the Agency indicating that they have signed the Bonds by manual or facsimile signature and that they were duly authorized to execute the same. 4. Treasurer's and Fiscal Agent's Receipts - The receipts of the Fiscal Agent and the Treasurer of the Agency showing that the purchase price of the Bonds, including accrued interest to the date of delivery, if any, has been received by the Agency and the Fiscal Agent, respectively. 5. Certificate Regarding Official Statement - A certificate of an appropriate officer of the RESOLUTION NO. 214 Agency, acting in such person's official and not personal capacity, to the effect that at the time of the sale of the Bonds and at all times subsequent thereto up to and including the time of delivery of the Bonds, the Official Statement relating to the Bonds did not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. Official Statement: The Agency will furnish to the successful bidder, at no charge, such number of copies of the Official Statement as such bidder may reasonably request (but not to exceed 1560) for this issue for use in connection with any resale of the Bonds. Insurance: The Agency has made application to the Municipal Bond Insurance Association, AMBAC Indemnity Corporation, Federal Guaranty Insurance Corporation, United States Fidelity & Guaranty Corporation and Bond Investors Guaranty for the issuance of an insurance commitment, to be Purchased by the Agency, on or prior to the delivery of the Bonds. The insurer chosen, if any, will be announced by the Agency's Financial Advisor prior to the sale of the Bonds through the Munifacts wire service. 12 RESOLUTION NO. 214 INFORMATION AVAILABLE: Requests for copies of the Preliminary Official Statement pertaining to the Bonds, the Official Bid Form, or for other information concerning the Agency. should be addressed to the Agency's Financial Advisor Miller 8 Schroeder Financial, Inc., 505 Lomas Santa Fe Drive, Suite 100, Solana Beach, California 92075, telephone (619) 481- 5894, Attention: Mr. Gregory B. Ballenger. Sheila R. GiAligan Secretary of the Pa Redevelopment Agency Desert RESOLUTION NO. 214 OFFICIAL BID FORM BID FOR THE PURCHASE OF $7,800,000 PALM DESERT REDEVELOPMENT AGENCY PROJECT AREA NO. 1, AS AMENDED (ADDED TERRITORY ONLY) TAX ALLOCATION BONDS SERIES 1988 August 25. 1988 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 $7,800,000 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 Bonds, Series 1988", particularly described in such Notice Inviting Bids, of the maturities and interest rate (rates) set forth below: -1- RESOLUTION NO. 214 Maturity Date Principal Interest Maturity Date Principal Interest September 1st of Amount Rate September 1st of Amount Rate 1989 200,000 1999 365,000 1990 210,000 2000 390,000 1991 220,000 2001 420,000 1992 235,000 2002 455,000 1993 245,000 2003 490,000 1994 260,000 2004 525,000 1995 280,000 2005 570,000 1996 295,000 2006 610,000 1997 320,000 2007 660,000 1998 340,000 2008 710,000 and to pay therefor the aggregate sum of $ 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 26 hours after the expiration of the time for the receipt of bids, and the opinion */ $ plus premium or less discount, if any (discount not to exceed three percent). -2- RESOLUTION NO. 214 of the Bond Counsel firm of Richards, Watson & 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. There is enclosed herewith a *1 check in the amount of $100,000, payable to the order of the Agency. 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: Address: City: State: Telephone: "/ Insert "certified" or "cashier's". -3- RESOLUTION NO. 214 MEMORANDUM OF INTEREST COST The total interest cost on the Bonds during the life of the issue under the above bid is , and the net interest rate determined thereby is 7.. -4-