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Home My WebLink AboutRDA RES 217RESOLUTION NO. 217 A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY AWARDING TAX ALLOCATION BONDS OF THE AGENCY TO THE SUCCESSFUL BIDDER THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section 1. Bids for its Palm Desert Redevelopment Agency, Project Area No. 1, As Amended (Added Territory Only), Tax Allocation Bonds, Series 1988 (the "Bonds") in the aggregate principal amount of $7,800,000 have been received, opened, read and examined by representatives of the Agency. 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 Resolution No. 211 of the Agency, and all Resolutions of. the Agency supplemental to or amendatory of such Resolution No. 211. Section 3. All bids other than the one accepted pursuant 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 Principal Interest September 1st of Amount Rate 1st of Amount Rate 1989 200,000 5.75% 1999 365,000 7.10% 1990 210,000 6.00 2000 390,000 7.10 1991 220,000 6.20 2001 420,000 7.30 1992 235,000 6.35 2002 455,000 7.30 1993 245,000 6.50 2003 490,000 7.30 1994 260,000 6.60 2004 525,000 7.30 1995 280,000 6.70 2005 570,000 7.30 1996 295,000 6.80 2006 610,000 7.30 1997 320,000 6.90 2007 660,000 7.30 1998 340,000 7.00 2008 710,000 7.30 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 $7,605,376.30 offered therefor, plus accrued interest to the date of delivery. -2- 880825 pf A993.WLS(2) RESOLUTION NO. 217 Section 6. All actions and proceedings heretofore taken in connection with the authorization, issuance and sale of the Bonds is hereby ratified and confirmed. 1988. AYES: PASSED, APPROVED and ADOPTED this 25th day of August, CRITES, KELLY, SNYDER, WILSON NOES: NONE ABSENT: BENSON ABSTAIN: NONE ATTEST: • / //2"'.(t: Secretary Sheila R. Gilligan, Secreary -3- 880825 pf A993.WLS(2) airpers n Roy Wilson, Vic Chairman RESOLUTION NO. 217 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 MERRILL LYNCH CAPITAL MARKETS and Associates 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" (the "Bonds"), particularly described in such Notice Inviting Bids, of the maturities and interest rate (rates) set forth below: Maturity Date Principal Interest Maturity Date Principal Interest September 1st Amount Rate September 1st Amount Rate 1989 $200,000 5175 % 1999 $365,000 '% t0 % 1990 210,000 G, 00 % 2000 390,000 7. /0 % 1991 220,000 6. 20 % 2001 420,000 7, 30 % 1992 235,000 6. 35- % 2002 455,000 7. 3 d % 1993 245,000 6.670 2003 490,000 %• 3U x 1994 260,000 6 • LO Z 2004 525,000 7, 30 x 1995 280,000 6.70 % 2005 570,000 7.30 x 1996 295,000 6 .8o % 2006 610,000 7, 30 x 1997 320,000 6.90 % 2007 660,000 7 3o % 1998 340,000 7 oo Z 2008 710,000 %. 3 0 • 1 1 Exhibit A RESOLUTION NO. 217 and to pay therefor the aggregate sum of $ '7 Cof376.30*, 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 of the Bond Counsel firm of Richards, Watson & Gershon, A Professional Corporation, Los Angeles, California, approving the validity of the Bonds, being furnished to 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 Cashier's of $100,000, payable to the order of the Agency. ** check in the amount 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: MERRILLLYNCH CAPITAL MARKETS (j(1C.uflt Manager) By: Jpein A. £resch, Vice President & Rgl Mgr. Address: 400 So. Hope Street 19th Floor City: Los Angeles State: California 90071-9737 Telephone: 213-683-4444 MEMORANDUM OF NET INTEREST COST The total interest cost on the Bonds during the life of the issue under the above bid is $ 7 334 6 5.3, 70 , vd the net interest rate determined thereby is 7.38�7/02- Z. * $7,800,000, plus premium or less discount, if any (discount not to exceed 2.5%). ** Insert "certified" or "cashier's". 2 Exhibit A rip roses =OM OF ... R-t • am Y • •• rr • w► * =.� SHE P1tLI1 , i �EDE�EI.0Pl�IT ?J **BID FOR $7,800,000 PRINCIPAL AMOUNT OF PALM DESERT REDEVELOPMENT AGENCY, Merritt Lynch Capital Markets PROJECT AREA NO. 1, AS AMENDED (ADDED TERRITORY ONLY) , TAX ALLOCATION BONDS, SERIES 1988** Western Region Municipal Markets 400 South Hope Street 19th Floor Post Office Box 71I208 Los Angeles, California 90071-9737 Merrill Lynch PALM DESERT REDEVELOPMENT AGENCY PALM DESERT, CALIFORNIA c/o THE LAW OFFICES OF RICHARDS, WATSON & GERSHON, A PROFESSIONAL CORPORATION 333 SOUTH HOPE STREET 38TH FLOOR CONFERENCE R)OM 1 LOS ANGELES, CALIFORNIA 90071 Exhibit A RESOLUTION NO. 217 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 0n 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" (the "Bonds"), particularly described in such Notice Inviting Bids, of the maturities and interest rate (rates) set forth below: Maturity Date Principal September 1st Amount 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 $200,000 210,000 220,000 235,000 245,000 260,000 280,000 295,000 320,000 340,000 Interest Rate Maturity Date Principal September 1st Amount 1999 2000 2001 2002 6.50 % 2003 G.60 % 2004 2005 130 % 2006 GHQ % 2007 % 2008 1 • Interest Rate $365,000 740 % 390,000 % 420,000 "4-30 % 455,000 -?-.30 % 490,000 .30 % 525,000 -730 2 570,000 77-30 % 610,000 -7`,30 % 660,000 -7-.35- % 710,000 9-.3S % Exhibit B RESOLUTION NO. 217 and to pay therefor the aggregate sum of $ ¢ (c Q Qoj °° *, plus accrued interest on such Bonds, to the date of deliver/theriof. 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. 1 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 of the Bond Counsel firm of Richards, Watson & Gershon, A Professional Corporation, Los Angeles, California, approving the validity of the Bonds, being furnished to 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 cashier's ** 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: Smith Barney Harris Upham Account Manager) By: I�.( Address: 3 Grand Ave. 52nd Floor City: Los Angeles 90071 State: California Telephone: (213) 486-8871 MEMORANDUM OF NET INTEREST COST The total interest cost on the Bonds during the life of the issue under the above bid is .00 * $7,800,000, plus premium or less discount, if any (discount not to exceed 2.5%). ** Insert "certified" or "cashier's". 2 Exhibit B No 27620537 Motu 11E 01�1 w=: •t x-c! s �► n� i 4 ritmAt i_Jr4h !^. s r .- r ' • - ;.. -. 4 �K! es4t [.! :.t `. P� t}: a r ref10 Palm. Desert -Redevelopment li+c ******************** O0,000.00* * +• - '111l ,O'X - • ..1 . 4 1-.. 4; "dif. .;t4,I4 i44-_: It • • X`I`ttIni •++ +:+y :+:rr :.• :TT .l■ .. .*l7.1 .•.'it:+:Tit. :41t.:+ 7tl.T. ti . i : : : • • • •+. SMITH BARNEY. HARRIS UPHAM & CO. INC. WELLS FARGO CENTER 333 S. GRAND AVENUE. SUITE 5200 LOS ANGELES. CA 90071 1500 SMITH BARNEY The Palm Desert Redevelopment Agency uBid 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" Exhibit B RESOLUTION NO. 217 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 DA7C'1m• , Sera LL 71 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" (the "Bonds"), particularly described in such Notice Inviting Bids, of the maturities and interest rate (rates) set forth below: Maturity Date Principal Interest Maturity Date Principal Interest September 1st Amount Rate September 1st Amount Rate 1989 $200,000 5;7S % 1999 $365,000 7, 10 % 1990 210,000 __‘2.00 % 2000 390,000 7, 20 % 1991 220,000 _0.II5 % 2001 420,000 7 2 C % 1992 235,000 67 O % 2002 455,000 7 ZS % 1993 245,000 4•S O % 2003 490,000 7,z5 % 1994 260,000 4; , (o L S % 2004 525,000 7 2 S % 1995 280,000 6, irc % 2005 570,000 7, 3 S % 1996 295,000 6. ic5 % 2006 610,000 7 3 S x 1997 320,000 f q0 % 2007 660,000 1,41 0 % 1998 340,000 7 00 % 2008 710,000 7 `(0 % 1 Exhibit B RESOLUTION NO. 217 and to pay the •for the aggregate sum of $_ n 'O S► OQO *, plus accrued interest on su Bonds, to the date of delivery aereof. 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 of the Bond Counsel firm of Richards, Watson & Gershon, A Professional Corporation, Los Angeles, California, approving the validity of the Bonds, being furnished to 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 of $100,000, payable to the order of the Agency. ** check in the amount 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: By: Address: City: State: Telephone: &I/mm:3v t1661 (Account Manager) MEMORANDUM OF NET INTEREST COST The total interest cost on the Bonds during the life of the issue under the above bid is $ % 30N,7YS ' °O , and the net interest rate determined thereby is 4f / 74 %. * $7,800,000, plus premium or less discount, if any (discount not to exceed ** Insert "certified" or "cashier's". 2 Exhibit B Hisank of America^� 000640794 CASHIER'S CHECK ,,.ro Prrronraa.cV***********PALM DESERT REDEVELOPMENT AGENCY***********#O6OO AUGUST 25, 1988 4 ar k ai ira r a i0 0 3! el ' ()r Qor:i $ *100, 000.00******** ow. Sank aMmrb.NUM KEMPER CLEARANCE PlovhassrNanta Tara al Amour Mfalil 3in Aiwa= Orhmla Authorized Signature 11"000640 ? 948e I: L 2 L000 3 58f: L 39 7 3=840 L an' Bateman Eichler, Hill Richards Amber. New tbrk Sock Exchange and Sher pri.ip d admire 7'00 South Hower Street for Anpe es California 900174759 ( gee /MD ?/t-t-erNcx,pck( Ct"esito,A. 11)1-CeN re-IGIttCrQ4- #21LA-cA'r P/L1 cc (k) 0'5 L2-4 ii4E(.2.kcc ) To-16 Atioc2az„._ RESOLUTION NO. 217 BID FOR THE PVRCNASE or $7,800,000 PAIIM 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 ElAve4 0 NI L EH «A4#t' [ 1 J T T'Q t f 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" (the "Bondi"), particularly described in such Notice Inviting Bids, of the maturities and interest rate (rates) set forth below: Maturity Date September 1st 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Principal Amount $200, 000 210,000 220,000 235,000 245.000 t60.000 280,000 295,000 320,000 340,000 Interest Maturity Date Principal Interest Rate jotember 1st Amount late ?r s 1999 $365,000 ?t < 0 s -17 cw s 2000 390.000 ?('L o % Go -T s 2001 420,000 1, 3 0 % % �o s 2002 455,000 1, 3 0 x _,gyp.1-12' % 2003 490.000 1.30 s b0 s 2004 525,000 "7. 3 0 s 1p, ?0 % 2005 570,000 1. 3 o % b, r0 % 2006 610,000 -7.40 s %. 90 s 2007 660,000 1.40 % 7. (PC % 2008 710,000 7,'1 0 s 1 Exhibit B RESOLUTION NO. 217 ?. 2 798y and to pAr-ther^` the aggregate sum of $_ _ , in interest on sucl inch, to the dots of delivery rsof . pi:.. tx.crued 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 of the Bond Counsel firm of Richards. Watson & Gershon, A Professional Corporation, Los Angeles, California. approving the validity of the Bonds, being furnished to 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 C44-5HiEcis ** 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, B: /1 Addrs t $ 2sf City: 1,-0s 4v ..L State: Coil- I FOCC.NC0017 Telephone: VI 3-'41S- 37 I 1 Naas: 6H EIWSON LE 4W40114 I-iaT T01J count Manager) VI. S1xre4 S'r, 7714 r'L40 MEMORANDUM OF NET INTEREST COST The total interest cost on the Bonds during the life of the issue under the above bid is $ 1, $ 1 C, `'f 31. (.O , and the net interest rate determined thereby is 7. 4 Z 513 Z. * $7,800,000, plus premium or less discount, if any (discount not to exceed 1.5%). ** Insert "certified" or "cashier's". 2 Exhibit B ••PAY anApaastau Rot loft. w lank el Cs' ...Is Bay 707 N it Blvd. Los Angeles, CA 90017 Los Angeles Maki O(80. Ce WCTEtIGIIS T 24,'i988 The sum of.100,000dars 00 cts PHIS CHECK REPI''StrvTS N2 149018815$j CLEAR;'4 a I- !:—Ds ' NI S " T AVAILABLE E CREDIT **PALM DESERT REVELOPMENT AGENCY** TO THE ORDER OF , 00.90 1,88 L 58n' 41220002 LB+: 36 ?0989 50e 1 L SHEARSON LEHMAN Hli i iuN M Amman Emtess company • Address Car m on Raquated Shemin Leann Hueon Inc Marta Bat Decavnent eee W. Sa0, St. 711) Roa Los Amities. CA 90017 "Proposal 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" 1eu1HN UM **100,000.00** $ Palm Desert Redevelopment Agency c/o Richards, Watson & Gershon 333 South Rope Street, 38th Floor Los Angeles, California 90071 1 RF{SOLUTION NO. 217 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 0n behalf of a group which we have formed, consisting of JrbU1Icet Sic. , fic# Czaci , 4Gtnewafic. qoubh.&tug Zek crc lefrAiSici 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" (the "Bonds"), particularly described in such Notice Inviting. Bids, of the maturities and interest rate (rates) set forth below: . • Maturity'Date Principal ,Interest Maturity Date Principal Interest 'September 1st Amount Rate September 1st Amount Rate 1989 $200,000 " s•-?! Z 1999 1990 210,000 (P.00 % 2000 1991 220,000 (a• 2,0 % 2001 1992 235,000 6 VO % 2002 1993 245,000 19•So % 2003 1994 260,000 � /I , • 60 % 2004 1995 280,000 6 • ?0 % 200� 1996 295,000 e 0 1 2006 1997 320,000 / 0 % 2007 1998 340,000 % 00 % 2008 $365,000 ?.fo x 390,000 •�7• 20 x 420,000 .2$ % 455,000 �• x 490,000 9'(0 x 525,000 ?-i10 x 570,000 9.VO % 610,06 % 660,000 710,000 a'`l0 1 Exhibit B RESOLUTION NO. 217 00 and to pay th :for the aggregate sum of $ .00S, COO interest on such Bonds, to the date of delivery thereof. *, plus accrued 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 of the Bond Counsel firm of Richards, Watson & Gershon, A Professional Corporation, Los Angeles, California, approving the validity of the Bonds, being furnished to us (if we are the successful bidder) at the time of delivery of the Bonds, atthe expense of the Agency. There is enclosed herewith a (a Sh%er5 ** 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: By: Address: City: State: AdiG,dld. Ad, 1E'c. �LI.+C. ccoun Manager) 1.45s ,r4 44 Telephone: MEMORANDUM OF NET INTEREST COST �hr egoq The total interest cost on the Bonds during the life of the issue under the above bid is $ 7.YO3, 4r• OO , and the net interest rate determined thereby.is y * %. * $7,800,000, plus premium or less discount, if any (discount not to exceed 2.5%). ** Insert "certified" or "cashier's". 2 Exhibit B larnianeakiwt el �+� Is* 707 Wilshire Blvd. Blink Los Angels. CA 00017 Los Angels Main Office Cashiers Check N2 14901881 J 1at1n« "atrrAtIGIJST 24,2988 PAY The SUM of iOQ,OoOdOliS00C+S s**100,000.00*1 70 714E ***PALM DESERT REDEVELOPMENT ORDER OF AGENCY************ • 014901881940 4;12 2000 2111C3S?0989500 11 PruderYbel-BeChe Secunties Prudential -Bade Securities Inc. Manulife Building 515 South Figueroa Street, Suite 1310 Los Angeles, CA 90071 Law Offices of '1chards, Watson & Gershon, A Professional Corporation 333 South Hope Street 38th Floor Conference Room 1 Los Angeles, CA 90071 "Proposal for $7,800000 principal Amount of Palm Desert Redevelopment Agency z45{4 Project Area No. 1, As Amended ZAdded Territory Only), Tax Allocation Bonds, Series „dl Exhibit B