CC Resolution 1989-021^ 8: RESOLUTION NO. 89-21
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LA QUINTA AWARDING THE IMPROVEMENT
BONDS, SERIES A, OF ASSESSMENT DISTRICT
NO. 88-1 TO THE BEST BIDDERS
WHEREAS, at the time and place fixed for the opening of
bids for the improvement bonds of the City of La Quinta the
City") designated Improvement Bonds, Assessment District
No. 88-1, Series A" the Series A Bonds"), all bids were
publicly opened, examined and read, and a tabulation thereof
has been entered in the minutes; and
WHEREAS, the bid of the bidder hereinafter named is the
best bid made by a responsible bidder for the Series A Bonds;
and
WHEREAS, this City Council deleted from the improvements to
be constructed in Assessment District No. 88-1 the construction
of the natural gas facilities, therefore, the Improvement
Bonds, Assessment District No. 88-1, Series B, Series B
Bonds") will not be sold.
NOW, THEREFORE, the City Council of the City of La Quinta
DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
SECTION 1. That the bid of Bateman Eichler, Hill Richards
offering 97% of par for a total of $830,304.83, which is a
discount of $25,679.53 from the $855,984.36 par value, plus
accrued interest to date of delivery for the Series A Bonds,
bearing interest payable on September 2, 1989 and thereafter
semiannually on March 2 and September 2 at the following rates:
BONDS INTEREST BONDS INTEREST
MATURING RATE MATURING RATE
1990 6.20% 1998 7.00%
1991 6.30% 1999 7.00%
1992 6.40% 2000 7.10%
1993 6.40% 2001 7.20%
1994 6.60% 2002 7.25%
1995 6.70% 2003 7.25%
1996 6.80% 2004 5.50%
1997 6.90%
is the best bid for the Series A Bonds, yielding the lowest net
interest cost. Said bid is hereby accepted, and the Series A
Bonds are awarded to said best bidder in accordance with the
terms of the proposal.
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^ 8: SECTION 2. That the offer of Stone & Youngberg to
purchase the Series B Bonds is rejected. The designation
Series A" on the Bonds to be sold is not required as there are
no Series B Bonds. The Series A Bonds shall be designated
Improvement Bonds, Assessment District No. 88-1" the Bonds").
SECTION 3. That the interest rates on the Bonds are
hereby fixed at the rates stated in Section 1 hereof.
SECTION 4. That the City Clerk of the City is hereby
directed to deliver the whole or such portion of the Bonds
representing unpaid assessments to the successful bidder upon
payment therefor and accrued interest, if any, to date of
delivery.
SECTION 5. That all bids for the Bonds other than the
one accepted in Section 1 hereof are rejected, and the City
Clerk of the City is directed to return the check accompanying
said rejected bids to the respective bidders.
ADOPTED, SIGNED AND APPROVED this 14th day of
February, 1989.
SEAL)
AT T:
City Clerk of t e ty of La Quinta
02/14/89
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^ 8:STATE OF CALIFORNIA)
ss.
COUNTY OF RIVERSIDE)
I, SAUNDRA JUHOLA, City Clerk of the City of La Quinta, do
hereby certify that the foregoing resolution was duly adopted
by the City Council of said City at a regular meeting of said
City Council held on the 14th day of February, 1989, and that
it was so adopted by the following vote:
AYES: Council Members Bohnenberger, Bosworth, Rushworth, Sniff,
Mayor Pena
NOES: None
ABSENT: None
SEAL]
STATE OF CALIFORNIA)
ss.
COUNTY OF RIVERSIDE)
I, SAUNDRA JUHOLA, City Clerk of the City of La Quinta, do
hereby certify that the above and foregoing is a full, true and
correct copy of RESOLUTION NO. 89-21, of said City Council, and
that the same has not been amended or repealed.
DATED: February 14, 1989.
City Clerk of the City of La Quinta
02/14/89
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