CC Resolution 1989-084^#:/ RESOLUTION NO. 89-84
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LA QUINTA AWARDING THE IMPROVEMENT BONDS
OF ASSESSMENT DISTRICT NO. 89-2 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'1)
designated Improvement Bonds, Assessment District No. 89-2" the
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 Bonds; and
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 Wulff, Hansen & Co. offering 98%
of par for a total of $2,100,373.73, which is a discount of
$42,864.77 from the $2,143,238.50 par value, plus accrued interest
to date of delivery for the Bonds, bearing interest payable on
March 2, 1990 and thereafter semiannually on September 2 and March
2 at the following rates:
BONDS INTEREST BONDS INTEREST
MATURING RATE MATURING RATE
1990 5.75% 1998 6.65%
1991 6.00% 1999 6.70%
1992 6.25% 2000 6.75%
1993 6.35% 2001 6.75%
1994 6.40% 2002 6.75%
1995 6.45% 2003 6.75%
1996 6.50% 2004 6.75%
1997 6.60%
is the best bid for the Bonds, yielding the lowest net interest
cost. Said bid is hereby accepted, and the Bonds are awarded to
said best bidder in accordance with the terms of the proposal.
SECTION 2. That the interest rates on the Bonds are hereby
fixed at the rates stated in Section 1 hereof,
SECTION 3. 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.
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^#:/ SECTION 4. 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 22nd day of J ne, 1989.
City of La inta, California
City of La Quinta, California
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^#:/STATE OF CALIFORNIA)
ss.
COUNTY OF RIVERSIDE)
I, SAUNDRA L. 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 22nd day of June, 1989, and that it was so
adopted by the following vote:
AYES: Councilmember Bohnenberger, Bosworth,
Rushworth, Sniff and Mayor Pena
NOES: None
ABSENT: None
ABSTAIN: None
City of La Quinta, California
STATE OF CALIFORNIA)
ss.
COUNTY OF RIVERSIDE)
I, SAUNDRA L. JUHOLA, City Clerk of the La Quinta, do hereby
certify that the above and foregoing is a full, true and correct
copy of Resolution No. 89-84, of said City Council, and that the
same has not been amended or repealed
DATED: June 22, 1989.
S*A L. JUHOLA,*ity Clerk
City of La Quinta, California
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