CC Resolution 1990-055^#< RESOLUTION NO. 90-55
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA AWARDING THE LIMITED OBLIGATION
IMPROVEMENT BONDS OF ASSESSMENT DISTRICT
NO. 90-1 TO THE BEST BIDDER
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 *`Limited Obligation Improvement Bonds,
Assessment District No. 90-1" the Bonds"), all bids were
publicly opened, examined and read, 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;
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 M. L. STERN & CO., INC.
offering 97% of par for a total of $1,190,340.32, which is a
discount of $36,814.65 from the $1,227,154.97 par value, plus
accrued interest to date of delivery for the Bonds, bearing
interest payable on March 2, 1991 and thereafter semiannually
on September 2 and March 2 at the following rates:
BONDS PRINCIPAL
*TURING AMOUNT INTEREST RATE
1991 $ 52,154.97 5.00%
1992 $ 55,000.00 5.50%
1993 $ 55,000.00 6.00%
1994 $ 60,000.00 6.25%
1995 $ 65,000.00 6.50%
1996 $ 70,000.00 6.50%
1997 $ 75,000.00 6.50%
1998 $ 80,000.00 6.50%
1999 $ 85,000.00 6.50%
2000 $ 90,000.00 6.50%
2001 $ 95,000.00 6.50%
2002 $100,000.00 7.00%
2003 $105,000.00 7.00%
2004 $115,000.00 7.00%
2005 $125,000.00 7.00%
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^#<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.
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.
PASSED AND ADOPTED by the City Council of the City of
La Quinta at a regular meeting held on July 3, 1990.
SEA
ATT
Clerk of the Cit of
La Quinta
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^#< STATE OF CALIFORNIA
55.
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 3rd day of July, 1990, and that it was
so adopted by the following vote:
AYES: Council Member Bohnenberqer, Rushworth, Sniff, Mayor Pena
NOES: None
ABSENT: Council Member Bosworthfj*(*,*)*
*>:e*kof thFi4f**
La Quinta
SEAL)
F 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. 90-55, of said City Council, and
that the same has not been amended or repealed.
DATED: July 3, 1990
*ity Clerk of the*i*ty of
La Quint a
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