HomeMy WebLinkAboutTC Res 1972-11-29
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RESOLUTION NO.
RESOLUTION SELLING $1,250,000 CITY OF TIBURON
1972 OPEN SPACE BONDS, AND FIXING THE
DEFINITIVE RATES OF INTEREST THEREON
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WHEREAS, the City Council of the City of Tiburon
has duly authorized the issuance of $1,250,000 principal
amount of bonds designated "City of Tiburon 1972 Open Space
Bonds" (the "bonds") and further duly authorized the sale
of the bonds at public sale to the highest bidder therefor;
and
WHEREAS, notice of the sale of the bonds has been
duly given and the following bids for the bonds were and are
the only bids received, to wit:
Name of Bidder Net Interest Cost
1- Hayden Stone Inc. $ 1,144,718.75
2. Merrill Lynch, Pierce, Fenner & Smith 1,149,300.00
3. Crocker National Bank, San Francisco 1,156,175.84
4. Hornblower, Weeks, Hemphill, Noyes 1,159,678.75
5. Dean Witter & Co. 1,173,190.80
6. First Western Bank 1,175,896.50
7. Goldman, Sachs & Co. 1,176,649.75
8. Wells Fargo Bank 1,176,840.45
9. Bank of America 1,178,075.00
10. The Bank of California 1,179,831.25
11. United California Bank 1,180,027.50
12. Security Pacific National Bank 1,181,402.40
and
WHEREAS, the bid of
HAYDEN STONE INC.
is the highest bid for the bonds,
considering the interest rate(s) specified and the premium
offered (if any);
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Tiburon as follows:
1. Said bid of
HAYDEN STONE INC.
for the bonds is hereby accepted
and the Treasurer is hereby authorized and directed to de-
liver the bonds to said purchaser thereof upon payment to
the Treasurer of the purchase price, to wit: The par value
thereof and a premium of $
NONE
together with accrued in-
terest at the following rates:
Maturity Years Interest Rate
( Inclusi ve) Per Annum
1974 to 1985 6.00 %
1986 to 5.25
1987 to 1989 4.70
1990 to 1991 4.75
1992 to 1993 4.80
1994 to 1996 4.90
1997 to 2000 5.00
2001 to 2002 4.00
to
to
The bonds shall bear interest at the rates hereinabove set
forth, payable annually the first year on December 15, 1973
and thereafter semiannually on June 15 and December 15.
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2. All bids except said accepted bid are hereby
rejected and the City Clerk is hereby directed to return
to the unsuccessful bidders their several checks accompany-
ing their respective bids.
3. The City Clerk is directed to cause to be
lithographed, printed or engraved a sufficient number of
blank bonds and coupons of suitable quality, said bonds
and coupons to show on their face that the same bear in-
terest at the rates aforesaid.
4. This resolution shall take effect from and
after its passage and approval.
PASSED AND ADOPTED on November 29, 1972, by the
following vote:
AYES: Councilmen Sennett, Aramburu, Fanning
NOES: Councilmen None
ABSENT: Councilmen Becker, Littman
/I-L
the Ci ty of
California
[SEAL]
Attest:
~
City Clerk
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