HomeMy WebLinkAbout1987-07-21; City Council; 9060-1; REVISION OF AMOUNT OF NOTE ISSUE FOR HOSP GROVE ACQUISITION.r -
REVISION OF AMOUNT OF AB# %La --/ TITLE:
MTG, 7/21/87 NOTE ISSUE FOR DEPT. FIN HOSP GROVE ACQUISITION
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CITY OF CARLSBAD
HOSP GROVE NOTES
SUMMARY OF DISTRIBUTION OF PROCEEDS
Note--All expenses are estimated, no actual billings have
been received.
NOTES ISSUED $6,555,000
EXPENSES
Bond Counsel (City) $7,500 Bond Counsel (Underwriter) 7,500 bloody's Ratings 4,000 Printing 4,000
Paying Agent 1,500
Underwriters Discount 9,924
Contingency 4,672
Total $ 39,096
NET PROCEEDS $6,515,904
$6,515,904 AMOUNT DUE BANK
COUPON RATE - 4.25%
YIELD TO NOTE BUYER - 4.00%
NET COST TO CITY - 4.75%
UNDERWRITER'S COMPENSATION
Discount Paid by City $ 9,924
Premium Earned from Note Sale 15,076
> 0 * RESOLUTION NO. 9160
RESOLUTION OF THE CIN CQUNCIL OF THE CITY OF CARLSBAD AMENDING RESOLUTION NO. 91 32, ENTITLED "RESOCUTION OF THE CITY COUNCIL OF THE GIN OF CARLSBAD
PROVIDING FOR THE BORROWING OF FUNDS FOR THE HOSP GROVE
ACQUISITION AND THE ISSUANCE AND SALE OF 1987 NOTES THEREFOR"
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WHEREAS, thls City Council (the "Council") has heretofore taken certain actlc acqulre for the City of Carlsbad (the "City") and Its residents, certain real prc
consistlng of an approximately 52 acre eucalyptus grove commonly known as 'I Grove" (the "Property"), to be used for the preservatidn of open space: and
WHEREAS, in connectlon therewitn, the Council dld, an May 19, 1987, authoriz execution of a note (the "Temporary Note") in the pfincipal amount of $6,459,384, delivered to San biego Trust and Savings Bank (the "Bank") In order to acqulr
Property on June 1, 1987; and
WHEREAS, the City ha9 acqufred the Property; and
WHEREAS, the Council has determined to flnancs the Property on a long bask through the Issuance of general obligation bonds or certificates of partidpation;
WHEREAS, the Temporary Note maturea on July W, 1987; and
WHEREAS;, thie Council dld, on June 23, 1987, adopt Resolution No. 9132, er "Resolution of the City Council of the City of Carlsbad providing for the Borrowing of F for Hasp Grove Acqulsition and the Issuance and Sate of I987 Notes Therefor," pur to which the Clty determined to Issue notes in the principal amount of $6,570,00( "notes");
WHEREAS, Rauscher Pierce Refsnes, lnc. (the "Underwriter") marketed the I
at a premlum in an amount equal to $15,000, and thereby reduced the amount of dis to be paid to the Underwriter, whlch in turn reduced the princlpal amount of the No1
$6,555,000: and
WHEREAS, it is necessary to amend Resolutlon No. 9132 to reflect the rec prlncipal amount of the Notes;
NOW, THEREFOR€, the City Council of the City of Carlsbad hereby
determines,. declarss and resolves as follows:
Section 1. Resolution No, gt32 is hereby amended by changing the pdi
amount of the Notes, as referenced In Section 2# of Resolution No, 9132 and In Ext to Resolution No. 9132 to Six Mllllon Five Hundred Fifty Thousand Dollars ($6,555,0 place of Six Million Five Hundred Seventy Thousand Dollars ($6,570,000).
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?' Section 2. This Resolution shafl take effect upon adoption hereof,
1 certify that the foregoing resolution was adopted by the Council of the Civ Carlsbad at a regular rneetlng held July 14, 1887, by the following vote:
AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and Larson
NOES: None
ABSENT: None /' j /
/( // /.by- :&2/ Mayor L,?( _, ( </-7
[SEAL]
Attest:
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