HomeMy WebLinkAbout1972-10-03; City Council; Resolution 2099If
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RESOLUTION NO. 2099
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD AUTHORIZING THE SALE OF IMPROVE-
MENT BONDS
CANNON ROAD IMPROVEMENT DISTRICT 1-1970
The City Council of the City of Carlsbad resolves as follows:
1. Pursuant to the provisions of California Streets and
Highways Code Section 10602, the Council determines that improve-
ment bonds to be sold in the above entitled proceeding shall be
sold at private sale by negotiation.
2. Stone ti Youngberg, as the result of negotiations with
representatives of the City of Carlsbad, has made an offer in
writing dated September 28, 1972, for purchase of the improvement
bonds to be issued in this proceeding. A copy of such offer is
attached as Exhibit A and incorporated in this resolution,
3. Sale of the improvement bonds to be issued in these pro-
ceedings is authorized on the terms set out in Exhibit A: Bonds
shall be issued pursuant to ,the Improvement Act of 1911 and shall
bear interest at the rate of 6.35% per annum and shall have 1/10
of their principal amount due each year from January 2, 1974,
through January 2, 1983, inclusive. Such bonds shall be callable
at any time at 105% of the outstanding principal amount, together
with accrued interest to the next semi-annual interest coupon date
4. Sale of such bonds shall be made at a price of 97.5% of
the principal amount of bonds issuing as a result of unpaid
assessments, without accrued interest; and such bonds shall be
dated not later than December 6, 1972, and shallhave their first
coupon due July 2, 1973, for interest only.
5. The Clerk of the City Council is authorized to take any
action required for consummation of this sale.
PASSED, APPROVED AND ADOPTED by the City Council of the City
of Carlsbad at a regular meeting held on October 3 , 1972, by
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the following vote:
AYES : Cmn. Dunne
NOES : None.
McComas, Lewis, Chase and Frazee.
ABSENT: None.
ATTEST:
MS
SEA^!)
AVID M. DUNNE, Mayor
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1,
I. .- Q
MEMBERS PACIFIC COAST STOCK EXCHANGE
September 28, 1972
city Council
City of Carlsbad
1200 Elm Avenue Carlsbad, Californfa 92009
PE: City of Cerlsbad Assessmnt District Proceedings, Assessment District Xo. 1-1970 (Cannon Soad Improve- ments)
Gentlemen:
This letter follows our recent comunication with the City
of Carlsbad and your request for a proposal on all 1911
?.ct Xmprovoment Bonds which will issue fro= the above des-
cribed assessment district.
With this letter therefore, Stone & Youngberg agrees to purchase from the City of Carlsbad all Concls issuing from
this proceedings.
ject to the following terms and conditions:
This purchase on our part shall be sub-
1. All bonds issuing from this proceedings shall be issued pursuant to the Improvement Act of
1911 and the Municipal Inprovement Act of 1913,
All bonds issuing from this proceedings shall bear interest at L%e rate of six and thirty-five one hundredths percent (6.35%) per annw,, and shall have one tenth (l/lOth) of their prin-
cipal mount due each year January 2, 1974 to January 2, 1983, inclusive.
All bonds are to be callable at anytime at 105% of the outstanding principal amount thereof, together with accrued interest to the next seai- annual interest coupon period.
2.
3.
4, All bonds shall be acconpanied by the unqualified legal opinion of !-!!, Richard Crake of Woolley,
Crake, Collins & Knrd, San Dfego, California.
The cost of such opinion is to be a part of the assessmnt district proceedings.
EL PATIO BUILDING. SUITE 103 . 7946 IVANHOE AVENUE . LA JOLLA. CALIFORNIA 92037. (714) 459-4476
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c .
City Council
City of Carlsbad
September 28, 1972
Page 2
5. Stone & Youngberg's purchase price of these bonds
issuing as a result of unpaid assessments shall
be equal to ninety-seven and one half percent
• (97 1/2%) of the principal amount thereof without
accrued interest.
6. Bonds issuing "from this proceedings shall be dated
not later than .December 6, 1972 and therefore,
have their first coupon due July 2, 1973 for in-
terest only.
7. It is our understanding that" bonds are to be avail-
able for delivery approximately February I/ 1973.
Our commitment will continue in effect thereafter
provided bonds are delivered to us for payment
on or before March 1, 1973, free and clear of all
liens, lawsuits and encumbrances.
8. This commitment is for the purchase of all bonds
issuing from this proceedings in a total .par value
amount not exceeding $282,000.00 (The estimated
total cost of these proceedings withdut provision
for any City cash contribution).
9. Properties to be assessed in this district shall •
be as shown on the enclosed map of assessment
district. The allocation of project costs shall
be, by formula, approximately as shown on the
1913 Act Report submitted by Mr. Judson T. Naiman
on behalf of Associated Engineering, San Diego,
California.
We very much appreciate the opportunity to submit this proposal
and ask that in the event you have questions regarding the
above, you do not hesitate to call on us. '
truly,
OUNGBERG
Genera}) Partner
MJB:pc
cc: Mr. Richard Crake
Mr. Judson T. Naiman