HomeMy WebLinkAbout1981-01-20; Parking Authority; Resolution 24RESOLUTION NO. 24
RESOLUTION OF THE PARKING AUTHORITY OF THE
CITY OF CARLSBAD DECLARING ITS INTENTION
TO SELL BONDS OF SAID DISTRICT IN THE AMOUNT
OF $1,500,000 AND FIXING TIME AND PLACE FOR
TAKING BIDS AND DIRECTING PUBLICATION OF
NOTICE INVITING BIDS
WHEREAS, this Authority deems it proper and the
necessity therefor appears that bids be invited for $1,500,000
Parking Authority of City of Carlsbad 1981 Parking Revenue
Bonds, and that if the bids are satisfactory said bonds be sold
in the manner and at the time and place hereinafter set forth;
NOW, THEREFORE, the Parking Authority of the City of
Carlsbad does hereby RESOLVE, DETERMINE AND ORDER as follows:
SECTION 1. That sealed proposals for the purchase of
said $1,500,000 bonds be received by this Authority at the
office of Security Pacific Bank, 333 South Hope Street, 40th
Floor, Los Angeles, California, up to the hours of 11:00
o'clock A.M. on Tuesday, February 10, 1981.
SECTION 2. That the Clerk of this Authority is hereby
authorized and directed to publish notice inviting such sealed
proposals once in THE WALL STREET JOURNAL, a newspaper of
general circulation published and circulated within said City
and the State and once in the CARLSBAD JOURNAL, a newspaper of
general circulation circulated within the boundaries of the
City of Carlsbad and the Authority, said publications to be at
least fifteeen days prior to the date of opening bids stated m
said notice. Said notice shall be as follows:
NOTICE OF SALE
PARKING AUTHORITY OF THE CITY OF CARLSBAD
1981 PARKING REVENUE BONDS
$1,500,000
The Parking Authority of the City of Carlsbad,
Carlsbad, California, intends to sell and will receive sealed
bids for its $1,500,000 1981 Parking Revenue Bonds at 11:00
o'clock a.m.
FEBRUARY 10, 1981
at the Office of Security Pacific Bank, 333 South Hope Street,
40th Floor, Los Angeles, California. Mailed bids shall be sent
to Parking Authority of the City of Carlsbad, c/o Aletha
p ^VK^'""^- Carlsbad, California
R^nSr = J ! information relating to the security for the
Bonds and the terms of sale may be obtained from the Clerk of
the Authority at 1200 Elm Avenue, Carlsbad, California 92008.
DATED: January , 1981.
ALETHA RAUTENKRANZ
Clerk of the Parking Authority
SECTION 3. That the Clerk of this Authority is hereby
Si^d^!'"^^ directed to cause to be furnished to prospective
re?a?ina''to'^thr nT^""^ inviting proposals and information
^?;frJ^? to the properties, operations and finances of said
District but failure m whole or in part to comply with this
section shall not in any manner affect the validity of the sale!
SECTION 4. That said notice shall be substantially as follows in Exhibit "A" attached hereto. ^ntiaxxy as
n -, l^^.^^^' APPROVED and ADOPTED at a special meeting of
^981 bi'tho r??'"? Authority held on the 20th day of January' lyBl, by the following vote, to wit:
AYES: Directors Richardson, McComas, Goodwin, Chase and Dunne
NOES: None
ABSENT: None
City Clerk
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NOTICE INVITING BIDS
ON $1,500,000
PARKING AUTHORITY OF THE CITY OF CARLSBAD
19 81 PARKING REVENUE BONDS
NOTICE IS HEREBY GIVEN that sealed proposals for the
purchase of $1,500,000 principal amount Parking Authority of
the City of Carlsbad, 1981 Parking Revenue Bonds will be
received by the Authority at the place and up to the time below
specified:
TIME:
PLACE:
MAILED BIDS:
OPENING OF BIDS;
Tuesday, February 10, 1981
11:00 o'clock, A.M.
Security Pacific Bank
333 South Hope Street
40th Floor
Los Angeles, California
Parking Authority of the
City of Carlsbad
c/o Aletha Rautenkranz
City Clerk
1200 Elm Avenue
Carlsbad, California 92008
The bids will be received by a
representative of the Authority on Tuesday, February 10, 1981
at 11:00 A.M. at the above address. The bids will be opened
immediately following receipt and will be presented to the
Authority at its meeting later during said day.
ISSUE: $1,500,000 designated "1981 Parking Revenue
Bonds" consisting of 300 Bonds, number 1 to 300 both inclusive,
of the denomination of $5,000 each, dated February 1, 1981.
EXHIBIT "A*
t^e amounts . . win
^^incipa2
—Amount__
^ 30,000
40,000
50,000
50,000
60,000
60,000
60,000
75,000
75,000
,75,000
^00,000
^00,000
,^00,000
,^00,000
i25,000
,^25,000
,^25,000
^^^^OoToo^
'"'^^ ^ot to . ^^^il bear •
exceed ei^^. ^ ^J^teres*-
payable . ' ^^"^ and th. .
'•'^r Or
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PDEPOSE OP ISSUE: The B»n^=
purpose Of .aisi„. „ ^«
ra.s.ng „„,„ey for the acquisition of land and
: ::;:r T"' ^^"""^^ — — - citts
" and oceanside, California ..p.^nit... herein, whe
acquired the Authority, this PaciXit, is to .e
City Of carisbad. ' '°
--^e Bonds Will secured hy a .ease toh
executed and entered into by the Autho
tne Authority and the ri<-„ ^
P"or to the sale of the Bonds i„
provisions of the Lease .h —rdance with the tne Lease, the City win K« U-, .
the Authority a specified '° '°
.-cipal Of and ""'^^ ^ -
e=cPe.ses of the Author^:. administrative
REGISTRATION: The Bonds will •
coupon bonds in ^= negotiable
xn the denomination of $5,000, registrable
principal and interest only. "S^strable as to
SEDEMPWON PROVISIONS: In the » .
xn the event of lo«;e;
substantial damaoe fn ,^ ' aamage to or condemnation of u ,
substantial part of °'
part Of the Project, so as to render th.
unusable, all OK ^^enoer the same
' or any part of the Bonds at that tin,. .
may, at fh. outstanding
ay, at the option of the Authority, be called
prior to m«<-. y' oe called and redeemed
prior to maturity on any succeeding date at . .
eoual 1-n ^ redemption price
equal to the principal amount thereof with .
the dsf-. P accrued interest to
the oate of redemption plus the or.n,,-
regardless of . • ^ " P^^"'^"'^' applicable thereto
egardless of maturity dates relating to call th. •
in ^ therein, but onlv
m the manner and only from ^h. .
nly from the funds provided in the case of
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eoemptron. if i^ss than all bonds are called, the Piscal
Shan determine a principal amount in each maturity to
calied so that approximately e,ual annual debt service will
P^eva.1. Bonds to be then called in each mautrity will be
selected by lot.
Bxcept as set forth in the preceding paragraph, the
bonds maturing prior ^r^ IP K ^ f / tne •^"y prior to February l. JQQO
to n.n ' ^^^^ ^® subject
can or redemption prior to maturity. Bonds maturing on or
reoeemec, at the option of the Authority, with funds d •
^rom any source, on Pebruary 1 i„i
ary 1, 1991^ or on any interest
payment date thereafter prior to maturity at a d
price for each redeemable bond egual to t • • "
thereof m Principal amount
e c Plus a premium .percentage of par value) egual to 1/.
» or each year or remaining fraction of a year between the
h 11 , " .„d the date of maturity, but in no event
Shall the premium exceed 2% rf i
If less than all the then
each maturity.
TERMS OF SALE
Ihterest Rate. The interest rate for c^h^M . ^ maturity
Shall not exceed 8%. Each r = *-o u-^
a multiple of 1/20
1*. NO Bono Shan bear more than one interest rate, and all
Of the same maturity shall bear the same rate. Each BoL
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<"ust bear interest at the rat»
^ate to its fixed .
attached to eac Bend ""^ ^
-hall not be more than two maturities
maturity. ^""^ °^ ^^e previous
Bidders may specifv .
-eed eight percent ,a. but only / l "
all Of the bonds. ' cn
5i!ard. The bonds shall be soJd ,
^« -le and each bid shall t """^"^
— — ^» -1:; rirry";^"^"
discount, if any, and <-h • Premium or
^ny, ano the interest rate or r^f..
those specified herein -f K- ''''' '° "^^^^^
"erem, «t which the bidder off
Bc-s. Each bidder shall state in t ^
" dollars and the average net
determined thereby, which shall be • "'^
only
^^iSfitSl-^idder. The Bonds will be , -
"9hest responsible bidder or bidd '° '"^
bidders considering the interest
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rate or ra<-«
"tes specified and th
highest bid will . ^ ^ Premium offered if
will be determined by d„., ""J'- The
premium bid ^f any, „^ 'he amount of the
amount intere t h"' ^^^unt to
- Pav from the date -uld .
""""V dates thereof .t the '° "^Pective
'"^ t-id, and th "'e or raf
^"•^ the award win be ... ^ specified in
"Merest cost to the
accrued i . Authority. jh.
, , . the date of Pay
•^^^'-"y, computed on """"'^ to the dat
Pointing tne B . ^^ar basis
'"^ Bonds Will be borne by the A
^iah^^fjejectio^ ^
" ^^-^^^^Tt^,, ^"""-^ -=erves the right
"nder the Author ty:s I T '° " -
not prohibited by ilJ '"""^^ ^"-"-3 and, to
Bonds Authority win take
or rejecting all bids not i . ^^^^^^ng
the ti.e herein p.. ^wenty-six ho
"'^^ the receipt f
the award „,ay be r..^ ^ °^ Proposals-
specifipri ^ ® "'ade after m ' '^^•^ t'-e if , the expiration of the
In writin, of the • the Auth
'"^ "thdrawal of =„ u *"thorit,
^ia£^-2£-£eliverv P"Posal.
"lade f-o ^* delivery
'° successful bidder . '""^^ ""1 he Banknote in r ^t the off,-
^-os Angeles, califo • ' Jeffries aggreable fo u "-^-^ifornia, or a*-
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t^e Authority.
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Ban. Punds which are immediately available to the Aut.o
other comparable funds. Authority or
" expected that sai^^:;;;:;;::;:;;;— "
bidder on or before Pebruary 24 The
"ave the right at it -ccessful bidder shall
ignt, at Its option, to cancel
P"chase if the Corporation shall fail
tender them for delivery with- ^"^
ixed tor the receipt of bids «nH •
successful bidder shall be entitled t tK "^^
he ifrtff' -^c.,
-thority, w th : ^"T°"' ""^ - -
yt wicn the envelope anri K,-^ i
Parung Authority of tie c
'"^ °^ Parking
Bid Ch.r-t- TV
"sponsib^TiiT:: tr st"::""" """-'^ ^^-^ - ^
PaVbable to the orde ' °'
P-Posal as a u ^""""^
as a guaranty that the bidder if
accept and pay for said R . successful, will
P y for said Bonds in accordance with the f.
its bid. Th. r^v,r. u ® terms of
""""" ••' - " - ....:r::::. •::::
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cashed and the proceeds retained by the Auth •
accompanying each unaccepted n ^"hority. The check
naccepted proposal will be return^/,
-saffirm and wthdraw the proposa; if th;:::""'
private holders from bonds of th
- declared to be taxab --1
tjy a ruling of th. T^*.,.
^ ---on Of any federal urt T 7^"^ ^""^ "
taxable or be reguired to be tak • '
- ^aws enacted subsequent to the date^Ifl:!:::]"^
2USlP__j^umbers
Identification numbers wui be • ""^'""^^
"-ct thereto Shan :: t ""^ -t"
Shall constitute cause for a f.n
by the purchaser thereof to °" "^^"^^^
m accordance wl .[^r ^^"^^ ^ - said
-enses in relatio! ^ ^""^^^
^onos Shan be paid for by thl""" ^ °"
the CUSIP service Bureau charge for^tT"" """"
n-hers shall be paid by the Purchaser. ^
Closing Paper.q - j.^qn]
understood Jin^I^^ ^^^^ Proposal win be
*^ conditioned upon th.
- successful bidder, without charg:"""" ^""""^
oharge, concurrently with
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payment for and delivery of the bonds, the following closing
papers, each dated the date of such delivery:
(a) Legal Opinion - The legal opinion of
Stradling, Yocca, Carlson & Rauth, a professional
corporation. Bond Counsel, Newport Beach, California,
approving the validity of the Bonds will be furnished
the successful bidder at or prior to the time of
delivery of the bonds, at the expense of the
Authority. A copy of that opinion, certified by an
officer of the Authority by facsimile signature, will
be printed on the back of each Bond. No charge will
be made to the purchaser for such printing or
certification;
(b) A certification of the Authority certifying
that on the basis of the facts, estimates and
circumstances in existence on the date of issue, it is
not expected that the proceeds of the bonds will be
used in a manner that would cause the bonds to be
arbitrage bonds;
(c) A certificate of the Authority signed by
officers and representatives of the Authority
certifying to the following: (1) that said officers
and representatives have signed the bonds, whether by
facsimile or manual signature, and that they were
respectively duly authorized to execute the same; and
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(2) that there is no litigation pending affecting the
validity of the bonds;
(d) The receipt of the Authority showing that
the purchase price of the bonds, including interest
accrued to the date of delivery thereof, has been
received by the Authority;
(e) A certificate of the Authority and the City,
signed by the appropriate officer of each, acting in
their official capacity, to the effect that to the
best of his knowledge and belief, and after reasonable
investigation, that as to matters relating to the
Authority and the City respectively: (1) Neither the
Official Statement relating to the Bonds nor any
amendment or supplement thereto contains any untrue
statement of a material fact or omits to state any
material fact necessary to make the statements
therein, in light of the circumstances in which they
were made, not misleading; (2) since the date of the
Official Statement no event has occurred which should
have been set forth in an amendment or supplement to
the Official Statement which has not been set forth in
such an amendment or supplement; nor (3) has there
been any material adverse change in the operation or
financial affairs of the Authority or the City since
the date of such Official Statement.
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OFFICIAL STATEMENT: The Authority has prepared an
Official Statement relating to the bonds, a copy of which will
be furnished upon request addressed to:
BARTLE WELLS ASSOCIATES
Municipal Financing Consultants
100 Bush Street
San Francisco, CA 94104
The Authority will provide the successful bidder 50
copies Of the Official Statement at the expense of the
Authority.
GIVEN by order of the Parking Authority of the City of
Carlsbad, adopted January 20, 1981.
Clerl
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