HomeMy WebLinkAboutResolutions - No. 4141CITY OF LODI
RESOLUTION NO. 4141
RESOLUTION SELLING $960,000 PRINCIPAL AMOUNT OF
"CITY OF LODI 1965 MUNICIPAL 1MPROVEMINT BONDS, SERIES C"
AND PRESCRIBING THE MATURITY SCHEDULE THEREOF AND
FIXING THE DEFINITIVE RATES OF INTEREST THEREON
WHEREAS, pursuant to Resolution No. 4124
adopted on November 19, 1975, the City Council of the
city of Lodi has duly authorized the issuance of $960,000
principal amount of bonds designated "City of Lodi 1965
Municipal Improvement Bonds, Series C" (herein called the
"bonds") and further duly authorized the sale of the bonds
issued in accordance with one of two alternative schedules
of maturities at public sale to the highest bidder for the
selected schedule for the bonds; 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:
Schedule A
Nannie of Bidder
Bank of America
Bank of California
Biyth Eastman Dillon.
Crocker National Bank
Security Pacific National Bank
United California Bank
Weeden & Co.
Wells Fargo Bank
Name of Bidder
None
Schedule B
Net Interest Cost
$418.257. 00
$431,290. 00
$432,695.00
$405, 960.80
5442, 865.00
$432,275.00
$43Z, 930. 00
$419.667. 10
Net Interest Cost
AND WHEREAS, in accordance with the Official
Notice of Sale of the bonds
tion No. 4124 , this City
issue the bonds pursuant to
as contained in said Resolu-
Council has determined to
Schedule A ; and
WHEREAS, the bid of Crocker National Bank
is the highest bid for the bonds issued pursuant to such
Schedule A , considering the
the premium, i f any, offered;
interest rates specified and
NOW, THEREFORE, BE IT RESOLVED by the City
Council of the City of Lodi, as follows:
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Section 1_ The City of Lodi 1965 Municipal
Improvement Bonds, Series C shall be issued pursuant to
Schedule A therefor, as set forth in Resolution No. 4124
adopted by this City Council on November 19, 1975, and
Schedule B therefor set forth in said Resolution No. 4124
is hereby annulled and shall be of no further force and
effect.
Section 2. Said bid of Crocker National Bank
for the bonds issued pursuant to Schedule A i s hereby
accepted and the Treasurer is hereby authorized and directed
to deliver 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 $ 134.0 , together with
accrued interest at the rates hereinafter designated. The
bonds shall be numbered, shall mature and shall bear interest
as follows, to wit:
Bond Numbers (inclusive) Principal Maturity Date Interest
(Ali bcarinc Prefix "C") Amount (November 1} Rate
1 - 9 $ 45,000 1976 6.00 %
10 - 19 50,000 1977 6.00
20 - 30 55,000 1978 6.00
31 - 42 60,000 1979 6.00
43 - 55 65,000 1980 5 . L
56 - 69 70,000 1981 4.15_
70 - 84 75.000 1982 4 911
85 - 100 80,000 1983 5 . L
101 - 117 85,000 1984 5.10
118 - 134 85.000 1985 5.30
135 - 152 90,000 1986 5.40
153 - 171 95,003 1987 5.60
172 - 192 105,000 1988 5.70
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The bonds shall bear interest at the rates hereinabove
set forth, payable semiannually on May 1 and November 1
in each year.
Section 3. A11 bids except said accepted bid are
hereby rejected and the City Clerk is hereby directed to
return to the unsuccessful bidders their several checks
accompanying their respective bids.
Section 4. The City Clerk is directed to cause
to be lithographed, printed or engraved a sufficient num-
ber of blank bonds and coupons of suitable quality, said
bonds and coupons to show on their face that the same bear
interest at the rates aforesaid.
Section 5. The City of Lodi as issuer of the
bonds hereby covenants that it will make no use of the
proceeds of such bonds which would cause such bonds to be
"arbitrage bonds" under Section 103(d) of the Internal
Revenue Code; and, to that end, so long as any of such
bonds are outstanding, the issuer with respect to the pro-
ceeds of such bonds, and all officers having custody or
control of such proceeds, shall comply with all require-
ments of said section and the regulations of the United
States Department of the Treasury thereunder, to the extent
that such regulations are, at the time, applicable and in
effect, so that such bonds w i ll not be "arbitrage bonds".
Section 6. This resolution shall take effect
from and after its passage and approval.
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PASSED AND ADOPTED this 17th day of December,
1975, by the following vote:
AYES: Councilmen -- Ehrhardt, Hughes, Katnich, Pinkerton and
Schaffer
NOES: Councilmen -- None
ABSENT: Councilmen -- None
[SEAL]
ATTEST:
ftJ
City Clerk
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Mayor of thg City of Lodi
I, Alice M. Reimche, City Clerk of the City of Lodi, California,
do hereby certify as follows:
The foregoing is a full, true and correct copy of a resolution
duly adopted by the City Council of said City at a regular meeting of said
City Council duly and regularly and legally held at the regular meeting
place thereof on December 17, 1975, of which meeting all of the members
of said City Council had due notice and at which a majority thereof was
present.
At said meeting said resolution was introduced by City Manager
Henry A. °laves and was thereupon, upon motion of Councilman Katnich,
seconded by Councilman Pinkerton, adopted by the following vote:
AYES: Councilmen - Ehrhardt, Hughes, Katnich, Pinkerton and Schaffer
NOES: Councilmen - None
ABSENT: Councilmen - None
I have carefully compared the same with the original minutes of
said meeting on file and of record in my office and said resolution is a
full, true and correct copy of the original resolution adopted at said meeting
and entered in said minutes.
The original resolution has not been amended, modified or
rescinded since the date of its adoption and the same is now in full force
and effect.
Dated December 17, 1975.
Alice M. Reimche
City Clerk of the City of Lodi.
State of California